NEW YORK—The current market is no time for women in the construction business to be wallflowers. Now is the time to be noticed, said Jane Snoddy Smith, national president of CREW, a networking group of construction professionals.
“It is all about the network,” she said, adding that of the 9,000-member organization, more than 63 percent are presidents or CEOs.
CREW researched market opportunities for women looking to keep their jobs, find jobs, or reposition their careers.
“It’s not just about finding a job, it’s about keeping a job,” said Barbara Champoux, Esq., Research committee chair and partner of Crowell & Moring LLP.
“The white paper talks about using the skills you have to become visible in your company,” she said. “It’s a way to navigate these waters.”
The white paper “Repositioning Your Real Estate Career to Succeed in an Era of Change” was discussed in New York last week and Champoux was in attendance to offer sage advice.
“We need to learn from those linear thinkers and focus, have some single-mindedness,” she said. “Also, those who are linear thinkers need to learn to think out of the box, think creatively.”
Champoux suggests knowledge, a candid self-assessment, and strategy as a three-pronged approach to come out of the recession on top.
“The market’s about ready to crack open,” Snoddy Smith said.
Know the Market Impacts
While it’s too soon to know how the overhaul of the banking system will play out, it is undeniable that the financing of real estate has undergone a long-term shift, the report notes. “The era of high leverage is over, replaced with a more conservative market environment for the foreseeable future.”
Almost $40 billion in commercial real estate debt is set to expire in 2009, and upwards of $50 billion in debt will expire the following year, according to the CREW white paper. If property owners are unable to refinance or extend this debt, defaults could result. Those experienced in bankruptcy, reorganization, and workouts will find themselves in high demand, the report suggests.
“Finance, energy, environment, politics—increasingly in this era, this will have an impact” she said.
Knowing where new funding is going for infrastructure, new development, and environmental sustainability, is advantageous, the report noted. As is staying aware of new software and social networking sites that can provide an edge.
“Pay attention to the new players that are emerging,” Champoux said, citing an example of a woman who now oversees distressed portfolios for the government.
Co-Star, which tracks commercial property listings across the U.S., shows an amazing pool of more than 65 billion square feet of building listings, with a vacancy rate as of Jan. 2009 of 13.6 percent, or nearly 9 billion sq. ft. of buildings that need leasing, the report stated. “Real estate firms that excel in operating management, debt restructuring, and value-adding capabilities will need additional talent.”
Take a Step Back
A candid self-assessment can go a long way in repositioning at this time, Champoux suggests.
“Look at your skills and quantify them. You’re basically looking at your inventory and taking stock.”
A valuable network is vital to surviving the tough times, she said. “People who are decision-makers in an area you’re interested in. People who can give you business advice.”
Look at how you are allocating your time and decide if it is well spent, Chamopux advises, “I would reevaluate it monthly.”
Recruiters want candidates to have strong negotiation skills, an ability to problem-solve and be creative, and independent, according to the report.
“Know your value, communicate your value, and go out there and do it,” Champoux said.
Developing a Strategy
Find the intersection of the market opportunities and your skill base, Champoux said.
“You need to think about ‘Where can I add value?’ And you need to be able to communicate that with them... New ideas are like gold out there.”
Develop your action plan to capitalize on new job opportunities, the report says. “In a down market, updating management skills and contacts, and acquiring relevant technical knowledge, is essential to career repositioning.”
Focus on building strong fundamentals, value networking: externally and internally, adapt, take risks, work hard, play fair, and stay positive.
“We believe this is a market of opportunities,” Champoux said.
