Women Leaders Of Real Estate: Anna Altizer Dix of Troutman Pepper On The 5 Things You Need To Succeed In The Real Estate Industry
An Interview With Jason Hartman
Get broad experience, then specialize. There are so many different niche areas of real estate. Starting out, it is important to get broad experience to gain an understanding of the overall industry and how deals come together. As you progress, focusing on certain asset classes or transaction types allows you to gain specialized expertise that is vital in sophisticated deals.
As a part of my series about strong women leaders of the Real Estate industry, I had the pleasure of interviewing Anna Altizer Dix.
Anna Altizer Dix is a partner in the Real Estate Department at Troutman Pepper. Anna works with clients in all areas of commercial real estate, including acquisitions and dispositions, leasing, development, and financing. A significant portion of her practice involves representing national developers in assembling, acquiring, developing, and financing multi-family housing projects.
Thank you so much for doing this with us! Can you tell us the “backstory” about what brought you to the Real Estate industry?
I’ve been interested in the law since a young age. In high school, I was part of a national champion mock trial team that was sponsored by a large law firm. This experience provided me with exposure to attorneys in several practice areas and solidified my interest in pursuing a law degree. During my undergraduate career, I was paired with an alumni mentor who ran a real estate firm and a title agency. He allowed me to intern at his office, where I was exposed to all aspects of commercial real estate transactions. Through this experience, I learned that I love the tangible aspect of real estate. It’s very rewarding to see land change hands, developments spring up, and skylines change.
Can you share with our readers the most interesting or amusing story that occurred to you in your career so far? Can you share the lesson or take away you took out of that story?
During my second year of practice, I was horrified to learn that my opposing counsel on a deal was my contract drafting professor from law school. I don’t think I’ve ever been so scared to make a mistake! Thankfully, the transaction went smoothly, and my professor was kind enough to reach out to the supervising partner to compliment my work. The takeaway for me was that the real estate world is big in some respects, but small in others. That transaction was the first of many where my opposing counsel was someone I knew or had previously worked with. It’s important to always put your best foot forward and treat others with respect.
What do you think makes your company stand out? Can you share a story?
Troutman Pepper has an excellent workplace culture. In particular, I love that the attorneys both within the real estate team and in other practice areas collaborate to provide the best service to our clients. On the very first development deal I worked on at Troutman, I had a complicated title issue arise that could have killed the transaction. Our government affairs team stepped in and connected us with the right people so we could quickly resolve the issue and close on schedule.
None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story about that?
I’ve been fortunate to have strong mentors at every stage of my career. When I first started practicing, firms were just beginning to hire real estate associates after taking a pause due to the 2008 economic downturn. As a result, my team was very busy and didn’t have many mid-to-senior level associates to staff deals. I worked directly with a few partners who gave the opportunity to jump in and meaningfully contribute on sophisticated financing transactions. As a result, I gained years of experience in a short period of time. More recently, I’ve worked with some excellent women mentors who played a key role in helping me navigate becoming a mother while building a successful practice. I’ll always be grateful that they encouraged me to structure my day in a way that allows me to maximize my time with my children while meeting my clients’ needs.
Ok. Thank you for all that. Let’s now jump to the main core of our interview. The Real Estate industry, like the Veterinarian, Nursing, and Public Relations fields, is a women-dominated industry. Yet despite this, less than 20 percent of senior positions in Real Estate companies are held by women. In your opinion or experience, what do you think is the cause of this imbalance?
The real estate industry, historically, has been somewhat of a Good Ol’ Boys Club. I’ve worked on countless transactions throughout my career where I was the only woman involved in the deal. It can be easy for a woman to get sidelined unless she speaks up and commands attention. I hate to generalize, but women are often less likely to promote themselves than their male counterparts.
I recently attended an enlightening seminar led by a business coach who analyzed self-evaluations written by male and female associates across large law firms. She found that women were more likely than men to downplay their individual success and contributions: they often used words like “helped” or “participated” rather than “led” or “managed”, even when they played a critical role in the transaction or case. Similarly, performance reviews by women were less likely to include specific requests for new opportunities, additional responsibilities, and promotions. As women, we need to take ownership of our successes and clearly articulate our desire to advance our careers.
What 3 things can be done by a)individuals b)companies and/or c) society to support greater gender balance going forward?
Companies should focus on promoting women to entry management positions. A study of Women in the Workplace by McKensie, in partnership with LeanIn.Org, found that although women’s representation in the corporate world continues to rise, for every 100 men that are promoted to management positions, only 86 women are promoted, which results in a significantly smaller pipeline of women to promote to senior positions. Women in leadership positions can contribute to greater gender balance by actively mentoring women, especially those who may take a non-traditional career path. As a society, we need to elect politicians who will prioritize paid family leave and affordable childcare options, both of which will increase women’s participation in the labor force.
In your opinion, what are the biggest challenges faced by women executives that aren’t typically faced by their male counterparts?
It’s no secret that in most households, mothers take on the lion’s share of household responsibilities. After work, many women go home to their “second” job of taking care of children and completing household tasks, which can result in women feeling like they never have a meaningful break. The additional stresses of the past few years — like childcare and school interruptions — have left a lot of women feeling burned out.
Can you share 3 things that most excite you about the Real Estate industry?
The pandemic led to dramatic changes in how people interact with just about every class of real estate. We saw people reconfigure their homes to serve as offices and classrooms, retailers adapt brick and mortar shops to support online order pickup and returns, and companies reconfigure office space to accommodate social-distancing guidelines and increase infrastructure to support remote employees. As we continue to navigate the post-pandemic world, I am excited to collaborate with developers and investors as they adapt to meet the public’s evolving needs — whether it be through re-imagining existing spaces, capitalizing on increased demand in certain asset classes, or increasing their footprints in new geographical markets.
I’m also excited about the increased emphasis on sustainability in the real estate market. Real estate — including materials, construction and building operations — is a huge contributor to greenhouses gases and global warming. This is a gigantic problem to tackle, but I am encouraged about how the various stakeholders are coming together the address it. Recent legislation establishes tax incentives for clean manufacturing facilities and retrofitting existing real estate assets to increase energy efficacy. I’ve also seen some municipalities using zoning regulations and tax credits to encourage sustainable development. Investors and consumers also playing a key role in driving the demand for green assets. I am optimistic that the construction and real estate industries will continue to focus on green construction practices and the development of environmentally efficient buildings.
Finally, I love to see developers transform historic structures into mixed use developments for the community to enjoy. In Atlanta, like many cities, we’ve seen developers reimagine dilapidated buildings into food halls, office buildings, movie studios and performance venues. This type of re-development has really contributed to the character of the City and, in many instances, led to the transformation of surrounding areas.
Can you share 3 things that most concern you about the industry? If you had the ability to implement 3 ways to reform or improve the industry, what would you suggest?
The affordability of both home ownership and rent is one of the most difficult problems facing the industry and unfortunately, the pandemic exacerbated the issue. Supply chain and labor issues have delayed production and increased costs. As people moved away from CBDs in search of additional space, we saw prices surge in smaller markets. This isn’t a problem that can be solved with a quick fix. It will require local governments, developers and affordable housing providers to collaborate, especially in areas that are rapidly gentrifying.
What advice would you give to other leaders to help their team to thrive?
It is important to invest time and resources in people early in their careers. Taking the time to explain the “why” behind a person’s role in a project, or how their role contributes to the success of the transaction, leads to greater engagement. As companies are increasingly encouraging employees to return to the office at least part-time, leaders need to ensure that their team members benefit from meaningful in person interaction.
Ok, here is the main question of our interview. You are a “Real Estate Insider”. If you had to advise someone about 5 non intuitive things one should know to succeed in the Real Estate industry, what would you say? Can you please give a story or an example for each?
Get broad experience, then specialize. There are so many different niche areas of real estate. Starting out, it is important to get broad experience to gain an understanding of the overall industry and how deals come together. As you progress, focusing on certain asset classes or transaction types allows you to gain specialized expertise that is vital in sophisticated deals.
It is important to learn about your client’s entire business, rather than just information about a particular asset or deal. It’s amazing how much you can learn from visiting a corporate office or job site and asking questions about a company’s strategic plan. As a legal professional, this knowledge allows me to identify clients’ sticking points in transactions and get in front of issues before they become major problems.
Never pass up an opportunity to build up someone else. I am a firm believer that there’s room for everyone to succeed, and that I often enjoy more success when I invest in others. This can be as simple as spending the time to mentor junior colleagues and publicly recognizing their role in transactions or connecting a friend with a business contact.
Adopt a business development style that works for your personality. As a young attorney, the idea of building a book of business seemed daunting. I don’t enjoy shamelessly plugging myself or working the room at large networking events. Over time, I’ve learned that a more organic approach works for me. I focus on developing relationships with my business and legal counterparts on transactions and making new connections through community activities I engage in outside of work.
Find things you’re passionate about outside of the real estate world. Real estate has been booming for years. It’s easy to get burned out if you don’t have a focus outside of work.
Because of your position, you are a person of enormous influence. If you could inspire a movement that would bring the most amount of good to the greatest amount of people, what would that be? You never know what your idea can trigger. :-)
I’m passionate about increasing educational equality in America. My husband and I are active in a mentoring program for low-income, first-generation college students. All of our students are brilliant, but many arrive at college without anyone who can serve as a resource for academic guidance and career planning. I’ve witnessed firsthand how investing in students early in their college career can have a dramatic impact on their academic and professional paths. I’d love to see companies commit to providing career mentoring and internship opportunities to undergraduate students in this demographic.
How can our readers follow you online?
You can find me on the Troutman Pepper website and on LinkedIn.
Thank you for your time, and your excellent insights!
About The Interviewer: Jason Hartman is the Founder and CEO of Empowered Investor. Jason has been involved in several thousand real estate transactions and has owned income properties in 11 states and 17 cities. Empowered Investor helps people achieve The American Dream of financial freedom by purchasing income property in prudent markets nationwide. Jason’s Complete Solution for Real Estate Investors™ is a comprehensive system providing real estate investors with education, research, resources and technology to deal with all areas of their income property investment needs. Through Jason’s podcasts, educational events, referrals, mentoring and software to track your investments, investors can easily locate, finance and purchase properties in these exceptional markets with confidence and peace of mind.
Starting with very little, Jason, while still in college at the age of 19, embarked on a career in real estate. While brokering properties for clients, he was investing in his own portfolio along the way. Through creativity, persistence and hard work, he earned a number of prestigious industry awards and became a young multi-millionaire. Jason purchased a California real estate brokerage firm that was later acquired by Coldwell Banker. He combined his dedication and business talents to become a successful entrepreneur, public speaker, author, and media personality. Over the years he developed his Complete Solution for Real Estate Investors™ where his innovative firm educates and assists investors in acquiring prudent investments nationwide for their portfolio. Jason’s sought after educational events, speaking engagements, and his popular “Creating Wealth Podcast” inspire and empower hundreds of thousands of people in 189 countries worldwide.
While running his successful real estate and media businesses, Jason also believes that giving back to the community plays an important role in building strong personal relationships. He established The Jason Hartman Foundation in 2005 to provide financial literacy education to young adults providing the all-important real world skills not taught in school which are the key to the financial stability and success of future generations. We’re in a global monetary crisis caused by decades of misguided policies and the cycle of financial dependence has to be broken, literacy and self-reliance are a good start. Visit JasonHartman.com for free materials and resources.
