I recently had the pleasure of sitting on Mortgage Bankers Association’s mPact Leader Forum panel. During this discussion, we reflected on how young, CRE industry professionals can navigate these challenging times. It was a wonderful conversation and I really enjoyed sitting down with peers across the industry to find similarities in our collective experiences.
As an organization, mPact is near and dear to my heart and this panel is a perfect illustrative example of why. I first learned about mPact at a networking event a few years ago, and its mission to get young professionals more involved has always aligned with my own goals. Through mPact, I have been able to expand my network outside of Berkadia and cultivate lasting relationships with colleagues, clients and prospects. Doors have opened that I never thought would—like speaking on this panel and at other industry events—and I now have an incredible support network to lean on during these strange times.
How to Be an Advisor in Today’s World
Having a strong support system is key, especially when uncertainty is the norm. One current area of concern is the ambiguity around the economy, how it might recover from the pandemic and the impact it may have once it does. Will more people prefer to live in suburban rather that urban areas? How could this impact CRE—not just multifamily, but also office, retail and hotels? We are all swirling in question marks right now.
Networking groups help you think through these questions and answers, and I’ve come to find that as advisors, we have a unique opportunity to take this time to build a better future for ourselves and our clients. At Berkadia specifically, that could mean getting smart on data analytics and other research capabilities we have to offer. That way, when the time comes, we can help advise clients on the best potential opportunities. Staying informed seems simple, but it is an extraordinary way to further position ourselves as a resource and rise to the task. By always being up to date on the latest trends, particularly when it comes to regulatory news, we can provide insights and genuine advice to forge stronger client relationships.
Why You Should Get Involved
For any young professional, fostering these sorts of strong relationships are key. Even if mPact isn’t the right fit for you, I would highly encourage all young professionals—regardless of the industry—to get involved wherever you can in local and/or national organization. In fact, it’s even easier to do now because everything is virtual!
These organizations can help jump-start your network and connect you with a mentor, which has become more important than ever during remote work. Personally, I have been working remotely since before the pandemic, and have found that having a team to share responsibilities with and hold each other accountable to daily tasks has helped both in terms of productivity and remaining connected. Mentors and networking organizations can be those accountability support systems, too.
If you take one thing away let it be this: get involved with your clients, in industry organizations and with your colleagues. Find strength in those relationships. While the world may look strange now, we can all work towards building the best future for everyone by taking each step together.