The 2020 CREW Network Benchmark Study: Gender and Diversity in Commercial Real Estate found that women occupy 36.7% of the commercial real estate industry – a percentage that hasn’t changed much in the last 15 years. While CREW Network prepares for the launch of its 2025 benchmark study survey (expected to launch in early 2025), their recent report, Volume 5 of the CREW View: CRE Women Speak, indicates that professional development and support is integral to women’s career advancement and perceptions of work. Investing in women’s professional development is one of the key topics discussed in the track, “Women in CRE – How to stand out from the crowd and be authentic to yourself,” presented by BOMA Fellow, Keri Taylor, Building Services Sales North America, Trane Technologies. Taylor became a BOMA Fellow by displaying exemplary contributions to the industry and offering her expertise as a thought leader, ambassador and advocate to BOMA International.
Taylor, and the team from CREW Network, share their tips and latest insights for women in the CRE industry. Read below to learn more:
Invest in Professional Development
When analyzing the survey results from CREW Network’s most recent CREW View report, it found varied perceptions of respondents’ company support for professional development. CREW discovered that 39% of women find their companies only somewhat supportive or not supportive at all. CREW Network encourages companies to increase opportunities for professional and leadership development to better meet employee expectations and foster career development.
“It is critical for CRE companies to invest in women’s professional development for many reasons,” said Wendy Mann, CREW Network CEO. “Women have unique skills and characteristics that make them great leaders in our industry—and professional development strengthens these skills and qualities. Women gain critical market knowledge and in-person networking opportunities through professional development, which is good for your business. Professional development helps women advance to the highest levels of leadership, and we know through research that companies and boards with more women in leadership roles have greater innovation and stronger bottom lines.”
Taylor agrees. “Here at Trane Technologies, we have a robust Women’s Employee Network (WEN) and one of the ways we build allies for women in leadership is through a program called Men with WEN,” she says. Through this opportunity, Taylor is matched with a sponsor that acts as an advocate and guide for her career. “I cannot speak more highly about my sponsor,” Taylor says. In addition to tapping into development programs, Taylor encourages women to create their own “personal board of directors” or advisory board, in or outside their companies so that they can receive honest feedback about how to best represent themselves authentically.
The Q1 CREW View report found that most women (62%) have asked their company to fund professional or leadership development in 2024, but because of company budget or time constraints, many women find it challenging to request additional assistance. Many women respondents mentioned that their companies do not allocate funds for their position or have already set funds for the year. Despite these findings, Taylor suggests that it doesn’t get in the way of seeking career support.
Mentors, Sponsors, and Professional Organizations
“You need mentors and you need sponsors,” Taylor says. And she states that it’s important to note their distinction. A mentor is someone that isn’t necessarily your boss, understands your role at the company and offers a hand in helping support you through coaching and career development opportunities. A sponsor is someone in the room when decisions are being made – someone who understands your role and recommends you as a point person for new or different opportunities. Taylor emphasizes, “Regardless of built-in development opportunities that may be available for women within their organizations, it’s important that they look beyond and out in the CRE industry to find those points of contact – and BOMA is certainly a great network to grow your leadership and development opportunities.”
Leadership development programs and events are one of CREW Network’s four mission initiatives, whose purpose to accelerate success for all women in commercial real estate globally.
Frequently Share Your Successes
Taylor reminds women, especially emerging women professionals in CRE, that “hope isn’t a strategy” and that it is imperative that women share their successes and all the great work they are doing with their bosses instead of “hoping that they’ll notice.” “This isn’t about boasting,” Taylor says, “It’s about giving people the opportunity for awareness about what you are working on.”