Sondra Wenger

How Did You Get Your Start In CRE Finance?

My first job was working at Club Med before working at Pricewaterhouse (now PricewaterhouseCoopers) and becoming a certified public accountant. Club Med involved talking to people all day long. I wasn’t even allowed to wear sunglasses as they wanted me to have constant eye contact.  Pricewaterhouse could not have been more opposite. People were replaced with numbers and I was chasing down numbers all day long, from counting microchips to measuring gas in a pipeline.

As I grew in my career, I needed a balance of both people and numbers. I had some real estate clients at Pricewaterhouse and realized that real estate had a good balance in that it is a very social industry in connecting with a place, negotiating, sourcing business and soliciting input, but is also heavy finance in understanding the real estate investment, raising a capital stack and improving cash flow. I went into real estate immediately following getting my CPA, and never looked back.

Why Specialize In CRE Finance?

It is an incredibly rewarding career path that needs more women. I recently received a bid list from a third-party broker regarding outreach to potential buyers for one of our asset sales. It was clear to me that there is opportunity for more women in CRE, as the bid list had 85 prominent buyers, and only one was a woman. When we look at real estate, we like to look for areas to invest which we call an underserved niche, it means that it is the one thing that is missing from an area which will enhance the whole community.  Women are an underserved niche in real estate.  The career is the perfect combination of intellect and social and will benefit from multiple perspectives.

Are Women Represented Enough In CRE Finance?

I would like to see more women in the CRE industry. At the majority of the real estate events, there are only a handful of women. Even when I participate on industry panels, there is rarely another woman on the panel and I think it’s important to share that perspective.

I do see some progress. I recently had a transaction, which was the first in my career, where women were involved in all aspects: the buyer (me), the seller and the broker.  Even better, it was a large $520M transaction in New York. This may go unnoticed, but for me it was special because in my entire career I have never had this experience.

Can You Speak To Your  Experience/Treatment As A Woman In CRE Finance?

Fortunately, I have never had a problem penetrating the CRE market, and getting a leadership position. I think that being a woman has actually helped, as there are few women in this industry and companies like CIM value diversity in leadership positions. CIM believes that building a unified team with varied experiences, women included, drives innovation and growth — for the company but also in our communities. I am at a company that values respect, integrity and discipline.

I have had past jobs where I knew I was getting paid less than my male counterparts. At the time, I would accept it as I was the only woman and, as a result, I was simply grateful for the position. I am hopeful that with all the recent focus on women’s equality, young women in the industry no longer have to feel that they are less deserving of the position and are paid equally.

What Can The Industry Do To Encourage Bringing More Women Into The Finance Space?

I think it’s important for companies to hire qualified women, both as employees,  as well as consultants, brokers, attorneys and other experts in the industry. I have been fortunate to work with a number of tremendously talented women during my career and know that we can succeed when given the opportunity. Additionally, women in our industry who have been successful should take the time to assist the next generation of female CRE professionals. Providing advice, guidance and words of encouragement can make a tremendous difference in a young woman’s career, helping build future industry leaders.

What Advice Would You Offer Your Former Self About Navigating The World Of CRE Finance?

I had two experiences which helped train me for the culture in financial real estate. The first was completing an Ironman triathlon. Training for that every day and completing the event taught me perseverance because the good deals are not always easy. They are often a 2.4-mile swim, followed by a 112-mile bike ride, followed by a marathon, but you will get through it and be stronger in the end. The second experience that trained me was working at Club Med.  Learning how to make personal connections is critical in our industry.