Inspiring Leaders in Our Changing Industry: The Key Themes of Success and Managing Change 

Connect CRE called on 18 C-suite executives for our second Leadership Series, this one on the theme of “inspiring Leaders in Our Changing Industry,” which we began running in August and continued through Sept. 12. (Our sister publications, Connect CRE Canada and Connect Money, presented their own series on the same theme.) 

As with our “Leading in Tough Times” series in 2023, no two leaders responded to our questions in the same way. We presented them with a menu of six possible questions, and each leader took a different approach in answering them. They selected different combinations of questions, and some made their points in company-specific ways while others responded in more general times. All were insightful and made for compelling reading. 

Despite the differences among the leaders’ approaches, key themes emerged that tied the individual stories together. One was how to advance the organization toward success. For Annemarie DiCola, CEO of Trepp, the two essential elements toward achieving progress are focus and execution: “Stay dedicated to the strategy and game plan you’ve devised, ensuring meticulous execution; and adaptability and awareness: “Continuously observe industry trends and global shifts, challenging yourself to pivot your strategy as needed.” 

Similarly, Al Brooks, head of commercial estate at JPMorgan Chase, wrote, “Success requires an incredible amount of hard work and commitment, and it is never guaranteed. To achieve success, it is essential to do right by your employees, clients, and shareholders. Consistency in delivering results for these groups, regardless of the market environment, is important.” 

The industry leaders we selected had a great deal to say about implementing change. “For me, the status quo is never an option,” wrote Tom McGee, CEO of ICSC. “Retail real estate is the ultimate consumer-facing industry and to remain relevant, our members and our organization must continue to evolve and keep pace with change driven by the market.” 

At Partner Engineering & Science, Inc., CEO Joe Derhake wrote that “the key to navigating new territory has been active listening and sourcing ideas from throughout the company and the industry, being flexible and open to change, being patient while new businesses grow, and being willing to fail. That’s the nature of new frontiers – you don’t always know how they are going to work out, but you have to go out on a ledge and then give it all you’ve got to execute.” 

Marcus & Millichap president and CEO Hessam Nadji provided guidance on implementing change and pacing that implementation. “Our management team is encouraged to bring new ideas to the table for technology, research, branding, policy changes, market segment expansion and ways to enhance our support for our clients and our salesforce,” he wrote. “This ground-up and top-down simultaneous push for change creates creative friction, prioritization and action.”  

He added, though, “Change for the sake of change without thinking about ROI and/or underestimating unintended consequences on the downside can make change into mistakes instead of forward motion. All of this requires process and patience, but the investment of time and capital is worth it.” 

Kidder Mathews CEO Bill Frame advised on determining when it’s time to make changes in the interests of advancing the organization. Achieving a degree of success doesn’t mean it’s time to remain on a plateau.  

“You worked so hard to get it where it is today, that when it finally hits, it is so easy to assume you are done,” Frame wrote. “However, a good leader is always looking at ways to take it to the next step. You have to take the time to step back, get fresh eyes on it, and — most importantly — get feedback from employees who are using your systems or working directly with your clients. There are always ways to become more efficient.”   

Feedback should come from outside the organization as well. “People are constantly changing and their needs change with them. Don’t assume you know what they want or need. Ask them. Then try and solve for it,” Frame advised.   

Underpinning any company’s success is the cohesiveness of its organization. “You can never underestimate the competitive advantage of a company that has strong values and employee satisfaction,” wrote Walker & Dunlop chairman and CEO Willy Walker.  

He continued, “A strong foundation equips us to better handle challenges in any business environment and enhances productivity and performance throughout the organization. In the past few years, challenges from COVID to a fluctuating market, social to financial, we focused on taking care of one another and continued to nurture our people so that they can take care of their clients and families.”

Click here for the full 2024 Leadership Series.