Greystar Director Emily Papworth laid out the stark facts at Bisnow’s Women Leading Real Estate event this month: 44% of those at middle management level in UK property are women, but that figure drops to just 26% when it comes to senior management.
Jo McNamara taking the top spot at British Land is a positive example of a woman occupying one of the highest-profile jobs in UK property. But as a whole, the industry still lags when it comes to diversity.
There is no silver bullet to change that, but the event featured a plethora of advice for those looking to progress their career to the top levels.
Embrace Complexity And Find Your Niche
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Mirastar CEO Ekaterina Avdonina is a rare example of a female founder and CEO in property, having set up the specialist logistics investment and development platform in 2019, after founding Delin Properties in 2011.
Avdonina said logistics, traditionally one of the most male property subsectors, appealed to the logical brain of someone who actually grew up in a family of rocket scientists.
Logistics is a global business where occupiers consider specific location, transport, infrastructure links, labour, real estate and the long-term plans around the investments in those buildings.
“That complexity really inspired me, and it was worth specialising,” she said.
You Won't Succeed Sat At A Desk
The work senior leaders do is different to that of middle management and the general workforce. A lot less of it is done from behind a computer.
“The work is different, and that's probably been the biggest pivot for me over the last 18 months,” said Nisha Kerai, Legal & General head of operations and asset management for build-to-rent and purpose-built student accommodation.
“When I go into the office, I make time to walk around and understand what's going on in the business, what will add value to the business, and thinking about new ideas, because it's not your job to do the ‘do’ anymore.”
Advice Helps You Prepare, But Advocacy Helps You Progress
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Before working for Kennedy Wilson, Lottie Outen, now managing director, advised the U.S. investor in her previous role as an investment banker at J.P. Morgan.
Previous Kennedy Wilson Europe CEO Mary Ricks wanted to hire Outen and pushed for the appointment internally, giving her the opportunity to step up to what Outen described as the next level.
“The difference here is that it wasn't just her advice that was beneficial — it was her willingness to put her credibility behind me and make that move happen,” Outen said.
“Don't just try to recognise talent, but actually try to create opportunity for it.”
Don't Presume Everyone's The Same
How to bring people back into a company after a career break, be that maternity or care leave or a sabbatical, is one of the thorniest issues in the corporate world — it remains one of the key barriers for women attaining senior leadership positions, panellists said.
Executive coaching provided by companies can be a big help for individuals, L&G’s Kerai said — there is no reason to presume people will be able to negotiate a period they have never experienced before.
But there is also the need to appreciate there is no one-size-fits-all solution for a situation that affects everyone differently.
“You want to be solutions-driven, so you're jumping to what you think you would want in their shoes. You're not in their shoes,” Ogier partner Katharine Marshall said.
“So the most important thing, actually, is to listen to them.”
Be Loud
Loud people tend to get what they want in companies, Kerai said, so don’t be afraid to speak up.
“I ask for a pay rise and a promotion every six months, full year, midyear, and people laugh when I say this,” she said.
“But the worst that's going to happen is somebody says no, and then the second time they say no,” she added, pointing out that there has never been any negative impact on her career.
“They might even say no four times, but they'll be embarrassed the fifth time. So you'll probably get what you want at that point.”
Likewise, she said, there is value in getting loud for someone else, like directing the conversation back to someone being talked over in a meeting or advocating for someone who is being overlooked for promotion because they are not putting themselves forward.
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