Career advice from commercial real estate professionals

One of the pleasures of a career in commercial real estate is being able to show something tangible that you helped make happen—a new retail development, an apartment building, an office complex. 

“I love that I get to point to a building and say, that’s what I support, that’s what I do,” says Sara Graham, a Senior Vice President of Agency Finance at Capital One. Graham specializes in Fannie Mae and Freddie Mac lending and works on transactions that include both market-rate and affordable homes. “It’s incredibly rewarding to contribute to the creation of affordable housing,” she says.  

Graham says she's had many twists and turns in her career at Capital One. She began in human resources, but she restarted her career after six years at the company when the head of agency finance in the commercial real estate group spotted her problem-solving skills and encouraged her to make the change. 

“I knew very little about commercial real estate,” she says. “I felt like I was six years behind my peers and wanted to catch up as quickly as possible.” She started as an analyst on a sales team, then moved to more complex tasks as an underwriter. At each step, she faced challenges, but she recognizes now that these early jobs in real estate lending were foundational opportunities she built her career upon. 

“My time as an underwriter gave me the critical technical expertise that provided me confidence to be able to do what we do,” Graham explains. And that’s Graham’s first tip for a career in commercial real estate lending: 

Build your knowledge. She suggests that “deal reps”—repetitions, like at the gym—are essential. Even today, though she works directly with clients, she will often tackle the analyst tasks when the team is at capacity to stay fresh on transaction details. “Exercise those deal muscles,” Graham says. “See as many deals as possible.” 

 

Mary Lucy Lester, a Senior Vice President and southeast region manager with Capital One Commercial Real Estate, also speaks about the importance of continued learning in her role as a banker. “This industry is ever evolving, so it’s important to stay curious, seek knowledge and adapt to change to stay competitive,” she says. 

Another point she emphasizes for anyone pursuing a career in commercial real estate: 

Build your network. Mentors and allies are key to a commercial real estate career. They help you build knowledge and understand the negotiation process for a lending transaction. “I’ve benefited greatly from mentorship and the guidance of others,” Lester explains. “And I have relied on the support of colleagues who understand the unique challenges women may face in the workplace.” 

Lester points out that early in her career she was often the youngest person—and only woman—in the room as important details of a transaction were negotiated. She says she had to learn to have the conviction to advocate for herself and the ideas and products she presented. 

Graham emphasizes the importance of being ready to champion for your position, even when you have a “wobble of confidence.” Rely on the knowledge you have built and the quality of the solutions you are bringing, she advises.  

 

Success in commercial real estate requires a strong grasp of lending products, compliance issues and risk management, says Rossana Bouchaya, senior vice president at Capital One Commercial Real Estate and co-lead of its California-based origination team. She agrees with her colleagues that building knowledge by working with mentors and learning from your peers is vital in this field. But Bouchaya also emphasizes another area to develop: 

Build your soft skills. Good communication is essential, and that starts with being a good listener. “As your career advances, these soft skills will help to set you apart,” Bouchaya says. Sometimes, the ability to effect positive change requires a difficult or fraught conversation. The key, Bouchaya says, is to make sure people walk away feeling positive about the outcome. 

The commercial real estate business is dynamic, and it goes through multiyear cycles that may be shaped by interest rates or other economic forces. This just underscores the imperative for bankers in this business to stay current on market trends and keep up with changes in the types of products clients may seek. 

“The job of marrying the right debt product with the right business plan is a lot more nuanced today than it was even a few years ago,” Bouchaya says. That raises the bar and keeps the work interesting, in her view. “You have to be knowledgeable, but you also have to be creative.” 

 

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