Vol 6 Issue 2

Page 32

sheCENTER(FOLD)

Women’s Housing Growth

Danielle DiMartino Booth

VOL. 6 / ISSUE 2

Founder & President of Money Strong, LLC Author of Fed Up: An Insider’s Take on Why The Federal Reserve is Bad for America

Is the Mortgage Industry Painting with too Broad a Brush?

Page 4 NWBC Entrepreneurial Ecosystems & Their Service of Women Entrepreneurs Page 10 Leadership Lessons for Women in the Real Estate Business Page 15 Attracting Millennials into the Housing Ecosystem Page 22 Women’s Housing Growth: Winning in Heels Page 44

Dedicated to advancing homeownership

Homeownership is an important step in creating financial stability for individuals and communities.

We’re committed to enabling and advancing sustainable homeownership through financing more homes, supporting and providing financial education, and ensuring our team reflects the communities we serve.

To connect with your local team, contact: diversesegments@wellsfargo.com

Count on us to provide: Extensive home financing options to meet the needs of more homebuyers Homebuyer education resources both online or in-person Career opportunities to expand skills and advance careers

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Homeownership has and will continue to be a meaningful way to create wealth and

stability in a person’s life. Whether it’s being utilized to diversify assets or make space for a growing family, owning a home is an achievement and important step to a better life.

Becoming a homeowner helps safeguard a person’s professional achievements and can pull them out of poverty.

However, current mortgage lending trends show that a significant portion of Americans are being all but excluded from homeownership by stringent credit-assessing practices leading to mortgage rejections.

The Great Recession, which saw nearly 8 million American homes fall into foreclosure, highlighted the risks and issues in housing boom mortgage lending; it was this financial crisis that set the scene for the Dodd-Frank Act of 2010, which imposed rigid standards for home loan qualification.

Recent research by Alberto Rossi and Francesco D’Aunto, assistant professors of finance from the University of Maryland’s Robert H. Smith School of Business, shows that following the passage of Dodd-Frank, mortgages obtained by middle-class households decreased by 15 percent.

Aiming to protect the economy, financial institutions and prospective homebuyers, these regulations have at times overburdened the mortgage process, leaving Americans stagnant in their journey to a better future.

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When it comes to lending, is the mortgage industry painting with too broad a brush?

Minorities

Pew Research Center data reveals that Black and Hispanic homebuyers experience significantly higher difficulty obtaining conventional mortgages than whites and Asians, and usually pay higher interest rates when they are approved.

Mortgage rejection is one contributor to the homeownership rate disparity of Black (41.3 percent) and Hispanic (47 percent) households in comparison with white households (71.9 percent).

According to Pew Research Center analysis of Home Mortgage Disclosure Act (HMDA) data, in 2015, 19.2 percent of Hispanic applicants and 27.4 percent of black applicants were denied mortgages, compared to 11 percent of white and Asian applicants. For Blacks, credit history is the number one cited reason for mortgage rejections; for the three other groups, debt-to-income ratio was the foremost explanation.

MORTGAGE INDUSTRY Contributing to lower affordability, mortgage rates also enact an uneven impact on homebuyers. In 2015: • 60 percent of Black householders and 65 percent of Hispanic householders had mortgage rates below 5 percent, compared to 73 percent of white householders and 83 percent of Asian householders • 18 percent of Hispanic householders and 23 percent of Black householders had mortgage rates of 6 percent or more, compared to 13 percent of white householders and 6 percent of Asian householders In addition to these mortgage difficulties, an emerging trend is a significantly smaller and less diverse mortgage applicant pool. Pew reports that in 2005, about 10 percent of conventional mortgage applications were from Black households, and 14 percent came from Hispanic households.

In 2015, less than 4 percent of these applications came from Black households, and fewer than 7 percent were from Hispanic households.

The inequality in mortgage accessibility and interest rates is formidable, meaning that a disparate amount of Black and Hispanic households are unable to achieve homeownership like their white and Asian counterparts. One issue that must be understood in order to successfully navigate the future of the industry is the reason behind the sharp decline in conventional mortgage applications.

Is poverty the main factor?

U.S. Census Bureau data shows that poverty levels of Hispanic and Black households are actually decreasing. From 2014 to 2015, Hispanic poverty level declined from 23.6 to 21.4 percent, and the median annual income of Hispanic-origin households rose 6.1 percent, from $42,540 to $45,148.

Similarly, the poverty level of Black households decreased to 24.1 percent from 26.2, and their median annual income increased 4.1 percent, from $35,439 to $36,898.

Are Americans losing the desire to own homes?

While the role of poverty cannot be underestimated, it is necessary to assess the other aspects at play. As recent U.S.

Census Bureau data affirms, the 63.6 percent homeownership rate in the first quarter of 2017 was not statistically different from the 63.5 percent rate in the first quarter of 2016 or the 63.7 percent rate in last year’s fourth quarter.

This means that in the past year, the homeownership rate has neither worsened nor improved, but it has been on a steady decline since 2006. Mortgage rates, which have hit historic lows in recent years, add another piece to the puzzle.

According to the Federal Housing Finance Agency (FHFA), the average interest rate on all mortgage loans increased in December (3.91 percent), January (4.17 percent) and February (4.25 percent) before dropping 13 basis points in March (4.12 percent).

The FHFA House Price Index (HPI) also reveals that home prices went up 6.2 percent from the fourth quarter of 2015 to the fourth quarter of 2016.

The flex in interest rates and rising prices could be outweighing the benefits of homeownership for prospective buyers.

Women

Women are another market expressing uncertainty towards the housing market. Like minorities, women face roadblocks when procuring mortgages. A new study from the Urban Institute, Women Are Better than Men at Paying Their Mortgages, describes that when examining loan performance for the first time by gender, women’s lower credit scores do not indicate weaker performances, and women actually perform better than men. The report found that female-only borrowers actually default less than male-only borrowers. For mortgages originated from 2004 to 2007, the default rate for female-only borrowers was 24.6 percent, compared with 25.4 percent for male-only borrowers.

Despite this repayment performance, single borrowers, particularly women, have higher mortgage rates; from 2004 to 2014, the average rate for female-only borrowers was 5.48 percent compared to 5.41 percent for male-only borrowers. A 2011 Journal of Real Estate Finance and Economics study also shows that on average, women pay more for mortgages than men; women’s mean interest rates are .4 percent higher than men’s. While the repayment figures are

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MORTGAGE INDUSTRY not statistically different, women perform on par with men, emphasizing the lack of evidence-based explanation for the higher mortgage rates women experience.

In some demographics women even depict higher homeownership rates than men. In 2015, the homeownership rate of female householders in 1-person households was 24.56 percent higher than the homeownership rate of male householders in the same category, according to Census Bureau data on national household demographics.

There remains the question; do women want to become homeowners? When analyzing the benefits, homeownership may not be a desired step, especially if women are single and have only one paycheck. With lower incomes and higher mortgage rates, women experience a tougher time paying back their loans, and their interest rates make accumulating wealth through homeownership a discouraging task. It isn’t difficult to recognize that for some women, homeownership can seem like a more prudent step in the future.

Credit

On the road to access mortgages, Americans’ relationship with banks is often center stage. The FDIC’s 2016 biennial National Survey of Unbanked and Underbanked Households shows: • 7 percent of households were unbanked, having no account relationship with an insured institution • 19.9 percent of households were underbanked, encompassing households in which a person had a bank account, but still resorted to alternative financial services providers throughout the year • The survey found that 27 percent of households, or 90 million Americans, were unbanked or underbanked • The following segments have a higher probability of being unbanked or underbanked

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o 42 percent of households with incomes below $30,000 per year o 49 percent of African American households o 46 percent of Hispanic households o 46 percent of households headed by a working-age individual with a disability Without a solid baking relationship, it is hard for a person to have credit scores that satisfy current mortgage lending standards. Unbanked and underbanked describes millions of families in the United States, meaning millions of people without the benefits of homeownership and an economy missing out on their buying power.

The recent Bankrate Financial Security Index found that only 52 percent of Americans have more money in emergency savings than credit card debt, and 24 percent have more credit card debt than emergency savings; 17 percent remain in the middle with no savings or debt. These figures emphasize the importance of protecting what little savings consumers have. As the U.S. continues to recover from a recession that saw millions of people’s homes and life savings slip out of their hands, the need for banks and financial institutions that protect consumers’ savings through sound financial practices is paramount.

Irresponsible lending led to the worst recession in recent history, but stringent standards are effectively preventing Americans from accessing mortgages, homeownership, and creating better lives. People capable of repaying home loans should be allowed the opportunity to do so, and those not in a position to obtain mortgages need to make the necessary changes to situate themselves for homeownership, such as opening a bank account. With rising prices, unpredictable interest rates and a stagnant homeownership rate, actions need to be mindful in order to empower today’s American homebuyers and would-be homebuyers.

NAWRB Magazine’s Volume 6, Issue 2, Women’s Housing Growth, features enlightening articles analyzing women’s homeownership and women entrepreneurs in the housing ecosystem. This issue offers critical tips for women on taking charge of their economic and professional success, from being informed on the latest developments in the housing market to learning how to capitalize their businesses and propel their careers into the C-suite.

We are delighted to have Danielle DiMartino Booth, Founder & President of Money Strong, LLC and author of Fed Up: An Insider’s Take on Why The Federal Reserve is Bad for America, as our sheCENTER(FOLD). Booth inspires with strength and resilience as she recounts her journey of giving up college dreams and establishing a career as a well-renowned economist whose independent thinking sets her apart from her peers. From being a voice for financial literacy to providing guidance on dealing with gender bias in the corporate world, Booth offers invaluable wisdom to women and consumers alike.

Millennials are an ever-growing, dynamic force likely to pioneer the movement for gender equality and diversity and inclusion in the American workplace. We understand this generation is an untapped resource, and this issue features the first of a two-part series in which we explore methods to attract Millennials as key players in the housing ecosystem and as our nation’s future homeowners.

NAWRB’s analysis of the NWBC’s report, Entrepreneurial Ecosystems and Their Service of Women Entrepreneurs, emphasizes how we can further contribute to the Resource and Community Building domains which support the growth and success of women-owned businesses across the United States.

NAWRB covers the various factors affecting women’s housing growth, building the stepping stones for its improvement along the way, but collaboration among women as a group is essential! When we are able to set aside our differences and work together on singular issues, our efforts to instill change in gender equality will be strengthened. Needless to say, women are greater united than divided.

Desirée Patno Publisher/CEO Desirée.Patno@NAWRB.com

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sheSHOWCASE

8

Meg Burns

The Collingwood Group promoted Meg Burns to Partner. Burns will join the firm’s Management Committee and be responsible for leading the business advisory practice and the company’s longterm strategic development.

Lindsay Ornstein

Lindsay Ornstein selected as the Chair of the Young Men’s/Women’s Real Estate Association for 2017. As Chair, Ornstein plans to broaden the association’s conventional lineup of industry speakers.

Dr. Marjorie Hass

Dr. Marjorie Hass named the 20th President of Rhodes College; she is the institution’s first female president in its 168-year history. Hass is currently President of Austin College and Chair of the National Association of Independent Colleges and Universities (NAICU).

Shelby Noble

Shelby Noble hired as Vice President of Business Development at Forum Real Estate Group. As Vice President, Noble will be tasked with the maintenance, growth and sourcing of equity and other capital for Forum’s transactions.

Sallie Pruitt

Sallie Pruitt joined Commonwealth Commercial Partners, LLC as Director of Marketing. Pruitt will be responsible for leading the company’s initiatives on communication, branding and marketing.

Tere Proctor

Showcasing Women

Tere Proctor joined Chicago-based brokerage firm @properties as President of the Tere Proctor Group. Proctor’s focus will be attending buyers and sellers of luxury residences in downtown Chicago.

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‘On the Move’ in the

sheSHOWCASE

Patrice Power

Calyx Software welcomes Patrice Power as Director of Marketing. She will bring her extensive experience with the goal of extending the outreach of the company’s brands and offerings.

Maëlle Gavet

Real Estate start-up Compass named Maëlle Gavet their new COO. Gavet will administer the company’s functions, including technological advancements, marketing and products.

Colette Stevenson

Colette Stevenson promoted to CEO of Hilton Head Island MLS after serving as COO for four years. Stevenson will continue to be an integral component of the company as she oversees its tasks and growth.

Laura Mutterperl

Dream Hotel Group named Laura Mutterperl Executive Vice President and General Counsel. Mutterperl previously worked for Starwood Hotels and Resorts as Vice President and Associate General Counsel.

Biana Murnane

BrightStar Credit Union named Biana Murnane Executive Vice President and CFO. Murnane will be responsible for overseeing the company’s Accounting and EFT Departments.

Chris Rotolo

Housing Ecosystem

Chris Rotolo appointed President of the Building Managers and Owners Association Florida. Rotolo also serves as President of Stiles Property Management.

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XXXXXX XXXXX

NWBC

Entrepreneurial

Ecosystems & Their

Service of Women Entrepreneurs

Women entrepreneurs are on the rise, and they are leaving

their footprint on the nation’s economy. In 2012, the U.S. Census Bureau reported an estimated 9.9 million women-owned firms, 35.8 percent of all U.S. firms classifiable by gender, and the total estimated receipts from those firms was $1.4 trillion.

Nevertheless, women-owned businesses are still an underrepresented segment in the economy and require support for their continued growth. The National Women’s Business Council (NWBC) is providing insight on how federal and regional stakeholders can help.

In April of this year, the NWBC released Entrepreneurial Ecosystems & Their Service of Women Entrepreneurs, a research report conducted with Washington CORE, which analyzes local entrepreneurial systems to identify influential actors and mechanisms that aid, or present a barrier to, the support and growth of women-owned businesses.

The report utilizes the “entrepreneurship ecosystem” model, which Washington CORE defines as “a set of interconnected entrepreneurial actors, entrepreneurial organizations, institutions and entrepreneurial processes which formally and informally coalesce to connect, mediate and govern the performance within the local entrepreneurial environment.”

This approach, the report explains, “emphasizes the importance of the overall environment within which an entrepreneur establishes and grows her business,” helping us understand the resources she can leverage, as well as gaps within the economy that may hinder her.

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NWBC identifies seven domains, and their respective stakeholders, for women-owned ventures in the entrepreneurial ecosystem:

1. Human Capital: Universities, community colleges, experts and HR agencies

2. Resources: Accelerators, incubators and professional services

3. Government: Local and state governments 4. Community Building: Peer networks, media and advocacy groups

5. Capital: Angels, venture capitals, banks and high risk investment sources

6. Market Access: Large companies, local chambers and industry associations

7. Innovation: Universities, labs and IP managers Policymakers and stakeholders can assess mechanisms in their local economies which contribute to the success and proliferation of women-owned businesses. This knowledge can assist in policymaking that addresses these domains while understanding how they intersect with each other.

The researchers conducted town hall discussions of six regional economies, including Atlanta, GA, Boston, MA, Chicago, IL, Miami, FL, San Jose, CA, and St. Louis, MO,

NWBC WOMEN ENTREPRENEURS can work together to “encourage the next generation of women entrepreneurs.”

"Women entrepreneurs need assistance identifying & navigating resources that are available to them."

Government

The local government, including the contributions of SBA offices and Federal procurement programs, can assist women entrepreneurs within the entrepreneurial ecosystem by encouraging collaboration and creating networking opportunities within the ecosystem.

Human Capital

Cultural biases are one of the barriers women entrepreneurs face throughout the ecosystem, which discourages them from advancement. Town hall participants suggested that we combat these cultural biases and encourage the next generation to become entrepreneurs within the education system by exposing “young women to entrepreneurial attitudes,” such as competitiveness, teamwork and problem solving, “business ownership and internship opportunities.” with participants representing “stakeholders across each ecosystem,” such as entrepreneurs, government representatives, finance and large corporations. The entrepreneurial ecosystem framed the participants’ discussions which considered “the strengths and weaknesses of distinct domains of their region’s ecosystem and the interconnectivity between them.” The report quantifies the content to identify which domains the stakeholders thought were most, and least, relevant to supporting women entrepreneurs.

The most frequently discussed domains were Resources and Community Building, followed by Government, Human Capital and Capital. Market Access and Innovation were the least discussed, but this is not clearly indicative of their level of import to successful women-owned businesses. Observations from the town hall discussions reveal the following barriers and contributions by each domain affecting women entrepreneurs.

Resources

Women entrepreneurs need assistance identifying and navigating resources that are available to them. Town hall participants frequently mentioned the necessity of having “repositories of information about resources” available to women entrepreneurs, as well as services that refer entrepreneurs to suitable resources that match their needs.

Community Building

A supportive community, a prevalent discussion point, is invaluable to the success of women entrepreneurs and their ventures. This provides the foundation for increasing collaboration between actors within the ecosystem, who

Capital

Women entrepreneurs have trouble raising capital, especially through business angel and venture sources, but the report suggests ways to combat this problem. First, we need to demonstrate to venture capital firms the benefit of having more diverse management teams, including higher performance and greater investment opportunities available for women entrepreneurs.

Second, creating mentorships and peer networking by collaborating with the Resource and Community Building domains can inform women on methods of communicating with investors. Third, supplemental forms of capital should be promoted, such as crowdfunding, which has lower gender disparity than angel and venture sources.

Market Access & Innovation

The town hall participants mentioned large corporations and universities as “important foundations for an entrepreneurial ecosystem.” Large corporations can provide more markets for entrepreneurs through supply chains and can “contribute to the vitality” of the ecosystem by engaging with entrepreneurs and supporting organizations. Universities are a praised source of “highly skilled graduates and research and development efforts” for women-owned businesses.

NWBC, in their final analysis, provide their top recommendations for how federal and regional stakeholders can support the growth of women entrepreneurs in the U.S. economy, including: • Develop a repository of resources available to women entrepreneurs NAWRB MAGAZINE |

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NWBC WOMEN ENTREPRENEURS

• Promote traditional and alternative forms of capital access

• Encourage entrepreneurship among immigrant populations

• Create Federally-subsided internship programs geared towards lower-income students

• Encourage diverse management teams and investments

NAWRB currently works in support of the Resource and Community Building domains of the entrepreneurial ecosystem. As a women’s trade association for women professionals in the housing ecosystem, they are contributing to the development of “women-focused and gender-aware support organizations,” that the report recommends for regional stakeholders.

"A supportive community, a prevalent discussion point, is invaluable to the success of women entrepreneurs & their ventures."

Their Women’s Global Resource Center (NWGRC) provides a women’s depository for vendors and clients to grow their diverse spend and increase women’s employment at all levels. NAWRB has contributed greatly to the success of the Women-Owned Small Business (WOSB) Program which recently awarded a record-breaking $19.67 billion in Federal small business contracting and subcontracting to women-owned small businesses.

The 4th Annual NAWRB Nexus Conference: Women’s Collaboration for the Future provides resources to prepare women for the government contracting arena. Last year, millions of dollars in procurement contracts and vendor relations were secured from connections made at the conference.

Desirée Patno, NAWRB CEO & President, states, “Unlike their minority counterparts, women do not have geographical roots.” This is why increased collaboration, a supportive community and peer networks are instrumental to women’s economic growth and entrepreneurial success.

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Contents:

32

4 Is the Mortgage Industry Paint-

sheCENTER(FOLD)

ing with too Broad a Brush?

Danielle DiMartino Booth

10 NWBC Entrepreneurial Ecosystems &

Their Service of Women Entrepreneurs

15 Leadership Lessons for Women in the

Real Estate Business by Pam O’Connor

18

18 How to Get Your

Economic Groove On “Part 2” by Logan Mohtashami

22 Attracting Millennials into the Housing Ecosystem

22

44

24 Infographic - Young Adults &

Homeownership: Is there Hope on the Horizon?

27 Ready to Expand/Move or Renovate? Be

Prepared for Common Construction Pitfalls

by Rosemary Swierk

30 Raising Your Bottom Line: Capitalizing On Your Business Classification – Women-Owned

46

10

32 sheCENTER(FOLD) Danielle DiMartino Booth

41 2017 Women’s Collaboration without Baggage 44 Women’s Housing Growth: Winning in Heels

by Adenike Fasanya-Osilaja

46 The Movers & the Shakedown by Stephanie Hughes 51 The Future of Small Businesses 52 Vicky Silvano AREAA 2016 National Chairwoman 56 The Changing Landscape of Single-Family Rental Homes by Diane Tomb 59 Women’s Homeownership Series: Hope

Vol 6. Issue 2: Women’s Housing Growth NAWRB MAGAZINE |

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NAWRB STAFF & CONTRIBUTORS

Proud winner of consecutive APEX Awards for 2015, 2016 & 2017!

PUBLISHER/ EDITOR-IN-CHIEF Desirée Patno

CONTENT WRITERS Belester Benitez Burgandy Basulto

SENIOR GRAPHIC DESIGNER Kendall Roderick

PRODUCTION ASSISTANTS Jay Jones Yvette Hernandez

CONTRIBUTORS Pam O’Connor Logan Mohtashami Rosemary Swierk Danielle DiMartino Booth Adenike Fasanya-Osilaja Stephanie Hughes Vicky Silvano Diane Tomb

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City of Hope Enterprising Women FDIC Herbert H. Landy Insurance Agency, Inc. Microsoft Million Women Mentors NAWRB NAWRB Foundation NMP Magazine RISMedia Wells Fargo

NAWRB Magazine is a bi-monthly magazine featuring unique content, articles on diversity and inclusion for women in the housing ecosystem, exclusive interviews with industry professionals, business development tools, book reviews, feature stories and more. All materials submitted to NAWRB Magazine are subject to editing if utilized.

The articles, content, and other information in this publication are for information purposes only. Articles, content, and other information in this publication without named authors are contributed by the publication’s staff, but do not necessarily reflect the views or opinions of NAWRB. NAWRB assumes no liability or responsibility for any inaccurate, delayed or incomplete information, nor for any actions taken in reliance thereon.

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Gateway to women’s gender equality & women-owned & small businesses in the housing ecosystem. From awareness, opportunities, networking, referrals & our media platform, we bring women to the forefront with accountability & results.

The government, the public, & the private sector united in the common goal of conversation to advance women & small businesses is pivotal to help cement women’s future for generations to come.

/NAWRB

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/NAWRB

Leadership Lessons for Women in the Real Estate Business

By Pam O’Connor Women influence much of the business world today,

and this is increasingly true when it comes to the business of real estate. In fact, the 2016 NAR Member Profile reveals that 62 percent of all REALTORS® are women.

In my role as president of Leading Real Estate Companies of the World®, I have had the privilege of witnessing firsthand the overall growth in women leaders across our 550 brokerage firms worldwide, many of which were founded by women. Of the LeadingRE member brokerages in the U.S., 28 percent of owners and CEOs are women (117 of 435 U.S. members).

Of course, not all women are alike, but studies have shown that we share some common traits that position us for business success. Business is both art and science, and our ability to balance the art (style and relationships) with the science (knowledge and competence) can be a powerful formula. Women are opportunity experts, asking “What if?” and then, “Why not?” We can multitask while remaining focused on the prize and are less inclined to let ego get in the way. We are networking experts, relationship builders and artful communicators, with keen emotional intelligence. We have a “Get It Done” mindset of initiative and efficiency.

In addition to these talents, the fact that women consumers play such a powerful role in purchasing decisions makes it incredibly beneficial to have women in roles selling or managing consumer experiences—because no one understands other women like we do. Women drive the consumer market, so having women in business roles who understand women consumers is just good business.

While it’s easy to make a case for hiring women in real estate, it is similarly easy for talented women to choose

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LEADERSHIP LESSONS FOR WOMEN a real estate career for many reasons. The work hour flexibility can be less challenging for working moms. Value is related to production, and with less of a “glass ceiling” phenomenon, the earning potential is unlimited.

There are many paths to take in a real estate career, so those interested should have a clear vision of their aspirations. Is the desire to be a top sales producer, which can be more lucrative than management? Or, is there more of an interest in pursuing a leadership role—whether in sales management, general management or, eventually, owning a brokerage? Is the motivation to ultimately retire from a great career with retirement income, to achieve industry recognition or to double your earnings?

No matter what path is right for you—and that course may change through the years—there are behaviors and practices I’ve learned from my 35-year career that can make a tremendous difference. I’m pleased to share some of those here.

1. Take risks, and pursue or accept jobs or assignments you might not be 100 percent prepared for.

"Women are opportunity experts,

asking 'What if?' and then, 'Why not?'

We can multitask while remaining focused on the prize and are less inclined to let ego get in the way."

2. Remember that popularity isn’t everything. Challenge decisions, but do so with grace.

3. Keep in mind that lateral moves may be the road to the top.

Dream big and work to achieve those dreams by learning, improving and building on your strengths.

4. Be creative when striving for work-life balance, having the 13. Own your actions, never make excuses and admit your mistakes. support you need in place.

5. Know what you don't know. Be curious about people and

places. The more you become interested, the more interesting you will become.

6. Don't worry about what you can't control, focusing on your actions, not others’.

7. Treat all people with respect; you give it to get it. Treat the janitor like the CEO because it’s the right thing to do.

8. Girlfriends matter, but don’t be a segregationist. Men are

often the ones hiring and promoting. Make yourself indispensable and ask for guidance.

9. Think differently and embrace change; it’s coming, and you can help influence it.

10.

Remember that consumers want control, convenience, choice and competence. Find ways to give it to them.

11. Look for the dark spots and shine a light there. Fill the gaps and meet unmet needs.

12. Be passionate about work and life. When you love what you do it will love you back.

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14. Welcome challenges, and remember when one door closes another opens.

15. Be introspective and understand the power of gratitude.

While it’s important to be in the moment and engaged, it’s good sometimes just to think. What do you like best and least about your life? What do you want to do before you die? If you had one week by yourself at home what would you do?

16. Don’t be a victim, but do be vulnerable. Abolish “pity party”

self-talk; you’re the one listening. Be the product of your decisions, not your circumstances. On any situation, you can choose to change it, accept it or leave it.

Always remember that you play an important role. Whether you are leading an office or working as a sales associate, when you employ your talents, follow your passion and pursue what you love, you create incredible opportunities for those you serve and for yourself. Be the driver rather than just a passenger on your journey through life.

Pam O’Connor President/CEO, Leading Real Estate Companies of the World®

Financial st abilit y since 1933

Federal Deposit Insurance Corporation

www.fdic.gov

Each depositor insured to at least $250,000

Contact us: The Office of Minority and Women Inclusion (OMWI) at MWOBOutreach@fdic.gov or 1-877-ASK-FDIC (1-877-275-3342)

Design: FDIC/DOA/CSB/Design and Printing Unit

The FDIC recognizes the importance of contributions made by diverse communities in its workforce and business activities.

As a leader among government agencies, we are committed to diversity and inclusion and providing opportunities for employment, contracting, investments, and sharing our expertise in financial education. As we continue to strengthen stability and public confidence in the nation’s financial system, we are leveraging the talents of our workforce and small-, minority-, women-, LGBT-, and veteran-owned businesses to create business value and achieve a work environment of involvement, respect, and connection.

How to Get Your Economic Groove On “Part 2”

by Logan Mohtashami

This article is a continuation of How to Get Your Economic Groove On, Part 1 in NAWRB Magazine Volume 6, Issue 1 Technological Impact.

While the Internet offers a plethora of pri-

there won't be much relief from new home

summary statistics which are linked in the

gain a better understanding of economics

inadequate in relation to demand."

Point. This will provide more information on

mary data sources that can be tapped to and the housing market, along with them

come even more sites offering interpreta-

That inventory is too low to support demand

some of these sites may seem to serve

one, have provided a different interpretation

tions of those primary data sources. While an educational purpose, and in fact be

helpful in navigating the complex world of economics, be wary of any overt or hidden

agenda. It is a simple fact that in our cap-

italist society most internet sites exist to make money for some individual or industry; be cognizant of this fact any time you

are reading interpretations of primary data.

For example, in the NAR news release on September 2016 existing home sales,

Lawrence Yun, the NAR chief economist is quoted as saying, "Inventory has been

extremely tight all year and is unlikely to improve now that the seasonal decline in

listings is about to kick in. Unfortunately,

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construction, which continues to be grossly

| NAWRB MAGAZINE

is not data—it’s interpretation of data. I, for of this data. I believe and have provided

substantial, evidence-based analysis that

housing demand is not strong and low inventory is not holding it back. We had more annual monthly supply inventory from 20122016 than any period from 1999-2005 when

interest rates and sales were higher. Interest rates have been under 5 percent since

report and presented as graphs in Powermarket conditions broken up by buyer type, geographical region, price range and more.

I particularly focus on the graph titled “Market Conditions,” which gives the breakdown

of buyer type, i.e., percentage of first-time buyers, cash sales, distressed sales, etc.

A healthy market will show year over year growth in first-time buyers and falling cash

buyer and distressed sales. I suggest reviewing these statistics each month so you can start to recognize trends.

early 2011 and still the demand for both

The U.S. Census Bureau provides anoth-

recommendation: absorb the data, read the

housing economics. Their monthly surveys

new and existing homes has been light. My

various interpretations, then think it through for yourself.

After you have read the press release, those

still hungry for more insight can dip into the

er valuable repository of information on cover national and regional data on new

home sales and median and average prices, among other metrics. The New Home

Construction (housing starts) survey is released the 12th business day of the month,

GET YOUR ECONOMIC GROOVE ON 2

Part 2 of 2

ing to gain a perspective on the national

reviewing when it becomes available is the

es (current dollar prices) tend to get all the

the Bureau of Labor Statistics (BLS).

home price story. While nominal home pricattention, be mindful that real home prices (adjusted to inflation or deflation)are also

important. Note that current nominal home

tion, home prices are still over double digits

hourly wage gains and unemployment

tory is measured by the number of houses currently for sale divided by the average number of homes sold per month. When housing inventory gets over six months,

this index shows less growth and eventually home prices will go negative. Once you

become familiar with these reports, you can become knowledgeable about the nominal

and real home prices in your specific area,

a perspective that could be very beneficial to your clients.

ant to the average real estate agent who

may be largely focused on the sale of existing inventory, but these data provide a good

In addition to the reports above, I recommend looking at a few general economic

reports because the overall economic

on year over year sales trends and median

sales price. Median sales price is important because the U.S. has been building bigger homes since 1975 even though family sizes

have been falling. If the median home sales

price doesn’t grow, this may be a good sign that the builders are selling smaller homes, which is really needed for growth.

http://www.census.gov/economic-indicators/#home_sales?cid=15EI08

The S&P Corelogic Case-Shiller 20 City

Composite Home Price Index is the next

report I would recommend regularly review-

country is getting older, which means more

people removing themselves from work to

retire or stepping down to part-time employment. Key data to monitor from this report are the monthly job numbers and

average hourly wages; it is also important

to note which sectors are showing positive or negative growth.

economic reports you may desire a deepsources available to meet this need, but for

the novice, the two reports listed above are a good place to start.

health of the country obviously affects the

If I may provide one caution to those who

tor of coming trends.

able source of information on the housing

housing market and may be an early indica-

to understanding the economic health of the

frigerators. For this report, keep an eye out

influence on employment numbers. Our

er dive into the data. There are many more

ic output from the housing sector and mean

items like washers, dryers, stoves and re-

this data that demographics have a huge

composite-home-price-nsa-index

The weekly unemployment claims data

more construction and sales of big ticket

by education level; note when reviewing

As one becomes more versed in reading

economic indicator for the overall economy.

New home sales provide the most econom-

employment for the different job sectors,

http://us.spindices.com/indices/real-estate/sp-corelogic-case-shiller-20-city-

on new home sales may not seem import-

empsit.pdf

This report provides details on changes in

below the previous peak. Housing inven-

the 17th business day of the month. Metrics

http://www.bls.gov/news.release/pdf/

prices are as high as they were during the

housing bubble but once adjusting to infla-

and the New Home Sales survey is released

monthly employment situation report from

from the Department of Labor (DOL) is key country. Falling unemployment claims are

would like to build their reputation as relimarket and economics: don’t be lazy. I have

seen too many real estate agents who use

the copy and paste method of supplying information without reading or carefully

one the most bullish economic indicators

we have for the U.S. When looking at employment data I advise paying attention to the four-week moving average rather than

"Social media

the headline numbers, as the headline num-

has given people

For the current economic cycle, I have ad-

the ability to showcase

323,000 on the four-week moving average,

their skills & knowledge

bers can be volatile and are often revised. vised that if unemployment claims reach

then we can start to suspect the economy is

to a broad audience,

ployment claims are around 251,000 on the

essentially for free."

heading into a recession. Currently unemfour-week moving average.

https://www.dol.gov/ui/data.pdf The other economic report I recommend NAWRB MAGAZINE |

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GET YOUR ECONOMIC GROOVE ON 2 considering the content. Yes, this method is fast and easy; you can read a couple of

articles with pre-digested information on the

market and pass it along as your own thinking. The problem with this, and I have seen

this happen many times, is that when you

are asked for more detail or to support your claims with data, you can do no such thing, and you end up looking worse than if you had never said anything at all. The internet

and social media is the “Wild, Wild West.” If you don’t know what you are talking about

you will be found out, and sometimes that process can be brutal. Don’t damage your reputation instead of building one.

Instead, take small steps by learning as much as you can. As your confidence and

maturity of thinking grows, start making your inroads into social media, with your

perspective on what is happening in your local market.

My last word of advice would be to not be afraid or intimidated by economic charts, math or data. Even if you didn’t like or do well in math in school (I didn’t), embrace it, learn it and use it.

Social media has given people the ability

to showcase their skills and knowledge to a broad audience, essentially for free. You

can create your own social media presence

by taking small steps to build your knowledge base and staying committed. Small

steps can lead to big things and big things tend to happen over time. The world has

changed so much and information is now available to you at the tips of your fingers.

Take advantage of it.

Logan Mohtashami, Senior Loan Manager, AMC Lending Group and Housing Data Analyst

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WHAT WOMEN WANT FASHION

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Attracting Millennials into the Housing Ecosystem Millennials have this enigmatic aura around them. Older generations scratch their heads trying to make sense of them as if they are extraterrestrials with green-and-white colored coffee cups in one hand and smartphones in the other, who bond by laughing together over memes on Instagram.

Millennials comprise individuals between 18 to 34 years old, and, according to a Pew Research Center poll, they are “the single largest generational segment in the United States.” Huffington Post states they are also the most ethnically diverse generation so far, most likely to have lived in more urban areas than their predecessors. While a majority are employed, a third of Millennials are still pursuing various education levels, which means that their spending power will only soar over time.

Just as those in the industry may feel clueless about this nascent, yet influential, generation, Millennials are just as oblivious about the opportunities available to them in this business sector. We look to provide some insight on how to bridge the gap separating Millennials from the housing ecosystem, an invaluable pairing in increasing diversity in the industry.

To figure out how to make the industry stand out to college students gearing to enter the labor force, we must first understand what they want from their jobs. The Harvard Business Review characterizes Millennials as “job-hoppers” and “the least engaged generation,” both of which contribute to their requirements for job satisfaction.

Job-Hoppers

In order to hop onto better opportunities, Millennials are not afraid to leave the safety of their job or company. According to Harvard Business Review, 21 percent of Millennial workers left their current jobs for a new job opportunity in 2016, which was three times higher than other generations who did the same. Six in 10 Millennials are “open to different job opportunities, which is again the highest percentage among all generations in the workplace.”

Moreover, Millennials are not seeking new opportunities within their current company. A study by Gallup reports that an overwhelming 93 percent left their employer to change roles, while only 7 percent transitioned within their company.

The Least-Engaged Generation

Engagement is essential for employee retainment, especially for today’s young adults. Seventy-one percent of Millennials, Harvard Business Review reports, are “not engaged or actively disengaged at work, making them the least engaged generation in the US.” The actively disengaged are more willing to switch jobs than engaged workers: Forty-seven percent of actively-disengaged Millennials, compared to 17 percent of engaged Millennials, say they would change jobs “if the job market improves in the next 12 months.”

What Millennials Want from their Jobs

Millennialsí desire to be engaged and take advantage of opportunities shines through in what they look for in a job. According to Forbes, these are the three main features Millennials want from their jobs:

1. A Flexible Schedule

Time is of the essence, and this generation wants to make the most of the 24 hours they are given each day. Millennials are trading 9 to 5 work hours for the ability to configure their own schedules that fit their lifestyles while still making sure they input the work.

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MILLENNIALS HOUSING ECOSYSTEM According to Forbes, “today’s high performing companies” integrate flexibility into their work culture and allow their employees to manage their own schedules to facilitate work-life balance and work efficiency. In other words, this is a win-win for both employee and employer.

2. To Be Inspired

Millennials want more from their job than just a paycheck; they want to acquire skills and knowledge that will help them grow personally and professionally.

More specifically, Millennials want to learn how to be influential leaders. Deloitte’s 2014 Millennial Survey reported that 75 percent of respondents “believed that their organizations could do more to develop future leaders.”

Training allows Millennials to pursue different career paths. Most expect to have multiple careers in their lifetime. According to the Bureau of Labor Statistics, the average young adult has held an average of 6.2 jobs by age 26. A company that provides opportunities for both vertical and horizontal growth with training programs will be successful in retaining engaged, and motivated, employees.

3. Part of the Solution

Finally, Millennials prioritize social causes and a sense of purpose. The importance placed on sense of purpose is two-fold, including both self-purpose and the company’s purpose. They want a job that makes them feel as if they are contributing to the general functioning of the company, and that their company is contributing to the needs of others.

Moreover, Millennials look for companies whose concern for social responsibility matches their own. In Deloitte’s 2015 Millennial Survey, reported by Forbes, six in 10 respondents stated that “‘sense of purpose’ is part of the reason they chose their current employer.”

What the Housing Ecosystem Can Offer Millennials

Can Millennials find careers in the housing ecosystem that allow them flexible scheduling, inspire them, help them grow professionally and personally, and give them a sense of purpose? Absolutely.

NAWRB’s Sr. Graphic Designer, Kendall Roderick, a Millennial herself, speaks about what the housing ecosystem can offer:

ing front. In a world of Millennials where the attention spans are low and their want for something new and exciting is a top priority, the housing ecosystem can connect them with the elements that can keep them stimulated. Both parties benefit because of the mindset Millennials have paired with the housing ecosystem can propel it to a new extreme and possibly be the extra fuel needed to push the limits and break new barriers.”

The following is a list of selling points, not all inclusive, the housing ecosystem has at its disposal: • The industry offers great opportunities for growth, both vertically and horizontally, and Millennials can try different careers within the same field.

• Millennials can acquire skills that will help them develop as individuals and leaders. For example, NAWRB’s Certified Delegate Spokeswoman program provides women with a platform to grow as distinguished speakers and promote women’s economic growth.

• The voice and presence of Millennials will be pivotal in achieving gender equality and increasing diversity and inclusion in the housing ecosystem.

Breaking the Barrier

How can the industry connect and communicate with Millennials? Social media will be an invaluable asset in this regard.

It’s important for those who work in the industry to connect with Millennials at a personal level by using social media to share an inside look at their professional and personal lives.

Whether you are at a women’s conference, taking a coffee break near your latest listing, or traveling to Washington, D.C. to meet with a government agency, share a photo on your social media outlets.This will help answer the following questions Millennials may have, perhaps subconsciously, about the industry: Who are these people working in the housing ecosystem? Can I relate to them? What is it like to have their career? Are they living lives that I want to lead?

By building a personal connection and open communication, the industry can break the barrier keeping them from Millennials’ radar and bring these young leaders at the forefront of gender equality and diversity.

“In today’s world the housing ecosystem consists of a fast paced and actively chang-

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INFOGRAPHIC

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About the Summit & Gala

About Million Women Mentors

Join Million Women Mentors and global thought leaders for two days of engaging programming around mentoring!

When: October 23-24, 2017 ress Club, Washington DC Where: Who: encourage more women and girls in STEM careers through mentoring

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Highlights from 2016 Summit & Gala The second annual MWM Summit & Gala was held on October 4-5, 2016 at the Omni Shoreham Hotel with over 350 Dr Maria Velissariou (VP, R&D, PepsiCo), Balaji Ganapathy Services), and Cindy Yielding (Senior Vice President, BP)set the stage for the event by stressing the importance of

partners and state teams. We also highlighted the released of the “Women’s Quick Facts” book which contains compelling sponsors - Carnival, Johnson & Johnson and Pillsbury Law.

48

state teams

t

5

countries

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national partners

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higher education institutions

100

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For more information please contact Latifa Cooper at: 202-304-1964 or latifa.cooper@STEMconnector.org

Ready to Expand/Move or Renovate?

Be Prepared for Common Construction Pitfalls

The thought of expanding your business is exciting. Facil-

ment entities and, in many situations, real estate brokers.

Strong, clear leadership that communicates the scope, budget and schedule early on, defines job rules and expectations, and is prepared to make changes as needed, will facilitate the continued alignment of your project. As the list of stakeholders grows, it can be increasingly difficult to keep everyone in the loop—with the coordination of schedule requirements, the budget and scope changes— and moving toward the same goal.

Integrated approach: Each construction-related professional provides a particular strength and unique understanding within their field. Hiring experienced companies with a strong background of collaborating with other professionals to provide integrated delivery is critical to a successful project. Ensure a fully required scope is covered and proposals accurately reflect the required scope.

Communication: It is important all decision makers agree on the main vision for the project and the key indicators for success. Key indicators include project scope, budget, schedule and quality. Be prepared to visualize and verbalize your desires and goals. Together, all participants should agree on the project objectives in writing. Clear, accurate and consistent goals and communication of these goals will then dictate many aspects of the project, including the design.

ities can have a dramatic positive impact on bottom lines.

However, if the end result does not meet your desires and needs, buyer’s remorse can be significant and the reparations costly. There are many common, yet often avoidable, pitfalls that affect construction-related projects. Being aware of these pitfalls in advance and putting the right team, processes and procedures in place, can minimize the opportunity for negative results.

Stakeholders: Commercial facilities projects involve many different players including business owners, officers, owner’s representatives, architects, engineers, general contractors, subcontractors, construction managers, govern-

Scope: A detailed scope of work should be generated. This scope documents every aspect of the project, from start to completion: relocating staff during a renovation, integratNAWRB MAGAZINE |

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READY TO EXPAND/MOVE OR RENOVATE ing construction during business hours, material selection and scheduling and budget considerations, to name a few. Defined scope facilitates a well-planned project with improved scheduling and decreases change orders.

Budget: You can likely imagine the negative impact of exceeding project budgets. Throughout the entire process, costs must be recorded and compared against the initial budget. An authorized person or designated team should approve all invoices and authorize all payments in relation to work completed. Any changes to the original plan must be reviewed and approved in writing for, among other reasons, budget implications.

Schedule: Construction delays are the costly pitfalls.

Just like the scope of work, the construction schedule is a detailed and key document. Contingencies, milestones and long lead times are properly assessed and incorporated in the schedule. Such schedules reinforce how each party’s role and deliverables interact. A comprehensive schedule that identifies long lead time items and is shared with the entire project team facilitates the project and maintains focus.

Entitlement: It is also imperative you and your team understand how entitlement, environmental and property limitations and requirements may adversely affect your project before initiating your design and construction.

Parties such as local officials, neighbors, permitting departments, utility companies, the Environmental Protection Agency (EPA) and the Department of Transportation (DOT) can influence a project’s success.

Governmental: Not obtaining proper licensing can bring a project to a dead stop. Local, federal and state laws dictate licenses required on certain projects. Requirements from various organizations such as the local jurisdiction, State, the EPA and the Occupational Safety and Health Administration (OSHA) must also be met. It is imperative to know which permits are necessary for your project and to obtain them in a timely manner. Once property is considered, connect with building officials to understand exactly what will be needed.

Onsite supervision: Onsite supervision

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is instrumental during the construction process. It is critical to monitor that the schedule, scope and quality goals are being met. Being visible, knowing the crew, and resolving issues as they arrive will keep the work flowing smoothly. It will also lead to better quality materials and labor being used. If there are conflicts among parties, the project supervisor may be able to mediate a resolution in a timely manner and keep everyone focused.

Project Close-out: Planning properly for project closeout is the final hurdle. A close-out plan helps ensure a smooth transition and move-in. The plan includes scheduling the final building inspection and satisfying all the requirements for the Certificate of Occupancy. In addition, it will include obtaining all product and service warranties and unconditional waivers of lien. You will cross the finish line when your business is up and running in the new facility.

Rosemary Swierk President

Direct Steel and Construction

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Raising Your

Bottom Line: Capitalizing On Your Business Classification – Women-Owned

In today’s competitive business arena, a minute detail

or decision can mean the difference between long-term success and immediate failure. In the real estate industry, where networking and connections play such a significant role in business performance, what you and your business connote is particularly vital.

American women homeowners live alone.

Utilizing the fact that your company is women-owned will situate your business to help potentially capitalize on this emerging market and introduce you to businesses and government agencies that have strong corporate social responsibility.

As a professional in this highly competitive marketplace, An incredible value-add to marketing your women-owned not utilizing the business clasbusiness classification is that all sifications at your disposal is an employees and independent con"According to 2014 Census oversight. A strategy as old as tractors who hang their license the industry itself is tailoring to Bureau data, there are currently with you will benefit and potentialyour community. You must play 18,057,000 female homeowners ly increase your bottom-line profits. to your strengths, and increasing in the United States." your business’s appeal to a particThis is not to say women homeular market including potential buyers automatically want to work homebuyers is essential. For women business owners, the with women-owned companies, but those who know they utilization of women-owned business classification is vital. want to use a women-owned business from the start will be especially receptive to your marketing. It is about growAccording to 2014 Census Bureau data, there are currently ing your book of business by meeting a demand that is 18,057,000 female homeowners in the United States. As already present. women make advancements in their careers and their wages grow in parity to those of men, women’s homeownership Promoting yourself as a women-owned business also has the will continue to grow. With this extended buying power, potential of opening business avenues in addition to single we are seeing the emergence of more women homeowners women homeowners. As the recent Better Homes and Garand a specialized niche for real estate professionals. This dens Real Estate & NAHREP Hispanic Women Survey reveals, growing market is evidenced in the fact that 10 million when couples buy homes, women often lead the way.

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BUSINESS CLASSIFICATION

The survey, which focuses on Hispanic buying trends and activity, shows that 73 percent of the women surveyed preferred to work with a female real estate agent to a male.

This is a crucial preference because it shows that a majority of women trust other women with the biggest transaction of their lives, buying a home.

The Better Homes and Gardens and NAHREP study also found that of participants currently searching for a home, 48 percent prefer a Spanish-speaking agent. Just as it’s beneficial for Spanish-speaking agents to market themselves as such, women real estate agents need to exploit their identity as women-owned. Marketing to your community is a powerful tool to augment your book of business; it is a valuable resource that can mean higher bottom-line profits.

Buying a home is one of the most important decisions a person will ever make. It follows that within this transaction the need to feel connected with whom your conducting business grows. Buyers want to feel secure and supported; the importance of this purchase weighs heavy, making them feel confident in your ability as an agent is half the battle. Exploit your uniqueness and individuality; in your repertoire, advertising that you might have that sixth sense as a woman, or that you work for a women-owned company, can secure government or privately-held contracts. How powerful!

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sheCENTER ( FOLD )

Founder & President of Money Strong, LLC and Author of Fed Up: An Insider’s Take on Why The Federal Reserve is Bad for America

Danielle DiMartino Booth Danielle DiMartino Booth exemplifies the passion and unique perspective powerful women bring to the table.

Chronicling life milestones—such as having college dreams pulled out from under her at the last minute and the process of writing her pioneering book on the Federal Reserve—the mother of four shares sage guidance with women and consumers, providing abundant food for thought about the future of our industry and country.

Interview by Desirée Patno

NAWRB: You have attended the

University of Texas at San Antonio and at Austin and Columbia University in New York. Which of these educational institutions do you hold most dear?

Danielle DiMartino Booth: San

Street, the big lights and big city to work in finance; I was going to be a writer—Columbia University rejected me and NYU let me in, but by golly, later on in life you see where I got my second Master’s. It all started in community college.

Antonio College. I was accepted into the scholar’s program at New York University; I was one of 15 individuals who were admitted to their journalism program who was then admitted to their really elite group of high school seniors in America.

We were to go to one different country every year as part of the program; Russia would have been that first year.

There are two things in my life that shaped who I am, over which I have no control. They were: being forced to abandon my dream of being a journalist when I was all of 16 years old, and September 11. Those were two monumental, pivotal moments in my life that changed everything. You have to accept that that is what life is sometimes.

They were going to pay for half of my education in New York; this was my life dream come true. As soon as I received my acceptance letter my father informed me that he hadn’t been paying his taxes for several years and that I wasn’t going to any university, my parents were going to be getting a divorce and I might want to consider community college.

We came to find out years later that my father has basically bribed my mother’s divorce attorney. This is before the IRS introduced innocent spouse laws. My mother and I didn’t realize that giving up everything but the shirts on our back—including the house, the cars, everything that presented this façade of wealth that was a lie—didn’t mean we could walk away free. My mother worked for the Disability Division of the Social Security Administration for 37 years and because my father bribed her divorce attorney, she was never informed that the debt would be fully on her as well, 50 percent of it. So, we lost everything and my mother’s wages were garnished from day one.

It was one of those formative moments in my life and I was forced to go off to community college. I was working probably 80 hours a week at the time, even as a high school senior, to make my way and help my mom. I entered community college as bitter as you can imagine.

I emerged two years later with the ability to start at the University of Texas at San Antonio with a great degree of respect for kids who have nothing and are forced to start in community colleges and keep going. That’s where I started and I kept going.

The one journalism program that did reject me in my high school years, even though I had been an editor and planned to become the supreme writer—I wasn’t going to Wall

It was traumatic and bear in mind, my father taught at the university I eventually had to attend, there was no other place for me to go but the University of Texas at San Antonio after the two years of community college. I had to see him in the hallway because he was the most popular instructor on campus. He was Mr. Eco Finance, which I swore I would never ever touch. As God is my witness, I will never go into finance.

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sheCENTER(FOLD)

DANIELLE DIMARTINO BOOTH

Not a lot of this is in the book. The publisher wanted for me to tell a story that helped people become financially literate, that’s what Fed Up is all about. It’s about translating the huge, too-many-syllable econometrician mumbo jumbo speech so that the average working American can understand what economics and finance is all about.

As far as I’m concerned, financial literacy is sorely lacking in this country, and if I have to pull the curtain back and translate it for everybody, fine. I took that on.

NAWRB: Congratulations on your new book, Fed Up: An

Insider’s Take on Why The Federal Reserve is Bad For America!

What is the most valuable lesson you’d like readers to take away from Fed Up?

servants. It’s just wrong.

Danielle DiMartino Booth: The greatest takeaway for

the book?

me is, counter to what our politicians and central bankers tell us, it is not our patriotic duty to take on debt, it’s not.

Our country was not founded by individuals who said, “We should borrow and spend.” No, they said, “We should save today and invest in tomorrow to produce lasting economic gains for the generations that come behind us.”

Instead, we’ve gone the opposite direction as a nation and buried ourselves in debt, whether you’re talking about Uncle Sam himself, corporations, or households on an individual level. We have become a nation of borrowers, and that is not what we should be. I want for Americans to understand, from day one and the first paycheck they get, it’s okay to go out and spend that and then some, and it’s also okay to save your money so you can eventually invest it in something you can build.

In his recent published biography [Alan Greenspan] admits that he wanted to be popular in Washington, and that even though he knew that there was damage being done to the household sector, and that the housing situation was going to be harmful, he didn’t want to make any waves.

It’s just disturbing to me if you look at where we are today in the economic cycle. Now we’re talking about subprime car loans, and every economist will tell you that they don’t matter because it’s a small industry. My rebuttal is, do you realize that you’re harming the same exact individuals who got hurt most by the subprime house crisis, again? And then they scratch their heads in their ivory towers and can’t make heads or tails as to why we have an angry populace.

I can tell them exactly where the anger is coming from; they don’t need to put it into a model. This gets to the root of debt turning hardworking Americans into indentured

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NAWRB: What was the most difficult aspect of writing Danielle DiMartino Booth: Not getting sued. It was

truly the fact-checking; there are 100 pages of endnotes.

It was a huge, tall order because you can’t criticize people who have nothing over which to be criticized if you don’t do your homework. It was making sure that I dotted every single “i” and crossed every single “t” so that the sacrifices my family had endured wouldn’t be all for naught.

I’m proud to say that there were only two things that the Penguin Random House attorneys took issue with after they had the final manuscript in hand, and they were minor. It’s so cliché to say to do your homework, and trust me when I tell you I say it a million times a day; why did I pray for boys? Do your homework and that way your work is not questioned.

Writing a book is not a walk in the park, it’s not easy. You have to weave a story and deal with editors. I was expecting some aspects of this. Think about Timothy Geithner’s book, what was it titled? Stress Test. What about Ben Bernanke?

The Courage to Act. Hank Paulson’s was On the Brink. These are self-congratulatory tones about central banking and the inside of the Treasury.

Fed Up is the first of its kind from the inside. You’ve got a bunch of people wearing tinfoil hats out there who criticize the Fed all day and all Sunday, but you show me a book that’s from an insider’s perspective. I had to make sure I covered myself because these people do not like to be criticized.

NAWRB: What is the single biggest concern of which

consumers need to be aware in the current marketplace?

sheCENTER(FOLD)

Danielle DiMartino Booth: In a nutshell, public pen-

sions. I have a friend of mine who lives in Stockton, CA and she told me what the average California taxpayer’s bill is to cover state and local pensions. If there’s one thing that I write about continuously, it is the public pension situation that the average American does not know about that is coming soon to a city or state near you.

It will affect the social fabric of our country and the way our economy operates for the next few generations, as Baby Boomers move from being actuarial assumptions to cash flow realities. This is a situation that has not been covered that will affect each and every one of us.

People do not understand. Cook County, IL, if you look at the most recent Census data, had the largest outmigration of any major metropolitan area last year. That is people trying to escape this massive pension burden that is barreling down on the state of Illinois and the city of Chicago. They’re moving to places like Texas and Florida where there is no income tax, which is intuitive, but it only works in a vacuum for so long. Once people realize that their federal taxes are going to be rising, it’s going to affect all of us.

DANIELLE DIMARTINO BOOTH

Let’s consider a different person in San Francisco who has a 401k plan and whose taxes are going through the roof because they have to pay for that underfunded pension.

They feel as though they’ve been wronged. You know what?

They’re right, too.

Women have longer life expectancies, so we need our retirement investments to last longer. I’m gravely concerned about an elderly poverty issue in this country and things like people losing their homes to foreclosure because they can’t afford to pay their property taxes.

The average homeowner is more in debt now than they were in the 2008 crisis. We recently surpassed that threshold, but we don’t have as much to show for it as we did in 2008. In 2008, on paper it looked like we had home equity. The debt that’s been taken on since 2008, since the last peak of household debt, is unsecured. These are student loans, car payments, credit card debt; this is not mortgage debt where you’re building something up over a factor of time so that you own a home over your head when you want to retire. It’s a completely different kind of household debt, and it is pernicious.

When I write about pensions it elicits such anxiety from These are intractable situations that are going to begin to the readers of my weekly newsletter. Say you’re a teacher tear at our social fabric and present massive challenges for who has taught in San Francisco your entire career, you’ve the politicians of tomorrow to undertake. Nobody wants to earned your pension. You could have worked in a more lucra- talk about it because it’s such a big situation. Pay attention tive industry but you didn’t, you knew you had that security to pensions, wherever you are. for life coming and you wanted to do what was right by society, teach the children “Our country was not founded by individuals who of tomorrow. Wonderful. Do you deserve said, ‘We should borrow and spend.’ No, they your pension? Absolutely.

said, ‘We should save today and invest in tomorrow to produce lasting economic gains for the generations that come behind us.’”

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sheCENTER(FOLD)

DANIELLE DIMARTINO BOOTH er was, is, and remains to this day my rock. Without her I would not be grounded at all. I’ve had to learn certain things in life from the mistakes that she makes. My mom being non-confrontational is a weakness that I’ve had to recognize. As a businesswoman, I’ve needed to gain the ability to be confrontational in order to save my company.

Sometimes you have to learn from what your parents can’t teach you.

NAWRB: Are other moments in your life or career that

stand out to you as pivotal to the path you chose and the manner in which you approached it?

Danielle DiMartino Booth: I’m not a feminist, and I

“People say to me, ‘Wow, you have four kids now. Why aren’t you retiring?

You can be a housewife. Your husband will take care of you.’ I think to myself, ‘Okay, how exactly do I show not tell if I have a daughter? You tell me.’”

NAWRB: In 2017, MarketWatch named you one of the

four economists to watch in the Trump era. What makes you one of the country’s top economists? Is this a characteristic you’ve always held, or did you develop it throughout your career?

Danielle DiMartino Booth: The reason I had value in-

side the Fed is that, unlike so many of the PhD economists there, I didn’t have an agenda or intellectual axe to grind.

I wasn’t a Keynesian or a Ricardian. There was no school of thought that I was following or trying to push forward.

I just wanted to study the data, understand the financial markets and communicate how that should affect what the Fed should do as we headed into this great financial crisis and bursting housing bubble.

I’ve always had the reputation of being an independent thinker and not caring what people think about my views, because I just say it like it is. I think that when Trump was elected people gravitated toward my views because they also viewed Trump as being not beholden to any special interests and lobbyists. The independent thinking aspect and the way I view economic data in the financial markets has set me apart and established my reputation.

I think some of it is DNA. The other side of it is that I had to overcome a fear of being confrontational. My moth-

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don’t think men and women should be judged differently based on whether they’ve got certain body parts or not. I was raised on a trading floor where you are what you eat, you are what you produce, and that is your value to the firm.

But, I will tell you, when I was in the operating room having an emergency C-section and heart attack as I delivered my twins, and they said it was a girl, everything changed in that moment.

Not because I don’t think my daughter can accomplish just as much as any man; it changed as far as how I viewed my career path. I had to all of a sudden become my mother all over again because you can tell a boy they can grow up to be anything they want, but you have to show a girl.

People say to me, “Wow, you have four kids now. Why aren’t you retiring? You can be a housewife. Your husband will take care of you.” I think to myself, “Okay, how exactly do I show not tell if I have a daughter? You tell me.”

I live in a very tony area of the world where a lot of the girls grow up thinking that as long as they’ve got the right shade and length of blonde hair, and they get on the drill team, that they’re going to succeed in life because they’re popular.

That works for your ego but it’s not long-lasting.

My one regret is showing my daughter my closet. Be careful out there, women. Now she’s my shoe size at nine years old and I have to tell her, “That’s not reality, that’s a parallel universe in my closet. You don’t need that many shoes.” She asks, “Well, why do you need that many shoes?” I tell her, “Because I said so.” You can’t show girls everything, including shoe collections.

NAWRB: Who has inspired you most throughout your life?

Danielle DiMartino Booth: By a country mile, my moth-

er. The most inspirational thing she has taught me is work

sheCENTER(FOLD)

ethic. She has taught me to never quit and to do right by my children no matter what the sacrifice might entail.

These are things that she showed me, she didn’t tell me. She showed me by working overtime every weekend so that I could be afforded a few hours here and there to study.

I knew well before I left the Fed that I would be writing the book. She said at the time, “This is important to you, this is important to me. I’ll be there for you.” There have been times during the writing of the book that she had to move in because you can’t really hit a button and put your four kids on remote control. William, my oldest, just turned 13. Henry, my middle, is 11. Caroline and John Jr., the twins, are nine. My mother continues to sacrifice to this day and she continues to be my main inspiration.

NAWRB: Have you encountered gender or diversity-based

obstacles in your career? If so, what were they and how did you succeed past them?

Danielle DiMartino Booth: There were obvious gender

biases on Wall Street, but it didn’t really matter as soon as I became the highest-producing person in my class. It wouldn’t have mattered if I had three heads and was of a third sex. I was surprised at the elitism inside the Fed. My supervisor said, “Well, you don’t have a PhD, but at least you have a Master’s from an Ivy League college and you dress better than anyone in the building.”

When I worked on Wall Street they wanted to send me to sensitivity training. I was pretty bad; I called my two sales assistants “girls” who were boys.

When I was born, I was named Danielle Renee DiMartino. They would judge the baby’s sex back then by how the mother was carrying them, so they thought I’d be a boy. I was named after a French airline pilot that my father had met during the Vietnam War, Daniel Rene. All they did was slap an “e” to the end of both names and voila, there I was a girl.

I was a tomboy; I’d run up and down the street in the summertime wearing shorts and nothing else because that’s what the boys got to wear. My mom would say, “No,

DANIELLE DIMARTINO BOOTH

come back here and put a shirt on young lady!” I never really grew up with the distinction. I had an office in my bedroom growing up, not dolls. I was trying to run pretend businesses.

NAWRB: What financial advice would you give to recent

college graduates entering the job market while balancing high living costs and significant student loan debt?

Danielle DiMartino Booth: This is a toughie. I’ve just

written recently about this subject. The best news that I can offer is that there are record levels of apartments coming online this year and next year. At the same time, we’re seeing a breaking point in home prices, and we know they are finally starting to decline.

My best advice would be, if you can live the new cliché American dream and stay with your parents for a little while or get two or three roommates, there is relief coming your way. Don’t be tempted to spend 60 percent of your income to get that apartment when it’s going to eat up everything you have and the ability to pay off your student debt and start saving for tomorrow.

They released a study a few weeks ago that showed the average American spends $56,000 a year, 33 percent of that goes to housing expenses, 19 percent goes to what you pay for your car. Your biggest line item in your budget, regardless of how old you are, is housing.

What you have to do is resist the siren call of some fancy apartment where you’re completely strapping your budget

sheCENTER(FOLD)

DANIELLE DIMARTINO BOOTH

in order to live there. Do what you can to not spend money right now on overpriced housing, whether it’s renting or buying, and open up your first IRA. Start saving your money now, but don’t put it in the market. I know it sounds counterintuitive, but bull markets do not end well and we’re coming to the end of a very long bull market.

an issue with management, I just need to turn around, look in the mirror, and move on.

Having roommates or investing in a home with three or four people is really smart financial innovation and a way to buy yourself time. Work as hard as you possibly can, save your pennies, and be innovative in terms of ways to save your dollar.

Danielle DiMartino Booth: There is wealth to be had in

I say this to young people all the time, “You become higher maintenance every single day of your life. Relish, embrace those chapters in your life when you’re so low maintenance that you can live in a shoe box, because you won’t have the patience for it later on in life, and you won’t want to be forced into that situation later on. Right now you don’t care.

Capitalize on that financially and live as frugally and as minimally as you possibly can.”

NAWRB: What do you believe is the power of homeown-

ership for women? In today’s economy, what is the best way for women to build wealth? owning a home, I certainly wouldn’t deny that, but there’s also wealth to be lost in buying an overpriced home. The advice I would give to women would be to speak to a real estate agent who’s been in the business for more than several decades and understands what a long-term price per square foot should be, the economic key leads enough to know that we’re in the third-longest post-war economic expansion in U.S. history, and that if you do have to rent before buying, that’s a better option than buying an overpriced home.

I think timing can be everything and you don’t have to be buying in this overpriced market.

NAWRB: Your weekly newslet-

ter has over 20,000 subscribers If there’s one thing specifically and LinkedIn ranked you the related to residential real estate 3rd Top Voice in 2016. What that keeps me up at night, it’s marketing advice do you have the concern over who will buy for women entrepreneurs atBaby Boomers’ homes. We have tempting to widen their network 10,000 Baby Boomers retiring and increase exposure of their every day, an entire generation of products and services?

“I come across make-up artists first-time homebuyers who aren’t from time to time, thank God, bein the position to buy the moveDanielle DiMartino Booth: cause what would I look like on TV up homes, such that the people Be unrelenting and know what without fake eyelashes?” in move-up homes can then buy you do for a living. I come across the Baby Boomers’ McMansions. make-up artists from time to What are we going to do unless there’s a big air pocket un- time, thank God, because what would I look like on TV derneath of price decline for higher-end homes? without fake eyelashes? These make-up artists use Instagram, and that’s their perfect platform. Figure out your NAWRB: What career did you envision pursuing when best social media fit. you were a teenager? Is this still a passion of yours?

For me it was LinkedIn because just their markets and Danielle DiMartino Booth: I grew up wanting to be a economic division has eight floors of the Empire State journalist and now I’m a Bloomberg columnist. I don’t re- Building, so that pretty much explained it to me. LinkedIn gret Wall Street and I don’t regret being a central banker. was going to be the best conduit to reach potential readThese jobs were as formative as anything else. I’ve com- ers, subscribers and book buyers. Twitter is my number two bined every aspect of my life, whether it was planned or because it helps me be a voice out there, a public speaker. not, into my current career and I’m my own boss. If there’s

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sheCENTER(FOLD)

Understand which social media platform is going to fit your career path the best and put all your effort into it. This is something they teach you on day one on Wall Street, you have to know yourself and you have to know your client. If you are your own client, you should know which platform is going to maximize your exposure and stretch your marketing efforts and dollars the furthest.

I’m always distressed when I see Twitter feeds where people get sucked in by their critics or they get pulled into a discussion in which they really don’t belong or even worse, if profanity starts flying around. This goes back to standing up for yourself and being confrontational. If something offends you or you don’t want to be a part of it, say so. I say it on my Twitter feed all the time. It has not failed me yet.

“I’m a total NAWRB: What is something

about you most people don’t know that they would be surprised to find out?

DANIELLE DIMARTINO BOOTH

My main goal is financial literacy, spreading the word and making it accessible for everybody. That puts us on a sure footing as a country. I’m not shooting for hyperbole here, but it might be a communist country and they might do financial regulation at gunpoint, but all four of my children take Mandarin because I worry about the long-term viability of a country that revolves around the creation of debt and whether or not the reserved currency status of the dollar is at risk.

Reserved currency status tends not to be lost without a real war occurring, not a currency war. With three boys, I’d rather have them working at the state department decoding and knowing Mandarin like the back of their hands than on the front lines. These are the things that I worry about Salsa and dancer and a Latin which financial literacy could begin to resolve.

Merengue freak, but most people probably wouldn’t know that about me.”

Danielle DiMartino Booth:

When I was 17 years old I went off half-cocked and drove through Mexico for six weeks. I just about turned every last hair on my mother’s head white. I speak fluent Spanish, even though I’m Italian by blood, but my passion for the Latin American culture is such that I ended up moving to Caracas, Venezuela. That’s where I did my summer internship.

I fell in love with the Venezuelan people and actually worked in the steel industry when I was there. I am a total groupie for industrial metal as well as the plight of the Venezuelan people and I don’t think we’re paying enough attention to what’s going on down there. Some days I wake up and say, “Where’s the CIA, where’s the justice in this world? We know as a country that there are children dying every day of starvation in a country that is as abundant in natural resources as Venezuela.

I’m a total Salsa and Merengue dancer and a Latin freak, but most people probably wouldn’t know that about me.

NAWRB: What goals do you have on your horizon, ei-

ther in your personal or professional life? Where do you see yourself in 10 years?

NAWRB: How do you enjoy spending days when the office and work responsibilities aren’t on your mind?

Danielle DiMartino Booth: I take the opportunity every

single time I get pneumonia to binge watch a documentary on Netflix. That’s when I stop, when I get pneumonia. The Crown is my most recent binge watch that I’ve done.

Anytime I’ve remotely enjoyed anything, it’s typically been binge watched on Netflix from the comfort of my bed. I might be surrounded by my twins, watching a six-part biography on the Great Barrier Reef, but these are times when my brain can literally shut down and stop with the constant feed. Typically the stock market is closed, that’s great.

As long as the stock market is open I actually can’t function in a relaxing manner. That’s part of what was so weird for me working at the Federal Reserve. At 11 o’clock they’d go to lunch, they’d go to the executive dining room and shoot the breeze, and come back at 1 o’clock. I would think, “How can anybody walk away when the market’s open for two hours, I don’t understand.”

I highly recommend binge watching something that has nothing to do with what you do every day and just plugging in.

Danielle DiMartino Booth: I’m hoping that I end up be-

ing a very vocal voice for financial literacy, to be impactful and be on several boards. I think CEO compensations are way off the reservation and we need better accountability among boards in this country.

NAWRB MAGAZINE |

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2017

Women's Collaboration without Baggage Over the past decade women have made significant strides

in the women's movement, uniting in greater numbers and forming groundbreaking organizations. Within this progress, it is necessary for women to collaborate without holding back; if we cannot thrive together, we are breaking the unity and leaving some women behind. Whether it's between best friends, family, social media followers, casual acquaintances or the press, it is crucial for women to express support for one another. The camaraderie in our forward-thinking, intense conversations should be felt as we recognize and celebrate our work and achievements.

Collaboration

What holds you back in this collaboration? What is your baggage? As women, we can often be each other's worst enemies; which, given the obstacles we're already facing, is entirely counterproductive. Rather than celebrate another woman's successes, we criticize or downplay her achievements. We see another woman’s successes as a reflection of our own missed opportunities or failures. In other words, we compare ourselves to each other as if we are competitors in the race to success.

However, by seeing other women as our partners, and not competitors, we can help push each other to the finish line. One woman’s win is a win for all women, just as any achievement in gender equality affects us all.

Women are born multi-taskers, and with each genera-

tion—augmented by our own desire to compete harder and faster—more and more is put on our plate. Women's habit to burn the candles at both ends has had direct consequences, notably in the fact that heart attacks are the leading cause of death among women. By focusing our efforts, and especially by helping one another, we can advance the women's movement and lighten the weight on our shoulders by working smarter.

While we are seeing improvements in the gender wage gap, more needs to be done to reach gender parity.

Women’s Movement

Driven by the fight for equality, the many focuses in the women's movement can at times delay our progress. We need a defined foundation, a common ground on which we can all stand and advocate in the movement for equality.

Perhaps different groups can agree on an issue like eliminating the gender wage gap, but disagree on a separate women's issue. Should they work towards the ideal upon which they see eye to eye, or allow their differences to prevent their collaboration?

If you dig deep enough, you will eventually find something about a person with which your views do not align; but any work or progress you've made together doesn't have to go down the drain. This is not the correct or productive thing to do.

NAWRB MAGAZINE |

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Barbara Holt

Sea Turtle Real Estate, LLC bobbie@seaturtlere.com www.seaturtlere.com 772.538.9093

Having different opinions is common, and it's okay for women to be involved in one aspect of the women's movement without participating in another. We must be united in spite of our differences, not driven apart by them. Being united as one force does not mean that we forget what makes us different; unity amidst diversity requires that we acknowledge our differences as unique experiences and strengths that each can bring to the table.

A balanced platform allows women to be united under defined ideals, wants and beliefs without leading to disagreements about other points of view. To build a foundation from which we can collaborate for change, we need to distinguish the core values that underlie the different sectors in the women’s movement. There must be a belief that motivates each of the issues we promote, such as the right for equality or freedom. Discovering what our issues have in common will help us form a frame for a cohesive, directed force. This is important not only in moving us forward in achieving shared goals, but also in making our cause distinguishable to others because everything we support and advocate for will be connected to the bigger picture.

Each of us focusing on disparate problems will not provide enough impetus for change. Without a foundation on which we can all stand together, we lack the collaborative spirit necessary for the women’s movement to grow and flourish. Right now, we are carrying many token bags, each holding a singular issue, which is preventing us from getting enough traction; however, we can increase our mobility with a heavy-duty, compartmentalized backpack which can hold the many issues and values that matter to us. This backpack is the only baggage we need.

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Chassity Coleman

Property Shop Real Estate Firm Chassity@tpsref.com www.thepropertyshopref.com 877-247-2011

Dinorah Carmenate

Laura Hartsgrove Baker

Century 21 Masters dinorah@pbdconsultants.com www.century21masters.com 714-928-4001

Herbert H. Landy Insurance Laura@landy.com www.landy.com 781-292-5432

Teresa Ryan

Janice Lovendahl

Ryan Hill Realty TRyan@RyanHillRealty.com www.RyanHillRealty.com 630-276-7575

Top Level Realty JaniceHomes@gmail.com www.toplevelrealty.com 951-541-1503

Stay informed with a free subscription to National Mortgage Professional Magazine, “The source for top originators,� as a benefit of your membership to NAWRB. A subscription to NMP allows you to stay on top of the latest news and headlines and share the informative articles and insights with your colleagues and business partners.

Globally, women are finally entering into boardrooms

At birth, three words determined your life for the foreseewithout having to knock, and they are not just there to able future—“It’s a girl”—and your journey began. Do you serve the coffee. We are managing businesses, large or small, get an education? Do you attend the same schools, particiemploying multiple solutions without trepidation, and jack pate in the same activities and take the same classes as the hammering every glass ceiling in our way, or at least taking male siblings in your family, or do your parents provide you a shot at it. We are standing up for our truths, flaunting with less, expecting you to grow into a docile young womour power suits, high heels and unique an who should be seen and not heard?

"At birth, three words personalities without apology. In 2015, Hopefully the former applied in your determined your life for the according to the National Architectural case, and off to school you went, pink foreseeable future— Accrediting Board (NAAB), 44 percent backpack, pretty dress and all, and life of the graduates in its accredited college as you knew it changed forever. program were women. The 2016 Na—and your journey began." tional Association of Realtors (NAR) According to a study conducted by Member Profile reveals that women comprise 62 percent of the Harvard Graduate School of Education’s Making Realtors in the U.S. market, 21 percent also hold broker Caring Common Project, the “glass ceiling” concept is licenses and 16 percent hold broker associate licenses. Ad- identified as early as middle school, with girls being mulditionally, women in real estate are no longer limited to tiple times less likely to gain acceptance into leadership salesperson roles, but are builders, welders, roofers, plumb- positions, even by other girls in their grade. One of their ers and environmental assessment experts. It is important most surprising findings was that 23 percent of girls preto explore just how difficult the journey has been, and to ferred a male student in leadership, and only 8 percent celebrate the fact that we continue to face our challenges preferred a female leader. Conversely, male students were head on, impacting our industry sectors positively just by 40 percent more likely to prefer a male leader, and only 4 taking up and owning our spots. percent were more likely to prefer a female.

'It's a girl'

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WINNING IN HEELS

College would present an even greater challenge. Female students were not expected to take certain courses, and the ones who chose to sign up for them would be seen as oddities. As a result, females would trend towards the “acceptable” careers—nursing, teaching, secretarial services, etc., while careers in engineering, architecture and law were seen as too masculine.

because in order to recognize our growth as women in this industry, we must discuss, acknowledge and accept our past.

We have come a long way in the battle, and while we may not have equality, at least we have growth. That we are able to have public conversations about these inequalities, and the fact that even President Barack Obama has spoken out in favor of income equality, is definitely moving the needle in the right direction.

I remember being the only female signed up for Taxation Law in law school, walking into the classroom to some appalled The role of mentorship in the continued growth of womlooks, walking out and signen in our industry cannot ing up for Family/Divorce be over-emphasized. In my law, which was where I found opinion, every woman with "We must share our the majority of my female at least 10 years in the incolleagues. This is why I chose dustry should be a mentor. It to get my Master of Laws is extremely important that and especially our failures, (LL.M) degree with a conwe start to reassure the ones helping them understand that centration in Taxation when I coming behind us of their failure is but an event in a long decided to go back to school. relevance in the industry. program of performance."

We must calm their fears by Fast forward and you are a helping them learn to block gung-ho magna cum laude out the noise and focus on graduate with notions of themselves, delivering their becoming a great housing best capacities with every advocate. You apply for that assignment they handle. We dream job with a top notch must protect them from hareal estate firm, and the harsh realities of your gender sit- rassment, sexual or otherwise, and believe them when they uation start to become apparent. One interviewer asks why bring their stories to us. We must consciously hold back you decided on this particular career. Another one asks you from only speaking to give negative criticism, but ensure how you plan to juggle a career once you get married and that we use criticism as a learning and growing tool. We start having children. Yet another smirks and gives you the must share our experiences, passions, victories and espeleering look-over from hair to heels as you walk into the cially our failures, helping them understand that failure is but room, and hopefully as you turn right around and walk out. an event in a long program of performance. We must help Finally you find that one person willing to look past your them recognize who they are, develop their own set of pergender and accept your intelligence and capability, and so sonal standards, judge themselves through their own lenses your career begins. and learn that passion will illuminate their spirit, while corruption will kill it.

Everything is perfect until you find out that for every seventy cents you are paid, Joe Smith in the next cubicle is Most importantly, we must continue to encourage them no paid a dollar. It wouldn’t hurt so much, except that you matter what happens, to wake up, get up, put on the power are far more intelligent, work much harder, are much more suit, the high (or low) heels, the lipstick (or not), walk into dependable and achieve much better results than him. You their personal boardroom without a knock or an apology, have a decision to make. You may have the luxury of quit- and continue to grow. ting the job, setting up your own business and thriving, or you may decide that it is the lesser of two evils to stay in the Adenike Fasanya-Osilaja Lawyer, International Housing and Mortgage Consulposition and make the best of it.

experiences, passions, victories

I have spent time detailing with the preceding paragraphs

tant, Trainer & Facilitator, Newspaper Columnist and Public Speaker, National Housing/ Mortgage Finance Specialist Consultant for the Central Bank of Nigeria

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The Movers

&

the Shakedown

by Stephanie Hughes

A

merica has long been crowned as the land of dreamers, the land of opportunity, and if you work hard enough and remain diligent, there is nothing you can’t achieve. The wealth is in land and labor, and it's that which accumulates, you can control, and pass on to the next generation. Black people are not very active in the home buying market today and the likelihood of changing this outlook is bleak. As the Pew Research Center reports, in 1994, 42.3 percent of black households owned their homes; in 2016, their homeownership rate is 41.3 percent. The dream of homeownership is fleeting for black households stemming from being a historically disadvantaged group. As we look at the effects of the foreclosure and unemployment crisis resulting from the Great Recession, an optimistic outlook is hard to find.

In examining the contributing factors and consequences of the 20072008 foreclosure crisis, the ramifications of housing discrimination against black householders, then and now, remain virtually unchanged. With the influx of stable employment and easily accessible mortgages, many Blacks were able to participate in the American dream

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BLACK HOMEOWNERSHIP of homeownership. But with the ease and accessibility of ownership came subprime loans, manipulated interest rates and overpayment of homes. It was a ticking time bomb.

"Across the nation, black homeowners were disproportionately affected by the foreclosure crisis, with more than 240,000 of them losing their homes."

Across the nation, black homeowners were disproportionately affected by the foreclosure crisis, with more than 240,000 of them losing their homes. In a 2014 article investigating the foreclosure crisis, Nathalie Baptiste presents staggering facts regarding the deterioration of black wealth. She states that the foreclosures affected blacks of all income brackets, and high-earning blacks were 80 percent more likely to lose their homes than their white counterparts.

According to a recent report from The Pew Research Center, as of 2013, the median net worth of households headed by whites was roughly 13 times greater than that of black households. The losses suffered by one group aren't more or less important than the other, but based on history, housing trends and access to credit, the impact among the black community is meaningful because of its scale. Usually when a family endures economic hardship or the loss of a home, their financial resources may serve as a safety net. Real estate is the primary vehicle for generational wealth transfer, and for this reason it represented the largest investment of black people, and in most cases, the only significant asset.

Additionally, during this recession blacks suffered the greatest losses in employment which added another layer to an already overburdened people. Although black people were not the only people who suffered loss, the detriment to this group is compounded when there is less to lose; loss just simply hurts more. As a licensed real estate broker, business owner and professional highly active during this 2005 time frame, I can remember friends and colleagues, me included, being excited that we achieved homeownership. We worked hard, made great money and we were ready to continue building our businesses and our assets.

Until the crisis hit.

The shakedown was so sudden. Mortgage payments adjusted, job loss was rampant and revenues dropped to their lowest. It was a fight to see. This losing battle consumed all attempts at every swing, exhausting all savings and what little assets we had left. This was far from a dream. It was more like a nightmare; you hit bottom, you wake up and then there is nothing.

Of course in the aftermath, once the dust settled, reports confirmed that black women were specifically targeted for subprime loans in the build up to this explosion. As Baptiste highlights: • Women of color were the most likely group to be given subprime loans, while white men were the least likely, with the disparity growing with income levels • Compared to white men earning equal income, black women earning less than the area median income were two and a half times more likely to receive subprime loans • Upper-income black women were roughly five times more likely to receive subprime purchase mortgages than upper-income white men Income is essential to produce the capital needed to participate in any market, but the lack of access and the ability of black people to control their income excludes them from the home buying market today. The pervasive unemployment rate of black people is growing nationally and is even more at a state of crisis amongst black men. According to the Bureau of Labor Statistics' (BLS) Labor Force Characteristics by Race and Ethnicity, 2015,

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BLACK HOMEOWNERSHIP black men hold the highest unemployment rates across the board in almost every category. The unemployment rate for black men ages 20 and older is 9.5 percent, for teenagers it's 28.4 percent, and these are conservative estimates.

"It remains fact that black people hold one of the lowest employment-population ratios at 55.7 percent."

It remains fact that black people hold one of the lowest employment-population ratios at 55.7 percent. Interestingly enough, this report also captures a general sentiment present in this labor data, the “discouraged worker.” Black people make up a high proportion of this group, with 28 percent, comprised of people not currently looking for employment because they believe no jobs are available to them. Consider the impact that income uncertainty or instability also adds, placing land purchase out of reach for black people. At this point, this shakedown feels more like a takedown. What we have all been told is, “Pull yourself up by your boot straps.” Well for this group, it seems the straps on these boots are broken.

A New Hope

Black women-owned businesses increased by 66.9 percent to 1,521,494 from 2007 to 2012, employing 316,977 people in addition to the owner and generating $42.2 billion in receipts, according to the National Women's Business Council (NWBC). Women business owners are getting it done. These movers have always pressed forward and have come so far. More women every day are willing to give up “what is for sure” in pursuit of “what could be.” With an increased economic focus, increased access to capital and the encouragement of other groups, black women business owners are a growing force stepping in the right direction.

Within the black community lies untapped creativity and innovation that can add to the advancement of all people.

Welcome its contributions. We all get to decide what part we want to play in truly making America Great, not necessarily again, but perhaps for the first time ever.

Stephanie Hughes

Business Owner & Broker Associate of Hass Team Realty

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WHAT WOMEN WANT XXXXXX HEALTH XXXXX

Canoeing & Kayaking Canoeing and kayaking, whether for sport or pleasure, are excellent sources of cardio allowing you to experience your community’s waterways during a great workout. As we settle into summer, this is the perfect time to dust off your gear and get out into the sunny great outdoors.

A low impact activity, paddling poses a welcome alternative for those hoping to avoid exercise on hard surfaces. The different forms of the sport—from flat water recreation to sprint racing—enable you to conveniently alternate between high intensity and calmer routines as you take in the beautiful sights.

In addition to their physical advantages, canoeing and kayaking offer mental health benefits, with the potential of being calm, serene activities or exhilarating adventures.

Trade in the gym or hiking trail and discover the freedom of rowing around the lake, river or bay on your way to better health!

Benefits:

• Weight loss • Improved cardiovascular fitness • Reduces wear & tear on joints & tissues • Increased muscle strength • Stress reduction • Good source of Vitamin D • Better mental health

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With limited employees, capital and resources, small businesses are hit the hardest by rigorous regulations, and the expense of compliance often poses sustainable growth roadblocks for the entrepreneurs who need it the most. The following months could prove especially pivotal for small business owners, as the possibility of new legislation and regulations grows.

A vital decision on the horizon is the possible repeal of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which has constrained some mall businesses and homebuyers seeking access to credit. As data from the Federal Reserve Bank of St. Louis shows, in the six years prior to Dodd-Frank, small bank lending surpassed large bank lending by over 150 percent. In the six years after the bill’s passage, small bank lending sits nearly 80 percent below lending from large banks.

The bill’s stringent credit qualifications have arguably limited Americans in their personal and professional lives, increasing the difficulty to access business capital and home loans. The possible repeal of Dodd-Frank could mean easier access to credit for millions of businesses, increased homebuyers and a stimulated economy.

Lowering tax rates for small businesses—which pay taxes at a higher rate than corporations—could also be a huge helping hand to millions of entrepreneurs across the country. Recently introduced bipartisan legislation by Senators Bill Nelson (D-FL) and Susan Collins (R-ME) aims to do just that.

Most small businesses are categorized as pass-through companies for which profits are taxed at individual income rates; the maximum individual tax rate is 39.6 percent, while the

corporate tax rate rests at 35 percent. Under the proposed bill, income for pass-through businesses would be taxed like income from corporations.

This would mean more money in the pockets of small business owners to grow their companies and invest back into their communities. The revitalization of struggling businesses, and cities around the country, could provide a critical collective boost to the recovering American economy.

Increased access to credit and lower taxes would allow small business owners to build wealth and accumulate higher purchasing power to invest in their companies and homeownership, translating to a more balanced professional field and a healthy housing market.

From entrepreneurship to homeownership, it all comes full circle.

The success of small business owners translates to the success of the country as a whole. By the same token, if we fail to help small business owners succeed, we are jeopardizing the backbone of the economy and lives of millions of people. In this time of recovery, we cannot afford to forget our most valuable asset, small businesses.

In today’s market, it is essential to leverage your unique tools and opportunities for success. With our Small Business Sustainability Care Package, NAWRB equips small business owners with preventive guidelines for long-term success. Whether current regulations hurt or help your company, the establishment of sound business practices can be the difference between closing your doors and living to fight another day.

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VS 1. What is the experience of being the chairwoman of an organization like the Asian Real Estate Association of America (AREAA)? What was your favorite part of your work as chairwoman and your proudest achievement?

Getting to the onset of being the leader of a big organization is overwhelming. Coming from the most quintessential immigrant story that you can think of, it was the first time I would be leading a huge organization. Obviously I've been president of smaller groups, but this was kind of overwhelming.

The fact that I was entering a leadership role where increasing homeownership within the AAPI community is a big goal was something to look forward to. It was nerve-wracking, but I was really looking forward to what I was going to be able to do and achieve within my time as president.

It was a great and very interesting time for me; it was good timing. My family was very supportive and important to me getting into this leadership role.

My proudest achievement was the

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Vicky Silvano

successful "No Other" Campaign that we had, but a significant part of my work is visiting all of our chapters and really looking at the grassroots level because that is where I thrive. I'm able to connect with these professionals and make sure the chapters are sustainable and doing the necessary things to contribute to AREAAs collective success. Going into "No Other," we really became unified and made a concerted effort to focus on the campaign.

I'm a people person. I like talking to and connecting with all the chapter leaders and members, making sure that we're moving towards the same goals and working to increase the homeownership of our community.

The members are really the biggest thing for me; without membership there is no AREAA. Reaching out to them, chapter leaders and members, is the fun part for me.

This connects to my meetings with top executives from the lending institutions we work with; I know who they are, and they know who I am. I'm more of an execution type of person than the talking type.

AREAA 2016

National Chairwoman

2. Congratulations on your success with the “No Other� Campaign, which helped ensure the U.S. Census Bureau obtains separate data on Asian Americans and Pacific Islanders in their quarterly homeownership reports. What are your main takeaways from this achievement?

The takeaway is the fact that if we do something with a focused initiative we can do anything, even if it seems impossible. We thought this campaign would extend to next year's leadership, but with the concerted effort that we made, from the local level, the different chapter events, meetings with representatives from Congress, senators and different agencies, it was truly a united front. The highlight of the entire experience was delivering a speech at the National Press Club about achieving a category of our own.

The banking institutions were important because they knew they needed the distinction of having the AAPI group.

We talked to other groups, but really it was our goal more than anybody else's.

We hired a political lobbyist who knew a lot of the people we contacted and worked with. We were the driving force

VICKY SILVANO INTERVIEW collectively, all the way around. We outlined what we needed to do; it was 99 percent AREAA. 3. You travelled the country and world as part of this campaign, what was the struggle in balancing your family and professional life during this time?

What was the hardest part, and what advice can you give to women experiencing something similar?

Travelling was the biggest challenge, I wasn't used to travelling every week.

Almost every week I travelled one or two days, sometimes flying to California for meetings and flying back home two or three hours later. Previously I only travelled two to four times a month for my business. Last year during my term as president, I went to four Asian countries alone, a 20-hour flight both ways. Travelling was the biggest thing I had to get through.

In terms of family, it was good timing for me. My kids are grown and are very supportive of me. I missed a few family events here and there, but I was able to go to their graduations. My husband was also very supportive. I wouldn't be able to be as successful as I am if I didn't have the support of my family.

The business did suffer. Last year, I probably went down to 30 percent of my normal business, but obviously I gained what I lost in a different aspect. I don't look at that as a professional decline, because I can come back and

do it again. If I lose some business now, I can gain it back.

To other people I would say to make sure they have a team in place that can operate the business when they are not there. I have a team that supported me during my time as president, so I was still able to do quite a few things with my business.

With women who have younger families, it can be tough because the children aren't with their mother. People with grown kids have the advantage of time; if you're going into these type of leadership roles, you need to have your two feet there. One foot will not get you anywhere. I don't do things half-heartedly. If I do it, I'm there in spirit, body and mind.

4. What was it like meeting and working with professionals and organizations outside the real estate industry during the “No Other�

Campaign? Did you encounter support or difficulties from other professionals while working toward this goal?

The data was there on an annual timeline, but we were fighting for the quarterly homeownership reports. The Census Bureau played an important part; the director met with us when we set up appointments. We had a lot of

conference calls with other organizations and all of our chapter leaders. We went to various government entities to ensure our campaign was being promoted, and a lot of our chapters held events. There wasn't really a lot of pushback from other organizations and professionals. We met with Glenda Gabriel, who was open and said she wanted to be part of it. When we were at the National Press Club, she was there with us supporting the campaign.

There was a little resistance here and there, but overall people recognized the importance of what we were fighting for, that we need to be represented and heard. We had a concerted, unified voice.

5. We know the outcome you achieved. What do you think are the benefits to the kind of inter-industry work and collaboration you were able to create?

I think now people recognize what AREAA is and what we're all about, they see that you can have a powerful voice and that it can be done. The collaboration is stronger than ever and we put AREAA on the map, it was great.

With homeownership, AREAA is now the go-to organization. Some of the other organizations are reaching out to us regarding homeownership.

As I said, we were on the map already, but we were like a dot.

Now we are a big ball.

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WHAT WOMEN WANT RECIPE Chef Joshua Roberts caters in San Diego, where you can experience his cooking firsthand. As a native Californian with several cuisines under his belt, he is known for his flare and the ultimate joy of savoring the taste in fine dining.

ChefJoshuaRoberts.com |

French Onion Soup In Pie Crust

ChefJoshuaRoberts

Gruyere, Swiss and Parmesan together in mixing bowl and spoon the cheese mixture over the croutons and soup till covered. Cut premade pie crust to bowl dimensions and make ventilation slits in each crust to prevent steaming. Layer each slice of bread with a slice of provolone, 1/2 slice diced Swiss and 1 tablespoon Parmesan cheese. Place bowls on cookie sheet and broil in the preheated oven until crust slightly browns. Serve immediately.

Foccacia French Onion Soup ∙ 1/2 cup unsalted butter ∙ 2 tablespoons olive oil ∙ 4 cups sliced onions ∙ 4 (10.5 ounce) vegetable broth ∙ 2 tablespoons dry sherry (optional) ∙ 1 teaspoon dried thyme ∙ salt & pepper to taste ∙ 4 oz of your favorite salad croutons Pie Crust ∙ 4 oz. gruyere cheese, grated ∙ 2 oz. Swiss cheese, grated ∙ 1/4 cup grated Parmesan cheese ∙ 1 package of uncooked pie crust 1. Melt butter with olive oil in an 8 quart stock pot on medium heat. Add onions and continually stir until tender and translucent. Do not brown the onions.

2. Add vegetable broth, sherry and thyme. Season with salt and pepper, and simmer for 30 minutes.

Sponge ∙ 1.5 oz. fresh compressed yeast ∙ ¾ cup warm water (105-115 F) ∙ 1 tablespoon of granulated sugar ∙ 8 ounces All Purpose Flour Dough ∙ 2 cups warm water (105-115 F) ∙ ¾ cup Olive Oil ∙ 3 ounces granulated sugar ∙ 2 tablespoons salt ∙ 1 pound and 14 ounces All Purpose Flour ∙ ¼ cup Olive Oil Process 1. To make the sponge, dissolve the yeast in the warm water. Add the sugar and All Purpose Flour, and knead, using dough hook, until the sponge is smooth and elastic, about 5 min.

3. Heat the oven broiler.

2. Cover and let rise in a warm place until the sponge starts to fall.

4. Ladle soup into oven safe serving bowls and place croutons on top of each bowl of soup. Mix

3. To make the dough, add the warm water to the sponge together with the olive oil, sugar, salt, and

All Purpose Flour. Start kneading with the dough hook and then add enough of the All Purpose Flour to develop a very soft, smooth, yet still elastic dough.

4. Form the dough into a ball, place on a floured surface and cut an “x” halfway through the dough, this will make it easier to shape the dough into a rectangle later, cover and let rest for 30 min.

5. Using a ¼ cup olive oil, coat the bottom and sides of a full sheet pan (do not use parchment paper). Place the dough in the center of the pan.

Oil your hands, then stretch out the dough as far as you can. Let rise in a warm place until the dough has doubled in bulk.

6. Use your hands to stretch the dough until it covers the entire sheet pan. Let the dough relax a few minutes if needed. Press your fingertips into the top to mark it with dimples.

7. Let the dough rise until it is 1.5 times the original size.

8. Using your hand, very gently spread three-quarters of the herbed garlic oil evenly over the surface of the dough. Sprinkle the kosher salt evenly over the top.

9. Place the bread in an oven preheated to 475 F. Immediately reduce the heat to 375 and bake for 30 min or until golden brown. Remove from oven and slide focaccia off sheet pan on to wire rack (reduces the amount of steam build up on the bottom and sides making the bread soggy). Brush with olive oil and garnish with your favorite herbs.

Transfer to cutting board and slice to desired shape and sizes.

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The Single-Family Rental (SFR) industry is growing fast, attracting families, millennials and baby boomers alike, who are drawn to the flexibility of renting. Our residents are America’s teachers, police officers and military families looking to rent homes in good neighborhoods with good schools.

According to the U.S. Census Bureau’s American Community Survey (ACS), the percentage of renters electing to live in a single-family home (both attached and detached) has consistently grown over the last several years, rising from roughly 31 percent in 2005 to approximately 35 percent in 2015.

While the SFR industry is not new, the professionalization of it now offers residents access to quality rental housing as rental demand grows. The Green Street Single-Family Rental Primer estimates 3.9 million new renter households between 2016 and 2020, which equals 1.5 million new units of single-family rental demand.

I turned to some of the smart, dynamic women in our ranks to get their take on our industry and the role we play within the housing landscape. They are enthused and passionate about their work and the future of the SFR industry.

Cynthia Pinter joined Colony American Homes, now Colony Starwood Homes, nearly five years ago when the SFR space was a relatively new concept. She was drawn to the excitement of being part of a start-up and a new industry. “It was exciting to be a part of a different way of doing things,” said Pinter. “We were creating jobs, renovating homes instead of letting them sit empty, and investing in communities.”

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Alysia Cherry is in the financial planning division at Altisource and came from the commercial real estate industry. “This industry was very intriguing to me because it is so new,” said Cherry. She felt the time was right, and liked the prospect of moving into this industry. “Many of us now working in this sector have backgrounds in something else, but that fresh and diverse perspective from so many great minds is a huge benefit,” added Cherry.

As the SFR industry continues to grow, companies show growth and maturity, quarter after quarter, and they demonstrate the ability to operate long-term.

“We are recruiting high-caliber individuals because of our growth potential,” said Joanne Halliday, Senior Vice President – Counsel, American Homes 4 Rent. She sees, “a stabilization of the industry, and, most importantly, an industry that is providing affordable housing.”

Homes in this sector create opportunities for families, offering more space at a lower cost per sq. ft., access to high quality school districts and good neighborhoods, and added benefits that are important to families. “The SFR industry also provides an attractive option for a resident who might want a backyard and the feeling of being a part of a community,” added Pinter.

“Many people don’t want to take on the upfront costs of ownership and like the flexibility that is offered by renting,” said Cherry.

“For those who cannot afford a mortgage, or whose situations make it less attractive to own, they can now choose to live in a

RENTAL HOMES

ìT he Green Street Single-Family Rental Primer estimates 3.9 million new renter households between 2016 & 2020, which equals 1.5 million new units of single-family rental demand.î

property that gives them all the characteristics of home ownership in an affordable rental package.”

These women know that this industry is about the people. It’s about the individual and giving them their dream home; it’s about investing and building value in each of these communities.

“We are great homeowners with high standards for our residents. We keep homes occupied with people who want to live the single-family lifestyle,” said Tiffany Broberg, Associate General Counsel, Progress Residential. She explains that many of the residents are families in a single-family home for the first time. Broberg believes that her experience having a young family translates well when it comes to solving residents’ problems.

“We are focused on enhancing the lives of our residents,” explained Jiggs Foster, SVP, Marketing, Invitation Homes. “We know our residents are looking for the leasing lifestyle, and we are committed to working with them to make their house a home.”

Halliday knows that another benefit of this sector is that it offers recognizable landlords, and centralized maintenance and support, “it gives consumers a platform to voice their needs and/or concerns, which, as a consumer, is a tremendous asset.”

Indeed, consumers are also benefiting from the vast technologies being utilized by the SFR industry. Smart Home technology is improving rapidly and allows prospective renters to tour homes on their own time, without an agent being present.

Residents also have access to Smart Home options such as

remotely controlling heat, air conditioning and home security.

Invitation Homes is effectively using technology to deliver services and attract residents. Through their ProCare Program, they offer residents proactive maintenance visits and 24/7 emergency service. “It starts when the residents move in,” noted Foster.

Technology has also helped the SFR companies respond to residents’ needs such as home repairs and community safety, in faster, more efficient ways.

“Technology is a huge trend for us,” said Cherry. “We get to rethink technology and its role in building out this newly institutionalized business.” Cherry sees that the industry has an opportunity to build a fresh technological infrastructure that will not only optimize operations but also help it improve the asset management side of the business.

Single-family rentals are another part of the housing continuum.

For many renters, we are a great stepping-stone on the way to homeownership; for others, we offer the flexibility and security of a well-managed rental home. Most importantly, we offer all residents the four “S’s” – safety, schools, services and space.

Diane Tomb Executive Director, National Rental Home Council

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WHAT WOMEN WANT REVIEWS

Read it In the Company of Women:

Inspiration and Advice from over 100 Makers, Artists, and Entrepreneurs

by Grace Bonney

&Watch it

Profiling over 100 influential women business owners across the globe, In the Company of Women sheds light on the power of women who embody the entrepreneurial spirit. These interviews provide firsthand guidance on everything from the importance of maintaining lasting relationships to the value of everyday rituals, and everything in between for women entrepreneurs. Complemented by beautiful photos of women in their work spaces, this book demonstrates that you can't reduce entrepreneurial women to one definition.

Million Dollar Women:

The Essential Guide for Female Entrepreneurs Who Want to Go Big

by Julia Pimsleur

Million Dollar Women provides pivotal advice helping women transform their innovative ideas into million-dollar successes. Profiling seven women who built million-dollar businesses from scratch, and Pimsleur's own story, this guide delineates how women can become the commanding executives they envision themselves to be. Complete with advice on balancing the emotional challenges of owning a business, this book is an essential resource for female entrepreneurs.

The Money Queens Guide

For Women Who Want to Build Wealth and Banish Fear

by Cary Carbonaro

Guiding women through the process of financial success and protecting their achievements, this empowering book encapsulates the importance of preparing for the future today. Financial literacy is vital if women are to safeguard their progress and enjoy long-term success, and Carbonaro addresses a variety of topics including the process of determining how much a woman can afford.

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The Zookeeper's Wife

Starring Jessica Chastain, Johan Heldenbergh, Daniel Brühl Antonina Żabińska and Dr. Jan Żabiński successfully operate the Warsaw Zoo when the country is invaded by Nazi forces. Having to answer to the Reich and their newly appointed zoologist, Antonina and Jan decide to fight back by secretly working with the Resistance. The two remain true to themselves and their beliefs as they work to save the lives of others, while at the same time placing their lives and children at great risk.

Table 19

Starring Anna Kendrick, Lisa Kudrow, Craig Robinson

Sitting at Table 19 of her best friend's wedding, Eloise—having been relieved of her role as maid of honor after being dumped by the best man— takes in the group of eccentric strangers who share her seating assignment. As she endures the wedding, the table begins sharing secrets and stories, slowly showing Eloise that being sad about her current situation is the opposite of what she should be doing.

The Last Word

Starring Amanda Seyfried, Shirley MacLaine, Thomas Sadoski Working with a young, local writer on her life story, Harriet Lauler soon discovers Anne's writing does not meet her expectations. She embarks on a journey to change the way she'll be remembered, bringing a reluctant Anne along with her. As the story unfolds the two create a special bond, and they realize their relationship will ultimately alter Harriet's legacy and Anne's future.

Women’s

Homeownership Series: HOPE

Name: Hope Age: 49 Relationship Status: Single, Divorced Children: Rose, 14 years old; Isabelle, 12 years old Job: Retail General Manager Salary: $36,600 yearly; $3,050 monthly Child Support: $14,400 yearly; $1,200 monthly Home: 3 bedroom house for $2,500 monthly Hope and her husband, with their two daughters, moved into a beautiful 3 bedroom, 2 bathroom home in Boulder, Colorado twoand-a-half years ago. Previously living in a smaller 2 bedroom condominium a few miles away, the family enjoyed the comfort and convenience of a larger space. Their daughters, Rose and Isabelle, were happy to have their own private rooms and a backyard to practice soccer in after school.

weekly income of women ages 25 and older with a bachelor’s degree or higher.

Hope’s ex-husband provides $1,200 of monthly child support to help with expenses. Nevertheless, both her income and child support are not enough to continue living at the house with adequate savings for an emergency fund or retirement plan. More than 50 percent of her $3,050 monthly paycheck goes to rent, not including utilities.

"Hope’s situation exemplifies an obstacle facing single women home renters & buyers in the largest American cities."

Since the couple divorced a few months ago, Hope has taken full responsibility of the $2,500 rent. When she is not busy managing a popular clothing department store, she enjoys spending time with her daughters and painting. She aspires to feature her eclectic paintings in a gallery at the thriving art district in North Boulder, a place she frequents with friends.

Hope has fortified her career with over 20 years of hard work and dedication. Despite not having a college degree, her weekly earnings of $762 exceed that of the average female worker with only a high school diploma. She, however, earns less than the median

Common advice from financial planners is that, at most, a person should spend 30 percent of their income on housing expenses. Hope is already experiencing the burden of not having leftover income to put in savings. With additional living expenses, she only has $200 left every month for unexpected costs and the occasional take-out meal with her daughters.

Living paycheck to paycheck causes Hope tremendous stress over whether she will be able to make ends meet. With her quality NAWRB MAGAZINE |

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NAWRB

Third-party Women-Owned Business Certification Specializing in the Housing Ecosystem

Why Invest in Women-Owned Business Certification?

1. Benefits of being certified: • Give your business an edge in the contract bidding process • Maximize your appeal to companies searching for diverse business segments • Highlight your technical expertise and experience while providing exposure to the industry and validating your business • Cement your presence in the diversity and inclusion (D&I) space and much more

2. Requirements for Certification: • The business must be 51 percent or more women-owned, controlled, operated and managed • The women business owner must be a U.S. citizen or legal resident alien • Technical expertise in the housing ecosystem

3. Process of Certification:

1. Application available online at NAWRB.com 2. Submit completed hard copy application with supporting documentation, sworn affidavit and application processing fee in a 3-ring binder 3. Review of application packet by certification staff 4. Follow up with applicant to obtain any additional materials necessary 5. Committee and Board Review 6. Certification can take up to 45 days upon complete application

4. Why Certify with NAWRB: NAWRB is the only third-party, industry-specific certifier of Women-Owned Business (WOB) and Minority Women-Owned Business (MWOB) certifications specializing in the housing ecosystem.

Take advantage of the benefits of being certified as a Women-Owned Business today.

800.337.3996

To obtain your application: visit www.NAWRB.com

certification@NAWRB.com

HOMEOWNERSHIP SERIES

of life at stake, she needs to find a new home that better accommodates her earnings. She hopes to find a home in the same neighborhood so her daughters can attend the local high school with their friends, but she soon discovers that houses for rent in her Boulder neighborhood don't drop below $2,100.

Apartments will have cheaper rent from $1,700 and up, but that will mean a smaller living space. Rose and Isabelle will have to share a room again, which, although manageable, is not ideal for high school girls who have grown accustomed to their own space.

Hope’s situation exemplifies an obstacle facing single women home renters and buyers in the largest American cities. RentCafé reports that out of the country’s 50 largest cities, single women are priced out of rental housing in all but two, Tulsa and Wichita. Denver, just an hour's drive from Boulder, is one of the cities out of single women's financial reach.

Hope's problem, like that of many other women, is about gender equality, poverty, and the quality of life for women and their families. As researchers in the RentCafé study found, the median income of men in the 50 studied cities is on average 35 percent higher than that of women. If the gender wage gap did not exist, Hope may be able to keep her current home or afford a different one in her neighborhood; allowing her to maintain the stability her daughters have come to enjoy and not have to potentially sacrifice their quality of life.

Even though this family can sacrifice by not seeing their loved ones as much, should they have to? Is it fair that Hope, who has worked and lived many years of her life in this community, be pushed out due to low inventory and high prices?

There are two ways Hope can avoid moving altogether. She could try to get a higher paying job, or she could take on a second job on nights or weekends. Without a college degree, despite her experience and superb work ethic, Hope is limited in professional mobility. Not to mention, finding a new job could take up to six months or longer, which means she will be financially stressed for an indeterminate amount of time.

However, let’s imagine she takes on two jobs. Hope will be bringing more money home, but she will not be there as much. Not only will she have less time available for her daughters, but she will have less time for herself, including her art. What would be the point of working if she couldn't enjoy the fruits of her labor? According to Huffington Post, lack of sleep, stress and depression are just a few risks of a heavy workload. Many single mothers efficiently work two jobs, but is this the best option for Hope and her daughters?

"In situations where single women are faced with unpleasant choices—or worse, no choice at all—we need to help the housing ecosystem create suitable alternatives for them.”"

Hope has a few options with their own respective benefits and drawbacks. The most obvious choice is for Hope and her family to move into a home in a cheaper city. This way, Hope can pay less for a home that will be similar in size to the one she has now.

Although Rose and Isabelle will be disappointed, they can easily keep in touch with old friends and make new ones.

Hope is fortunate to have options, but none of them are ideal. In situations where single women are faced with unpleasant choices— or worse, no choice at all—we need to help the housing ecosystem create suitable alternatives for them. The first step is to address the issues. By working towards diminishing the gender wage gap, increasing inventory and preserving affordable housing, eliminating the pink tax, and providing homeownership assistance and education, the housing ecosystem can help women cement their economic future.

Hope, also, has friends and family that live close by in Boulder, who have been her support system during her recent separation.

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NETWORK

upcoming

EVENTS

Women Presidents’ Organization (WPO) 20th Annual Conference May 4-6 | Orlando, FL At this international event, WPO members get the opportunity to share business strategies and personal experiences with other successful women from all over the world, and learn from interactive seminars and speakers.

The Women Network: California Women’s Conference 2017 May 10- 11 | Long Beach, CA This two-day event features hundreds of speakers, including thought leaders, entertainers, entrepreneurs and industry executives, who provide life-changing strategies to improve women’s lives.

IMN 5th Annual Real Estate CFO Forum May 16-17 | San Diego, CA Returning to the west coast for the fifth time in a row, this is a premier venue for financial and operational professionals to gain insights on best practices and developments from real estate industry leaders.

InnovateHER Challenge 2017 May 25 | Irvine, CA The U.S. Small Business Administration’s InnovateHER competition aims at discovering women entrepreneurs with innovative ideas.

This event, co-hosted by NAWRB for the second time, gives the brilliant business women of Orange County and surrounding areas an opportunity to showcase their potential.

C.A.R. WomanUP! Conference June 8 | Pasadena, CA This one-day event dedicated to the empowerment of women will help you grow your business, develop your career and connect with other leaders in the California brokerage community.

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MBA National Advocacy Conference 2017 June 20-21 | Washington, D.C. The largest advocacy event of the year focused on issues facing real estate finance is the chance for the industry to voice their concerns and opinions on proposed legislation affecting businesses, consumers and the economy.

WBENC National Conference & Business Fair 2017 Jun 20-22 | Las Vegas, NV Attend this three-day program for lectures and presentations from today’s thought leaders, and for networking opportunities at 1:1 MatchMaker sessions, networking receptions and a business fair.

The Latino Coalition Economic Opportunity Summit June 29 | Los Angeles, CA Hispanic business owners and professionals, from Southern California and across the country, will attend this event to learn from guest speakers about The Latino Coalition’s “four C’s” of business ownership: Capital, Capacity, Contracts and Cost.

NAWRB Nexus Conference: Women’s Collaboration for the Future July 16-19 | Costa Mesa, CA The NAWRB Nexus Conference brings together the most dynamic women and women-owned business leaders in the housing ecosystem to work towards women’s homeownership, and connects millions of dollars in procurement and vendor relationships.

National Council of Real Estate Investment Fiduciaries (NCREIF) Summer Conference July 19-21 | Washington, D.C. Attend the largest Realtor event in San Diego County to network with leading industry vendors and learn what you need to take it to the next level.