2 Wharton MBAs Hope To Pave Way For More Women In Real Estate

What do you think are some of the reasons behind the gender disparity in real estate?

Kayla: I don’t know if old is the right word, but the industry has these roots where it feels like it’s kind of tied to the past. I do see it shifting, in my opinion, for the better. I know my company is really promoting women in the industry and very deliberately selecting women to join their board and hiring women out of the MBA. I’m hoping it’s not just them, but it’s a shift in the industry in general. 

Nicolle: I think there’s been that tradition in the industry, but I think that there are a lot of initiatives in finance and real estate to alleviate some of these issues. For example, forming boards that are just focused on creating a community for women in finance or women real estate. Finding those pockets of support has been crucial for me.

GENDER PARITY AND SOCIAL IMPACT

So, why do you think it matters? Why is seeing more women in real estate and real estate investing important in your opinion?

Kayla: For me, it’s helpful seeing someone that looks like me and has similar experiences in those roles. I think all my mentors have been males, but it would be nice to have a female that I could look up to. Hopefully having more women get their MBA and getting those opportunities, we can be that for the next generation.

Nicolle: I think when you’re running a business, diversity of thought really does translate into better management. So, if you’re just thinking of what’s good for society, the argument is that having a diverse board or management is important for running a business. My own personal perspective is similar to Kayla’s: I have personal goals–whether it’s raising a family or having a normal personal life–and having an example of a woman who’s successful in real estate banking is extremely important. I’ve found mentors in other groups–for example consumer packaged goods has a lot of women MDs–and so I know it’s possible. It’s just like, Is it also possible in my coverage group as well? So I want to be an example for other people.

Would having more women leaders at the front end of the real estate life cycle influence the type of projects that get funded, do you think? For example, more affordable housing projects or other socially conscious projects? 

Nicolle: In the nonprofit that I’m involved with, most of the families that receive help are women of color. Our CEO is an LGBTQ woman, and so it’s been very inspiring to see that type of leadership in the public sector. The private sector side, like at my full time job, we work on many IPOs, one of which was for a company that does single family and multifamily rentals. When you’re doing an IPO, you have a lot of input into how they market themselves to investors and what they put in their investor presentations. So I’ve found a lot of impact by voicing my opinion of what should be highlighted in the company. That’s where I’ve found it does matter that there’s diversity on the team because you are shaping investors’ perception and shareholders’ perception of the company.

REAL ESTATE RESOURCES AT WHARTON

Tell us about some of the support and community you found at Wharton School as women pivoting into real estate investing?

Kayla: Honestly, it’s been the best experience. Without Wharton and the resources that they have, I would never have gotten the job I have right now. I feel very fortunate to have these amazing opportunities that would not have been available to me otherwise. 

The list goes on: Penn Student Women in Real Estate (PSWiRE), the community, and the network which is so valuable, especially with real estate, because it’s such a people driven business. You can’t put a price on the relationships you form with people whom, down the road, you’ll be making deals or investing.  

Wharton is also home to the Zell Lurie Real Estate Center which has a great reputation for helping students. The education and knowledge about the industry you get at Wharton is amazing. It’s a good mix of institutional expertise, but also student-led speaker programs and getting to hear what people have done in the past. 

Nicolle: The professors themselves also have great advice. Sometimes I’ll go to talk to a professor about what I’m thinking or have a question about my career, and they’ll just throw something out that I had never thought of. For example, a professor asked if I had ever thought about real estate brokerage. I thought I would never want to do sales, but the question inspired me to get my sales license. These conversations with the professors are really helpful because it’s an open dialogue and they have great experience. I found that that’s also something you can’t put a price on.

ADVICE FOR BREAKING INTO THE INDUSTRY

What advice would you give to women looking to pivot into the industry who aren’t at Wharton?

Kayla: Get comfortable networking. Don’t be afraid to reach out and ask for 15 minutes or to grab a coffee. The relationships that you make at your school or in the community will benefit you long term. 

Nicolle: Keep an open mind. There are so many different ways to get involved in the industry. You might start in brokerage but then want to go into leasing or into development. In terms of building a skill set, whatever you learn becomes an asset in the next function because they’re all kind of interconnected.

Is there a piece of advice that someone gave you that has really stuck with you?

Nicolle: Someone told me to go see the buildings, just literally go and do it. If you’re interested in a project, go visit the site. 

Kayla: Someone told me to just be curious,  and ask questions. I think, especially when you’re new at a company or entering the industry for the first time, people really respect people who are curious and ask questions. It means you’re passionate about what you’re doing. 

What do you hope to do in your careers to help lift more women up through the ranks?

Kayla: For me, it’s about being a mentor. I get super jazzed and passionate about having those one or two women speakers that come into class, and I think giving back to the community–whether it’s being a speaker in the future or just being available to someone else–is really important. 

Nicolle: In the short term, I think Kayla and I have an opportunity to recruit women from Wharton into our roles. I know that (companies) often ask recent graduates to then take on the recruiting efforts for the incoming summer associates. That’s the short term goal of mine. 

Long term, it’s always to stay involved in the housing movement, because that’s just a passion area of mine. A lot of women of color, particularly in New York City, have the ability to own homes through economic empowerment. So, whether it’s serving on a board or eventually having a long term career in the space.

Any advice on what kinds of features of an MBA program women interested in real estate and real estate investing should look for?

Kayla: For an industry switcher like me, the curriculum was super important. Having the finance quant aspect for the core curriculum, but also offering very specific real estate courses. I think having the Zell Lurie Center tied to Wharton was a big reason why I chose the school, because it brings in these very renowned speakers and mentors that you can latch on to.

Nicolle: There are other great schools that have dedicated real estate resources attached to them, and I think having those centers is extremely important. But, you should also look at the broader resources of a program. For example, Oregon has the Stuart Weitzman School of Design, and so thinking about students who you could learn from and creating a more interdisciplinary program. You know, a lot of our time in the MBA was spent on electives, so I took a lot of social impact and design focused classes. So think not only about the MBA program itself, but the overall university and community that you’re joining.

DON’T MISS: POETS&QUANTS’ BEST 40-UNDER-40 BUSINESS SCHOOL PROFESSORS OF 2022 AND WHARTON FRESHMEN BEAT A CROWD OF MBAS IN MAJOR VENTURE COMPETITION