Shared Knowledge Professor in Residence Brings Real Estate Acumen to the College

Shared Knowledge Professor in Residence Brings Real Estate Acumen to the College

By Sarahann Shapiro, JD, Professor in Residence of Real Estate and Director of the Real Estate Center

Without networking, I probably would not be teaching at Menlo College. After my initial overtures received no response, a few years later a key person in my network—who also happens to be a key person in the Menlo community—recommended me to teach a single class. That was my foot in the door, and that shows why networking is so important. It’s vital in the real estate world, where all values are relative and success often depends on an in-depth understanding of what others in your market are doing with their properties and opportunities.

So how does someone starting out in real estate gain the knowledge so vital for success? Unlike many areas of research, in real estate, it is not what you can look up, but who you can ask that makes the difference. The most important information in a real estate market—the real rental rates rather than the asking prices or the real purchase price instead of the listing price, for example—is neither posted nor generally available. To know where you stand in the market, you have to know someone who will share with you. You have to be able to turn who you know into what you can find out.

The cardinal rule of building an industry network is to network in your industry and not in your profession. By trade, I am an educator and an attorney. But my networking activities are almost entirely in the commercial real estate world, which is my industry.

Now, it is my pleasure to help our students start making their first connections.

In September, we attended the NAIOP (National Association of Industrial and Office Properties) barbecue and our students have formed a team to participate in the NAIOP real estate challenge. In October we offered a series of lunches and guest speakers that enabled the students to interact more closely with selected industry professionals. In November, a group of students from the Real Estate Club attended a lunch in San Jose sponsored by BOMA (Building Owners and Managers Association) Silicon Valley. Each student had a member to shadow and to join for the lunch and program on commercial real estate. Students who participated in these activities last year found internships and jobs, launching what I am certain will be very successful careers.

Finally, it helps to keep in mind that commercial real estate is a big area, but a rather small club. One of the surprises in real estate networking is the extent to which your networking needs to include vendors and ancillary trades. I sometimes see colleagues focusing on owners and property managers in their networks to the exclusion of contractors and service professionals. That is an unfortunate mistake. Many clients call me looking for vendor referrals and when I can provide them with a recommendation to a service vendor of quality that I know personally, the clients look to me that much more for help and advice, which makes them more likely to recommend me to their friends and colleagues because I can help. In an industry where everyone knows everyone, you never want to overlook an opportunity to connect, because you never know when your efforts will be rewarded, as they have often rewarded me.