Breaking Into the Old-Boys' Club of CRE

SAN DIEGO—Women can be successful in traditionally male careers by being assertive, persistent and hard-working, Trigild's president Judy Hoffman tells GlobeSt.com exclusively. Under her leadership Trigild, which over the last year has managed commercial, residential and hotel properties with a total value of $2.5 billion, has developed a full-service national operating platform providing institutional-quality services to private real estate investors and financial institutions and is also actively buying value-add properties. We spoke with Hoffman, who has been involved in CREW over the years, about the challenges and opportunities women in commercial real estate face, what it takes to be successful and the changes that lie ahead for her firm. For a more in-depth look at women in CRE, be sure to check out this feature from Real Estate Forum.

GlobeSt.com: What is the greatest challenge today for women in commercial real estate?

Hoffman: We have a number of women here at Trigild on the management side, and this is not a huge issue for them, but it probably is more of an issue for women brokers: it's a bit of an old-boys' club. It's harder for them than for anybody breaking in. If you go to any conferences, they seem to be all male brokers and few women or people of color. The industry is trying to change that, but I know a lot of phenomenal women who find it hard to break in. They can't spend their Saturday golfing with business associates or clients because they have kids, so there are some things they can't do. In other areas, such as law, there are other ways to connect and you also have women clients, but it's just really difficult for women brokers—I've heard many other women say that.

GlobeSt.com: Where do the greatest opportunities lie for women in this industry?

Hoffman: Management is an opportunity, and it's a way to get into brokerage as well. There are a number of senior women in our company, and they do well in management for the same reasons men do: they understand the property, they're smart, and they have the advantage of working especially well with people. Women gain trust more easily than men do. They don't come off as competitive, but there's a sense of inclusion. They want to work together and do what's best. Female asset managers and directors here do well, too. Sometimes you have to get in from a different angle. There are a lot of female real estate attorneys who are exceptional and just as assertive as men. It's how a woman breaks into any field: they have to work harder and be better and end up paving the way, but it ends up being a little more equal footing as time goes on.

GlobeSt.com: What advice do you have for women trying to make their way to the top in this field?

Hoffman: You really need to know what you're doing and make sure you have the time to devote to it. You can be persistent in a really nice way and play to your strengths. Women can be just as persistent as men and not come across like they're badgering, but you do have to be extremely assertive—not aggressive. People react more negatively to aggressive women than aggressive men—that's when the “b” word comes in for women, but not for men. Women who succeed, even in politics, are able to straddle that line. They're no less assertive than men, but they have a kinder-looking face. There are a lot of powerful women out there who also seem to do it with a smile.

Also, being active in CREW and as many associations as you can is important. CREW puts on two conferences a year, and a lot of men will ask to be on a panel, but we make a point of asking women. So, being assertive about telling an organization needs a panelist and telling them you'd love to speak on a panel is a great idea—putting yourself out there and not waiting to be invited is smart.

GlobeSt.com: What changes lie ahead for your firm in the coming year?

Hoffman: A lot of change has already occurred. We do a lot of distressed work, and when we saw it in 2009, we were looking ahead and really built up our CRE department. When we saw it decreasing, we looked at other areas with which to replace that business, and we put a lot of emphasis on long-term management. We had tremendous skills from working with distressed and we're now using them in other areas. We focus on working with owners and investment groups, and we have a unique niche of doing fiduciary work. We've expanded the types of receiverships we do. We were the receiver for a portfolio of five really good hotels, and there was a family trust between family members. You think of a receivership being used in case of default on mortgages, but it can be used in case of dispute or death. We also used our same skills when the SEC had requested for us to look into a situation dealing with a Ponzi scheme. We're always looking at ways to adjust to the economy. We're looking ahead and keeping our eye on maturities. There's a lot of turmoil going on right now with decreasing oil prices and the impact that is going to have, imports have gotten cheaper so how will it affect exports, currency, etc. The world seems to go faster and therefore we get into more uncertainty. You just don't know what's going to come out with all of the security breaches going on.