Vol 5 Issue 2 by Women in the Housing & Real Estate Ecosystem

sheCENTER(FOLD)

Legislative Developments VOL. 5 / ISSUE 2

DesirĂŠe Patno CEO and Founder of NAWRB

Page 30

NAWRB Women's Global Resource Center: A Platform for Women in the Housing Ecosystem Page 6

International Investment in U.S. Real Estate

Page 19

Certification Survey in the Housing Ecosystem Page 47

Women Entrepreneurs Make Progress on the Policy Front

Page 15

Women's Retirement: An Uphill Battle

Page 39

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WHAT WOMEN WANT FASHION

NAWRB MAGAZINE |

Our culture of diversity and inclusion We value and promote diversity and inclusion in every aspect of our business. To know you and serve you well, the diversity of our team members reflects the diversity of the communities we serve. Our inclusive culture accepts differences and is open to new ideas that help create a competitive advantage in each market we serve. We value and support our people as a competitive advantage.

It’s our vision. It’s our values. It’s the Wells Fargo way.

Information is accurate as of date of printing and is subject to change without notice. Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N. A. © 2013 Wells Fargo Bank, N.A. All rights reserved. NMLSR ID 399801. AS2102979 Expires 4/2017

WOMEN'S GLOBAL RESOURCE CENTER

NAWRB

Women’s Global Resource Center:

A Platform for Women in the Housing Ecosystem

he state of gender equality remains dismal in the United States, as it always has been. From Fortune 500 boardrooms to poverty levels, gender imbalances touch and impact all aspects of women’s lives. It has been almost 30 years since women could get business loans without a male cosigner and yet, a majority of women continue to lack awareness of special programs and designations for which we have worked so hard to develop and implement to increase diversity spend for women. In 2016, we are finally seeing conversation around core business practices and corporate social responsibility towards women. C-suite women and women-owned businesses working in the housing ecosystem—consisting of several real estate related industries within retail, residential, industrial and commercial sectors— have been underutilized and underrepresented. For decades, women have lacked a seat at the table. This needs to be brought to the forefront and not simply spoken about behind closed doors. Given how hard and long women have invested to get where they are today, many are fearful of the repercussions associated with voicing their concerns about these inequalities. Bottom line, women are not afforded equal C-suite opportunities and several staffing companies still utilize rolodexes with the same people for decades. We need to introduce fresh, diverse talent into these executive offices and boardrooms. In the same vein, with increased numbers of females in upper management, women have role models and sponsors to help them through the ranks. Having the opportunity to see, hear, and shake the hand of another successful woman instills confidence and belief in young entrepreneurs. New young female professionals are a great asset, as women in housing are not getting any younger. We

| NAWRB MAGAZINE

WOMEN'S GLOBAL RESOURCE CENTER need to recruit millennials and Generation Z to bring the added diversity of younger generations to the women’s movement. With this diversity of talent and foresight, companies will see their bottom line profits and impact climb. Regarding women-owned businesses (WOBs), the federal government has no internal tracking system to date. Independent third parties simply supply the recordkeeping and the old saying, “Garbage in, Garbage out!” There is not one site or resource center for women-owned firms. Many of these businesses are not registered and don’t know the value add of certifying as a WOB. How can you effectively increase women’s diverse spend including the number of WOBs, if companies can’t find these businesses or even know they exist? Companies that have developed businesses practices centered on supporting and incorporating women are actively seeking out WOBs. Unfortunately, in several sectors, finding a WOB in housing is like finding a needle in a haystack.

uniting women with prospective clients. Make it quick and simple so time isn’t a factor. Make it free, so cost isn’t a factor. Make it global and available in dozens of languages to spread the culture. The National Association of Women in Real Estate Businesses (NAWRB) has done just that! The NAWRB Women’s Global Resource Center provides a women’s depository for vendors and clients to grow their diverse spend and increase women’s employment at all levels. NAWRB’s goal is to have 250,000 women registered by 2018. How do entities find women in the housing ecosystem and associated women-owned businesses? What is the best outlet to locate a women-owned business? There isn’t a clear answer.

"How do we find WOBs to make them aware of the fact they are being actively recruited?"

With the Federal Housing Finance Agency’s (FHFA) new Office of Minority and Women Inclusion (OMWI) Strategic Plan giving a report card to Fannie Mae and Freddie Mac on their diverse spend and outreach efforts, entities doing business with these government-sponsored enterprises (GSE) are beginning to see the added value of increasing their own diverse spend. It not only helps serve local communities, it also raises their bottom-line profits. Utilizing WOBs is a winwin situation.

How do we find WOBs to make them aware of the fact they are being actively recruited? We must start at the basics; develop a Women’s Global Resource Center. Create a simple platform for women to not be fearful and understand the value of capitalizing on the opportunities at their disposal. Contact the women’s groups, government agencies, trade associations, embassies, publicly and privately-held companies and anyone that can contribute to

NAWRB Founder and CEO Desirée Patno states, “There are opportunities for women and women-owned businesses that aren’t being utilized to their full potential. Set-asides are therefore limited and not being fulfilled, as entities cannot always find women-owned businesses to award contracts for their diverse spend. In addition, there are too few C-suite women in our industry seated at the table and available for mentorship or sponsorship. The mission of the NAWRB Women’s Global Resource Center is connecting women of all levels and women-owned businesses within the housing ecosystem to pivotal business opportunities. Ownership or women-owned business certification, while a requirement for government contracts, isn’t mandatory for opportunities in the private sector or to enroll in our resource center. By creating a depository of women business professionals and women-owned businesses, NAWRB is bringing more women business avenues to the forefront.”

www.NAWRB.com/resource-center/

today!

NAWRB MAGAZINE |

As we move through the presidential election year our strengths and relationships are in high gear. It is fitting we bring you NAWRB Magazine’s Legislative Developments, reviewing the current state of women-owned businesses and applying a lens to women’s issues. Advancements in the women’s movement, whether in federal contracting or homeownership, are only the tip of the iceberg. We must maintain the momentum of this progress until there is true parity in the workforce between men and women. On the policy front, women’s achievements in the federal contracting field have been historic this year, and the contributions of women-owned firms to our economy are incredible. Women are creating over 1,100 businesses a day, imagine what can happen if we are able to unleash the potential of women-owned firms. New guidelines, compliance issues, fluctuating buying activity and inventory shortages all contribute to the turbulent but buzzing real estate market. We address the profound effect foreign buying is having on real estate and the legal regulations that are an intrinsic part of this buying activity. How does this international investment boost the economy and impact Americans’ ability to purchase affordable homes? With our advocacy for women professionals and our mission to drive their success, focus on the difficulties women face in the workforce, and the ways they can persevere and succeed. Women-owned business and women’s business enterprise certifications are powerful tools to highlight firms in the contracting arena and increase their appeal

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to companies seeking to augment their diverse spend. Our certification survey reveals there is still an incredible amount work that needs to be done. Retirement is an uphill battle for most professionals, especially women. We delineate the disparities professional women endure and their dooming effect on women’s retirement. Women work hard for less their entire careers; this can prevent them from retiring securely and on time. From joining women’s organizations to fighting for pay parity, there are factors that can help situate women more favorably in their careers and retirement years. Having recently released our Women’s Global Resource Center (NWGRC) providing a women’s depository for vendors and clients to grow their diverse spend and increase women’s employment at all levels, NAWRB remains a strong voice for women in the housing ecosystem. Through our international magazine and advocacy, we are here to inform and help you prepare for the future of our industry.

Desirée Patno Publisher/CEO

Desirée.Patno@NAWRB.com

NAWRB STAFF & CONTRIBUTORS Proud winner of consecutive APEX Awards for 2015 and 2016!

PUBLISHER/ EDITOR-IN-CHIEF Desirée Patno

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CONTENT WRITER Belester Benitez SENIOR GRAPHIC DESIGNER Kendall Roderick PRODUCTION ASSISTANT Lauren Iglehart Jay Jones CONTRIBUTORS Ann Sullivan Janet Branton Teresa King Kinney Pam O'Connor City of Hope

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NAWRB Magazine is your gateway to the hottest topics for women in the housing ecosystem, bringing women’s diversity and inclusion to the forefront with accountability and results. /NAWRB

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.

(800) 337-3996 | Media@NAWRB.com

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WOMEN WANT HEALTH WHATXXXX XXXXXXX

Martial Arts Martial arts are a great discipline allowing practitioners to exercise while learning self-defense and strengthening their mental focus. The notion that martial arts are best suited for the youth is misguided, and there are many styles that are great for adults searching for a new workout experience.

This is not to say that there are martial arts forms adults should avoid. In fact, recently, older adults have been gravitating in higher numbers towards the tougher perceived disciplines, such as karate, tae kwon do and kung fu. It is important to conduct research and find out the most suitable exercise according to your ability and goals.

Health Benefits of Martial Arts • • • • • • • • •

Improved heart health Lower cholesterol levels Refined mental state Improved flexibility Better balance Strengthened immune system Increased endurance and strength A sense of community Added confidence

Martial Arts for Adults Searching for a Less Demanding Experience

• Tai Chi: Chinese martial art that develops self-defense and health. This is a low impact form that doesn’t overexert the body and can be practiced at home, in the park or at the gym. • Wing Chun: A straightforward form of Chinese Kung Fu that focuses more on speed than power. Good for people over 50 looking to develop and maintain their flexibility and quickness. • Brazilian Jiu Jitsu: A discipline that remains at lower intensities than other forms and focuses on developing complex submissions. The large grappling component contains less high impact moves than other forms, making it easier on the body.

NAWRB MAGAZINE |

Contents:

Features 6 NAWRB Women's Global Resource Center: A Platform for Women in the Housing Ecosystem

15 Women Entrepreneurs Make Progress on the Policy Front by Ann Sullivan

19 International Investment in U.S. Real Estate by Janet Branton 23

Miami Real Estate: A Center for Global Investment by Teresa King Kinney

27 The Value of Women's Organizations 30 sheCENTER(FOLD) Desirée Patno 39 Women's Retirement: An Uphill Battle

44 Lessons For Tomorrow's Women by Pam O'Connor 47 Certification Survey in the Housing Ecosystem 54 Meditation in Motion by City of Hope

Departments 11 Health: Martial Arts

50 Books and Movies

22 Chef Roberts' Recipes

51 SWAN

38 Helpful Hints

-Speak -Write

-Attend -Network

42 Showcasing Women ‘On the Move’ in the Housing Ecosystem

| NAWRB MAGAZINE

47 19 sheCENTER(FOLD)

DesirÃ©e Patno

Vol 5. Issue 2: Legislative Developments NAWRB MAGAZINE |

WHEN WE PUT OUR MINDS AND HEARTS TOGETHER, CANCER DOESN’T HAVE A CHANCE. Cancer cannot withstand an assault of brilliant minds committed to breakthroughs. Here, some of the world’s best physicians and researchers join forces to save lives. Find out why so many innovative cancer solutions happen here. Find out why there’s no place like Hope. CITYOFHOPE.ORG

WOMEN ENTREPRENEURS

WOMEN E NTREPRENEURS Make Progress on the Policy Front

By Ann Sullivan

When I first began advocating for women entrepre-

neurs over 15 years ago, I was excited to take on the challenge. At that point the majority of meetings I went to on Capitol Hill consisted mostly of men, and no one was focusing on women business owners. For the first five years, I spent most of my time convincing the Congress that women business owners cared about economic issues that affected the growth of their business instead of the social issues “women” cared about. Not only was there a lack of understanding about women entrepreneurs, there was also a disparity between male-owned and women-owned businesses. The women’s business community’s favorite phrase was “we want a seat at the table.” Looking back on the progress that women business owners have made over the last decade and a half, I am reminded that there was never one simple solution – no silver bullet to solve the inequities between male- and female-owned businesses and the disparities between large and small firms. Rather, we chipped away at access to markets and access to capital and urged elected officials and federal policymakers to consider women business owners in their deliberations. I am happy to report that today we have a seat at the table. Despite the odds, women-owned businesses have made huge strides and the wins for women entrepreneurs are accumulating. In particular, we received great news last year when the Census Bureau’s Survey of Business Owners (SBO) reported that there are now nearly 10 million women-owned businesses in the U.S. From 2007-2012, the gap between SBO releases, the number of wom-

en-owned businesses increased by over 27 percent. Since 2002, the number of women-owned firms has increased by over 50 percent from 6.5 million. What is even more impressive is the economic force that women-owned businesses have become. They contribute to the nation’s economy by generating $1.4 trillion in revenue and employ nearly 9 million Americans. These statistics reinforce the now-accepted conclusion that the women’s business community is a pillar of the American economy. Looking toward future advocacy efforts, the key issues of women business owners generally fall into three buckets: access to federal contracts, access to entrepreneurial resources and access to capital.

Procurement Parity Takes Two Giant Leaps The Women-Owned Small Business (WOSB) Federal Contract Program has continued to grow and women-owned firms are reaping the benefits. First, the SBA announced that in FY2015—the first time since 1994—the federal government has achieved its 5 percent goal of contracting to WOSBs. Why 1994? Because it is when the government established a 5 percent goal for contracting awards to women. And what an effort it took; members of Congress, national women’s business organizations including NAWRB, a supportive White House and SBA and thousands of women across the country who cared enough to keep up the pressure. NAWRB MAGAZINE |

WOMEN ENTREPRENEURS In the same week that they confirmed the government had finally reached its 5 percent contracting goal, the SBA also announced a significant expansion of the WOSB program. When the last disparity study was completed in 2007, women-owned firms were considered underrepresented in 83 industries, thus making those industries eligible for participation in the WOSB Program. WIPP advocated for a new study to update eligible NAICS codes for the program. The study, completed by the Department of Commerce earlier this year, found that women-owned businesses are underrepresented in 113 industries and now these industries are immediately eligible for the program—opening the doors for more than a third of all industries.

issues. The Defending America’s Small Contractors Act of 2016 (H.R. 4341) will prove to be significant to small contractors. Moreover, the bill was approved unanimously by the Committee and with over two-thirds of the Committee contributing content to the bill.

Training and Counseling For Women Entrepreneurs Women’s Business Centers, a network of over 100 non-profit organizations nationwide, are dedicated to assisting women entrepreneurs (or those that are interested in starting a business) and fill a much-needed role with respect to business generation and growth. Yet, for too many years, this program limped along with no increase in funding or change in program guidelines. Our question to Congress has been, “How can 100 women’s business centers serve 10 million women?”

The disparity study, The Utilization of Women-Owned Businesses in Federal Prime Contracting, highlighted two very alarming facts. First, women are 21 percent less likely to get a government contract when controlling for factors such as age and size of the business. Second, the indusIn response to that question, the tries in which WOSBs are less Senate acted and we are hopeful "Despite the odds, womenlikely to win contracts account that the House will as well. For owned businesses have for about 85 percent of both tothe first time in nearly a decade, tal contracts and dollars awarded. Congress is on its way to reaumade huge strides and the When taken together these facts wins for women entrepreneurs thorizing the Women’s Business show that the need for the WOSB Center (WBC) Program. In are accumulating." Program still exists. We have made the Senate, the Committee on tremendous progress but our work is not done. Small Business and Entrepreneurship unanimously approved the Women’s Small Business Ownership Act of I have written previously about sole source authority— 2015, which would do just that. Senator Maria Cantwell the ability for the agencies to award contracts directly (D-WA), Chair David Vitter (R-LA) and Ranking Memto women-owned businesses. That authority was final- ber Jeanne Shaheen (D-NH) sponsored this landmark ized in the Federal Acquisition Regulation (FAR)—the legislation and the bill was referred out of Committee contractor’s rulebook—in January 2016. Now WOSBs on a bipartisan, unanimous vote—a rare occurrence in can compete on a level playing field with all other small Congress. Representative Susan Delbene (D-WA) has business set-aside programs and evidence shows that introduced a companion bill in the House. women are aggressively using this new tool. Under the bill, the WBC Program would be authorized Part of improving access to federal markets for women at $21.75 million per year through FY2020, allowing entrepreneurs, is improving access for the small busi- more Centers and providing additional support to exness community as a whole. Moving in unison allows all isting, successful Centers. SBA’s funding for WBCs are small businesses to benefit. As the saying goes, a rising matched by private donations, doubling the impact of tide lifts all boats. That’s why I was particularly excited this increase. WBCs will be able to receive grants up to to see the House Small Business Committee’s first ma- $250,000, a major increase from the previous maximum jor piece of legislation for 2016 address many contracting of $150,000.

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WOMEN ENTREPRENEURS Given that WBCs provide an invaluable resource for women entrepreneurs it is only reasonable that support is given to encourage job creation and job growth. Last year, they served over 140,000 women entrepreneurs, which led to the creation of over 760 new businesses.

While none of these policy changes will solve the access to capital struggle that women entrepreneurs currently encounter, WIPP and others are taking the same approach that we did to access to federal markets—chipping away at the issues.

Access to Capital

Our Voice During the 2016 Elections

For as many strides as we made in access to federal markets and resources, access to capital lags far behind. A recent report by the Senate Committee on Small Business and Entrepreneurship highlighted many areas where women-owned businesses were underserved by private capital markets. The report pointed out that women-owned businesses receive only 4 percent of the total dollar value of small business loans and only 7 percent of all venture capital funds.

WIPP has launched WE Decide 2016, a collaboration with Personal BlackBox (PBB). WE Decide 2016 is an interactive, online platform for women entrepreneurs to have their voices heard during the 2016 elections. With the support and collaborative efforts of several associations with quick polls and issue surveys, we will be able to ascertain women business owners’ views. WE Decide 2016 engages women business owners and women entrepreneurs to focus our message on results, sensible regulations and an investment in small businesses. The opinions shared through WE Decide 2016 will culminate in a policy platform, which will be shared with Presidential and Congressional candidates at both national conventions.

The report was illuminating and led to a renewed focus on reducing the gap between male and female led companies with respect to available capital. It was through this next new challenge for WIPP that we created WIPP’s Access to Capital platWhen reflecting on these reform titled “Breaking the Bank” cent legislative and regulatory and I am happy to report that achievements, I am grateful we are already checking items "Women-owned businesses for the progress that women off of our list. The Securities and contribute to the nation’s entrepreneurs have made in so Exchange Commission (SEC) many different areas. None of finalized rules for equity crowdeconomy by generating $1.4 funding, which allows small trillion in revenue and employ this would have happened without advocacy. Advocacy is businesses to obtain capital from nearly 9 million Americans." not a once-in-a-while exercise. investors without going through the expensive and complex securities registration pro- Change does not happen with an annual visit to an cess. Additionally, the House passed legislation to give elected official or a retweet by one person or one organismall businesses a voice at the SEC. The SEC Small zation . It needs a constant drumbeat and direct focus by Business Advocate Act of 2015 (H.R. 3784) passed the many. As we unite to tackle tough issues, I am absolutely House in February and requires the SEC to establish convinced that 10 million women-owned businesses will an Office of the Advocate for Small Business Capital make a difference. Formation to assist small businesses in accessing capital. Ann Sullivan is the President of MadSimplifying the patent and trademark process is another ison Services Group, Inc. (MSGI), a priority that the Senate Committee on Small Business woman-owned company that provides and Entrepreneurship highlighted in a recent hearing. government relations and business development services to corporate and Making patents and trademarks more accessible will non-profit clients. increase investment and allow women entrepreneurs to capitalize on their intellectual property.

NAWRB MAGAZINE |

LEGISLATION FOR FOREIGN INVESTMENT

International Investment in U.S. Real Estate

New legislative developments to boost foreign investment

By Janet Branton

Global real estate has been and will continue to be a

constantly shifting landscape; of that we can be sure. Current events continue to shape country economies, impacting capital flow and global markets. Five years ago, America’s economy was in the throes of a recession and foreign investment was the lifeblood of many local real estate markets. Now, the American dollar is stronger than most world currencies and is a more expensive destination to buy and own property. Yet, it remains one of the world’s most popular destinations to purchase real estate. Last year, foreign investors accounted for $104 billion in U.S. residential real estate; and $91 billion in commercial property purchases. China overtook Canada for the first time as the number one purchaser, accounting for $28.6 billion in purchases. This is partly due to the relative safety and security of our country’s politics, economy, and lifestyle. Among the many factors impacting demand for real estate, some of the more complex considerations relate to the laws and policies of various governments. From differences in tax treatments, to allowed investment strategies, or the ease of securing visas/residency status, all of these factors and more can play a significant role in where and how global buyers, especially of luxury properties, choose to acquire real estate. While there is much to say about each of the following legal/policy topics impacting real estate, I will provide a

brief overview of each, and encourage all of you to visit our web site, realtor.org, or our blog, theglobalview. blogs.realtor.org, for more comprehensive information on these topics.

Money Laundering An unfortunate reality of today’s market is the issue of real estate money laundering. Governments around the world are being forced to adapt or create new policies to help prevent suspicious activity. Wealthy buyers frequently use shell companies to take advantage of legal investment and tax strategies—or simply to maintain their privacy. However, they have also been used in money laundering schemes, designed to hide corruption and shelter criminal activity, including terrorism. In and of themselves, shell companies are perfectly legitimate. They can be created in the names of accountants, lawyers or relatives, making it nearly impossible to establish money sources. Also, shell company ownership can be shifted at any time without updating property records. Further, since many high-end transactions are made in cash, ownership can’t be traced through mortgage documents either. Typically, the first and most important layer of control for anti-money laundering (AML) and anti-terrorism financing (ATF) rests with banks and other financial NAWRB MAGAZINE |

LEGISLATION FOR FOREIGN INVESTMENT institutions. However, depending on where real estate professionals practice, they may also be subject to compliance with AML and ATF regulations. New York City is generally regarded as a top international destination for luxury real estate purchases, potentially involving money-laundering schemes.

voluntary guidelines NAR developed in collaboration with FinCEN, as an effective means for its one million plus members to be aware of and partner with relevant government agencies when suspicious financial transactions take place.

U.S. EB-5 Regional Center Program

Throughout 2015, The New York Times published a se- The EB-5 Immigrant Investor Program is designed ries of articles under the banner to stimulate the U.S. economy "Wealthy buyers frequently “Towers of Secrecy” which exthrough job creation and capital amined the people behind shell use shell companies to take ad- investment by foreign investors. In companies purchasing high-end vantage of legal investment and exchange for making a minimum Manhattan condos. The Times investment into a new U.S. busitax strategies—or simply found that almost half of the ness that results in the creation of to maintain their privacy. Howmost expensive residential propat least 10 jobs, foreign investors erties in the U.S. (over $5 million) ever, they have also been used in may secure legal residency for are now purchased anonymously themselves and their families. money laundering schemes..." through shell companies—a fact that may or may not relate to illicit activity. Typically, foreign investors find it advantageous to participate in the program by means of an authorized In January 2016, the U.S. Financial Crime Enforce- Regional Center—an economic entity, public or priment Network (FinCEN, part of the U.S. Treasury vate, which promotes economic growth and job creation Department), announced temporary requirements for and adheres to the terms of the EB-5 Regional Center title insurance companies participating in high-end Pilot Program. all-cash shell company real estate transactions in Miami (properties over $1 million) and Manhattan (over Since 2003, EB-5 Regional Centers have invested over $3 million). $3.1 billion of foreign capital into the U.S. economy, creating over 65,000 jobs for U.S. workers. By stimulatThe pilot data collection program, running from March ing the economy, the EB-5 program also stimulates real 1 to August 27, 2016 requires some designated title estate markets across the U.S. insurance companies to determine and confirm the identities of natural persons with 25 percent or more Reauthorization ownership in a legal entity such as an LLC, corporation The EB-5 Regional Center Program was originally set or partnership and to report those names and proof of to expire in September 2015. Six distinct reauthorizaidentity to FinCEN. tion bills were introduced in 2015, attempting to usher in reforms that would make the program more transparThe information collected may be used in conjunction ent, accountable and permanent. with efforts by other law enforcement agencies, but no public disclosure is intended. The National Association In spite of intense negotiations with the EB-5 Investof REALTORS® (NAR) is working to achieve greater ment Coalition and other stakeholders, it became clear assurances in this regard. that the details of a complex and difficult EB-5 immigration reform bill could not be resolved prior to the FinCEN’s announcement was made as an internation- deadline. Among the goals under review were fraud and al Financial Action Task Force (FATF) team arrives in security risks, job creation and national security. the U.S. to assess its anti-money laundering policies. The FATF was created by the G-7 nations in 1989. At the last moment, the EB-5 Regional Center Pilot Program was extended until September 2016, giving the U.S. NAR will meet with the FATF team to speak about the Congress more time to hammer out permanent reforms.

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LEGISLATION FOR FOREIGN INVESTMENT

Top five countries receiving EB-5 conditional visas (FY2014)

Source: State Department preliminary data (FY2014)

What is FIRPTA?

FIRPTA is the Foreign Investment in Real Property (PATH) Act includes two very positive FIRPTA proviTax Act of 1980. This legislation was enacted as a re- sions that are conservatively estimated to boost foreign sult of widespread concerns that foreign investors were investment in U.S. commercial real estate by $20-$30 bilpurchasing U.S. real estate and then selling it at a profit lion per year. The increase in withholding rate is part of without paying any tax to the United States. To solve a package of tax changes to “pay for” the two provisions. the problem, FIRPTA established a general requirement It should be noted that residences purchased from foreign persons will not be affected on the purchaser of real estate in"If a real estate agent represents by the higher withholding rate terests owned by a foreign seller either the buyer or seller of a unless the purchase price exceeds to withhold 10 percent of the $1 million. purchase price. This withholding property subject to FIRPTA must be remitted to the Internal withholding, he or she could The National Association of RERevenue Service (IRS) at the be liable for the tax that should ALTORS® is heavily involved time of closing unless certain exhave been withheld by the buyer not only in the issues mentioned ceptions are met. in this article, but nearly all in certain circumstances." real-estate related legal and polUnder the FIRPTA law, there is icy decisions made by the U.S. government. For more no withholding requirement if the sales prices does not exceed $300,000 and the residence is intended for the information on NAR’s involvement, visit realtor.org/lawbuyer’s personal use. For properties over $300,000 and and-ethics. up to $1 million, they are subject to a 10 percent withholding tax at the time of sale. The update in 2016 now Janet Branton, Senior Vice President, increases the withholding of high-end properties, priced Commercial & Global Services over $1 million, to a 15% withholding tax. National Association of REALTORS® Usually, the settlement agent is the party that withholds and remits the funds to the IRS, but the buyer is legally responsible. If a real estate agent represents either the buyer or seller of a property subject to FIRPTA withholding, he or she could be liable for the tax that should have been withheld by the buyer in certain circumstances. Good news for the U.S. commercial real estate industry: The Protecting American Taxpayers from Tax Hikes NAWRB MAGAZINE |

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. .

“Eggs in a Basket” with fresh Garden Salad Pesto

Pan Seared Grouper, Carrot Shallot Puree, Roast Squash Tomato Caper Relish

Pan Seared Grouper

Scoring the surface of the fish allows the seasoning to penetrate, prevents the skin from curling,encourages fat to render, and creates more crispy bits.

Carrot

hallot

Puree

∙ 350 grams table carrots peeled and roughly chopped ∙ 35 grams shallots ∙ 4 cups water ∙ Salt to taste ∙ Ground White Pepper to taste Place carrots, shallots, and water in a small sauce pot and boil until carrots are soft. Strain and reserve liquid. Transfer carrots and shallots to a blender. Using reserved liquid, slowly add to help blend carrots and shallots until smooth. Season with salt and white pepper.

Roast Squash

∙ Salt to taste ∙ Ground White Pepper to taste ∙ 300 grams White/Green, Zucchini/Squash, cleaned and quartered into half moons ∙ 1 tablespoon Olive Oil Preheat oven at 425 degrees. Mix oil, salt

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pepper and squash in small mixing bowl and transfer squash on to cookie sheet. Roast 15 minutes or until tender.

Sundried Tomato Caper Relish

∙ 1/2 cup finely chopped oil-packed sundried tomatoes ∙ 1/4 cup finely chopped oil-cured olives ∙ 3 tablespoons extra virgin olive oil ∙ 2 tablespoons fresh lemon juice ∙ 1 tablespoon chopped capers ∙ 1 tablespoon minced fresh basil/ cilantro/parsley ∙ 1 tablespoon minced shallot ∙ Salt to taste ∙ Ground White Pepper to taste Mix all ingredients in a small bowl and let marinate for 15 to 30 minutes.

∙ 1 chicken egg ∙ 1 slice of sandwich bread ∙ 5 grams unsalted butter ∙ Salt ∙ Pepper Cut a circle in the middle of bread. Place the bread in the pan and add butter to the cut out section. Heat the butter until it starts to turn an amber color and crack an egg in the hole. Using a spatula, move the egg around so it cooks evenly. When the egg is fairly set, flip the bread and egg, being careful not to break the yolk.

Pesto Sauce

∙ 9 grams shallots ∙ 3 grams garlic ∙ 18 grams Parmesan ∙ 1 cup extra virgin olive oil ∙ ¼ lemon ∙ 4 g salt ∙ 1/2 pound basil ∙ pinch of chili flake In a large saucepan add salt and 4 liters of water. Bring to a boil. Add the leaves of the picked basil. Cook the basil for 15 seconds and use a pasta strainer to strain the cooked basil. Transfer the basil into a bowl of ice water and chill completely. Strain the basil from ice water using pasta strainer and using a heavy-duty cloth, wring out basil until it’s as dry as possible. Add oil, garlic, basil, chili, Parmesan and salt to a blender and blend, gradually adjusting the speed from low to high speed for 90 seconds. Add lemon juice and zest. Blend again to incorporate the lemon.

Garden Salad

Just as easy as it sounds. Use red leaf lettuce, cherry tomatoes, olive oil, salt pepper and Parmesan cheese. Combine all ingredients together in bowl and mix gently.

MIAMI REAL ESTATE

Miami Real Estate: A Center for Global Investment

By Teresa King Kinney

Construction

cranes in Downtown Miami and throughout South Florida help tell the story of a fast-growing population center and global business hub. Miami’s skyline—a visual marvel with awe-inspiring, high-rise buildings overlooking the Atlantic—has changed more rapidly than any other American city. Global investment from an array of countries have helped fuel the development. Foreign real estate buyers account for 36 percent or $6.1 billion of South Florida total sales volume, according to the 2015 Profile of International Home Buyers in Miami Association of REALTORS® (MIAMI) Business Areas. That is more than four times the eight percent national percentage of foreign buying activity. The annual survey, which was conducted by MIAMI and the National Association of REALTORS® (NAR), is just one indicator of how attractive South Florida has become to international buyers. According to NAR’s 2015 Profile of Home Buying Activity of International Clients, Florida remains the top state for international buyers, accounting for 21 percent of all foreign purchases in the U.S. Miami and Fort Lauderdale account for a staggering 50 percent of all foreign sales in Florida, according to the 2015 Profile of International Home Buyers in Florida. The majority (78.9 percent) of international sales take place in Miami-Dade County, followed by Broward (18 percent), Palm Beach (2.7 percent) and Martin (.03 per-

cent). Foreign home sales accounted for 22 percent of South Florida’s total sales in 2015.

An Appreciating Asset

At a time when stocks, bonds and world economies are declining, Miami real estate offers an appreciating asset to global investors. With its close proximity and easy access to Latin America, Miami has long attracted international home buyers seeking a secure place to invest their money and a safe place to live with their families. Events in other global markets, including the economic slowdown in China, will only strengthen South Florida’s position as a global destination for foreign investment. Today, a diverse collection of cultures regularly visit and choose to live and buy in South Florida. Venezuelans, Brazilians, Argentinians, Colombians, Canadians and more purchase local property. The top countries of origin for consumers purchasing properties in the counties of Miami-Dade, Broward, Palm Beach and Martin are:

Percentage of Foreign Sales in South Florida • Venezuela 13% 12% • Brazil • Argentina 10% • Colombia 10%

• Canada • Mexico • France • Italy

7% 5% 4% 4%

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MIAMI REAL ESTATE • Ecuador • Spain • Russia • Dominican Republic

3% 3% 3% 3%

• Chile • China • Peru • United Kingdom

2% 2% 2%

by London-based real estate consultancy Knight Frank. London, New York, Hong Kong, Singapore and Shanghai rounded out the top-five most important global cities.

Miami offers UHNWs the ability to purchase a luxurious home with access to superior schools and shopping opportunities akin to London. In addition to South Florida’s weather and beaches, the world’s elite also like Miami for its developing art scene. The Art Basel show draws the world’s top collectors, and the Wynwood neighborhood has gained national and global attention for its trendy local art. The Adrienne Arsht Center for the Performing Arts and a waterfront art museum opened recently in Miami. A new science museum will open next year.

Attracting Foreign Investment

In addition to Miami’s glamorous locale and all-year sunny weather, South Florida’s unique multiculturalism, growing jobs sector and startup business culture attract global investors and homebuyers. Approximately 51.3 percent of Miami residents are foreign born and the Miami-Dade County population speaks up to 100 languages. Miami’s concentration of foreign-born residents is more than two-and-a-half times the national average of 19.4 percent, according to the U.S. Census Bureau.

The lack of a state income tax also entices U.S. citizens, particularly those living in the colder "Greater Downtown Miami has climates in the Northeast, to establish residency here. The afseen a 99.6 percent population increase since 2000, growing from fluent from high tax states like New York and Connecticut can Once reliant on tourism and 40,466 to 80,750 residents." afford to purchase more expenreal estate, Miami has diversified its economy to become one of the world’s top busi- sive homes in Miami because of the tax structure. ness hubs. Personal finance website WalletHub recently ranked Miami as the second-fastest growing economy Miami Adding among large U.S. cities, according to data from 2010 to Residents, Improving Infrastructure 2014. The study also ranked Miami first in full-time jobs Perhaps no other South Florida area epitomizes Miincrease and working-age population growth; sixth in ami’s growth as Downtown Miami. poverty-rate decrease; seventh in business growth; and 10th for median household income growth. A downtown area once devoid of year-round businesses and restaurants is now a vibrant area with full-time resMiami’s technology hub is being led and supported by a idents, new companies, state-of-the-art office buildings, strong ecosystem. Organizations such as eMerge Ameri- world-class cultural institutions and entertainment. cas, the Idea Center and Venture Hive provide resources to incoming software, technology and IT entrepreneurs. Greater Downtown Miami has seen a 99.6 percent popThe results are impressive, according to Endeavor Miami; ulation increase since 2000, growing from 40,466 to in 2014, Miami-based startups attracted about $49.4 mil- 80,750 residents. Brickell—which is the core of Miami’s lion in venture funding. banking, investment and financial centers—has seen the largest increase in downtown, growing from 12,904 Top Market for the Wealthy residents in 2000 to 32,489, according to the Miami In the Knight Frank’s prestigious 2015 Wealth Report, Mi- Downtown Development Authority (DDA). ami ranked as the sixth most important city in the world to ultra high net worth (UHNW) individuals. Miami The population increase has led to healthy business acand New York were the only North American cities to tivity in Greater Downtown Miami. About $4.47 billion make the top 10 list of the report, which is issued annually in gross sales occurred in the downtown area in 2013-14,

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MIAMI REAL ESTATE a 3.45 percent year-over-year increase, according to a recent report commissioned by the Miami DDA. Downtown’s population boom falls in line with Miami-Dade County’s resident growth. Miami-Dade County gained a net total of 21,000 new residents between 2013 and 2014, according to the U.S. Census Bureau. Today, Miami-Dade has a population of about 2.6 million residents. As its population grows, South Florida is investing in new infrastructure. From its airports to its expressways and its ports to its rails, South Florida is spending more than $20 billion on upgrades. The changes will not only ease transportation, they will create more jobs, trade and development.

Global Investment Reshaping Miami

Miami’s ability to attract global investment is not just seen in its robust real estate, population and start-up companies. It can be seen in its booming retail. South Florida has numerous significant retail projects in the works, from the 500,000-square-foot open-air shopping center under construction at Brickell City Centre to the $1.7 billion planned mixed-use development Miami Worldcenter and proposed renovations at Sunset Place Shops and CocoWalk. Miami’s strong tourism and local demographics are making South Florida a top investment draw. As a center for global investment and a major destination for international home buyers, South Florida is well positioned to continue growing as a world-class global region.

By Teresa King Kinney Chief Executive Officer of the MIAMI Association of REALTORS®

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Prospect Mortgage Dedicated to Homeownership and Advancement Prospect Mortgage is one of the largest independent residential mortgage lenders in the nation. We specialize in home financing programs, including FHA and VA, Conventional, Renovation and New Construction. Our business has helped many families achieve their dream of homeownership and advanced the careers of the many women Loan Officers, Branch Managers and Executives at Prospect.

Robyn Trinci (760) 839-3477

Risha Kilaru (510) 209-7374

Christina Longo (978) 886-9359

Molly Meeker (559) 490-2701

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Senior Loan Officer, NMLS #334136 333 South Juniper Street, Suite 210 Escondido, CA 92025 Branch NMLS #1098063

Loan Officer, NMLS #249676 41111 Mission Boulevard Fremont, CA 94539 Branch NMLS #297484

Senior Loan Officer, NMLS #79510 420 Boylston Street Boston, MA 02116 Branch NMLS #118144

Area Manager, NMLS #256212 7480 N. Palm Ave., #103 Fresno, CA 93711 Branch NMLS #382062

Vice President, NMLS #256367 15301 Ventura Blvd., #D300 Sherman Oaks, CA 91403 Branch NMLS #3296

We are a purchase-oriented lender with a reputation for outstanding relationships in the real estate community. Check out our real estate agent educational platform, www.LearnWithProspect.com, for more information and a list of upcoming webinars.

Experienced. Reliable. On Time.

Loan inquiries and applications in states where I am not licensed will be referred to a Loan Officer who is licensed in the property state. Equal Housing Lender. Prospect Mortgage is located at 15301 Ventura Blvd., Suite D300, Sherman Oaks, CA 91403, 800-464-2484. Prospect Mortgage, LLC, NMLS ID #3296, (www.nmlsconsumeraccess.org) is a Delaware limited liability company, licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act and operates pursuant to the AZ Mortgage Banker License #BK0903027; operates pursuant to the MA Mortgage Lender/Broker License #MC3296; and licensed by the NH Banking Dept. This is not an offer for extension of credit or a commitment to lend. Rev 2.1.16 (0615-2174A) LR 2015-361

WOMEN'S ORGANIZATIONS

Why join a women’s organization? One word: success. Businesswomen are creating higher-level success stories and it is in no small part a result of collective camaraderie and new tools like the NAWRB Women’s Global Resource Center. Women are starting over 1,100 businesses a day and women-owned businesses grew by 27.5 percent from 2007 to 2012. This professional attainment has gained so much momentum that last year the Small Business Administration (SBA) announced that it met its annual lending authority threshold of $18.75 billion. The SBA also recently awarded 5.05 percent of all federal small business contracts totaling $17.8 billion to women-owned small businesses, surpassing their 5 percent goal.

resources to fund their enterprises, women business owners fail to hire employees and are consequently unable to expand and sustain their companies. The access to capital fields and the utilization of women-owned businesses needs to continue improving. Meanwhile, women’s groups and organizations are essential to preventing women and their ventures from becoming merely memories. Talent and ability are undeniable and crucial, as is tenacity and perseverance. If you work hard and dedicate yourself, chances are you will find quality success along your path. However, even the most successful entrepreneurs had help along the way.

“Women are twice as likely as men to close down their businesses due to lack of capital...”

Despite these victories, there are obstacles facing female entrepreneurs that persist, and the Census Bureau estimates that 88 percent of women-owned businesses don’t surpass the $100,000 revenue threshold. In Force Multipliers: How three fundamental adaptations can help women entrepreneurs scale big, Ernst & Young (EY) and Babson College disclose that only two percent of women-owned businesses achieve $1 million in revenue; businesses owned by men are 3.5 times more likely to reach the million-dollar mark. More troubling than these financial difficulties is the fact that many of these businesses are poised to experience them from the start. A 2014 Senate Committee report reports that women receive only 16 percent of conventional small business loans, 4.4 percent of the total dollar value of all small business loans. Despite the progress in accessing capital, obtaining it remains a prominent struggle for women entrepreneurs. This goes on to have significant additional effects, and the National Women’s Business Council (NWBC) confirms the dismal truth that 91 percent of women-owned businesses have no employees other than the owners. Without the appropriate money and

Becoming part of an organization, a community of like-minded individuals, can provide you with the support and guidance to make successes out of your undertakings. In their report, EY and Babson College further explain, “What’s the advantage of finding community? The first benefit is the removal of self-imposed limits on what you can accomplish,” and, “We’ve also seen how this community enables participants to shorten learning curves, gain insight into tough business problems, collaborate, and create valuable business partnerships.” Surrounding yourself with a supportive circle benefits your progress as an entrepreneur, and also accelerates the speed of your development. In Forget the Glass Ceiling: Build Your Business Without One, Geri Stengel articulates, “Knowing other entrepreneurs plays an important role in directly enhancing aspirations of women to start their own businesses, and supporting their growth by providing access to ideas, opportunities, and resources.” Habits, ideas, mindsets rub off on those around you, and you also become influenced by them; this happens every day. If you are around successful people invested in your accom

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WOMEN'S ORGANIZATIONS plishments, it will have a positive effect on your endeavors. Women entrepreneurs possess incredible potential that can help vitalize the women’s movement for equal representation, opportunity and pay, and rejuvenate our economy. According to the NWBC, as women break the million-dollar revenue ceiling, they will create over 2 million jobs in the U.S. leading to an newfound $1.2 trillion in revenues.

Through NAWRB's Diversity and Inclusion Leadership Council (NDILC) we are helping increase the number of C-suite women and eliminate gender-based barriers within the workplace. In the domestic space, our Women’s Homeownership Initiative (WHI) is committed to increasing women’s homeownership and decreasing women’s poverty levels across America. NAWRB’s advocacy is fueled by our passion. We are here for the success of our members and we partner with government entities focused on the same goal such as the Office of Minority and Women Inclusion (OMWI), the SBA and the NWBC.

“ Meanwhile, women’s groups and organizations are essential to preventing women and their ventures from becoming merely memories.”

As a business owner, you’re constantly searching for new ways to develop your business. A new lead, a new client, a change in marketing strategy can all mean the difference between a period of growth and security or one of struggle and uncertainty. In our competitive business world, you must remain aware of all factors that can give your business a leg up on the competition.

Joining a women’s organization like NAWRB is a powerful tool through which to enhance your business’s performance and bottom-line profits. It means becoming a member of a dedicated community that cares about your success and has the resources and relationships to help you thrive. Certification, one of NAWRB’s services, is just one example. By certifying you can give your business an edge in the contract bidding process, maximize your appeal to companies searching for diverse business segments, cement your presence in the diversity and inclusion (D&I) space and much more.

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You are a capable leader with the ability to succeed and impact the business world. You owe it to yourself to find a community with equal dedication and enthusiasm towards your endeavors. Do not let an imbalanced business field inhibit your rise as an entrepreneur. Your business’s expertise will get you through the door, but your community can bring you there. NAWRB launched our FREE Women's Global Resource Center for all women in the housing ecosystem, bringing together a women’s forum to strengthen the gathering of women in each industry at all levels and business classifications, to provide access and opportunities for diverse spend. Register today for your success. 250,000 women by 2018.

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NAWRB Founder and CEO

DESIREE PATNO Desirée Patno, NAWRB founder and CEO, is a leading advocate for women in the housing ecosystem with over 25 years of experience. A trailblazer in several aspects of her life, Patno has always fought for a seat at the table and the right to compete and work alongside men. We showcase her, from her passion as the only girl in an all-male water polo league to her travels around the nation conquering her fears. NAWRB: How did you get involved in the real estate industry? To what do you attribute your professional success?

I was jealous of what they were doing and what they aspired to be. They were independent and many had a hand in helping the next generation, working outside versus studying books all day long.

Desirée Patno: Growing up, my parents were always designing and adding to their mini Hearst Castle. Most children do normal chores. Mine were helping my moth- In real estate, I found very quickly that my specialty was er build her legacy. She started out with a 1,700 square handling corporate accounts. I came from the corporate foot home, yet before it burned world and am very detailed-oridown it measured over 14,000 ented. For the first couple of square feet. It was an incredible years, I handled relocation clients undertaking lasting more than from major corporations. My three decades! The majority of success comes from listening to their windows and skylights were people and formulating ideas on all hand beveled and beautiful the spot. One day I received an pieces of art. They put a dollar up-call to do a BPO and I had no down payment on the home and idea what a BPO was. I was able after living in it for a full year, to build a relationship to ensure they purchased it for $30,000. that I made my client’s job easiTimes were tough back in 1960. er. There’s the old saying, “Mikey Multiple times their home was will eat it,” my saying was, “Defeatured in local newspapers for siree can do it!” Within a year, I Barbara Corcoran & Desirée Patno a variety of reasons. My mothwas handling their entire nationer had hot pink satin couches completely wrapped in al REO portfolio. Two decades later, I have sold and clear plastic and she painted several murals on the walls managed several thousand REOs for multiple clients. of Roman Revival architecture. It was not your typical home, it was my mother’s miniature showpiece carved NAWRB: Besides a broker/owner of Desiree Patno Enout of the side of a mountain. terprises, Inc. and CEO of NAWRB, is there another career you would like to have or field you are interested At the time I got involved in real estate, I was a com- in entering? puter programmer and coding device drivers. I lived in Hermosa Beach and I would see these women every Desirée Patno: When I was a teenager I modeled for a day wearing fancy clothes, expensive jewelry, and driv- few years, but the lifestyle wasn’t for me. There were some ing nice cars. I would think, “Look at the flexible hours aspects that I really enjoyed and to this day I still miss. they’re working.” They were top real estate agents and I thought, “I could be really good selling houses with all I’ve always wanted to be in fashion, designing my own the experience I have working on them!” clothes, probably because of the way my mother raised NAWRB MAGAZINE |

SHECENTER(FOLD) me. I recently created a line specifically for mature women working in the housing ecosystem. I believe these women are really limited in their choices when it comes to fashion. Women go through a body change, and too often the clothes available to them have no shape. They are ill-fitting, uncomfortable or get in the way. Designers are not taking into consideration that once you have a child it’s hard to handle pressure in certain places, the body shifts and clothes can became very restricting during the course of the day. I want something that is comfortable and stylish, that I can wear in the boardroom and when taking my children to their activities. The fashion industry is definitely lacking in options. I don’t want to look like the stereotypical retired older woman. I have another 50 years on my plate. NAWRB: If you could meet one person, who would it be and why? What would you want to discuss with them? Desirée Patno: I’ve never thought about this. I would love to meet a person who isn’t hypercritical, somebody easygoing. I’ve always looked up to Christie Brinkley. She has enjoyed an incredible modeling career, has stayed fit and appears to have been able to live with fame and fortune. She has remained humble through all her success and I’ve never seen a bad interview of her. Growing up, she was always an idol of mine. I’d like to know, from her life experiences, how she was able to raise her children in the limelight and thrive through multiple marriages. I would love to hear what

Main Image: Erin Andrew, Maria Contreras-Sweet, Desirée Patno and Amanda Brown at SBA exceeds 5% WOB | NAWRB MAGAZINE

keeps her going and motivated. NAWRB: Having been a single mother in the past, what are the biggest obstacles single mothers face? How can we work to eliminate these problems? Desirée Patno: The problem most single women face is they don’t have someone with whom they can trust their problems and struggles. Parents are one thing, siblings are another, and best friends are something else. When you’re a single parent with a child it’s tough, especially when you’re brought up like I was, very focused without a lot of friends. It can be very difficult raising children and being single. There are support systems but women can be very skeptical about getting handouts or assistance. Financial support systems aren’t always the answer and the smallest gestures can make a difference. I think if we had a way to reach out to even the most reserved women, it would be a great help. I heard a great phrase the other day, “I can do that too.” That thought resonated with me immensely. When I was single, the word no wasn’t in my vocabulary. Today, women have to hire or ask for help to grow, as we can’t do it all, personally or professionally. NAWRB: Who has inspired you most throughout your life? Desirée Patno: It has to be my mother. I went a couple years, on more than one occasion, without talking to my mother because I felt wronged. However, as I’ve grown older and more mature, I find myself constantly looking back at everything she ever taught me. I don’t believe in

Small Image: Edie Fraser, Jennifer Bisceglia, Sylvana Coche, Desirée Patno and Irma Delgado-Trikas at the MWM Women’s Senate Luncheon

SHECENTER(FOLD) everything she’s done, but she’s been my biggest champion. Most importantly, she’s taught me to think for myself. I’ve become who I am today based on the values she taught me about independence. She showed me that it doesn’t matter if your lifestyle is different from others, as long as you’re not hurting anybody or forcing your beliefs on other people. She taught me to create my own music.

is pivotal; small businesses can additionally become the frontrunner and big businesses become the tier two company. Secondly, it’s important to educate the public on the businesses they patronize. And, thirdly, we must educate big clients, financial institutions and corporations on the value add of utilizing smaller firms and increasing their diverse spend in that area.

Small businesses need to ensure they align themselves with the Growing up I was a tomboy; right partners for sustainability, there was absolutely no gender and have a proven track record disparity in my family. My faof knowing their business and ther cooked, my mother didn’t. being capable of reacting to If my mother helped cook, it changing market trends. We’ve was a grandiose meal for her seen companies that have had a big parties. My father did all tremendous amount of growth the laundry and majority of the in a few years because they’ve housecleaning. I did most of the targeted certain demographics yard work, manual labor and or classifications. This is due to worked with the contractors out the fact that they were laser-fothe three siblings. My brothDesirée Patno with her third son, Aristotle Jones cused on what they were doing. ers weren’t into the mini-castle I think it would be a travesty to scene. There was no such thing our industry if small businesses as this is men’s or women’s work. are looked upon as a liability or risk rather than an asset. NAWRB: Congratulations on Small firms can definitely probeing selected the Small Business vide insight to big businesses, Administration’s (SBA) 2016 but they need a platform to be Women in Business Champiheard in a non-confrontationon of the Year. Why are small al space. This is something we businesses so valuable to our are working towards, to prevent small businesses’ opeconomy, and what can we do to ensure they thrive and erations from being affected by voicing their thoughts are not right-sized out of business? and concerns. Desirée Patno: The reason small businesses are so important to our economy is that they can be steered at NAWRB: How do you feel about the Small Business a moment’s notice compared to big companies, which Administration’s (SBA) record achievement in womare like slow-moving boats. Small businesses can be very en-owned small business contracting, in which they nimble, spontaneous and creative; I’m a steadfast advocate are presently awarding 5.05 percent or $17.8 billion for this. Smaller firms may lack the resources to be a big of federal small business contracts to women-owned business, but they have more individuality and that’s im- small businesses? portant to our economy. Desirée Patno: At NAWRB, we’re very proud to have As far as keeping them from being right-sized out, in been part of this wonderful achievement. The SBA has our industry, with more regulations and oversight, the shown their dedication to providing access to capital for harder it is for small businesses to survive. The liability, small businesses and our workforce has bolstered the utilirisk and cost of doing business for small businesses are ex- zation of women-owned small businesses across several of ponentially on the rise. First, partnering with larger firms our platforms. Small businesses are crucial to our economy

“The problem most single women face is they don’t have someone with whom they can trust their problems & struggles.”

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SHECENTER(FOLD) and communities, and NAWRB is committed to helping drive their success. This is great for women-owned small businesses, as they are subject to financial strain and disparity resulting from unjust contracting and funding options. The surpassing of the contracting goal is a great success, and it is important to continue advocacy and support of all women-owned companies to maintain this momentum and ensure that the balancing of our workforce continues. NAWRB: What is the biggest challenge you have faced in your life? How did you overcome it and how did it affect and help you? Desirée Patno: In February 2013, my husband almost died from a reaction to a well-known prescription drug and was hospitalized for a week in the ICU. During that time, my third son was diagnosed with Acute Lymphoblastic Leukemia. Commuting between two hospitals and my home for eight months, doing everything possible to help save their lives, running three companies and looking after my other children was exceptionally challenging to my own inner strength. Fortunately, three-and-a-half years later, they are both recovering and my son will be off chemotherapy this summer. Each phase has made me stronger, from the three times my son was in critical condition to my husband mentally waking up after last year’s surgery to correct his occipital neuralgia which he has had for 13 years. NAWRB: Where do you get your love of antiques? What do antiques mean to you? Desirée Patno: Easy, mom. My mother’s house was overloaded with antiques. The labor of love that goes into making antiques is amazing, the craftsmanship, the carving. To have that ability, the passion and most importantly, the vision to create a masterpiece of carved furniture, is something I truly appreciate. You can look at a piece and identify its period in history and yet, today most people don’t buy antiques and instead purchase very light and mobile furniture. They don’t appreciate the intricacy and quality of the finer pieces, which often makes them heavier. My husband says, “You think she is afraid the house will blow away.”

NAWRB: As a successful business owner and entrepreneur, do you believe entrepreneurship can be taught, or is it something with which you are born? What is the most valuable advice you would give to hopeful entrepreneurs? Desirée Patno: Entrepreneurship has a couple different pathways. In my opinion, you have to be thick-skinned, able to take risks and be creative. You need to have drive. You don’t necessarily need money, but you must be able to take rejection, the good and the bad. America has made it pretty easy to become an entrepreneur and it’s up to you to get it done. You have to be born with a certain level of entrepreneurship; I don’t think you can be taught 100 percent. To be a full-fledged entrepreneur, I think there has to be some DNA in there. I can’t stress enough how you have to find the right sponsor, as Carla Harris has spoken about it often. You don’t necessarily need a mentor, some women may not even want a mentor, but you need a sponsor, someone who believes in what you’re doing and shares your passion. They don’t have to do the work but they have the knowledge and resources to help. NAWRB: What are your thoughts on the recent Department of Labor (DOL) final rule updating overtime regulations, automatically extending overtime pay protections to more than 4 million workers and setting the standard salary level at $47,476 annually for a fullyear worker? Desirée Patno: I’m happy that workers are being helped, but I think this new rule will be hard on small businesses,

Desirée Patno at her mother's house

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SHECENTER(FOLD) especially in real estate. Several of our members currently employ workers who are salaried and dedicate time outside regular work hours to fulfill their job duties. These companies have limited resources and are stretched thin as it is. By forcing companies to either pay workers more or limit their hours, the rule will impact small businesses in the housing ecosystem. I believe the real estate industry in particular will be damaged. Real estate professionals are often self-employed and will not be able to place or keep their staff on salary. Furthermore, the schedule of a real estate agent changes and does not abide by regular workday hours; often times, true business hours don’t begin until after five o’clock. With technology there is the feeling we are on call 24/7. This means real estate professionals need to be planning now before the new ruling goes into effect in December. NAWRB: What was your experience being the only female on an all-male water polo team? Did this prepare you for any other situations in life?

Desirée Patno: Personally, having raised my four children. My life hasn’t been as difficult of other people I know, but everyone has their own struggles and what matters is how you conquer them. Professionally, there are two. The first is all of the homes I’ve sold and the ability to get major clients signed. It was very gratifying to have this respect, especially in a time when women weren’t seen as tough enough. With NAWRB, it’s the recognition we received in 2016 after seven long years. The White House Council on Women and Girls was formed the same year as NAWRB and we are seeing the value of hard work. Last year, we received a call from a woman who works for a government advocacy agency who said, “In such a short time you have moved mountains in the financial sector.” I was so taken aback by her comment, I was speechless.

John Siens, Desirée Patno and Amiee Whitaker

“In real estate, I found very quickly my specialty was handling corporate accounts .”

Desirée Patno: The experience of being the only female water polo player was not difficult for me in the physical sense. I was brought up with all boys, being a tomboy was the easy part. Being physical in wrestling and combat with my brothers on a regular basis allowed me to be combative strong in water polo, which is a fierce sport under water.

NAWRB: Where do you see yourself 10 years from now?

Desirée Patno: Still working. I see myself having had made a change for women and small businesses. Small businesses are very vulnerable and often have to trust a lot to a few people; I want to create revolutionary change to protect small businesses. I also see myself having my successful clothing line for mature women, giving them more confidence, comfort and self-appeal without compromise. When 60 percent of women stop doing what they love because of how they look, Houston, we have a problem!

It was mentally hard for me when men thought they could take liberties. Touching is a big part of water polo, and that was an eye-opener. So thank you to my mother, through all my years of complaining about my brothers’ NAWRB: Having enjoyed tremendous success as a roughhousing. It allowed me to have the strength to com- broker/owner, what drives you in the work you do with pete with the guys in water polo and in the boardroom. NAWRB? How do you remain motivated? NAWRB: What has been your proudest moment throughout your life, both professionally and personally?

Desirée Patno: The joy that I get in realizing there’s so much more I can bring to the table for future genera-

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Desirée Patno with her sons Joshua, Nathaniel, and Aristotle

tions is really what motivates me. Being able to be the facilitator and a collaborator in this space that is shared by several women I encounter brings me sheer joy. I don’t have daughters or sisters, so this is my way of helping girls. I want women to have their fair shake, to create a workforce that hires workers not because they’re women or men, but because they are the best at what they do. There are difficult days, where the scaling of resources is totally out of my comfort zone. However, this discomfort often puts me at peace by helping me relate to women who go through the same thing. I can look women in the eye and say, “Been there, done that. This is how I got better.” This struggle and difficulty has hurt me in many ways, but it has also made me strong and been my guiding light on my journey. NAWRB: How does Desiree Patno spend a day when work and professional responsibilities are not on her mind? Desirée Patno: Find me a day like this. If the kids are in town, I like to spend time with the kids. If they are not in town, I like to tinker. I like tinkering with my house, my antiques. If I’m feeling adventurous, I like to go to museums and look at other antiques or animals and natural habitats. I like to see beautiful things, especially displays of craftsmanship. I’m very into people’s skill sets. NAWRB: If we were to ask 10-year-old Desiree about

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her career aspirations, what would she tell us? Desirée Patno: Absolutely to run my own business. I was the foreman of my mom’s house at 11 years old during all of the remodeling and renovations. Being in the man’s world and interacting with people who were surprised to be dealing with me always put a smile on my face. NAWRB: What is the importance of mentorship to women? What is the biggest disservice women commit to one another? Desirée Patno: The value of mentorship is women taking the time to give back to other women coming up the ranks, in any capacity. It doesn’t have to be women to women either; it can be men to women. Mentorship has to be flexible but it has to come from the heart. Too many people try to make a business out of mentorship, but they are not truly passionate enough and I don’t believe they can reach the essence of an individual in these cases. I believe women need mentorship and sponsorship from multiple people, so they can gain experience from a variety of sources. Women can be our own worst enemies. In my opinion, the biggest disservice is that women don’t support one another. We are at fault for this. Women have a shorter attention span for other women. I think Madeleine Albright said it best when she stated, “There’s a special

SHECENTER(FOLD) place in hell for women who don’t help other women.” If women were to get out of our own way and follow through with guiding one another, it would be fantastic. NAWRB: What is something most people don’t know about you that they would be surprised to find out? Desirée Patno: I’m a big softie. Our youngest son’s rabbit had a litter of kits and I would wake up every two hours to make sure the mother rabbit was feeding her newborns. It was freezing cold and windy outside, and it’s advised not to move the rabbit and kits because you’ll disturb their habitat. There were windstorms; it was 35 degrees outside, horrible, and my motherly instincts kicked in. One night when they were two weeks old, I found one had got stuck in the caging and it was very cold. We nursed it back to comfort for five hours, and yet it passed on. People who knew me thought I’d lost one of my children. I’m a huge animal lover and I cried for two days straight. If you get to really know me, you know that I’m a very soft person and the smallest things get to me. I think people would be surprised because of my character and demeanor of being tough and strong, they would never believe that I break down like that. NAWRB: Your front yard is a garden of beautiful plants, trees and flowers, where do you get your love for plants? Do you have a favorite? Desirée Patno: My mother’s home was on a half-acre perched on the side of an open mountain. She had a love

Desirée Patno receiving the Small Business Administration’s (SBA) 2016 Women in Business Champion of the Year Award. With Raquel Baranick, Chris James, and J. Adalberto Quijada

“I want women to have their fair shake, to create a workforce that hires workers not because they’re women or men, but because they are the best at what they do. ” for plants and her own garden. After caring for them for so many years, I learned to love the smells and their beauty. There are no phones in the garden, just the enjoyment in talking with my plants. They’re like a living receptor. Between their beauty, fragrance and touch they bring me into their world of serenity. Plumerias are my favorite because of their aroma and relationship to Hawaii. They have a variety of smells and grow in clusters like family. They’re close but not too close. My front walkway to my home is a minimum of five degrees cooler, and has a higher oxygen level and moisture content because of my plants. It’s a special feeling.

Desirée Patno with her sons and husband at the 2014 NAWRB Conference (Odysseus, Aristotle, Nathaniel, Joshua, Desirée, Jay).

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HELPFUL HINTS

Women’s Retirement : An Uphill Battle

Hindsight is 20/20, meaning that it is easier to exam-

ine—and determine the correct course of action in—a situation or event after it has taken place. This phrase emphasizes the importance of having foresight, to ensure that rather than lament the mistakes of the past; we make the correct decisions today to create a better tomorrow. The lessons of hindsight in regards to women continue to be largely overlooked to this day. Women professionals have continually earned less, had less representation and possessed fewer opportunities than men. Currently, women earn a mere 79 cents for every dollar a man earns, translating to a formidable 27 percent gender wage gap. And for African American women and Latinas, who earn 60 and 55 cents for every man’s dollar respectively, the situation is even harder. Do women get to pay less for food and other necessities than men? No, they are forced to live under the same demands and circumstances with fewer means and resources.

How else can this be viewed other than women are being taxed merely because of their gender? These disproportions hinder women’s ability to acquire savings and reach life milestones like independence and buying a home. Women’s paychecks don’t travel as far as men’s, and they wouldn’t even if they were paid the same. Let’s not forget that the difficulties women endure can have a prolonged and deeply rooted effect on their families and children. The U.S. Census Bureau reports that more than 1 in 4 families with children under the age of 18 are headed by a single parent, and more than 3 out of 4 single parent families are headed by a female. In the U.S., 30.9 percent of families headed by women with no husband present live below the poverty level. Of these, 40.5 percent households have children below 18 years of age and 47 percent have children under five years of age. It’s obvious that the imbalances women endure don’t just pertain to them, they affect us all.

"Currently, women earn a mere 79 cents for every dollar a man earns, translating to a formidable 27% gender wage gap."

Studies show that women pay more than men for most things, from hygiene products to elderly care. The New York Department of Consumer Affairs reports that on average, women’s personal care products cost 13 percent more than men’s. These pricing differences, dubbed the “pink tax,” end up costing women over $1,000 a year. In over 40 states, women even have to pay a luxury tax for tampons; which are a necessity not an extravagance.

It is vital to realize that women’s disadvantaged circumstances have a huge effect on their future, especially in retirement. An unfair professional arena and a lifetime of higher expenses, coupled with the fact that women have a higher life expectancy than men (86.6 vs. 84.3 years), leave women in dire straits when preparing for retirement. NAWRB MAGAZINE |

WOMEN'S RETIREMENT

Shortchanged in Retirement: Continuing Challenges to Women’s Financial Future, a recent report from the National Institute on Retirement Security based on analysis of the 2012 Survey of Income and Program Participation (SIPP) data from the Census Bureau, reveals just how troubling retirement conditions are for women. The study establishes that American retirement security is built on three factors, Social Security, a pension and personal savings, and asserts that tragically, women are lacking in all three categories. Due to disparities in their earnings, women cannot incur sufficient savings for retirement, they cannot survive on their Social Security alone and for most women professionals in the private sector, employer-sponsored defined benefit (DB) pensions are infrequent. Unambiguously, the report “examines the labor participation rates of women approaching retirement; women’s access, eligibility, and participation in employer sponsored retirement plans; sources of income for women aged 65 and older; and poverty rates of women aged 65 and older.” The National Institute on Retirement Security presents the following seven key findings: • Labor force participation among women aged 55 to 64 climbed from 53 percent in 2000, to 59 percent in 2015, with a peak of 61 percent in 2010.

• While women were somewhat more likely than men to work for employers that offered retirement plans in 2012, there is a gap in eligibility that limits women’s participation in these plans. Since 2006, this gap has narrowed and now women and men have the same overall participation rates. • The share of women working for employers that offered defined contribution (DC) only retirement plans shrank from 49 percent in 2009 to 46 percent in 2012. • Even though the median household incomes of individuals aged 65 and older has increased, women have 26 percent less income than men. • Social Security is an important source of income for older households with incomes less than $80,000. Women who are widowed, divorced, and over age 70 rely on Social Security benefits for a majority of their income. • Women are 80 percent more likely than men to be impoverished at age 65 and older, while women between the ages of 75 to 79 are three times more likely than men to be living in poverty. • Women in the health care, education, and public administration fields, where DB pension plans are more

"The U.S. Census Bureau reports that more than 1 in 4 families with children under the age of 18 are headed by a single parent, and more than 3 out of 4 single parent families are headed by a female."

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WOMEN'S RETIREMENT

prevalent, have higher incomes in retirement and lower rates of poverty than in other industries, due to their increased participation in DB pension plans. As women near retirement age, the deficiencies in their lives come to a head. Some women are unable to retire at 65 with lower lifetime earnings and higher overall expenses forcing them to remain in the workforce for longer. The abysmal circumstances of today have a profound effect on tomorrow’s women. On the long list of reasons for equal pay and fair pricing on women’s products, retirement security is in bold. With what confidence and security do women mature in age knowing that leaving their jobs is a risky business? This is the power of starting your own business at an early age, so you can work for yourself and create your own destiny. Should financial advisors suggest people consistently contribute to their retirement funds starting in their mid-20s and extending into their mid-60s? Already a difficult task to undertake, women have the added strains of earning less, commonly sacrificing work to care for family members, working for employers who don’t offer retirement plans and waiting later in their careers to save. The study’s findings demonstrate that defined benefit (DB) retirement plans benefit women immensely due to their stability and predictability. Retirement plans are necessary; moreover, stable retirement plans for women can better situate them for retiring comfortably. It can be difficult to implement effective retirement plans for women in all fields and businesses, especially in small companies with limited means. What cannot be understood is the gender pay gap and the added taxes women withstand simply to exist; these can be and need to be changed today.

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Monika McCarthy Elise Kiely

Elise Kiely has joined Legacy Properties Sotheby’s International Realty as a senior vice president of the Portland office. Kiely previously worked for 10 years as a litigator in Maine and Washington, D.C. Kiely began her real estate career as a developer and investor.

Mary Lightbourne has been appointed Turks and Caicos’ deputy director of tourism. Lightbourne brings over 23 years of experience in the hospitality industry. She previously worked as the registrar of the Turks and Caicos Islands Community College and as Head of Secretariat to the Minister of Education of the Turks and Caicos Islands Government.

Megan F. Stevens

Rita Mongelli-Garton

Christina Stone

CrossCheck Compliance has hired Monika McCarthy as managing director and general counsel in charge of expanding the firm’s national presence. McCarthy previously worked at Stonegate Mortgage and brings with her extensive experience in fair lending, regulatory affairs, secondary market transactions and compliance.

Mary Lightbourne

SHE SHOWCASE

Legacy Properties Sotheby’s International Realty has hired Christina Stone as a vice president of its Kennebunk office. Stone’s expertise is in coastal properties like Biddeford Pool, Granite Point, Fortunes Rocks and Hills Beach. She has practiced real estate in Maine for over 10 years.

Terrabank, a South Florida-based financial institution established in 1985, has named Rita Mongelli-Garton vice president of consumer compliance. Mongelli-Garton earned her bachelor’s degree from Texas Women’s University and most recently served as the compliance director for USAA.

Buxton & Collie, LLC has hired Megan F. Stevens as an associate attorney. Stevens will focus on commercial real estate, corporate and transactional matters. She earned her bachelor’s degree in journalism and public relations from the University of South Carolina, her master’s degree in teaching from the College of Charleston and a law degree from the Charleston School of Law.

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Showcasing Women

‘On the Move’ in the

Kim Thompson

Elite Island Resorts has hired Kari Tarnowski as chief marketing officer, based in the company’s Deerfield Beach office. With more than two decades of experience in marketing management and promotion, Tarnowski’s responsibilities with include day-to-day marketing activity oversight of Elite Island Resorts across several platforms.

Stephanie A. Austin

Mary Stewart

Kari Tarnowski

The City of Burlington, Vermont has hired Noelle MacKay as the director of the Community & Economic Development Office. MacKay was previously the executive director of Smart Growth Vermont and served for five years as commissioner of the Department of Housing and Community Development.

Kim Thompson has been named director of sales at Hawks Cay Resort. Thompson will be tasked with developing and executing pivotal sales initiatives for the resort. She brings with her over 25 years of experience in the hospitality industry, working as part of both global and independent companies.

Susan Kowalski

Housing Ecosystem

Noelle MacKay

SHE SHOWCASE

Burlington’s KSV has appointed Mary Stewart director of strategic partnerships and principal. Previously, Stewart served as executive vice president of Conservation Services Group in Westborough, Massachusetts. Her extensive experience includes spearheading client services and customer engagement teams and directed business development, corporate marketing and internal communications. Stephanie A. Austin has joined Penn Community Bank as chief financial officer. Austin brings with her years experience in bank accounting, project management, and audit and financial systems. She previously served as chief financial officer and treasurer for Continental Bank Holdings, Inc.

Susan Kowalski has been appointed vice president and regional manager for Suffolk County at M&T Bank in Riverhead, the financial institution that recently acquired Hudson City Savings Bank. She brings with her years of experience in similar roles.

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10 LESSONS

Lessons for Tomorrow's Women By Pam O’Connor

After nearly 30 years as a CEO, I’m often asked for advice by younger women in the early or middle stages of their careers. While I would love to say I got here through my extraordinary vision and sense of purpose, the reality is that it was more due to natural instincts when presented with forks in the road.

My coming of age happened at a different time, when roles were shifting for women and most of us fell into one of two camps, either the Gloria Steinem, NOW-model women with a grievance and take-no-prisoners mentality, or those–like me– who instinctively, if unconsciously, were of the Meghan Kelly school of thought: “Keep your head down, but do such a good job that they can’t ignore you.” In my early 20s, a good friend and I were examples of the contrasting approaches. Ruth Ann and I were secretaries in two different departments of WSB Television in Atlanta, our first jobs after college, because in those days in the mid-70s, those were the jobs available to most young female college graduates. Ruth Ann’s advances came through a deliberate, aggressive strategy that said, “You will not ignore me,” while I reacted to opportunities and fortunately made some good intuitive choices, but never with the intent of being a CEO. Both approaches worked, and that is part of my message. Each person is unique, so do what works for you. There is more than one “right” formula. What does this signify aspiring women executives? Let me try to translate my story into the lessons I’ve learned along the way that I believe may serve anyone well, regardless of the path you choose.

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Know what you don’t know. Realize that as smart as you may be, the potential to learn is always greater. Make a point to spend time with smart people, and as you find yourself in the position to hire, surround yourself with people who have strengths you don’t have. Don’t succumb to believing your own press; retain a sense of humility.

Don’t worry about what you can’t control. Real estate is full of “Chicken Littles” singing a “sky is falling” theme. There is always a “lion coming over the hill,” whether it is dot-com competitors or disruptive business models or a new superstar agent. Focus on what YOU do and do it with a passion. Embrace your circumstances, whether it’s being an underdog or defending your position as number one.

Treat people the same, whether they can help you or not. Your boss may expect your respect, but the janitor or novice employee will appreciate you and become your cheerleader. When I asked how I was chosen to lead the new company in 1997 over people who were better qualified and better known, I was told, “Our relocation directors know you and said you were the one to do the job.”

10 LESSONS

Treasure your girlfriends, but don’t be a segregationist. Value other women because of their similar experiences, and learn from smart women like Sheryl Sandburg. But remember the “men” in “mentor.” Like it or not, the upper tiers of business are still populated mostly by men. Seek out those from whom you can learn and ask them to help you hone your skills. You’ll be surprised at how many will do so willingly and without expecting anything in return other than fulfilling their confidence.

Focus on high-gain activities. Think about what could be important 10 years from now, whether it’s a particular project or your family or friends. Be deliberate about spending time to make it happen. Practice regular introspection to make sure you don’t lose sight of the important things in the daily minutiae.

Practice life’s four L's: Loyalty. Learning. Laughter. Love. They need no explanation. Don’t play the victim. It’s tiresome, and it won’t endear you to those who can support your success. You always have choices. If you are stuck in an environment where your abilities aren’t being recognized, find out why and work on it, or go somewhere else. People are attracted to those with a can-do attitude rather than a “woe is me” one.

And as I end most staff meetings, channeling my inner Hill Street Blues self, “Be careful out there.”

Think differently. Be an innovator. Find the void and fill it. Embrace new ways of doing business. General George Patton said, “If everyone is thinking alike, someone isn’t thinking.” In real estate, as in any business, differentiating yourself is how you get noticed. And getting noticed is the first step to attracting new clients or those who will advocate for your advancement.

Be passionate about your work and your life. Be like Jon Favreau in the move “Chef,” who found as much joy cooking amazing Cuban paninis on a food truck as he had creating nouvelle cuisine for a fine dining restaurant. Find your joy, and reinvent yourself along the way to discover new hot buttons, whether it’s developing a special expertise and clientele or starting a new business.

By Pam O’Connor, President and CEO, Leading Real Estate Companies of the World®, www.LeadingRE.com

Own your actions and don’t obsess about those of others. Avoid excuses. Admit mistakes, apologize and learn from them. Don’t point fingers or throw others under the bus, even when legitimate. Bitterness breeds nothing but poison that will diminish your positive energy. Get over it and move on.

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NAWRB

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

Four fundamental categories taking the mystery out of being certified.

1. Benefits of being certified: • Access to contracting opportunities specifically for Women-Owned Businesses • Connection to professional community of women and women business owners • Highlights your technical expertise and experience while providing exposure to the industry and validating your business • Certified businesses can tap into a multitude of public and private sector contracts and support client initiatives

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. To obtain your application: visit www.NAWRB.com

800.337.3996

certification@NAWRB.com

CERTIFICATION SURVEY

As a business owner, you're always searching for new

ways to develop your business. A new lead, a new client, a change in marketing strategy can all mean the difference between a period of growth and security or one of struggle and uncertainty. In our competitive business world, you must remain aware of all factors that can give your business a competitive edge. Certification is a powerful tool which will enhance your business's marketability and possibly increase bottomline profits. By certifying, you can give your business an advantage in the contract bidding process, maximize your appeal to companies offering business opportunities, cement your presence in the diversity and inclusion (D&I) space and much more. Although womenâ&#x20AC;&#x2122;s diverse spend is not yet a top priority in the housing ecosystem, there are entities intensely looking to contract with women-owned businesses ranging from public utility companies and financial institutions to local, state and federal agencies. These prospects

are invaluable to women-owned firms and while your business's expertise and service can get you through the door, certification can bring you there. In order to discover the best ways to serve the housing community, NAWRB developed a certification survey, with questions addressing what respondents know about different certifications and the effect on their business. There are resources for women and women-owned businesses that aren't being utilized. Some women-owned contracts are not being fulfilled because entities cannot find women-owned businesses to which to award them. NAWRB receives several requests to fulfill supplier diversity; we recently had a request for women-owned and minority-owned banks for our client's diverse portfolio and we were able to refer 558 financial institutions. If these companies had not taken the time to obtain their business certification, they would have foregone this opportunity and countless others.

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CERTIFICATION SURVEY

The results of our survey reveal that the majority of participants possess a limited amount of information about the certification process and its benefits. Unfortunately, numerous women entrepreneurs find themselves in a similar place, unaware of their resources and the benefits certification offers. Review our questions and results below to test your knowledge and find out if youâ&#x20AC;&#x2122;re doing everything you can to situate your enterprise for success. If women are to successfully traverse the imbalanced business field, they must be prepared to utilize all the options available to them. Certification is one of these tools and capitalizing on it begins with education. Visit www.NAWRB.com to learn about women- and minority women-owned business certification and discover how to grow your book of business.

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"By certifying, you can give your business an advantage in the contract bidding process, maximize your appeal to companies offering business opportunities..."

WHAT WOMEN WANT REVIEWS

Have you read or watched something lately that impacted you? Share your thoughts with NAWRB Magazine’s editorial staff and readers. Send reviews to media@nawrb.com

BOOKS Perfect Days

by Raphael Montes

Teo Avelar is different, a young adult living with his mother, whose closest companion is a cadaver he’s been studying in school. He becomes enthralled with a live girl, Clarice, after meeting her at a party; she’s beautiful and interesting. After successfully finagling a plan to obtain her phone number and find out her university, he kidnaps and forces her on a wild trip across Brazil. Hoping Clarice falls in love with him, Teo realizes the inescapable consequences of his crime and the dismal truth that this love isn’t mutual.

The Railwayman’s Wife by Ashley Hay

Set in the aftermath of World War II, Hay’s novel follows Annika, Roy and Frank, all of whom have had their lives torn by tragedy. The three become friends, hesitantly traversing the unsteady terrain of coping with loss and learning again to love and be loved. Masterfully intertwining hope and reality, the characters’ journeys remind readers that despite misfortune, courage can remain strong, and that love can be perceived in various ways, regardless of the goodwill it contains.

We Believe You

by Annie E. Clark and Andrea L. Pinto

Annie E. Clark and Andrea L. Pinto filed a federal complaint in 2013 against the University of North Carolina at Chapel Hill for mishandling sexual assault reports, inspiring students across the nation to do the same. We Believe You provides a voice for victims of campus sexual assault at colleges and universities throughout the U.S. Emphasizing the severity and prevalence of this problem, Clark and Pinto are revolutionary activists working to stop campus sexual assault while reinforcing the important truth that victims are not alone or at fault.

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FILMS The Boss

Starring Melissa McCarthy, Kristen Bell, Peter Dinklage Funnywoman Melissa McCarthy is back as Michelle Darnell, a leading executive who is sent to prison for insider trading after burning bridges with everyone in her circle. Now, out of prison with a humbled perspective on life, Darnell focuses on showing the world that she is no longer the vindictive person of yesterday. She soon discovers that the people she’s wronged won’t be quick to forgive, and that she will have to go much farther than merely apologizing to win back friendship and trust.

Me Before You

Starring Emilia Clarke, Jenna Coleman, Sam Claflin

Me Before You is a film based on the bestselling novel by Jojo Moyes. Emilia Clarke stars as Louisa Clark, an endearing 26-yearold who moves from job to job to support her family, not yet finding a calling in her life. Louisa’s life changes when she is hired as the caregiver for Will Traynor (Sam Claflin), a rich banker now confined to a wheelchair. Louisa’s upbeat nature is challenged by the negativity of the once lively Will and their relationship soon evolves, as they pleasantly discover that there is much more to their connection than they anticipated.

The Jungle Book

Starring Scarlett Johansson, Idris Elba, Neel Sethi

A film for the whole family, The Jungle Book boasts an all-star cast with newcomer Neel Sethi as the main character. The beloved children’s story comes to life as Mowgli, a boy raised by a family of wolves, traverses the jungle guided by panther Bagheera and bear Baloo. Driven away from the comfort of his home by Shere Khan, a tiger who has been harmed by humans in the past, Mowgli is forced to face the uncertainties of the wild with animals that may or may not be interested in his well-being.

NETWORK

upcoming

EVENTS

May 9-14

Realtors Legislative Meetings and Trade Expo (Washington, D.C.)

If you are focused on effecting change in the real estate industry and public policy, this is a must-attend event. From special issues seminars and committee meetings to an industry trade show and legislative forums, the National Association of Realtors (NAR) prepares you with the information and know-how to succeed in this industry.

May 19

7th Annual NYC Capital Markets Forum: Where are things headed for real estate? (New York, NY)

With the rapid rate at which the industry is changing, markets foresights are critical and in high demand. Bisnow’s forum features engaging panels focusing on debt, equity and global outlook. Find out the future of the market and the potential in New York from leading speakers like Greta Guggenheim, CEO of TPG Real Estate Finance Trust; Mark Van Zandt, partner at GreenOak Real Estate; and Dwight Arnesen, senior managing director of Rockwood Capital.

May 21

AREAA Commercial National Forum (Las Vegas, NV)

Industry experts will inform attendees of the Asian commercial real estate investment trends in North America. Asian and Asian American buyers are buying American real estate in historic numbers and commercial properties are part of this purchasing activity. The business opportunities associated with this buying power are abundant and AREAA will walk attendees through the process of taking advantage of them.

May 23

Los Angeles Business Journal Women’s Summit 2016 (Los Angeles, CA)

The Los Angeles Business Journal is proud to present the Annual Los Angeles Women’s Summit. Attendees will be able to network with and learn from local female executives sharing their experiences. The afternoon portion of the event will feature the Awards Luncheon, during which the Journal will honor the business achievements of women throughout Los Angeles County.

May 24

The Denver Disruption: Is the Mile-High City the Next Silicon Valley? (Denver, CO)

Technology has become a part of all aspects of life, and the real estate industry has been impacted pivotally by its development. Tech companies and millennials alike are gravitating towards Denver and experts will delineate the ways this influx affects the local real estate climate as well as the manner in which technology can help in this transition. How does the future’s real estate industry look?

May 24-25

BuildingsNY 2016 (New York, NY)

BuildingsNY’s annual conference and trade show unites New York City area owners, managers and builders. Attendees will gain information and tools to traverse the current business climate and secure pivotal deals for their firms. From sourcing products and services to issuing RFP’s, this is an event that will teach you what you need to know.

June 9

2016 REAL ESTATE PROFESSIONALS CERTIFICATION TRAINING (Raleigh, NC)

The National Association of Women in Real Estate Businesses (NAWRB) is presenting the 2016 Women’s Homeownership Certification Workshop. Real Estate Professionals in all aspects of the housing continuum are invited to attend this free event and receive the NAWRB’s Women Homeownership Certificate. Learn what it takes to work with and increase women’s homeownership and decrease women’s poverty.

June 13 NREI/IMN 2016 Commercial Real Estate Awards (New York, NY)

Join industry professionals and clients for a night of exciting networking and recognition of leaders in commercial real estate. These prestigious awards will celebrate achievement in a variety of categories including disruption, innovation, social media and social responsibility. Come applaud your professional peers and learn from industry pioneers what you can do to elevate your business to the next level.

June 14 The United State of Women Summit (Washington, D.C.)

The White House is hosting The United State of Women Summit in Washington, D.C. in celebration of the progress that has been made on behalf of women and girls and to discuss ways of ensuring these advancements do not lose momentum. Join the White House and wonderful people from around the world in recognizing and supporting the trailblazing women of our workforce.

June 24-25 Arlington Homeownership Event and Real Estate Professionals Certification Training (Arlington, TX)

In partnership with the Tarrant County Housing Partnership (TCHP), the National Association of Women in Real Estate Businesses is hosting a Homeownership Certification Event for Real Estate Professionals where you can receive two separate certificates, NAWRB Women’s Homeownership and approved TCHP vendor. The second day will feature the homeownership fair for you to mingle and network with prospective clients to increase your consumer base and grow your business!

NAWRB MAGAZINE |

WHAT WOMEN WANT HEALTH

When breast cancer patient Linda Johnson first heard

about a new tai chi class being offered at City of Hope, she was skeptical. Although she had been looking for an exercise program to boost her overall health, she wasn't sure the ancient Chinese practice would be a good fit, given her physical limitations. “I've had surgery. I've been through chemo. I'm on blood thinners. I can't afford to get banged up in some tough, martial arts-type class,” she said. “But it turns out, tai chi isn't anything like that.”

“People worry that it will be hard, like we're doing Cirque du Soleil contortions here,” said instructor Chris Tucker. “Not at all. Tai chi is user-friendly, relaxing and just about anybody can do it.” Medical researchers have long documented the physical benefits of tai chi for those suffering a variety of chronic diseases, including cancer. A recent study found that tai chi's slow, fluid movements consistently helped middle-aged and older adults improve their walking speed and strength, and in some cases reduced pain and stiffness.

Often referred to as “meditation in motion,” tai chi is a Chinese disci- "We're always looking “Tai chi oxygenates the tissue," pline that dates back thousands of for complementary Tucker explained. "It makes your years. While the practice is rooted breathing more efficient. It improves therapies that help in martial arts, the tai chi taught at balance, strength and bone densialleviate the stress, City of Hope consists of a series of ty. It also helps you achieve a more slow, repeated movements and deep anxiety and isolation peaceful state—a mental and spiribreathing. Because no sudden or harmony—which puts you in that cancer can create." tual strenuous actions are involved, it is a much better position to combat ideal for seniors as well anyone weakened by illness or whatever health challenges you may have.” intensive therapy.

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HEALTH WHAT WOMEN WANT Patients familiar with tai chi were, in fact, asking for a class at City of Hope, said Joanne Man, operations director of the Sheri & Les Biller Patient and Family Resource Center. “We're always looking for complementary therapies that help alleviate the stress, anxiety and isolation that cancer can create,” she said. “From the start, the feedback has been wonderful. Patients love it.” “Now I can take a deep breath without hesitation,” said Linda, who endured multiple rounds of chemotherapy and its debilitating effects. For her, and many others, the benefits transcend the physical. “Tai chi,” she said, “is healing of the mind.” Tucker, who studied tai chi in China and is also a certified acupuncturist, helps each participant work at his or her individual level to derive maximum benefits. And a beginner need not move at all. "Come on in, grab a chair, sit down and start by just doing the breathing with us," said Tucker. "Even at that level you'll get phenomenal benefits, and you can grow over time at your own pace. If you can get to the class, I'll make sure you can do the class."

Reprinted with permission from City of Hope

NAWRB MAGAZINE |

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INDEX

ADVERTISERS A Arlington Real Estate Professional.............................. 41, 49 C City of Hope......................................14 L Landy Insurance.................................25 N NAWRB ............................. 6, 9, 18, 26, 29, 46, 49, 55, 56, 59 National Mortgage Network (NMP).............................56 P Prospect Mortgage.............................26 R RISMedia's Content Solutions............2 W Wells Fargo..........................................4

COMPANIES

A AML............................................19, 20 APEX.................................................. 9 AREAA ........................................... 53 Arlington Real Estate Professional....................... 41, 49, 53 ATF .............................................19, 20 Adrienne Arsht Center...................... 24 B Babson College.................................. 27 Burlington's KSV ............................. 43 Buxton & Collie, LLC ..................... 42 C Chrimata Inc..................................... 18 Cirque de Soleil................................. 54 City of Hope.................. 9,12,14, 54, 55 Conservation Services Group........... 43 Continental Bank Holdings, Inc....... 43 CrossCheck Compliance................... 42 Coldwell Banker................................ 37 D DDA ...........................................24, 25

Department of Commerce................ 16 Department of Labor........................ 35 Department of Housing and Community Development ............ 43 DPE.............................................18, 31

M &T Bank...................................... 43 Microsoft .......................................... 51 Million Women Mentors ................. 18

F Fannie Mae......................................... 7 FHA.................................................. 26 FHFA.................................................. 7 Financial Action Task Force (FATF)........................ 20 FinCEN ........................................... 20 Freddie Mac ....................................... 7

N National Women Business Council......................27, 28 National Association of Realtors........................ 20, 21,23, 53 National Institute on Retirement Security....................... 40 NAWRB................ 1, 5, 6, 7, 8, 9,12, 15 18, 26, 27, 28, 29, 31,32,33 34,35 36, 37, 41, 46, 47, 48,49, 50, 51, 53, 55, 56, 59 NAWRB Foundation........................ 26 National Mortgage Network (NMP)............................ 56 NDILC............................................. 28 New York Times................................ 20 NWBC.........................................27, 28

G George L. Bell .................................. 10 Green Oak Real Estate ..................... 53

O Office of Minority and Women Inclusion.......................... 28

H Hawks Cay Resort............................. 43 Hudson City Savings Bank............... 43

P Penn Community Bank..................... 43 Personal BlackBox............................. 17 Prospect Mortgage............................ 26 Providence Title................................ 49

E Elite island Resorts........................... 43 eMerge Americas ............................. 24 Endeavor Miami............................... 24 Enterprising women....................18, 51 Ernst & Young.................................. 27

I Idea Center........................................ 24 IRS.................................................... 21 K Knight Franks.................................... 24 L LA Sparks......................................... 10 Landy Insurance................................ 25 Leading Real Estate Companies of the World............... 45 Legacy Properties Sotheby's International Realty...................... 42 Los Angeles Business Journal........... 53 M Madison Services Group, Inc........... 17 MIAMI Association of REALTORS ...........................23, 25 Miami Downtown Development Authority..................................24, 25

R RISMedia's Content Soultions..................................... 2,18 Rockwood Capital............................. 53 S SBA............................ 15, 16, 27,28, 29, 33,34, 37, 49, 51, 52 SEC................................................... 17 Sheri & Les Biller Patient and Family Resource Center................................ 55 Smart Growth Vermont.................... 43 State Department ............................. 21 Stonegate Mortgage......................... 42 T Tarrant County Housing Partnership .................... 49 Terrabank......................................... 42 The Herbert H. Landy NAWRB MAGAZINE |

INDEX Insurance Agency, Inc. .................. 25 The New York Department of Consumer Affairs.......................... 39 The National Association of Realtors ( NAR)............. 20, 21, 23 The New York Department of Consumer Affairs.......................... 39 TPG Real Estate Finance Trust........ 53 Turks and Caico's.............................. 42

Clark, Annie E ................................. 50 Clarke, Emilia ................................... 50 Coleman, Jenna................................. 50 Corcoran, Barbara ............................ 31

U USAA................................................ 42 U.S. Census Bureau........... 27, 39,40, 41 U.S. Congress.................................... 20 U.S. Treasury...................................... 20

E Elba, Idris ......................................... 50

V VA..................................................... 26 Venture Hive..................................... 44

G Guggenheim, Greta .......................... 53

W WalletHub........................................ 24 Wells Fargo.................... 4, 9, 18, 49, 51 White House..................................... 15 WIPP......................................16,17, 18 Women's Business Center................. 16 WOSB......................................... 15,16 WSB-TV........................................... 44

PEOPLE A Albright, Madeleine ......................... 37 Alcocer, Veronica .............................. 49 Alvarez, Nancy.................................. 49 Andrew, Erin E.............................29, 32 Ann, Ruth.......................................... 44 Arnesin, Dwight ............................... 53 Austin, Stephanie A. ......................... 43 B Baranide, Raquel .............................. 37 Benitez, Belester ................................. 9 Bell, Kristen...................................... 50 Bisceglia, Jennifer ............................. 32 Branton, Janet............ 8, 9, 12, 16, 19, 21 Brinkley, Christie .............................. 32 Brown, Amanda ................................ 32 C Cantwell, Maria ................................ 16 Clafin, Sam........................................ 50

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D Delbene, Susan.................................. 16 Delgado-Trikas, Irma ........................ 32 Dinklage, Peter ................................. 50

F Frazer, Eddie .................................... 32

H Harris, Carla ..................................... 34 Hay, Ashley........................................ 50 I Iglehart, Lauren .................................. 9 J James, Chris ...................................... 37 Johansson, Scarlett ............................ 50 Johnson, Linda ............................54, 55 Jones, Jay ............................................. 9 Julian, Elizabeth ............................... 49 K Kelly, Megan ..................................... 44 Kiely, Elise......................................... 42 Kilaru, Risha ..................................... 26 Kinney, Teresa King ........... 9, 12, 23, 25 Kowalski, Susan ................................ 43 L Lightbourne, Mary ........................... 42 Longo, Christina .............................. 26 M MacKay, Noelle................................. 43 Man, Joanne...................................... 55 McCarthy, Melissa ........................... 50 McCarthy, Monika ........................... 42 Meeker, Molly................................... 26 Mogei, Jojo........................................ 50 Mongelli-Garton, Rita ..................... 42 Montes, Raphael ............................... 50

O O’Connor, Pam......................... 9, 12, 45 P Patno, Desiree....1, 7, 8, 9, 12, 13, 30, 31, 32, 33, 34, 35, 36, 37, 41, 49, 51, 52 Patton, General George..................... 45 Pinto, Andrea L. ............................... 50 Q Quijada, J. Adalberto ........................ 37 R Roberts, Joshua ...................... 12, 22, 36 Roderick, Kendall ............................... 9 S Sandburg, Sheryl .............................. 45 Sethi, Neel......................................... 50 Shaheen, Jeanne................................. 16 Stanisch, Michele ............................. 26 Stengel, Geri...................................... 27 Stevens, Megan F. ............................. 42 Stewart, Mary.................................... 43 Stone, Christina ................................ 42 Stripay, Kara........................................ 2 Sullivan, Ann...................... 9, 12, 15, 17 Sweet, Maria Contreras.................... 32 T Tarnowski, Kari................................. 43 Thatcher, Margaret ........................... 60 Thompson, Kim................................. 43 Trinci, Robyn.................................... 26 Tucker, Chris................................54, 55 V Vitter, David...................................... 16 W Williams, Charlette .......................... 49 Williams, Tom................................... 37 Z Zandt, Mark Van .............................. 53