Women Leaders Of Real Estate: Madeline Burbank of Alchemy-ABR Investment Partners On The 5 Things You Need To Succeed In The Real Estate Industry

An Interview With Jason Hartman

Be well read, but don’t be afraid to admit that you can’t know it all. Hire good consultants, learn from them, and don’t be afraid to ask them questions you don’t know the answer to. As an owner or developer, you work with experts in many disciplines embodying a wide range of skill sets. You will need to rely on others’ knowledge so that you can focus on accomplishing your own goals and success.

As a part of my series about strong women leaders of the Real Estate industry, I had the pleasure of interviewing Madeline Burbank, Senior Associate of Acquisitions & Development, Alchemy-ABR Investment Partners.

Madeline Burbank joined Alchemy-ABR Investment Partners in 2017 and is involved in all aspects of the firm’s projects including acquisitions, development, investor relations, asset management and leasing. Previously, Madeline was a Senior Associate for the New York Investment Sales, Capital Markets Group of Cushman & Wakefield, where she facilitated over $1B in real estate sale transactions and was responsible for business execution, due diligence, research, underwriting and marketing support. Madeline graduated summa cum laude from the University of Richmond, earning her B.S.B.A degree with Concentrations in Finance and Marketing and a Minor in Geography. She is a licensed real estate salesperson in New York

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 fell into real estate by chance but, looking back, the reasons it piqued my interest make sense. My mother received an undergrad degree in geography and geology, a master’s degree in urban planning, and spent her professional career at an engineering and environmental planning firm My father studied to be an architect before working for a stone and masonry supply yard that distributes products to builders, contractors, architects, developers, and homeowners. I like to think that I embody a little bit of each of my parents, building on their inspirations and my own business background in a way that applies to the real estate industry.

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?

When I was working as an investment sales broker, I received a call from my employer asking that I handle the showing of a property we were selling, and if I could be there in 15 minutes to meet the prospective buyer. So, I ran to the building and gave my best pitch. The next day, I got a call from the buyer asking me if I wanted to interview for their current job opening. I’ve been with Alchemy-ABR since I was offered a job a few weeks later. This showed me the value of always keeping your options open and to work hard — you don’t know who is watching and what opportunities can arise when you least expect it.

Are you working on any exciting new projects now? How do you think that will help people?

I am running an entitlement project in Manhattan to build a 1.5 million square foot tower in exchange for providing a significant public realm contribution to the city. The project is politically complicated and structurally challenging in that it requires building over an existing operating building. Once approved, the new development will not only add to the fabric of the NYC skyline, but it will also transform the pedestrian realm to create a walkable, accessible, and attractive destination that can be enjoyed by the public for decades to come.

What do you think makes your company stand out? Can you share a story?

The people make the company, and our reputation makes us stand out. Within the office, there is an underlying culture of respect, morality, and ethics , and those values transcend into the way the company does business. Being patient and spending time nurturing honest relationships allows us to work hand in hand with large families, institutions, and religious organizations to help them monetize their real estate. We will work with groups to educate them on ways they can create value and achieve their specific goals. If you look at any one of our most recent projects in New York, you will be able to see where our approach helped owners and generated returns for our investors.

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 mom. My mother was a brilliant woman and always pushed me to be the best person I could be. Everything she did was thoughtful, and she rarely made an important decision without making sure she explored every outlet, did her research, and listened to opposing perspectives. She taught me to be diligent and to work hard. She led by example, and I wouldn’t be where I am without her guidance.

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?

Barriers to entry and access to opportunity. Women can be overlooked due to inherent biases about what qualities a leader is meant to exhibit, and these stereotypes tend to align more with traditionally masculine traits. Women also tend to face more challenges accessing or being considered for a new opportunity because the network of connections is smaller due to the lack of women in senior positions. Pursuing mentorship opportunities and supporting women-sponsored networks create opportunities to align with strong female leaders and grow networks, meanwhile continuing to tip the scale towards equal representation.

What 3 things can be done by a)individuals b)companies and/or c) society to support greater gender balance going forward?

• 1) Seek to identify your own subconscious or conscious biases. What does diversity look like within your life, both personally and professionally? What is missing and why might that be?
• 2) Widen your networks. Attend female networking groups and encourage employees to do the same.
• 3) Support equal time off for paternity and maternity leave. Not only does this promote equality in hiring, but it is also a great way to subtly break down social stigmas around maternal and paternal childcare.

In your opinion, what are the biggest challenges faced by women executives that aren’t typically faced by their male counterparts?

Opportunity, due to the reasons mentioned above. From a personal perspective, I’m lucky to have a team that encourages me to lead. As I grew in my role and contributed to more meetings, I started to get constructive advice from my manager: “Speak with conviction. You know what you’re talking about”, “You had a good idea. Be assertive and don’t let someone talk over you”. I was supported to share my perspective and opinion to a group and to let my voice be heard. Unfortunately, many individuals and companies don’t encourage this behavior and often women need to work harder and speak louder to get a foot in the door.

Can you share 3 things that most excite you about the Real Estate industry?

1) It is interdisciplinary and collaborative. There is always more to learn from others — whether you are an analyst talking to a construction manager to understand the cost of a certain construction trade, or a designer learning from a young associate about what millennials are seeking in a new apartment. Everyone works together and learns from each other.

2) There is opportunity now. The industry is facing a pivotal and historic transition. The pandemic has shifted the way people think about the future of real estate and everyone is in the same boat trying to figure out which trends will stick. Now is the time to develop a thesis to capitalize on these changing dynamics and find opportunity.

3) It is tangible and ubiquitous. The purpose of our projects transcends beyond generating investor returns and has wide reaching impacts that trickle down into human experience. Whether it be by changing the architecture of a city street or simply altering the way tenants experience their office space, real estate touches a diverse range of people.

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?

• Diversity –Real estate touches every kind of person, and to be successful in real estate you need to understand the end users of your product. These are the people you need to empathize with, which means you need a diverse set of opinions to correctively serve the communities and individuals you are working on behalf of.
• Sustainability & Wellness — the idea of creating a healthy environment is increasingly becoming a common objective within the real estate industry but the implementation of such is at its infancy. There is a lot of potential. However, when you are working in a highly competitive market where margins are already thin, it becomes difficult to implement these evolving technologies and to quantify their benefits. We need to continue to support and trial new technologies that will allow implementation of products that promote sustainability and wellness to become the new market standard.
• Community partnerships and engagement — there is a great deal of opportunity for public-private partnerships, but the process of implementation is an arduous one. Opportunities to educate local constituents on how partnerships can address the needs of their community is important to the sustainable and economic development of urban and suburban landscapes throughout the US.

What advice would you give to other leaders to help their team to thrive?

Listen and learn from others. No one person can know it all. People will surprise you in what they know and what value they can bring to an idea or business strategy. Usually, the ideas that come from a brainstorming session and being forced to think differently will lead to a better outcome.

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?

1) Be well read, but don’t be afraid to admit that you can’t know it all. Hire good consultants, learn from them, and don’t be afraid to ask them questions you don’t know the answer to. As an owner or developer, you work with experts in many disciplines embodying a wide range of skill sets. You will need to rely on others’ knowledge so that you can focus on accomplishing your own goals and success.

2) Always double (or triple) check others’ work. Even if you have the best consultants and experts working for you, everyone makes mistakes. When you own your own real estate, these mistakes can be costly and have wide reaching implications. Learn how to do quick back of the envelope checks and high level, big picture analyses to identify potential errors. The added benefit is that you might learn something new yourself.

3) Learn how to effectively manage and prioritize your time. Know what needs to be done first and when you are most efficient at completing that task. For me, I know I need to dedicate time to “focus” work early in the morning or on a Friday afternoon. This allows me to address time-sensitive items or collaborative projects throughout the workday.

4) Be persistent. There are a lot of buyers, brokers, and owners, many of which are trying to accomplish similar goals or reach the same people. If someone doesn’t respond to you or is standoffish, don’t let it discourage you. All you need is one to stick in order to get your footing.

5) Real estate is a relationship business. Within the industry, it is not uncommon for job opportunities to not be posted (my job hiring “amusing” experience is a good case in point) or for deals to not be publicly marketed. Nurture your relationships and the opportunities will follow organically.

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. :-)

This one will take some serious thought! If I were to have to start somewhere, it would likely relate to having access to good education. It is the building block for just about everything, from the development of thinking and personal discovery, to learning the tools needed to achieve safety and security in nearly every form.

How can our readers follow you online?

• Alchemy-abr.com
• Instagram: @alchemy-properties

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.