This summer, Connect CRE is producing a series entitled “Inspiring Leaders in Our Changing Industry” as a continuation of last year’s “Leadership in difficult times” Series. We have selected leaders from across the U.S. and the commercial real estate industry to discuss significant changes in the industry and their organizations. In this episode, you will hear from Bill frameChairman and CEO of Kidder Mathews.
Set a new course: How do you manage the transition from established practices to driving new ways within your organization?
Good question. It’s easy to fall into the mindset of “if it ain’t broke, don’t fix it.” That’s not necessarily complacency, but the thought that you’ve reached the finish line. You’ve worked so hard to get it to where it is today that when it’s finally there, it’s so easy to assume you’re done. A good leader, however, is always looking for ways to take the next step. You have to take the time to step back, look at things with a fresh eye, and – most importantly – get feedback from employees who use your systems or work directly with your clients. There are always ways to become more efficient. We’re going to see some exponential change as the adoption and normalization of AI or robotics becomes mainstream. Real estate is a slow mover, so it’s likely to happen at a generational pace, but things will change over time.
I’m not a fan of jumping into an unrelated product path, preferring to build on what we already have. There are too many examples of tech companies with no real estate background thinking they can worm their way into the commercial real estate market and then failing. Making and selling widgets is not the same as selling real estate.
The short answer is that you must always look forward while continually improving the foundation you are building on.
Catalysts for change: What are the essential elements to achieve meaningful progress in your company and the industry as a whole?
It’s simple. Be open to all ideas—and be willing to go against the approach you think is best. Don’t let anything discourage you. Ask for input. Everyone brings a unique background and perspective to the company and has experience solving problems in different ways. As CEO, I see everything, but usually at a high level. When I review reports, I don’t see what went into creating them or what data underlies them. That’s why it’s so important to ask for input from those who live and breathe the systems.
Sometimes employees feel intimidated by a title and don’t feel like it’s their place to contradict the boss or ask why we did or are doing something a certain way. The phrase I like least when asking why we did something a certain way is… well, that’s the Kidder Method. No, that’s not the Kidder Method. The Kidder Method is to always look for ways to improve and provide better resources to our brokers and employees.
And the same is true in the industry. People are constantly changing and their needs change with them. Don’t assume you know what they want or need. Ask them. Then try to find a solution. While there is often an old solution to a seemingly new problem, there are so many new resources and tools you can use to expand your skills. You have to be open to learning them and seeing how you can apply them.
Next generation leadership: As we celebrate the industry’s rising stars, what guidance can you give them to help them become catalysts for positive change?
My grandparents worked for the same company their whole lives and were provided with pensions, health insurance, and more for their entire lives. Today is different. We live in the age of free agency. My advice to the next generation is to realize that no one will look out for your interests more than you. I know that sounds selfish, but it’s meant to be motivating. Go out there and make things happen. Don’t wait for someone else to do it for you. Ask for it. If you want something, go for it. Don’t sit back and wait for the boss to recognize your hard work and hope they’ll give you a promotion or raise. Tell your boss you want it. You have to earn it and not be a jerk about it, but if you don’t tell them, they’ll assume you’re not interested. Don’t give your boss an excuse to overlook you.
That’s personal and professional advice. Now, how can you make a difference? I’m a huge fan of building a personal community. A group of people you can count on for resources for every aspect of life. Those “go-to people” that you can also recommend to others. You become “that person” that people can come to for answers. Sometimes the best difference you can make is helping another person solve their problem. Paying it forward starts with one person.
Then get involved in your community. Join a professional group related to your industry. For commercial real estate, that could be NAIOP, ULI, or ICSC. These organizations are great for advancing your career. Join a charity or city organization. This could be as close to you as your child’s school board or a church group. Either way, get involved in your community because it will help you both personally and professionally.
Ultimately, you are creating a personal brand. Your brand will travel with you, reaching people you may never meet. Your example will help others make a difference.
Click here to view the full Inspiring leaders in our changing industry Series.
