2021 Women in CRE: Elizabeth Mueller, Marks Paneth LLP

Name: Elizabeth Mueller

Title: Partner

Company Name: Marks Paneth LLP

How do you contribute to your community or your profession?
At Marks Paneth, I have been involved with our LEADS (Leadership, Empowerment, Advancement, Diversity and Success) initiative, with a mission of supporting the recruitment, retention, and advancement of our professionals, and sustaining a positive, supportive, and inclusive environment for all. Our goals include attracting and retaining talent, creating and facilitating networking opportunities, and promoting the skills and expertise of our exceptional leaders. I am also a member of the firm’s CPE committee for the Real Estate Group, involved with identifying areas for technical improvement in our field and teaching classes internally for the benefit of staff. I recently joined the Membership Committee of the NYSSCPA’s Manhattan/Bronx Chapter where we’re organizing a golf outing to raise money that goes towards a scholarship fund for college students majoring in accounting.

What books or social media influencers would you recommend to other women?
I was recently introduced to Brené Brown and her Dare to Lead podcast of “conversations with change-catalysts, culture-shifters and more than a few troublemakers who are innovating, creating, and daring to lead” and from what I’ve seen so far, I’m definitely looking forward to listening to more. I love the work that Tory Burch does through the Tory Burch Foundation to help female entrepreneurs via capital, education and digital resources. Tory Burch is a fashion designer who says, “My dream—my ambition—has always been to empower women. Women’s equality is the evolution of humanity.” In 2020, her “Embrace Ambition Summit,” where the theme was “Challenging Stereotypes and Creating New Norms,” was live streamed. I thought it was an exceptional event with moving, thought-provoking speakers. I would recommend checking out sessions on YouTube.

In the past year, what project, transaction or accomplishment are you most proud of?
It’s been a strange transition year for me as it has been for many people. I think we have learned a lot about resiliency and what is important in our lives. In January 2020, I made partner at Marks Paneth, after a very satisfying career here. Shortly after transitioning into that role the world came to an unexpected halt. While the pandemic put most normal daily activities into an unknown state of suspension, we as accountants, advisors and tax specialists didn’t stop. I’m proud of how we as a firm were able to pivot. We’re in a front-facing, client services industry and pride ourselves on personal connections, knowing clients and anticipating their needs. We took a deep breath, digested a great amount of ever-changing information coming out related to PPP loans, the CARES Act, and more, and dedicated ourselves to keeping our clients as informed as possible. We made sure our staff remained engaged and knew how much we appreciated them.

How do you keep your team motivated despite conflicts and obstacles?
I think we’ve faced the same obstacles most people have since shifting to a remote work environment. One of our biggest challenges has been training staff, especially staff members that are new to both the firm and workforce starting right out of college. It’s been extra work on our experienced team members but technology, such as Teams screen-sharing and chat, really made a difference. Pre-pandemic, it was easy to go out for lunch and celebrate birthdays to show appreciation for hard work. In the early months working from home, I made a point to check in on a social level through virtual happy hours but even that has fallen victim to “zoomtigue.” Now I make a conscious effort to let people know they’re doing a great job and check in on their overall well-being. It’s important for people to feel that personal connection; that what they do is contributing to our organization’s success. My team knows I am available as a sounding board; to help them work through obstacles they may encounter. Through my own experience, I find that sometimes being able to talk through an issue out loud helps you gain more clarity and can get you closer to solving the problem on your own.

How do you advocate for your fellow women in real estate?
I think the best way women in real estate can advocate for other women is just by continuing to be present. By being in the room and bringing other women with you or recommending fellow women, it elevates all women. I like to give people opportunities to grow professionally and personally. For example, providing younger staff with more client contact helps them gain confidence in their communication skills and a sense of ownership and pride. Through our LEADS initiative we organize networking mixers, such as with women attorneys, and panel discussions to showcase our depth of knowledge and foster internal networking and collaboration. One of the best ways I can help other women to accomplish great things in our profession is to be a good role model and mentor, and to inspire others through my own accomplishments.

Why should women consider a career in commercial real estate and related services?
It’s not easy because women are still very underrepresented in commercial real estate, making up roughly 35% of the workforce, but I think there’s a lot of room for change and growth. On the construction side, it’s becoming more common to see women across all levels from apprenticeships to business agents. Many companies are starting to see the value in doing business with small, minority, and women business enterprises (SBE/MBE/WBE). I’ve spent a significant part of my career understanding the financial aspects of both real estate sales and acquisitions, and operations, from co-ops and condos, commercial and residential real estate, to hotels and golf courses. The variety and challenges are limitless.

Tell us a thing or two about you that is NOT on your resume or LinkedIn profile?
Prior to going down the path of partnership in public accounting, I considered a career in law enforcement. I come from a family of public servants: My father served in the Air Force and is a retired officer from the Suffolk County Police Department, his brother served in the Army, and his brother who lives in Germany was once a police officer, too. I considered various careers from wanting to be a homicide detective to working for the FBI. It really isn’t too far from being a CPA with a focus on attest work. Many of the same core values are necessary for success. CPAs are held to high ethical standards, I think we’re skeptical and inquisitive by nature, and obtain a high degree of satisfaction from helping others. Our client’s success is our success.