How is COVID19 affecting women's progress in commercial real estate?

Recently, I had the opportunity to sit down with Melissa Alexander of Foundry Commercial in Nashville (@mbalexan) and Casey Flannery of Cushman & Wakefield in Memphis (@caseyflannery.cre), also known as the women behind #CREChat. This was a follow up to my earlier guest spot on the #CREchat International Women’s Day edition, which happened right before we all went into shelter-in-place mode. Catching up after 4 months, we had a really interesting discussion about what it’s like for professional women in the commercial real estate industry during COVID19. You can listen to the podcast (and subscribe for future episodes) here; or watch the whole video podcast here.  

The following are a few of the main takeaways:

Professional women are shouldering more of the burden than their partners in dual income couples. A recent study found that 1/3rd of women in dual income households were solely responsible for childcare/education, compared to 1/10th of their male partners. This doesn’t account for the many single parents who are also solely responsible for their children’s welfare during this time of crises. 

#CREchat takeaway: This should not be a “women’s” issue: this should be a company/school/all working parents issue. Need innovation from all parties involved. 

• Right now people are not choosing to “work from home,” they are “at home working” due to COVID19. It’s a subtle mindshift but one we need to make.
• Women have historically been asked to “work like they don’t have kids; and parent like they don’t work.” This all or nothing proposition is hitting women from both the schools and the corporations and needs to stop.
• Companies and schools can not replicate business as usual on line. Businesses that try to work exactly the same virtually as in person will not be as productive. Adding to that schools that are trying to teach the same core curriculum online as in person and everyone loses. Kids. Parents. Teachers. Companies.
• Women should not have to make a choice between working and parenting in this day and age. #CRE has made so much progress in the last few years supporting women, it will be devastating to lose this progress.

#CREchat takeaway: There are some positive aspects for women who are at home working, but only if they are supported by their companies.

• Sales are results driven. If nobody is at the office, it’s an equalizer in that “facetime” can’t be overly weighted over data. The results are in the data, not the bias.
• Many women in #CRE are tremendous communicators. In fact, there is a disproportionate number of women (relative to the industry) who have stepped up and are using technology to drive the conversation. This is different from the last recession when many women lost their jobs and did not embrace social media when it was new..
• If your sales model was “wining and dining” and sports events, you need to innovate. And that’s why you need to support and promote your women. Woman have had to be innovative to build business and relationships in different ways outside of the industry norms. Companies should be embracing those women who have had to be creative.

#CREchat takeaway: We have the technology to work remotely - companies and employees need to use it.

• Technology has improved. Zoom, screensharing, document sharing, slack - We are in a world of asynchronous communications and emails can’t accommodate for that.
• Companies and teams that embrace the collaborative software that is available will have better outcomes for all. 

#CREchat takeaway: For managers and leaders, have honest conversations with all employees to see how they are doing. 

• Make it open and transparent. Be vulnerable yourself. Don’t put employees on the defensive. 
• People are working longer, but if you can create pre-defined parameters for your team (i.e. time blocks), you will have a more productive team over a longer period of time. 

#CREchat takeaway: Companies should be seeking out women leaders now more than ever.

• As stated above, women have had to be innovative about building their businesses prior to COVID19. Ordinary business networking often never really worked for them.
• Women also had to create vast networks outside their own company. Now is the time to learn from women as well as promote them and support them.
• However, women often only get leadership roles in times of crises. This means they are getting them in difficult situations, where more traditional leaders may have failed previously. We need to give our women leaders more support at every level - from the Board of Directors down to the entry level employees. 
• Women can have an outsized impact during times of change. We need to be seeking women out more now than ever. And also people of color. As an industry #CRE needs creativity and innovation and that comes from diverse input.
• Bottom line: Women, out of necessity, have developed skillsets that should excel in this market. Leaders need to work with them to keep them in the workforce.

#CREchat takeaway: Visual representations of inclusivity in the industry make a difference. Social media does matter.

• Recently there was a top #CRE Tweeters list produced by Ken Ashley. This was probably the most inclusive representation of the #CRE thought leaders that we have ever seen as an industry.
• Sitting in the top three spots were 3 women and deservedly so!
• While the #CRE Twitter crowd might be more inclusive, it is still a subset of the industry and may not look like the industry as a whole. However, it’s where many of the thought leaders are and this is a positive step for the industry.

#CREchat takeaway: What can women do to excel in the #CRE? Find your allies! Allies in the workplace are essential now more than ever.

• Women need to find their allies(male and female), and have a diverse board of advisors throughout their career. 
• Learn the technology. Know where the industry is going, as well as where it’s been. Be flexible with asset class type. Learn adaptable skills as the markets are always changing.

#CREchat takeaway: What can men do to support women in the #CRE? Stand up and speak up!

• Stand up and call out misogyny or bias when they see it. 
• And women - let’s share the names of those who speak up. That way we know who our allies are in the industry. 

For everyone in the industry: follow #CREchat on Twitter and jump into future conversation. It’s a great way to build your network.

#CRE #inclusivity #diversity