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Posted: November 21, 2008
Four accomplished professionals from the N.Y. Commercial Real Estate Women Network
What advice would you offer to individuals just starting a career in commercial real estate?
Persevere, network until you're tired out and then network some more. Be open to working with various property types/ownership structures. Be flexible with your expectations. Seize opportunities when they present themselves. Be prepared to weather the ups and downs. Don't ever burn your bridges.
What is the best advice you have given to a client?
Perform accurate and complete due diligence when analyzing an investment opportunity. Know your property and its market before you invest.
What do you hope to accomplish in 2009?
In 2009, I would like to examine all the procedures and policies that I've put in place while at The Community Development Trust (CDT), determine whether they remain adequate and adjust them as needed. I also plan to step back and perform a global evaluation of all the areas of portfolio risk that might have increased as a result of the credit crisis and make sure that we are responding adequately to them. I also want to make sure I share all the knowledge that I've gained during my years in real estate with my staff and make sure that my colleagues are doing the same.
What do you consider to be your most important assets?
One needs to communicate with everyone in a manner that will work for them and CDT, consistently, timely, accurately and honestly. I consider my most important assets to be great communication skills; a pro-active approach to managing my portfolio's assets; the ability to work well with others and knowing how to get the best from my team.
What lessons have you learned from past real estate trends that can be applied to today's market?
Don't get caught up in the exuberance of the market or your competitors. Focus on the innate fundamentals of the assets under consideration, perform detailed due diligence and don't let anyone else persuade you to act against your beliefs.
Joan Berkowitz serves on the Board of Directors for NYCREW.
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