The value of a mentor-mentee relationship cannot be overstated. The connection should always be viewed as a two-way street and it’s critical to understand the boundaries and ground rules of any affiliation. That is the takeaway from a recent discussion with Eric Balderson, Assistant Vice President, First National Bank; NAIOP MD President Kate Jordan, SIOR, Principal, Lee & Associates | Maryland; and Spencer Perry, Senior Vice President, National Real Estate, Truist. The most important element is finding the perfect match, followed by monitoring the relationship to make sure both parties continue to receive value. NAIOP Maryland recently kicked off its new mentorship initiative, a six-month program involving 8 mentors and 8 mentees.
(Left to right) Spencer Perry, Senior Vice President, National Real Estate, Truist; Kate Jordan, SIOR, Principal, Lee & Associates | Maryland; Eric Balderson, Assistant Vice President, First National Bank.
Expanding your network
Eric: “My career is in banking, but that did not stop me from forming a mentorship relationship with Scott Wimbrow, who leads the brokerage group at MacKenzie Commercial Real Estate. Although Scott and I come from different sectors within the industry, he has opened my eyes to a different perspective on how my clients think and conduct business. When searching for your first mentor, leverage your network, attend industry events, and utilize search platforms. But do not limit your search to your specific area of expertise. Identify several professionals that you respect and do not be afraid to ask them for guidance. Especially in the world of commercial real estate, you might be surprised at how willing most leaders are to share their knowledge and experiences with the next generation.”
Kate: “In lieu of entering the Johns Hopkins real estate master’s program to further my career, I formulated my own educational itinerary that enabled me to expand my network and form business relationships. Any time I would read something interesting, I would contact the person quoted and invite them to a coffee meeting. At the end of the session, I would request additional names to meet with. This enabled me to have short mentorship situations with a high volume of professionals, while also building a diverse network. Nearly everyone is willing to have a 15-minute conversation but it is also important to be mindful of people’s time. My advice is to start searching for and talking to as many people as possible. But be super prepared and organized with a list of questions to keep the dialogue flowing. You might be surprised who is willing to meet you. Some of my favorites were Mark Sapperstein, Cathy Ward and Dave Bramble.”
Spencer: “The primary goal in any mentor-mentee relationship is providing and receiving valuable and insightful information, and I have always used early-morning informal meetings over coffee. This timeframe works best because people rarely cancel because the session is first thing, and you are engaging with a fresh and clear mind without distractions. It is critical to come into the discussion with an inquisitive mindset. When searching for the right mentor, consider those that have seen and experienced situations that you have not. The most important thing is to maintain an open dialogue and explore ideas.”
Building the relationship
Eric: “It should be apparent almost immediately whether your personalities mesh, allowing for candid and open conversations. Your mentor should also demonstrate a willingness to share their experiences and be personally invested in seeing you grow. Bosses are the obvious choice for mentors, and I am very fortunate to have Chris Nevin in that role. But there may be sensitive issues that you might not feel comfortable discussing with your employer, so it is important to have multiple mentors that you can rely on for advice.”
Kate: “If you trust this person explicitly, then you never have to think about reevaluating the relationship. But real estate industry is all about gaining a high level view of how each asset fits into the big picture. It is important to understand different job responsibilities and asset classes, even if you are not directly touching those product types now. So, it is critical to understand how these product types operate in the global sphere of real estate, which requires mentors with different areas of expertise. Do not limit yourself. My business mentor is Allan Riorda who happens to also be my partner in industrial brokerage. My NAIOP-MD mentor is Connie Rhodes because, early in my journey into NAIOP, she took me under her wing to help me imagine and execute a path within the organization.”
Spencer: “Many people are going to have unique insights that you can apply to your own situation. It is up to you to locate the right people, understand someone else’s perspective, talk to those who have experienced things you have not, and explore ideas. Although now a competitor, I also call Chris Nevin a mentor, as well as Doug Ewalt and Bob Rajewski. Real estate is an extremely collegiate environment and you should never be afraid to ask for help.”
Not a one-way street
Eric: “No matter how established and successful your mentor is, they will always be able to learn something from you. Make it a priority to bring something to the table every time you meet with them. That could be knowledge specific to your job, fresh perspectives, innovative ideas, or an introduction to someone in your network. Be creative.”
Kate: “My team is searching for a new CRM and I am blindly relying on the recommendation of a young broker, because she will make a better choice than me. Anyone that thinks they cannot learn from someone younger or less experienced is wrong. Information sharing is a two-way street.”
Spencer: “It is important to remember that the mentor also receives value from every conversation with a young person. When doling out advice, they may arrive at the conclusion that the guidance also applies to their own career, and that they have gotten away from using a particular tactic. You can also observe mentors from afar without engaging directly with them.”
Expectations and homework
Eric: “Coffee meetings and lunches can become redundant, so think outside the box when planning your meetings. A project tour, a round of golf, or a ‘double date’ with another mentor and mentee can be great ways to break the ice and keep the conversation flowing. Once you feel comfortable with your mentor, make sure to open up about the challenges you are facing in your career. It can be easy to get stuck in a cycle of small talk, so do not be afraid to be vulnerable and address the tougher subjects.”
Kate: “I give homework to potential mentees the first time I meet them, because I want to gauge their overall interest and enthusiasm. It might be as simple as asking them to send me an article. Once they respond favorably to the task, my comfort level in them grows and my flood gates open. I regularly lean on my many mentors when dealing with an unusual situation where I need advice. I may not have spoken to them in a while, but we have this silent agreement to help always, and in any way we can. I call it my patchwork of resources.”
Spencer: “Every relationship has a beginning, a middle and an end, and most eventually run their course. If the mentee-mentor relationship is not working any longer, do not be afraid to end it.” mentor relationship is not working any longer, do not be afraid to end it.”