The Shift to Virtual Networking and How It Benefits Women in CRE

By Megan Abraham, Executive Director, the Goldie Initiative; and Vicki Mutchler, Vice President of Capital Transactions, Conor Commercial Real Estate, and Goldie Initiative Mentor

For an industry built on connections, networking is imperative for any young professional to get their foot in the door. That’s profoundly true in commercial real estate, and especially for young women. Now that the global pandemic has significantly limited in-person industry events, virtual networking has taken its place, and in many cases, become an even better opportunity for up-and-coming young women in CRE.

The Goldie Initiative, dedicated to supporting women in CRE by providing networking, mentorship and scholarships, has adapted one of its key networking platforms for virtual interactions.

How the Goldie Initiative is expanding its virtual networking opportunities

The Goldie Initiative’s Mentorship Rocket platform hosts a directory of CRE mentors, their contact info and areas of expertise that makes it easy for Goldie scholars (young professionals) to reach out to and set up networking meetings. This program allows scholars to connect with women in the industry outside their first assigned mentor and build their network. Beyond the directory, the platform also provides robust suggestions for how to set up a networking call and what questions to ask so mentees can make the most of their meetings.

At the beginning of the COVID-19 pandemic, Goldie scholars and their mentors shifted gears and set up virtual meetings to connect with one another. But the Goldie Initiative noticed that there was an opportunity to provide even more young women in CRE this directory of potential mentors. Now, in addition to Goldie scholars, the program has opened up its resources to young women professionals at organizations that sponsor the Goldie Initiative.

Since opening up the Mentorship Rocket platform, many young professionals at sponsoring organizations have already taken advantage of the program and held virtual networking meetings with some of the most prominent women in Chicago CRE.

The unforeseen upsides to virtual networking

While in-person events and networking are preferred for the more natural human connection, virtual networking has proven to be a worthwhile endeavor for those involved with the Goldie Initiative. Although it takes a bit more effort than usual to set up a networking call, many mentees and young pros from the sponsor organizations have found that mentors have more flexibility to connect. Additionally, the lack of a commute to an office or coffee shop makes it more convenient – it takes less time to log in to Zoom than it does to drive to an event.

Laura Pisula, a property manager and broker, has held two calls with mentors through the Mentorship Rocket platform. “I was a little nervous going into a virtual setting with someone I have not met before, and worried about finding a connection or how the call would flow,” she said. “After getting on the calls, though, I found they were comfortable and more easygoing than I anticipated. Because the meetings were virtual, I also saved time by not traveling to and from an outside location, giving me more time in the office during a busy workday.”

In addition to saving time by eliminating a commute, Michelle Morefield of CIBC found that “logistically speaking, the remote work environment positively impacted networking as meetings were easier to set up. Since all meetings were remote, there wasn’t any travel time to worry about, and therefore, more time could be dedicated to the conversation.”

Mentors and mentees alike have noted that connecting during such an extraordinary time, virtually connecting from home offices, and the lack of external factors (other networkers at an event, office distractions, etc.) leads to deeper, more meaningful and memorable conversations. Amy Hall, COO at Caton Commercial Real Estate Group and a Goldie Initiative mentor, expressed that “virtual networking can be as effective (as in-person networking) if facilitated properly and with adequate time… that creates space for more meaningful connections.”

On the mentee side, Pisula found that virtual one-on-one meetings were the perfect way to dig deeper with the mentors and feel like she was still moving forward with her career building despite the pandemic. Morefield said that “the conversations felt more personal since we were one-on-one, as opposed to trying to talk in a large event setting.”

Career guidance is more essential than ever

Valuable guidance and input from mentors is more essential than ever for young CRE professionals during this major economic disruption. Luckily, these one-on-one conversations organized by the young professionals allow them to lead the conversation and ask the questions that will help them with their career advancement.

According to Morefield, “Each conversation had key takeaways as mentors gave me their honest and candid guidance about a variety of topics including networking, the real estate industry (or specific asset types) and pursuing an MBA. I was provided with concrete examples of how these mentors have been able to make the most of the remote environment, along with providing thought-provoking ideas to keep in the forefront as I continue through my career.”

Plus, the relationship-building aspect of this type of networking will be essential to continue the mentor-mentee experience, where both parties develop a strong friendship and help each other grow in the process. Pisula’s new mentor took the time to follow up after their call, and she plans to keep in touch and find more opportunities for them to connect.

From a mentor’s perspective, Hall said she truly cherishes her relationships with not only her scholar mentees but also with one scholar who was not an official mentee, but who continued to reach out and ultimately developed a friendship. She said, “in every interaction I have with the scholars, I am impressed. These young women are the best and the brightest.”

Getting ahead in a virtual world

Networking is key all the time in real estate, but especially right now – and in order for young women to continue building their CRE careers, virtual networking is a viable substitute for the in-person variety. The Goldie Initiative’s ongoing support can also provide a guide for all young women in CRE to reach out to potential mentors who can offer advice and connections.

You can click here to see if your organization is a Goldie Initiative sponsor, and therefore if the platform is available to you. If your employer is not a sponsor, information on becoming one to access this platform is available here.

In addition to one-on-one virtual networking, the annual Goldie Gala will be going virtual this year on September 17, with opportunities for digital breakout rooms to facilitate small group networking with some of the most accomplished women and men in Chicago CRE.