Women Leaders Of Real Estate: Clare Coe of Madison Berkeley On The 5 Things You Need To Succeed In The Real Estate Industry
An Interview With Jason Hartman
Be an industry innovator. What do you want to change? I do things differently. I bring a fresh, young female approach to this industry. One of our clients had come to us, after another recruiter didn’t give them a diverse shortlist and claimed that there was no diversity due to this particular role being historically male heavy. I worked hard and looked in different areas for candidates. I was able to provide a shortlist diverse candidates for the client. Slowly I intend to change the perception of the industry.
As a part of my series about strong women leaders of the Real Estate industry, I had the pleasure of interviewing Clare Coe.
Clare Coe is the co-founder of real estate recruitment firm Madison Berkeley in London. She studied Real Estate at the University of Reading and graduated in 2009. She has over 10 years real estate recruitment experience working for a large real estate recruitment company.
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 have always had a real interest in property. My dad was heavily involved in buying, renovating and selling houses when I was growing up. So when I left school I decided I wanted to learn more about the world of real estate. I applied to study at one of the UK’s best Universities for land management, the University of Reading. After completing my land management degree I went down the obvious route of becoming a trainee surveyor. However I soon realised that It wasn’t really for me. My skills were more people focused within real estate as opposed to practical. I joined MacDonald and Company in January 2011 and became a real estate recruiter which I loved and found I had a real passion for. I rose through the ranks quickly because I had a genuine passion for how to make the real estate recruitment process better.
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?
I took a big leap into the unknown co-founding Madison Berkeley. I left a very lucrative job and used savings to co-found the business. We suddenly found ourselves sitting in an office without clients which was unnerving coming from where we had come from. That very quickly changed through hard work and we have had enormous success in our first few years which I’m hugely proud of. I have learnt that if you believe in yourself anything is possible. It’s something I remind myself daily.
Are you working on any exciting new projects now? How do you think that will help people?
We are expanding Madison Berkeley and have created a development and construction arm to the agency. This is headed up by director Christine Scott. Christine is growing the department and alongside us brings a level of expertise to the construction and real estate industry which is unprecedented. In the UK construction sector only 6% of SME employers are female led and that directly correlates to the amount of females working in construction. As a woman who has worked in real estate and construction recruitment for over 20 years Christine is a trailblazer and will make a real difference to female representation within UK construction at all levels. This is something we are hugely excited about. Whilst my Madison Berkeley co-founder Nina Zeilerbauer and I are making huge steps forward in enticing more women and people from unrepresented backgrounds into the industry, construction was always an area we felt needed tackling. Now we are doing it and hopefully creating more opportunities for girls and women in the UK who may be interested in this industry but previously thought it was only for men.
What do you think makes your company stand out? Can you share a story?
Madison Berkeley stands out because it delivers a truthful, honest and passionate service to both clients and candidates alike. We go the extra mile because that is what we believe gets the best results. Our recruitment strategies don’t just focus on gender but diversity and inclusion as a whole. They promote the school of thought that diversity within property recruitment must not just be a tick box exercise. We educate companies that diversity and inclusion must be implemented when hiring, or partners and investors, who do promote a diverse and inclusive workplace, will take their business elsewhere. Within our first 3 years of trading, 50% of our placements were female, which in an industry with just 14% female representation feels pretty groundbreaking. More importantly every single one of those females was paid exactly the same as their male counterparts would have been at offer stage. Gender equality and pay is slowly gaining parity in our industry but we must not take our eye off the ball.
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?
My husband has been incredibly supportive, he also believed in me and has been by my side every step of the way. He is there each morning, each evening and gets the good, bad and ugly whilst having a full time job himself. It’s really helpful getting his advice as he isn’t in the real estate or recruitment industry and therefore I get a more holistic view and makes me think about certain situations in a different light.
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?
Women give birth, not men. In the UK most employed women are entitled to 6 months paid maternity leave and up to 9 months discretionary maternity leave on half pay. Within British culture it is assumed that a woman will take at least 6 months off work. That 6 -12 months leave has a profound impact on their careers in real estate and many other industries at a senior level. If they are fee earners they may lose their client base completely. This means they will return to work having to start right back at the beginning, whilst their male counterparts have carried on billing and climbing the corporate ladder. I anticipate they lose about 3–4 years of their career by taking a 6–12 month break. Of course returning from maternity leave is just the beginning of what becomes the great juggle for most working mothers globally. They are often the chief caregivers and that means they require a degree of flexibility that their male counterparts do not. This means they are often overlooked for promotion or cannot make the expectations of a senior role such as the client dinners and events. Quite simply if they are having to take time out or cannot work the amount of hours their male competitors can — they are unable to bill the same amount. Also there is certainly still an old boys network in this industry and that is heavily male skewed.
What 3 things can be done by a)individuals b)companies and/or c) society to support greater gender balance going forward?
As women we must not doubt our abilities. Our experience is unique. Seek a coach of some description if you are doubting yourself. Get support to bolster your confidence. Approach a boardroom with a clear idea of what you want to get out of it with regards pay and flexibility. Do not be dictated to. The boardroom is a two way street. Make sure the deal you settle on is the best deal for you. It is important that you strive for a work life balance.
As business leaders we must encourage a flexible way of working in our workforce for both men and women. Men also need to juggle pick up/drop off and should not feel ashamed for leaving the office early.
Ensure you communicate and check in with female members of staff and ensure their needs are being met. Don’t assume you know their career trajectory aims. You probably don’t. Always ensure you are empowering your female workforce. Pay them the same as their male counterparts and expect the same results.
As a society we need to continue to break the bias when it comes to gender stereotypes. It is up to us to ensure our children grow up knowing that a job can be done regardless of your gender. It is important that in crude terms pink doesn’t mean a girl and blue doesn’t mean a boy.
In your opinion, what are the biggest challenges faced by women executives that aren’t typically faced by their male counterparts?
Women are often the main caregivers within a family set up and are often penalised for needing to have flexible working arrangements. This has an effect on their pay, career progression and general wellbeing.
Can you share 3 things that most excite you about the Real Estate industry?
It is an incredibly exciting and dynamic industry to work in. As the world changes so does real estate. For example, climate protection is huge and property in the UK, some of which is hundreds of thousands of years old, will have to adhere to strict new carbon friendly rules. It is a challenge for us to see what new roles will be created to deal with this. We will be a part of the process of ensuring that our very old buildings in London last and contribute to helping the longevity of the planet. I find it hugely interesting to see the changes to architecture that some of our top surveyors work on. How modern materials are being used to change the UK capital skyline. However I am most excited about the changes I see in diversity and inclusion, including women in the industry. I am a part of that and I will continue to work tirelessly and passionately to make that 14% female representation in the real estate industry get closer to 50%.
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?
I am still concerned that we are not attracting enough diversity into the industry. Whilst we are making headway in the gender wars — our industry is heavily white and middle class. We need to be getting to teenagers in deprived areas, visiting their schools and making them aware of the route they need to follow to break into the real estate industry. I am also concerned that counter offers are being increasingly used to retain high performing members of staff and that 50% of employees offered a counter offer will accept. We need to educate companies on how to retain their top talent and it all comes down to communication. Ultimately losing staff at such senior levels ends up costing companies in so many ways.
What advice would you give to other leaders to help their team to thrive?
My advice is that prevention is better than cure. I would suggest trying to prevent your top talent leaving by communicating with them constantly and finding out what they need to remain loyal. As a leader, be relatable, listen and be flexible. Action what you say and make your staff feel valued and part of a team. I am the boss but I sit with my team and I do exactly the same job. I care about their personal lives, I can tell you what they watched on TV and had for their dinner last night!
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?
Be hungry for success: Have a clear plan of the job you want to be doing within the sector and the skills needed for it. Make connections with the right people and learn your trade from the bottom up.
Don’t get wrapped up in the egos you may have to deal with in the industry. Ego doesn’t equal success. It is important to believe in yourself of course. Be the best, not necessarily the biggest.
Be an industry innovator. What do you want to change? I do things differently. I bring a fresh, young female approach to this industry. One of our clients had come to us, after another recruiter didn’t give them a diverse shortlist and claimed that there was no diversity due to this particular role being historically male heavy. I worked hard and looked in different areas for candidates. I was able to provide a shortlist diverse candidates for the client. Slowly I intend to change the perception of the industry.
Take risks: I continue to take risks to grow my company in the right way. We are expanding and that is a risk for a relatively new company. However, I believe that we are making the right choices. I see them as bold moves as opposed to risks.
Be truthful: People can spot a fake a mile off. I’ve seen it happen a million times. You have to do the time to get where you want.
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 want everyone from whatever background, race or religion to be able to see the real estate industry as a viable option for them.
How can our readers follow you online?
My linkedin page https://www.linkedin.com/in/claredoughty/ or visit the website http://www.madisonberkeley.com/
Thank you for your time, and your excellent insights!
About The Author: Jason Hartman is the Founder and CEO of JasonHartman.com, The Hartman Media Company and The Jason Hartman Foundation. Jason has been involved in several thousand real estate transactions and has owned income properties in 11 states and 17 cities. His company 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. Jason educates and assists investors in acquiring prudent investments nationwide for their portfolio. Jason’s highly sought after educational events, speaking engagements, and his ultra-hot “Creating Wealth Podcast” inspire and empower hundreds of thousands of people in 189 countries worldwide.
