Vol6 issue3

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Small Business Sustainability VOL. 6 / ISSUE 3

sheCENTER(FOLD)

Tami Bonnell

Jumpstarting Your Career & Business in the Housing Ecosystem Page 4 Moving the Needle in the Right Direction for Women in Tech Page 7 NAWRB Small Business Sustainability Care Package: Know Before You Lose!

Page 10 Increasing the Odds: Building the Female Executive Page 26 Women Business Owners are Missing Out on Billions in Tax Incentives & Investments: Congress Can Change That Page 30

Business banking comes with a personal touch

Our bankers get to know you and your business, then help you to get the financing you need.

Financing your business may be one of the most important steps you’ll take.

Talk to a banker today to see how we can help.

wellsfargo.com/businesscredit All credit decisions subject to credit approval. © 2017 Wells Fargo Bank, N.A. All rights reserved. Member FDIC. (4517801_20807)

EXERCISE YOUR

Habit Muscles

The best way to control your life and your future is to control your day, and the best way to control your day is to form strong, healthy habits.

Developing and sticking with good habits requires discipline. Discipline is like a muscle; the more we exercise it, the stronger it gets. And akin to physical exercise, developing strong habit muscles empowers you to live a better life.

Whatever we achieve in life, from tying our shoes to honing a listing presentation, is learned through trying, failing, adjusting; trying, failing, adjusting and eventually, trying and succeeding. We learn what works and then, hopefully, stick with it. Here are some habits that work for me: • I make my bed first thing every day, even if I wake up in a hotel room.

Accomplishing this simple task puts me in the right frame of mind to face my day head-on.

• I work out.

• I write affirmations.

• After I shower and dress, I pause, close my eyes, and spend 120 seconds visualizing how I want my day to turn out. I visualize desired outcomes and how I want people to feel.

Govern your day from the get-go and don’t allow it to be controlled by others. For example, don’t start your day by answering emails or checking notifications; if you do, you could be thrown off course by events in other people’s worlds. Map out your day and stay focused on your own world; be proactive not reactive.

If you are disciplined from the start, your positive momentum will likely continue throughout your day. I book an hour for “what ifs” so my schedule isn’t derailed by challenges and unexpected opportunities.

At the end of the day, some people read or meditate. I pause, close my eyes and reflect for 120 seconds on my day and ask myself, “What worked today?” I then write down the answers so I can learn and be prepared for tomorrow. Troubled sleep comes from unfinished business, so lastly, I ask myself effective questions like, “Was I a good mother, wife, and friend? Did I help take EXIT further?” Simply asking prepares my subconscious mind to work on the answers while I sleep.

Establishing and persisting with healthy habits - exercising your habit muscles - will help to keep you on the path to success.

To learn more about how EXIT Realty can help you achieve success in all areas of your life, contact Tami Bonnell, CEO at 1-877-253-3948.

www.exitrealty.com/join

Jumpstarting

Your Career & Business in the Housing Ecosystem

As a professional in the housing ecosystem, it is crucial to think outside the box and utilize the resources at your disposal to grow and advance your business and career.

Analyzing your market, familiarizing yourself with the competition and crafting a superior business plan are great first steps, but pioneering decisions are what will make or break you in the market.

Adapting to the changing times, leveraging your differences, preparing for the future of the market and surrounding yourself with people invested in your success will help you seize opportunities for advancement.

Balancing New School and Old School If you consider your favorite products, are they the “best” or the most inexpensive choices on the market? Or, have you developed a relationship with a particular brand that you buy because it has done right by you? Similar to your preferred items, your business can become the go-to for customers.

Housing ecosystem professionals—from agents and brokers to executives and mortgage originators—have to leverage technology and elevate their services. Today, you can see everything you want about a property online, apply for a mortgage on your phone, and sign and send important documents by tapping on a screen.

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“You must streamline your

technology to satisfy the needs & preferences of customers.”

A recent survey from Microsoft, Customer Expectations are Evolving: How Technology Helps SMB’s Meet Customer Demands, reveals: • 50 percent of consumers prefer interacting with businesses digitally versus in person • 49 percent prefer to sign contracts or other documents digitally You must streamline your technology to satisfy the needs and preferences of customers. You can reach an increasing amount of prospective clients by making it possible to interact with your company and products on social media and through your website.

However, these conveniences have not replaced the human experience. Customers still want to know they’re dealing with a real person, that their questions and concerns are being understood and processed by something more than just a machine; especially during a process as important as buying a home. As with so many things in life, it’s all about finding a happy balance.

HOUSING ECOSYSTEM

The way you treat customers is the root of your business, and everything else sprouts from this groundwork. If you build a stable base, you are situating your business for success. If not, customers and opportunities will fall through the cracks in your foundation and you’ll never know when the floor will cave in.

Women-Owned Businesses As a woman entrepreneur, if you’re not utilizing women-owned business certification, you are leaving a tool in your box unused.

Business classifications and certifications have the power to raise your business performance and bottom-line profits.

By certifying your business, you can give yourself an advantage in the contracting arena, solidify your presence in the diversity and inclusion space, and maximize your appeal to companies looking to work with women-owned businesses.

From public utility companies to Federal agencies, the entities searching for diverse firms are extensive, and business certification can help bring you to the forefront: • In FY 2016, the Federal Housing Finance Agency (FHFA) “obligated” $12.7 million of its total contracting dollars to minority- and women-owned businesses, a $1.8 million increase from FY 2015.

• The Federal Deposit Insurance Corporation (FDIC) awarded $508.8 million in contracts in 2016, of which $47.4 million went to women-owned businesses (WOB) and $93.9 million to minority women-owned businesses (MWOB).

• In FY 2016, the Consumer Financial Protection Bureau’s (CFPB) total spend was $259,132,970, of which $38,386,242 (14.8%) was spent with minority-owned and women-owned businesses.

• The Small Business Administration’s (SBA) Women-Owned Small Business (WOSB) Program presently awards 4.79 percent, or $19.67 billion, of small business contracts to WOSBs.

“Despite earning less, & driven by the desire to own homes, single women are outpacing single men & becoming homeowners in rising numbers.”

was 24.56 percent higher than the homeownership rate of male householders in the same category, according to U.S. Census Bureau data on national household demographics. Additionally, of the nation’s current occupied housing units, a number exceeding 116 million, single women make up 13 percent of family households; in contrast, single men householders make up only 4.8 percent.

Despite earning less, and driven by the desire to own homes, single women are outpacing single men and becoming homeowners in rising numbers.

According to the Bureau of Labor Statistics (BLS), in 2014, female full-time wage and salary workers ages 25 and older with only a high school diploma had median weekly earnings of $578; women with a bachelor’s degree or higher had a median weekly income of $1,049.

Furthermore, 2014 U.S. Census Bureau data reveals that 30.2 percent of women had a bachelor’s degree or higher, compared to 29.9 percent of men. The BLS also projects that from 2014 to 2024, women’s presence in the labor force will increase 5.8 percent, from 46.8 to 49.5 percent.

With increasing wages bolstered significantly by higher educational attainment, women homebuyers are one of the most exciting and faster-growing markets today. Mortgage lenders can grow their customer base by recognizing the significance of this market and considering women clients in their advertising and business outreach.

Working in the government contracting space is an effective way to move your business forward, especially for women entrepreneurs leveraging their women-owned business certification.

Mentorship and Sponsorship The role of a mentor and sponsor in your career can make all the difference, and it is important to understand that there is a difference between the two.

Women Buyers Mortgage originators should focus on and prepare for the market of women homebuyers. In 2015, the homeownership rate of female householders in 1-person households

As Carla Harris explains in her sheCENTER(FOLD) interview with NAWRB, “A mentor is important because that’s the person you can tell the good, the bad and the ugly to and that person’s job is to give tailored advice, tailored

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HOUSING ECOSYSTEM

"...116 million, single women make up 13% of family households; in contrast, single men householders make up only 4.8%."

specifically to you and to your career, unlike a sponsor… A sponsor carries your paper into the room and will use social and political capital on your behalf to advance your promotion, your goals, your next opportunity. And frankly, of the two, the sponsor is more important because that’s the one that’s going to allow you to ascend. You can survive a long time in your career without a mentor, but you will not ascend without a sponsor.”

As Sponsor Effect 2.0: Road Maps for Sponsors and Protégés from the Center for Talent Innovation shows, working men are 46 percent more likely than women to have a sponsor.

Without a seasoned professional advocating in their behalf, there are qualified women in the workplace who have been unable to move forward and remain stagnant in their career trajectory. With the obstinate gender-based obstacles of the American workplace, a mentor and sponsor hold tremendous value for women professionals.

Preparation, knowledge and experience can set you on your way to success, but innovation will get you to increased revenues and business sustainability. Where are prospects not being seized? What do today’s developments and conditions tell you about the future of the industry?

Tomorrow is coming, and the only way to succeed is by preparing today.

Desiree Patno

NAWRB CEO & President

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Moving the Needle in the

Right Direction

for Women in Tech

by Edie Fraser

First of all, thanks to Desiree Patno and NAWRB for your work for women entrepreneurs in a niche arena that is

fundamental to our economy. STEMconnector® and Million Women Mentors (MWM) are pleased to be your partner.

STEMconnector® has more than 170 members and has organized to push skills to more than 5 million open jobs.

Million Women Mentors (MWM) was established to increase career opportunities for girls and women and has gained nearly 2 million pledges for mentor relationships.

The movement has to change the career options for women and girls and reach pay equity by making great jobs and rewarding careers available. STEM jobs provide a means of pay equity; thus, we must provide the economic excitement for women to earn and contribute.

Consider what we are achieving with Million Women Mentors, reaching millions of commitments and bringing the private sector and organizations together to mentor, sponsor and provide internships. Please join us. I had the honor of writing a blog with PepsiCo CEO, Indra Nooyi, back in 2015, which says the following about Million Women Mentors: “We’ve already seen some amazing progress, but imagine what could happen if every STEM professional made a commitment to mentoring one-on-one for just two hours a month.

We could truly change the game.”

STEMconnector® is a consortium of companies, associations, academic institutions and government entities actively engaged with STEM education and careers and with the fu-

ture of human capital. With multiple products and councils, STEMconnector® is both a resource and service, designed to link “all things STEM.”

Gender & diversity is at our core. In the U.S., wom-

en and minorities make up the majority of the population and, clearly, the demographics of education. That’s why we launched Million Women Mentors, and we are on our way to 2 million mentor relationships. By endorsing all efforts—from private and public, to educational and organizational— to mentor and change lives, and increase careers in STEM jobs, pay equity is close. Every corporation and institution wants to show their progress and results for gender and diversity based on successful recruitment, engagement and retention.

Commitment to the underserved is part of all that we

do, and we are proud of those who do not tolerate inequality and want to focus on making the land of opportunity a reality. STEMconnector® takes pride in “scaling up” what works. Along with the CEO of Tata Consultancy Services, STEMconnector® has committed to Tech Talent for All. It takes great marriages of private and public sectors. The CEO of Sprint, for instance, announced the 1Million Project, which donates tech to those in need. Salute all!

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WOMEN IN TECH

Public policy impact is clear on each of these. If not a little encouragement. at the federal level, then we need the support at the local level. Public policy impact must be translated and saluted.

Whether we continue support for tech talent for all or CTE Support, we stand up for use of public policy in many ways.

Women’s Equality Day was August 26th, and November is Science and Technology Month. Why can’t we make every day a celebration for gender gains in science and technology and a commitment to improve the numbers? Considering that up to 80 percent of jobs today require tech skills, and all STEM jobs pay women close to parity—about 96 cents on a dollar compared to 80 cents overall—an answer to parity and pay equity will involve technology. Let’s put more effort in gaining STEM skills and especially tech skills, and making tech careers a national priority. We urge all of you to read the McKinsey Global Institute (MGI) report, The Power of Parity: How Advancing Women’s Equality can add $12 Trillion to Global Growth. Gender advancement in STEM and tech is about economic opportunity and equality.

We must move faster. The movie Hidden Figures highlights the roles of three African American female mathematicians working at NASA as human computers. They helped build the space race. There are too few role models for girls today. Women comprise 24 percent in the tech and computer science space, a number that has declined or been static for the past decade; meanwhile, men are jumping ahead. Most high school and university gender numbers are poor, as are the requirements to teach computer science in schools. As NCWIT shares, girls comprise 56 percent of the Advanced Placement (AP) test-takers, yet only 19 percent of the AP Computer Science test-takers. We must advance and encourage all to code and engage in data analytics and other exciting areas. Carnegie Mellon has close to 49 percent women’s enrollment. We are proud to work with many academic institutions pushing the needle, but too few are embracing women in STEM and tech.

We all care about the phones in our hands, the computers on our desks, and the cars that we drive.

We must care even more about the girls who want to invent, explore, and discover the next generation of amazing STEM breakthroughs..

It can’t be the "Old Boys Network" any longer. We know we need a "New Girls Network," but let’s allow men to be our champions and advocates, and ask CEOs and others to commit to the advancement of women and girls. We can do it together. Don’t accept no.

Instead of focusing on “Sexism in Silicon Valley,” let’s build commitments to embracing women in STEM and tech.

Maya Angelou said, “In order to be a mentor, and an effective one, one must care.” We all care about the phones in our hands, the computers on our desks, and the cars that we drive. We must care even more about the girls who want to invent, explore, and discover the next generation of amazing STEM breakthroughs but who just need

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Jobs are open in every area of tech, and we must mentor, sponsor, offer great job opportunities and share our successes.

We must push to advance women and girls, and role models are vital. Write your own stories and blogs, speak out and act, and, most importantly, execute and report results. Just as we released 100 CEO Leaders in STEM, 100 CIO Leaders, and 100 Diverse Leaders, look for the 2nd edition and release of 100 Women Leaders in STEM in October 2017.

The “Fearless Girl” is a symbol on Wall Street staring down the bronze “Charging Bull.” The “Fearless Girl” represents the desire to build equality for finance (as

WOMEN IN TECH

well as STEM and tech) and has gained millions of media impressions and new commitments. Let’s join together as fearless leaders and mentors to achieve STEM success, and gain more jobs in the tech field, which is dominating finance and every other area. All of us can be catalysts for gender action, and girls and women can—and will—build our economic future, financial achievement and success. Tech underlies all we do. COMMIT to action now as we join together to drive RESULTS.

Edie Fraser is Chairman and Founder

of STEMconnector® /Million Women Mentors (MWM) & Founder of Diversity Best Practices

The “Fearless Girl” represents the desire to build equality for finance (as well as STEM and tech) and has gained millions of media impressions and new commitments. Let’s join together as fearless leaders and mentors to achieve STEM success..

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NAWRB Small Business Sustainability Care Package:

Know Before You Lose!

By: Desiree Patno, CEO & President of NAWRB

The National Association of Women in Real Estate Businesses (NAWRB) wants to provide small businesses with sound tools and information for success. Our Small Business Sustainability Care Package: Know Before You Lose! highlights four main pillars small business owners should utilize in securing their resources: • fortifying their cybersecurity with the right services • acquiring insurance with crime prevention and employee dishonesty riders • vetting their financial institutions • using payroll alert/assistance • small claims accountability

able, you cannot assert a claim against us on any items in that statement, and as between you and us the loss will be entirely yours. This 60-day limitation is without regard to whether we used ordinary care.”

This article will focus on the third, and arguably the most important, step in small business sustainability. One of the most important decisions a small business owner will make is where to do one’s banking. Before choosing a bank, there are certain measures every entrepreneur should take in vetting the financial institution that will be involved in the company’s finances.

Find out how the bank makes statements available to you, whether they are mailed or sent electronically. Once you have your statement, review it carefully and look for any erroneous transactions. Banks ask consumers to notify them of any errors in the statement within a designated timeframe. Know how much time you are allotted to notify the bank for suspicious activity on your account, as this can vary depending on the bank.

Seek Transparency About Fraud Protection

According to the Association of Certified Fraud Examiners’ (ACFE) 2016 Global Fraud Study, the “typical organization loses 5% of revenues in a given year as a result of fraud.”

The total loss of all fraud cases analyzed in 2016 was over $6.3 billion. Small and large organizations had an equal median loss of $150,000; however, the effect of this loss is likely greater in smaller organizations, with fewer than 100 employees. Small businesses are vulnerable to unique fraud risks, especially “check tampering, skimming, payroll, and cash larceny schemes.”

Examining Your Agreement

One bank’s statement reads, “If you fail to report within 60 days of when we first send or make the statement avail-

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Business account agreements should provide pertinent information about monitoring one’s statements, procedures for notifying the bank of errors, preventing fraud and protections for legitimate transactions. If your agreement does not disclose the following information, ask your bank to provide it for you.

Monitoring Statements

One bank asks that consumers “notify the Bank of any claim for credit or refund due to an unauthorized transaction” within thirty days of receiving their statement. If the bank is not notified within this time, it will assume the statement is correct and will be “released from all liability for the items charged to your account and for all other transactions and matters covered by the statement.”

State Restrictions on Consumer Action

In California, legislation stipulates the amount of time consumers have to notice fraudulent checks on their statements and carry out legal action against their banks.

The California Commercial Code Section 4406 (f ) states,

“Without regard to care or lack of care of either the customer or the bank, a customer who does not within one year after the statement or items are made available to the customer (subdivision (a)) discover and report the customer’s unauthorized signature on or any alteration on the item is precluded from asserting against the bank the unauthorized signature or alteration.”

A one-year limitation on action by “a depositor against a bank for the payment of a forged or raised check” is also included in the California Code of Civil Procedure Section 340 (c).

What does this legal jargon mean? Regardless if there was a neglect on part of the bank in the transaction of an unsigned check, you must discover the anomaly and report it within a year of receiving your statement. If you do not meet this timeframe, you cannot pursue legal action against the bank for processing a forged or unsigned check.

Consumers unaware of this one-year limitation may be caught off-guard when they are told that the bank cannot be held responsible for processing unsigned checks on their account simply because they reported the incident too late.

This is important information that financial institutions should make clear to their customers.

Bank Services

Your bank will most likely offer services and products for fraud prevention, such as positive pay with payee validation, ACH fraud filter and a Payment Authorization service. Take advantage of these services when they are offered for your small business. What else does your bank do to ensure the safety of your resources?

Follow our 11-point checklist for what you should know about a financial institution you are vetting.

• Does your bank have automated systems to detect suspicious activity in your account?

• Does your bank rely on manual processes or third-party processors to handle transactions? How are these made secure?

• Is your bank obligated to notify you of suspicious activity on your account? If so, how much time are they allotted to do so?

• Does your bank offer additional insurance for errors in processing?

• How does your bank validate a business owner’s, or an authorized personnel’s, identity before making a transfer?

• Does your bank use multifactor authentication? For what dollar amount?

• Does your bank process unsigned checks?

• What are your bank’s limitations of liability? How does this change in terms of online banking?

• What fraud prevention services does your bank offer?

• What options are available if you become victim of fraud or embezzlement? How much time are you given to respond in such an event?

• How many security breaches has your financial institution experienced in the last month?

Insurance and Other Products

Besides checking what services your bank may offer for fraud prevention, utilize insurance and non-insurance products as an additional source of protection. According to John Torvi, Vice President of Marketing & Sales at Landy Insurance, “Banks may be better at detectNAWRB MAGAZINE |

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KNOW BEFORE YOU LOSE! ing unusual credit card or ATM activity than identifying fraud or employee dishonesty.” Torvi suggests the following products and services for a “more responsive and secure” means of protecting your funds and data: • ID Protection Programs provide surveillance over credit card activity and respond promptly and thoroughly in the event of a lost or stolen wallet or identity theft. They can also work with credit bureaus to protect your credit score. ID Shield is one example of such programs.

• Crime Bonds and Employee Dishonesty Insurance Policies protect your business against employee theft, fraud and unauthorized access to funds by a third party.

• Cybercrime Insurance provides protection against stolen data and conditional coverage for stolen or misappropriated funds.

SBA loans; terms available for loans; and interest rates and fees on loans.

Vetting the financial institutions you’re considering entails direct communication with each bank and research on your part.

Small businesses should also ask if the bank is “healthy with strong financials,” CBS News advises. The Federal Deposit Insurance Corporation (FDIC) site offers pertinent information about failures and assistant transactions in U.S. banks, but it does not have a public list of “problem institutions.” Apparently this list is kept secret, which is why consumers must ask the right questions to determine a bank’s health. According to CBS News, here’s what you should ask your bank: • Have they posted a profit or loss in the last four quarters?

• Are their earnings decreasing or increasing?

• Does the bank have adequate liquidity?

• Are they in the middle of a merger/recently acquired?

Ask questions

Look for Federal Deposit Insurance

Conduct a risk assessment and consult an insurance representative to determine which types of protection are appropriate for your small business. Torvi recommends having a policy with preventive services, “such as websites, newsletters and hotlines to reduce data or monetary theft in the first place.”

Evaluate your bank

There is an extended list of questions small businesses should ask regarding their banking or credit needs. Regarding banking, ask about checking fees; how deposits are charged; fees with business savings accounts; credit card terms and limits; and whether online banking is available. For credit needs, ask how a line of credit is determined; whether the bank helps with

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“If you fail to report within 60 days of when we first send or make the statement available, you cannot assert a claim against us on any items in that statement, and as between you and us the loss will be entirely yours. This 60-day limitation is without regard to whether we used ordinary care.”

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Small business entrepreneurs should check online that the bank they utilize carries federal deposit insurance, whether it’s through the FDIC or the National Credit Union Administration. Wells Fargo reports that “the FDIC insures certificates of deposit and money market accounts, along with traditional

KNOW BEFORE YOU LOSE! checking and saving options” in case the bank were to fail.

The FDIC limits the insurance amount to $250,000 for each depositor per insured bank. If you would like to deposit more than that amount, you can deposit an additional amount at a separate bank. A depositor can qualify for more coverage, Wells Fargo explains, “depending on type of account and ownership category.”

Terry Burnham, an economist professor at Harvard, warns that keeping all your financial resources in a large institution comes with certain risks, such as being unable to get all your money back if the bank fails. This can occur when a bank loans out a majority of its depositors’ money and those loans bust, leaving the bank susceptible to bankruptcy.

Moreover, in such a crisis, Burnham states that a large bank may not be able to return money to all depositors at once “because they have lent out most of it to other people—90 percent or more.” While some depositors may get their money quickly, others waiting in line may experience delays.

Differences between larger and smaller banks

Will your business benefit from using a smaller or larger bank?

Burnham recommends smaller banks because they can be stronger in a financial crisis. In contrast, larger banks, or what Burnham calls “too-big-to-fail” banks, are paradoxically fragile in the event of a major crisis. The government may not have enough resources to save all these banks “immediately and simultaneously.”

A second benefit of building a relationship with a smaller bank, CBS writers Rich Russakoff and Mary Goodman explain, is that “aggressive, local banks tend to stay current on state, local and particularly the federal programs that are or will be offered to stimulate the small business market.” Having this

resource could prove invaluable to small businesses hoping to secure their sustainability.

However, smaller banks struggle in keeping up with banking regulations, such as those imposed by the Dodd-Frank Act, with their slim profit margins. In addition, although they are protected by the FDIC in the event of a crisis, smaller banks are not necessarily safer than larger banks. Without proper regulation, as Forbes contributor Frances Coppola writes, small banks “can become too reliant on unstable wholesale funds and lend too much at too high a risk.” They are just as susceptible to corruption as larger banks.

Smaller banks are often locally-focused and do not offer as much financial services as larger banks. The convenience of larger banks, with a multitude of ATMs and branches, new technological banking tools and a plethora of services, may make them attractive for your business. The drawbacks of larger banks are that they charge higher fees for their services and are more difficult to navigate with high employee turnover rates and more reporting levels.

As this guideline shows, choosing the right bank for your business is an extensive but rewarding process. When small business owners take the initiative to vet their banks, not only do they become more informed consumers, but they make an active effort in protecting their money and securing their company’s success.

To learn more about the Small Business Sustainability Care Package, or to become a Strategic Partner, contact

NAWRB at info@nawrb.com or (949) 559-9800.

By: Desiree Patno, CEO & President of NAWRB

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How I Reinvented

my Career without

Reinventing Myself (and how you can do it, too)

Baby Boomers are living longer, retiring later and, the

well-established insurer in the mortgage banking ecosystem) descended into receivership.

truth is, we’re finding that one lifelong career just isn’t enough. Long gone are the days when a high school or college graduate finds a dream job, spends the next 30-35 As with twists and turns I’d experienced before, the years moving up the company ladder and retires with a writing had been on the wall. Banks were substantially pension at 62. In fact, graduates are changing jobs near- cutting back from residential lending and servicing. The ly three times, on average, within the first five years of once robust non-agency market was anemic and unlikely to emerge as its former self. graduation; a pace that has nearly “As a working professional, Warehouse lending, title services, doubled versus just 20 years ago, it is essential to study mortgage insurance, appraisal seraccording to LinkedIn Economic Graph data. employment trends.” vices and others survived, but were (and are) very competitive comWhether you’re a Millennial, Baby Boomer or somewhere moditized value propositions that expand and contract in between, if you’ve spent any time in real estate or fi- based on market need. nancial services over the past five to 10 years, chances are you’ve experienced long and lean times as a regular course Fortunately for me, I had diversified jobwise. Since 2005 of doing business. With the ongoing interest rate move- I had been following a passion and teaching evening colment and uncertain times ahead, there is no better time lege classes in finance and macroeconomics. So while the than now to consider where you stand in your career, how sudden change stung, it didn’t sink me. much it fulfills you and what might lie ahead.

As both a student and professor, I’ve spent a lot of time My own employment, some 30 years of trials and success- studying employment trends. Virtually every generation es in financial services, has taken me over a lot of winding has faced changes in both opportunity and employment roads. I’ve had to make a number of adjustments to my requirements due to advances in technology. In real estate career path—either preemptive or forced—most recent- and mortgage lending, automation of workflow has been ly several years ago when my employer (a very large and a driver of technology in loan originating, appraisal, loan

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processing, underwriting, servicing, brokerage services segments and much more. I had been exploring how to capitalize on my 30+ years of mortgage banking, structured finance and capital markets experience to refresh my career. My research led me to financial technology companies that were quietly making inroads into the space, but with improved value propositions.

job you would like to have five years from now, begin by considering what types of employment will be part of the future economy. Play to your strengths, your experience and your skillsets, and educate yourself in unfamiliar areas that have potential. Be sure to only pursue things that excite you and will be worth really working for.

3. Get in touch & stay in touch.

If you’ve been working in an industry for a while, you’ve likely accumulated a lot of contacts. Take the time to reconnect with old colleagues as those contacts will come in handy as you look for new opportunities. Begin to grow your network out beyond the borders of your industry, particularly into areas you are exploring. People like to refer and hire people they know.

Shortly after things went south with my employer, I accepted a position at a fintech company in San Francisco called Alight. It was a leap for me—I was a died-in-the-wool mortgage guy and while Alight was exciting, I have to admit to having a bit of trepidation about becoming a tech sales guy. But I was hooked from the start. Alight’s value proposition suited my expertise, my educational background and my view of where the mortgage industry “Investigate the field needed to head. It was a win-win for me from day one to the end of my you’re in now (if you’re time at the company.

4. Find your paper route.

Develop a hobby, passion, talent or value proposition into a business that satisfied), & some other is economically rewarding, conveBack to you. Chances are your in- industries where you can nient timewise and psychologically dustry—your livelihood—is (or will liberating. Start it as a paper route, leverage your expertise be) undergoing substantive change, something you do in your spare change that will likely affect the way & you think you can be time that can add a second or third things run. You need to be prepared source of regular and predictable inexcited about.” for any surprises that may come cremental income. Your paper route your way. But where to start? may start off small, but with time and energy you can grow it into a meaningful source of income. Get certified 1. Do your research. or licensed, and keep it active. When I first started teachFirst, study the advancement of tech companies and the ing 12 years ago, what I made was laughable. I taught one inroads they made during periods of change. Tech advance- class and earned $400 for an eight-week session, and toments are the proverbial writing on the wall and typically day I am an adjunct professor. My teaching income is not herald significant change coming. Technology that enhances inconsequential and the benefits are substantive. Best of productivity may curb manpower needs, while technology all, I love teaching and it is something that I can do well that opens up new areas previously undiscovered may re- into semi-retirement. quire additional manpower, so education and training—even just some self-study—may be necessary. Investigate the field 5. Develop an achieveable, but not too slow timeline. you’re in now (if you’re satisfied), and some other industries Life is busy and there are a million things that can get in where you can leverage your expertise and about which you the way of making changes, particularly when it comes to think you can be excited. revamping a career. It’s much easier to continue on the same trajectory than to change course. Take a breath and reevalu2. Take the five-year plan and stay relevant. ate. The things you start today, the things that require extra Use your imagination to consider where the industry might effort, the things that require a journey, are the very things be five years from now; it’s a reasonable and practical time- that will contribute to your success sometime in the future. I frame on which to base decisions. Read thought leaders once had a boss who always said to me, “Ralph, the only way and influencers, not only in your industry but also in relat- to eat an elephant is one bite at a time.” Well, go ahead and ed industries and broad, innovative areas like technology, take that first bite. sciences, economics. And then, instead of focusing on the

NAWRB MAGAZINE |

17

REINVENT YOUR CAREER Expanding your career into a new area or converting a hobby into an income-producing enterprise requires a lot of care and feeding, a whole lot of discipline and some sacrifice.

But, once you’ve done it, you won’t remember the pain, you’ll be basking “Start thinking about what in the rewards. Things like supplemay lie ahead for you mental income, or a “side hustle,” as the Millennial demographic calls it, (life’s big milestones: kids, can turn into a meaningful addition houses, weddings, college, to your personal bottom line. Monrainy days, retirement) ey is fungible, $3,000 to $25,000 per year in extra cash can be very addi& and factor those into tive to lifestyle, savings or whatever your plan first.” you decide.

Start thinking about what may lie ahead for you—life’s big milestones—kids, houses, weddings, college, rainy days, retirement—and factor those into your plan first. Once you have those cornerstones laid, the only limits to what comes next are the ones you impose. Live your best life many times!

Ralph Armenta Technology and Mortgage Banking Consultant & Adjunct Finance and Macroeconomics Professor

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| NAWRB MAGAZINE

NAWRB Magazine’s Volume 6, Issue 3, Small Business Sustainability, highlights the foremost housing ecosystem issues alongside central tools supporting the survival of women-owned and small businesses. The significance and potential of women as one of the fastest-growing entrepreneurial segments must be recognized, and this issue’s articles empower women to utilize their unique resources to drive business and career success.

NAWRB is thrilled to feature Tami Bonnell, CEO of EXIT Realty Corp. International, as our sheCENTER(FOLD). Tami Bonnell is the embodiment of leading by example.

Always recognizing the value in people and staying true to her word, she has crafted a 30-year career and made it her mission to help as many people succeed as possible. In this conversation with NAWRB, Bonnell relates corporate leadership lessons alongside parenting tips and provides a look at the life of one of the most important women in real estate.

With increasing competition from big companies and the unpredictable consequences of technological innovation, the sustainability of small businesses in the housing ecosystem grows increasingly precarious. At all times, including when time-tested methods continue producing, innovation is an answer to sustainability.

Leveraging tax incentives, reducing losses on FHA Defaulted Loans and increasing sales as a renovation agent are commanding sustainability methods addressed by our expert contributors. In times of uncertainty, reinventing yourself and your career path can be the best path to new, fruitful territory.

Small businesses are the backbone of the economy, essential pillars in communities across the country. The paradox is that despite their importance, small business owners perpetually lack resources and face enveloping sustainability obstacles.

NAWRB is a resource contributing to the success of women-owned and small businesses, thereby contributing to the progress and betterment of our industry and enabling the empowerment of future generations of entrepreneurs.

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

NAWRB MAGAZINE |

19

NAWRB STAFF & CONTRIBUTORS

CONTRIBUTORS

PUBLISHER/ EDITOR-IN-CHIEF Desirée Patno

Ralph Armenta Monica Kang Robyn Markow Jodi Gaines Holly Neber Jim Bopp Marissa de Swart Edie Fraser Jane Campbell Tami Bonnell

SENIOR GRAPHIC DESIGNER Kendall Roderick CONTENT WRITERS Belester Benitez Burgandy Basulto

ADVERTISERS

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

Exit Realty Corp. International Enterprising Women FDIC Herbert H. Landy Insurance Agency, Inc. Microsoft Million Women Mentors NAWRB NAWRB Foundation NMP Magazine RISMedia Wells Fargo Home Mortgage

PRODUCTION ASSISTANTS Jay Jones Yvette Hernandez Lucille Chaney Jing Tian

Order your Digital or Print Subscription Today!

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NAWRB.com Grand

Executive

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.

949.559.9800 | Media@NAWRB.com

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| NAWRB MAGAZINE

Gateway to women’s gender equality & women-owned & small businesses in the housing ecosystem. From awareness, opportunities, networking, referrals & our media platform, we bring women to the forefront with accountability & results. The government, the public, & the private sector united in the common goal of conversation to advance women & small businesses is pivotal to help cement women’s future for generations to come.

/NAWRB

/NAWRB

Contents:

32

sheCENTER(FOLD)

Tami Bonnell

4 Jumpstarting Your Career &

Business in the Housing Ecosystem

7 Moving the Needle in the Right Direction for Women in Tech by Edie Fraser

10 NAWRB Small Business

Sustainability Care Package: Know Before You Lose!

30

16 How I Reinvented my Career without Reinventing Myself (and how you can do it, too) by Ralph Armenta

48

16

22 The Truth about the Creative Drive

by Monica Kang

26 Increasing the Odds:

Building the Female Executive

by Robyn Markow

30 Women Business Owners are Missing Out

on Billions in Tax Incentives & Investments: Congress Can Change That

by Jane Campbell

50

32 sheCENTER(FOLD) Tami Bonnell 40 Breaking Down The Barriers:

Unconscious Bias and its Effects on Women in Commercial Real Estate Careers by Holly Neber

44 Attracting Millennials to Homeownership 48 Increase Your Sales as a Renovation Realtor!

54

By Jim Bopp

50 Reducing Losses on FHA Defaulted Loans

by Jodi Gaines

54 Leading the Way Toward Gender Equality by Marissa De Swart

Vol 6. Issue 3: Small Business Sustainability NAWRB MAGAZINE |

21

the t ou

T h eT r

Creati uth ab v

ive r eD

B y M on i c a K a n

You know when you lack sleep. You might feel a bit dis-

oriented, crave sugar, and start noticing random details around the room instead of focusing on what you wanted to do. Unfortunately, as a full-time, bootstrapping female entrepreneur this scenario is far too familiar.

Being a great entrepreneur takes effort, dedication and persistence, and it comes at a cost. In our efforts to develop and grow, we often stretch ourselves too thin. When we say yes to everything, we utilize time that would have otherwise been used to explore projects and opportunities that are more in alignment with our personal visions. At the end of the day we’re left to figure out how to balance work with life and self-care.

Sometimes you can’t reach that goal even if you do everything to manage your resources. However, creativity holds the power to help achieve your milestones by marinating in them. How can you be more creative?

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g

When we ask this question, we are often asking how to be creative with ease. We want the results without the hard work. At times, when we don’t see immediate results, we are instantly crushed. Even though we know certain things will take a bit more effort and dedication, when we are used to ordering food, cars, lodging and dry cleaning with a click of a button, we unconsciously want things more instantly and perfectly.

It’s the same when we are creating something. As entrepreneurs, we know that every form of action is an act of creation. Whether it’s creating a new product that will revolutionize your industry or creating a new advertisement to market your message in a new way, we are always wearing our creative hat. What makes a difference between a thriving creative leader and a mediocre one is how they decide to interpret and utilize their creative strengths.

Thriving creative leaders are not just great with ideation;

CREATIVE LEADERS they know how to find connections in unassuming places, recognize opportunities in the most devastating moments, and thrive with limited resources. They let their imagination take their vision to a whole new level because they see things with an abundance mindset with patient persistence.

And yes, at times that means they may be working late hours and lack sleep, but they are using every insight and experience to learn, connect and create. This is a really important reminder for entrepreneurs, and especially for female entrepreneurs who often lack the resources, support and funding opportunities male founders have and believe that is the reason for our failure or delay in success. I know this may sound contradictory but lack of resources can be the key source to your growth, as long as you have the abundance creative mindset.

There are tools and strategies to be creative but they only scratch the surface. You have to do the work to learn what makes you creative and, most importantly, why you want to be creative. Why do you want to do this business? Why should others care? You have to dig deeper and reflect to understand your creative drive. Without fully understanding why you have a drive to do what you do and why you love doing what you do, you are half blind in your journey. When you understand your drive, not only do you understand what causes your excitement, you also understand what pushes you away from mediocrity. When you understand your drive, you understand why every form of creation and action you are taking is making a difference in building the bigger goal you want to fulfill.

When was the last time that you truly pushed yourself and asked why you are doing what you do? Have you truly been giving your 100 percent? If you’re not, why not?

Stop using the need for perfect balance as an excuse to not fully dive into your potential. When you recognize every piece of your experience is a puzzle piece that will help fill the gaps then you stop worrying so much about balancing; rather, you focus on how the pieces all fit together to reach the goal. In cooking, marrying the flavors and spices is important. Sometimes you need equal amounts of two ingredients, sometimes a little less of one and more of another, sometimes even replacing an ingredient with something different.

Being a great entrepreneur takes effort, dedication and persistence, and it comes at a cost.

At times you may lack sleep, the funding or the network to reach where you want to go, but you shouldn’t see that as something that’s stopping you from reaching your dreams.

Take a step back to see how it all connects and can help you get to the next goal. You may be surprised at what you find.

The truth is, you already have the creative drive. You just need the courage and patience to recognize the diamond in the rough.

MonicaKang Founder and CEO InnovatorsBox®

NAWRB MAGAZINE |

23

Financial st abilit y since 1933

Federal Deposit Insurance Corporation

www.fdic.gov

Each depositor insured to at least $250,000

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

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| NAWRB MAGAZINE

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

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

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

WHAT WOMEN WANT FASHION NAWRB MAGAZINE |

25

Increasing the Odds: Building the Female Executive By: Robyn Markow

If you have had the privilege of meeting with senior managers at mortgage and finance companies, you will notice they are overwhelmingly filled with middle-aged, white men. According to Catalyst, women currently hold only 5.8 percent of CEO positions at S&P 500 companies. This tells us that despite all of the progress, women simply have not shattered the glass ceiling.

The fact remains, when it comes to hiring for executive-level positions, the pool of experienced and qualified candidates with relevant experience is predominantly male. This is not to say that women are not just as capable, but if 95 percent of the qualified applicant pool is male, the chances of hiring a female for that role are strikingly low, thus creating a perpetual cycle of hiring men.

To move more women into higher roles, companies need to foster an environment of promoting from within and effectively “break” this continuous cycle. Companies sometimes fail to see the proven talent right before them in their eagerness to bring in someone from the outside with a prior comparable title. Board members usually receive outside candidates with similar experience well because they seem like the right fit on paper. The reality is that after the initial announcement to the company and circulation in industry periodicals, no one ever remembers these prior titles and companies measure performance by innovation rather than a candidate’s prior job history.

“If you have had the

privilege of meeting with senior managers at mortgage & finance companies, you will notice they are overwhelming filled with middle-aged, white men.”

The responsibility to foster an environment that promotes from within falls on each of our shoulders. We need to encourage growth from within our own companies, encourage hiring managers and those in decision-making positions to look within the company and allow capable, promising employees the chance to advance from within. To drive this growth, we need to prepare the next generation of executive women to challenge experienced male candidates.

To be a capable candidate for an executive role requires having a clear vision of your goals and career path. Planning will help you to avoid many costly detours along the way and improve your chances of arriving at your final destination.

Career goals are different from performance goals at work and they are certainly not a New Year’s Resolution, which is good, because hardly anyone achieves those! Unlike performance goals—which are usually SMART (Specific, Measurable, Achievable, Relevant and Time Bound)—career goals should be HARD (Heartfelt, Animated, Required

“My advice to women is to not let life pass by — take control & propel forward into that ‘dream job’ with the confidence & the necessary skills.” and Difficult). Goals need to be difficult enough to propel one forward, making traction toward the final destination.

It is important to remember that you will never achieve a goal you don’t set, yet the majority of the population does not have written goals. The mere act of writing down goals will set you apart from peers. However, setting the goal is just part of the battle.

According to statistics from Workboard, 93 percent of the workforce cannot translate their goals into actions, and only 7 percent of people know what they need to do to execute a goal. Similar statistics from Inc. indicate only 8 percent of the population can achieve a goal they set annually—this does not even speak to goals that span the course of decades.

How can women best position themselves to reach their career goals? In addition to their HARD career goals, they must select the right mentor. Sharing goals with a mentor can help maintain focus and develop the roadmap needed to execute your vision. The right mentor is vital to developing the skills needed to translate goals into action and continue career growth, particularly for women who are at a disadvantage.

In identifying a mentor, it is arguable that women are far more successful when mentored by other women. Women are known for their ability to relate to an audience. It is important to have a mentor who can help you grow to find your own voice and present ideas in a way that is confident, persuasive and natural. Women mentored by other women can better find a delivery method that is their own because they share common strengths and understandings.

Bottom line: women need to find their own voice and they will not find it if trying to sound like a man.

My advice to women is not to let life pass by. Take control and propel forward into that dream job with confidence and the necessary skills. When doing so, do not forget that you would not be as strong without a community of supportive women, each of which have a duty help mentor the next generation.

Robyn Markow

AVP Client Relations Quality Claims Management Corp.

NAWRB MAGAZINE |

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sheSHOWCASE

Susan Pound Sandra Gaddy Jan Homan Lizete Alves

T.A. Associates, a global growth private equity firm, named Jessica Cohen Vice President of its Boston office. Cohen’s focus is on investments in consumer companies across North America. She rejoins the firm after earning her MBA from Harvard Business School.

Lizete Alves joined Nestio, a marketing and leasing management platform, as Director of Business Development and Partnerships. Alves will bring a decade of real estate marketing experience to fulfill her responsibilities of fortifying the firm’s partnerships and managing relationships with third-party partners.

Jennifer Wakefield

Tomaneci Waller-Day was promoted to Supplier Diversity Director at Freddie Mac. Waller-Day is responsible for launching the Vendor Academy, Freddie Mac’s signature Diverse Vendor Development program.

Jan Homan joined FHLBank San Francisco as Senior Vice President, Chief Human Resources Officer and Office of Minority and Women Inclusion (OMWI). Homan brings with her 30 years of experience in human resources.

Jennifer Wakefield named Senior Vice President of Marketing for the Greater Richmond Partnership, Inc, a regional economic development organization, where she will help attract global business. Wakefield previously served as Vice President of Marketing and Communications for the Orlando Economic Partnership.

Susan Hinkson

Pamela Hughes Patenaude officially sworn in and announced as Deputy Secretary of the Department of Housing and Urban Development (HUD). She was previously President of the J. Ronald Terwilliger Foundation for Housing America’s Families.

Susan Pound chosen to lead Wells Fargo Middle Market Banking’s 12-state South Region sales team.

She co-chairs Wells Fargo Middle Market Banking Women’s Segment.

Sandra Gaddy named CEO of the Women’s Resource Center. Gaddy currently serves as Vice President of Advancement for the Inner City Christian Federation.

Anna Maria Farías

Tania Odabashian Danielle Hale Tiffany Rufrano

Becky Heidesch joined Stanton Chase as a Director and North American Diversity & Inclusion Practice Leader. She will work with all of the North American offices and focus on senior-level women and diverse executive placements.

Pamela H. Patenaude

Greystone Development appointed Tiffany Rufrano to Director of Asset Management. Rufrano will bring over ten years of commercial asset experience from her time at Paramount Group, J.P. Morgan and Clarion Partners. In this new position, she will manage the company’s portfolio of nationally-based multifamily and mixed-use properties.

Tomaneci Waller-Day

Danielle Hale named realtor.com’s new Chief Economist. Formerly the Managing Director of Housing Research for the National Association of Realtors (NAR), Hale has been an economist in the housing industry for almost a decade.

Jessica Cohen

The Corporate Housing Providers Association (CHPA) named Tania Odabashian Chairman. Odabashian brings with her over 20 years of experience in the corporate housing industry.

Becky Heidesch

sheSHOWCASE

Capalino+Company appointed Susan Hinkson to Executive Vice President for the firm’s Land Use, Housing and Real Estate group. Hinkson previously served as Vice Chair and Commissioner of NYC Board of Standards and Appeals, and as Brooklyn Borough Commissioner for the NYC Department of Buildings.

Anna Maria Farías appointed to Assistant Secretary for Fair Housing and Equal Opportunity for the Department of Housing and Urban Development (HUD). Farías’s office will work to eradicate housing discrimination, boost economic opportunity and create more diverse and inclusive communities. She previously served for HUD under the George W. Bush administration.

NAWRB MAGAZINE |

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Women Business Owners

Are Missing Out

ON BILLIONS in Tax Incentives

& Investments:

Congress Can Change That

by Jane Campbell

When her short-term corporate housing company start-

ed to draw sizable revenue, Chicago-based business owner Francine Manilow realized she needed to change how her business was organized in order to take greater advantage of tax breaks.

Women-owned businesses like Manilow’s represent more than a third of all U.S. companies. Yet they are often disadvantaged by the tax code because of their legal classification or service-based industry.

ing seriously at revamping the tax code—a once-in-a-generation chance to transform it into a tool that empowers women entrepreneurs.

For the report Billion Dollar Blind Spot: How the U.S. Tax Code’s Small Business Expenditures Impact Women Business Owners, Kogod researchers surveyed 515 women business owners across the country to determine how they use four

Manilow figured that out, saying, “The S-Corp wasn’t any good for me. I switched to C-Corp.”

"Congress is looking seriously at revamping the tax code—a once-in-a-generation chance to transform it into a tool that

empowers women entrepreneurs."

Her story, however, is rare. A new report by Caroline Bruckner of American University’s Kogod Tax Policy Center, which drew upon a survey conducted by national advocacy organization Women Impacting Public Policy (WIPP) as part of its analytical foundation, found that many women entrepreneurs can’t take full advantage of tax incentives because the kinds of companies they own don’t benefit from provisions designed to stimulate growth and attract investment.

The good news is, rather than small businesses having to undergo the byzantine process of changing their legal structure, we have a huge opportunity to change the system for the better. For the first time in 30 years, Congress is look-

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small business tax provisions. An online survey of WIPP members—companies with at least 51 percent female ownership who represented more than 15 different types of industry—found that they were predominantly small business owners, with 96 percent reporting 100 or fewer employees.

A startling fact of the Kogod research is that 84 percent of women surveyed operate businesses in service industries that are excluded from those key provisions. There were other problematic trends revealed by the survey: - Only 12 percent of respondents organize their businesses as C-corporations, meaning the remaining 88 percent are excluded from significant small business tax incentives.

- Only 0.6 percent of women surveyed reported at-

WOMEN-OWNED TAX INCENTIVES tracting capital for their businesses from non-corporate investors by using a portion of the code that allows them to issue qualified small business stock.

- 53 percent of respondents said they didn’t fully benefit from Section 179, a provision allowing businesses to deduct equipment purchased and placed into service. They said they either didn’t know about the provision or don’t buy the kind of equipment qualifying under the provision.

that between 2007 and 2016, the ranks of women entrepreneurs grew at a rate five times faster than the national average. Yet, in 2016, less than 5 percent of venture capital deals went to women-led businesses, according to PitchBook. Research from the U.S. Senate Committee on Small Business and Entrepreneurship also shows that women receive only 4 percent of the total dollar value of all small business loans, and CrunchBase reports that between 2010 and 2015, just 10 percent of venture dollars globally went to startups with at least one female founder.

- 86 percent of respondents said they’d never claimed a tax loss under a provision that permits an ordinary loss on the sale or exchange of qualified business stock.

The bottom line is three of the four tax provisions studied either explicitly exclude service firms or effectively bypass companies that are not C-Corporations or have few capital-intensive equipment investments. Given that most women-owned businesses are concentrated in service industries or are organized as something other than a C-Corp and have few capital-intensive equipment needs means they’re missing out on more than $255 billion in tax help.

What’s more, Kogod’s research found a complete lack of government analysis about the effects of tax expenditures on women-owned firms. This situation raises real questions about whether the tax code’s small business tax expenditures are operating as Congress intended. Clearly, policymakers have a billion-dollar blind spot when it comes to understanding how effective such expenditures are with respect to women-owned firms.

Members of both houses of Congress have reviewed Kogod’s research and are considering the importance of its findings. Yet, to date, neither the U.S. Senate Committee on Finance nor the House Committee on Ways and Means—the two primary bodies undertaking reform—has held a full hearing to assess the impact of the tax code’s small business tax expenditures on women business owners.

In addition to sounding the alarm on tax reform, in its 2017 Economic Blueprint, WIPP also highlighted numerous potential reforms in capital infrastructure needed to spark greater investment in women-owned businesses. A key recommendation includes developing more female fund managers through the Small Business Investment Company’s “Emerging Managers” Program with the likelihood that it would lead to more investment in women entrepreneurship.

Correcting these inherent inequities carries the potential to dramatically impact our economy. The percentage of firms owned by women has skyrocketed from 4.6 percent in 1976—the first time the Census released a report on women’s business ownership—to 36 percent today. There are 10 million women-owned businesses, and they employ 9 million people and contribute $1.6 trillion to the economy, according to the U.S. Census Bureau.

Clearly, women entrepreneurs’ economic might is significant and growing. But they could accomplish even more if the tax code created stronger investment opportunities and if a greater number of women were positioned to make investment decisions to help businesses run by other women.

Things might not have gone so well for WIPP member Francine Manilow had she not figured out that inequities in the tax system were keeping her from greater prosperity.

“Many women have not been part of the inner workings of policymaking,” Manilow said. “I have no doubt I would have been even more successful if there had been a fairer tax code.”

Congress must use tax reform and opportunities to improve access to capital to harness the economic energy generated by women.

Jane Campbell, President of Women Impacting Public Policy

The 2016 State of Women-Owned Businesses Report affirms NAWRB MAGAZINE |

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sheCENTER ( FOLD )

CEO of EXIT Realty Corp. International

Tami Bonnell

Tami Bonnell is the embodiment of leading by example. Always recognizing the value in people and staying true to her word, she has crafted a 30-year career and made it her mission to help as many people succeed as possible. In this conversation with NAWRB, Bonnell relates corporate leadership lessons alongside parenting tips and provides a look at the life of one of the most important women in real estate.

Interview by Desirée Patno

NAWRB: Who has inspired you

most throughout your life?

Tami Bonnell: The first person is

my mother. She died very young, in her forties. I’m one of six kids and the number one thing that she said to all of us is, “Never say, ‘I wish I had.’” You get to a certain point in your life, and if you haven’t experienced things that you really wanted to that are on your bucket list, you may reach a point when you can’t.

My dad always said, “Your standard is the lowest level you’re willing to accept.” I always thought that was such a smart line because if you didn’t give your best today, whatever you gave the worst of was your best.

That’s the reflection of you. Anytime he said it I’d go in and inspire people.

"When you work through a couple of recessions you find the solutions."

It’s so obvious, professionally and personally, that your standard is the lowest level you’re willing to accept. Even if nobody else knows when you phoned it in, you know. That was a good push.

My grandmother, my father’s mother, was an entrepreneur.

She was forced into it because she became a widow at a very young age. She owned a construction company and I started working for her answering phones when I was eight. She was in a wheelchair most of her life and would always say, “Even if the only thing you can do for yourself is make a cup of tea, make your own damn tea.” Basically, do whatever it is you can do for yourself, don’t depend on other people and don’t expect it from other people. I think that is awesome advice.

Steve Morris, the Founder and Chairman of EXIT Realty,

pushes you to get out of your comfort zone more than anyone I’ve ever been around. There isn’t any, “Why not?” It’s always, “How do you know unless you try it? The four-minute mile wasn’t accomplished until somebody said, ‘What if I did?’” He always pushes everybody that’s around him to get more and better out of them.

He deals with the entire person and is very curious about helping other people and pushing you. I’ve watched him do it with people who I didn’t think would go anywhere, and they’ve really grown much further than they probably ever thought they could.

With this company, selling the rights to regions across the country, I broke four world records. I didn’t do it to break the records, I listened to what Steve had to say and so much of it was centered on the idea that you don’t know unless you try it. It goes back to the same thing my dad used to say about standards. If you look at the average real estate office, if there’s anybody in there who’s not a producer, it justifies everyone else not producing. They sit around and think, “Well, they aren’t doing anything either so I won’t do anything,” and pretty soon the day is gone. Steve really pushed for surrounding yourself with people who want to be better and people that want to do better.

You know you feel the best about yourself when you do something you didn’t know you could, so why wouldn’t we just keep trying to do that?

I broke records from 2001 to 2007. In one year I sold out 50 percent of the regional rights by population in the entire United States. It was absolutely crazy, but it was really about NAWRB MAGAZINE |

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sheCENTER(FOLD)

TAMI BONNELL

going out and having the conversation to find out what’s really important to people and what makes sense for them.

That’s it more than anything else. I think that everybody has an unbelievable capacity, it’s just so much about how we start our day and how we live our day. There are a lot of people who start the day by going on their email and then half the day’s gone; then they go on Facebook and Amazon and don’t understand how the day disappeared.

long time about wanting to empower women and make a difference. I think it's all about exposure. So many people don't even know what their options are. They don't know that things can be different because they haven't been exposed to anything else.

This Council is great exposure for us to be able to get out in front of a tremendous amount of women and really show them that they have a lot more choices that they thought.

These things are not good ways to start your day because they consume too much of your time. I think people get That's one thing I do like about social media, you have a hooked on it and it’s a shame. That’s not your real life, your voice because you're doing things publicly. The voice should real life is the life that you’re living, but so many people are be heard, it's so important. living vicariously through the image that they put out there.

I can't tell you the number of people I It has value, but the whole thing is, get the opportunity to meet who just “Is it controlling you or are you con"If you’re happier, don't know; no one in their family has trolling it?” your kids are going to ever owned a home or done anything besides worked by the hour. That's all NAWRB: What do you think could be happier. If you’re have best prepared you for the role of healthier, your kids are they know.

CEO early on in your career? going to be healthier.

NAWRB: Congratulations on being This even applies to 66 on the overall Swanepoel Power Tami Bonnell: Two things. Number the people you lead, 200 list which ranks the most powerone, I’ve been in sales most of my life. ful leaders in the residential real estate You really start to get to know peothe people you’re brokerage industry. How do you make ple as you get good at sales, but what around. If you’re time to smell the roses as one of the you’re really getting good at is knowgrumpy all the time, most influential leaders in real estate? ing people because they buy you first. you’re not going to be It’s definitely getting to know people. a good leader."

Tami Bonnell: First of all, thank you.

Here's the best thing that I can tell Number two is adversity. When you you. As a parent, you want to make work through a couple of recessions sure that you prioritize the lives of you find the solutions. It’s not the easy your children, but you've got to still things that prepare you for it; it’s the grow. I always said that if I was gotough things so that you don’t flinch ing to have to work anyway, I might as when things aren’t going right. You well make it something good. keep looking for a solution and you don’t panic, you stay in control. A lot of In our family, Sunday was always famit is staying calm when nobody else is. ily night. I would always ask them what they wanted to do that week and It’s also about prioritizing people. I’ve seen how you are with your staff, especially with your interns. I would never promise a time to do it, I would just keep You can tell you really love them and want to push them to the commitment. Maegan might want to go to the library, get more out of themselves; you can see that, and you can Shane may want to go shooting, and William might want to either feel that or not. Every single person that’s in front of lift weights. It didn't matter what they wanted to do, I made sure that they knew they were a priority. If you say you'll do you wants to matter. it Tuesday at 3 o'clock, well, something might happen TuesNAWRB: What excited you most about being a NAWRB day at 3 o'clock. I would just say that we would do it that week and I never broke a promise.

Diversity and Inclusion Leadership Council Member?

Tami Bonnell: You and I have had the same beliefs for a

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I always set up everything like an appointment. Even if that

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appointment is with my husband, daughter or a friend, it's an appointment. If you are in sales or in any other business and have an appointment, you can't make another appointment during that time. I think that you have to do that. It's not that we don't work a ridiculous amount of hours, because we do. It's how you prioritize things.

NAWRB: You are a gift giver; you often send EXIT Realty

From a parenting standpoint, it's the best thing I ever did because I never had to break a promise.

ings matter and you have to get to know them. So often you hear that golden rule that you do unto others as you'd like to have done unto you, but your interests might be different than mine. I should be sending you something that is more personal to you. People want to matter and be heard.

For me, the sanity comes in either gardening or working out. The key is to get up earlier than everybody else so you have that space. I love gardening because I think having your hands in the dirt is therapeutic.

You think on your feet, so you find yourself doing better if you work out. I think this helps you stick with something.

If you're happier, your kids are going to be happier. If you're healthier, your kids are going to be healthier. This even applies to the people you lead, the people you're around. If you're grumpy all the time, you're not going to be a good leader. It's not tons of time; you just have to make sure you make it. For me, most of the time that means getting up earlier than everybody else.

I've averaged more than 100 plane rides a year for 12 years.

At times, it can be difficult to take a breath and explore the place you’re visiting. I made up my mind that in 2018 I am going to learn about something or someplace new and experience it with people I work with.

Agents inspirational books, and you recently sent me an uplifting card and beautiful “break the glass ceiling” necklace.

Have you always made it a point do kind gestures for people in your life? What do these thoughtful acts mean to you?

Tami Bonnell: The number one thing is that human be-

I love giving and I think the person that gives gets more than the person they gave it to, because it feels great to be able to give to somebody. It doesn't matter if it's a magazine article that you think will help their child or a gift. I gifted you a "breaking the glass ceiling" necklace because you're helping so many women do that. That's pretty amazing. It should definitely be recognized.

I'm a firm believer that strong women love strong women and want to see them succeed, it's insecure people who don't. Strong women love it. When strong women see another strong woman going somewhere they think, "That means the rest of us can too." We all end up rooting for each other. If you know something and can share it, I think that's a responsibility.

You know, at the 2017 NAWRB Nexus Conference is the first time anybody's taught me how to shop. It was fascinating for me to learn from you and I thought it was the coolest thing to have that inside knowledge to shop for yourself and have your act together out there. It was a personal thing you did for everybody; you let everyone have a part of you. That's something that's really special about you.

It was really cool. Most of the time when you go to events, you're just working the whole time. You’re in your room on your computer or phone or you're out in front of people. That was a really neat thing that should be included every time; some kind of an experience that you get to go home with.

Tami Bonnell, CEO of EXIT Realty Corp. International with Steve Morris, the Founder and Chairman of EXIT Realty Corp. International

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NAWRB: If you had to give us only three, what are the most

important qualities or habits a successful leader needs to have?

Tami Bonnell: I think you should be an active listener,

an avid learner, and you should love what you represent. I couldn't sell something I didn't believe in. I love the company that I represent; I love the people in it and I feel responsible for them. That foundation has to be built on love. I don't think you can lead something that you don't love.

NAWRB: Success means different

things to different people. To some, it means higher bottom lines and to others, being liked and respected. You seem to masterfully balance both. Has the meaning of success changed for you throughout your career?

Tami Bonnel: Yes. When I was very

young it equated to making more money. I remember being a kid and thinking, "Wow, if I could just make $30,000 that would be amazing. I'd have more than enough money to do anything." It was always that, if I sell this much I'll make that much.

thing really good in that person and find their talent. It's similar. I get the same value out of it, which is why I never pursued school. I'm getting the same return. It definitely feels like I'm serving the same purpose.

NAWRB: Can you tell us about the process of being chosen

CEO five years ago? How do you think your life would be different if you hadn’t become CEO of EXIT Realty?

Tami Bonnell: One of the great things

about our company is that everybody that's hired for a leadership role was doing the job before they got it. What we do is recognize that internally. Everybody who has moved up has done so within the company. We've watched and helped them grow, and focused on pointing them in the right direction. I was already helping all of North America grow while I was the EXIT Realty President for the U.S., so CEO was the next level of growth.

The Founder and Chairman was the CEO and he wanted to become Founder and Chairman. He's still very much in charge and involved, but from a day-toTami Bonnell's Dad & Mom Now, it's much more equated to trying day standpoint it's more me. I was doing to help as many people succeed as huthe job before and now I get to impact manly possible. more people. I think that would be the biggest difference if I wasn't CEO, I wouldn’t get to impact as many people.

My perspective on success kept changing after becoming a parent and it grew and grew. Now, it's pretty limitless. The My job when I go to other places, other than when I'm whole entire thing is, whatever we tell people they can be- speaking, is to be a student. We have a lot of people that come, they can become. People become what we tell them are in charge of brands who are just protecting their retirethey can be. If they haven't been exposed to any of that, ments, but that's not leading. If you're not growing, how are they don't learn it. The money always shows up, so you the people around you going to grow? I find, so many times, don't have to worry about that. people get to up to a certain level in their career and stop.

That's what got them there, working their way up to it. If you NAWRB: As a child, what did you want to be when you don't stay a student, you're in trouble. grew up? How did this vision change, and are those interests still present in your life today?

NAWRB: Out of 16 positions, EXIT Realty’s executive team features 10 women. What is the value of women in executive Tami Bonnell: I wanted to be a lawyer and thought I would roles? Why do you think we see such an absence of women end up going to law school. I wanted to be an advocate so in C-suites and boardrooms across the United States? that I could either help children or the elderly, people who didn't have a voice. That was my thought.

Tami Bonnel: This is really big for me. Number one, I think women are more multi-faceted. They've done studies that Understanding legalese is part of my job and I do get to be show women are more multi-faceted and men are more sinan advocate. Only now, instead of going into a courtroom, I gularly focused. Women have a perspective allowing them to do it by showing people what they can become; I find some- see things from a lot more angles. Without question, that's

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helped us grow considerably, but we've really always picked the most qualified person for the job. It wasn't that we were going to pick a male or a female.

There are more female top producers in real estate than there are men and yet, they don't jump up to the next role.

I think there are a couple of reasons for this. Number one, a lot of people need to see that example and there aren't as many female examples. We've seen a female be as high as Secretary of State, but we haven't seen one go further. Until we see a female president in the U.S., a limited mindset and perspective will exist. We don't see as many female CEOs and I don't think there are as many examples for women to say, "I can see myself doing that." I think having examples and role models, and any kind of exposure to that, is extremely helpful.

Women are more timid to jump in. I don't know if it comes from familial roles, but they're less likely to throw their hat in the ring. It's a shame because you can find balance no matter what. I think it's getting a little bit better, but things like the NDILC are going to help make this exposure much stronger.

At our company, we have people from every generation. We have people from their twenties to their seventies and everywhere in between. We actually also have a gentleman who is 88. Most of the people in leadership are in their fifties and sixties. We have the next generation that we're training and exposing to the industry at a very young age. In their twenties and thirties they're learning all about leadership, even if they're just leading one initiative or a small group.

They're learning as they grow and there will be people who can jump in place if and when I or any of the other people who are in leadership positions retire.

That was a really smart decision by the company.

NAWRB: What is the best part of

living in Massachusetts? Would you ever trade the Northeast for another area? If so, which one?

"I think every family should have a common ground. For us, it’s martial arts & reading.

We all have a love for those two things."Â

I got an opportunity to go out and speak to a bunch of Girl Scouts, because they have to be their own CEOs when they're selling cookies. I volunteered when I went to Arizona. I usually ask if they can give me an opportunity to go to a school or have an impact someplace if there's enough time. I got to speak to seven- to 12-year-old Girl Scouts who actually got a badge for being their own CEOs. When I asked those girls if they knew a female CEO who was in charge of her own business, not a single one could name a female CEO. What's worse than that is none of their parents could either.

If they don't have that exposure, how do they say, "That's something I want to do, that's something I want to be?"

Even in the Congress and Senate, there are still significantly fewer women. We're half the population so we should be half of everything. There should be that kind of representation because we have a totally different perspective.

TAMI BONNELL

Tami Bonnell: The best part

of living in Massachusetts is my family's there. I also love the four seasons and grew up there. I've lived in a couple other areas. I lived in Tennessee for four years and couldn't wait to get back to New England. They're really nice people, but New England feels like home.

I might get a second home somewhere. I love California, but wherever I went would have to be close to the ocean. I do think that there's something magical about both coasts.

NAWRB: What role have martial arts played in your

life? What drives your passion for and dedication to the discipline?

Tami Bonnell: It's helped every single area of my life. Peo-

ple cross over the threshold into the school and do jang to be better. It's very similar to our company. It's that whole entire mind and body connection. You think better on your feet and every time that I would compete, I would return with better business ideas and better ideas for everything.

We took our family to martial arts classes, for almost 20 years, three times a week. It didn't matter whether it was 6 o'clock in the morning or 8 o'clock at night. We kept that commitment three times a week. The uninterrupted time in the car on the way there and back to be able to talk and the NAWRB MAGAZINE |

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fact that everybody was good at something different so we all got to shine in certain areas was great.

The foundation that it created for my children was phenomenal. My oldest son William got his first degree black belt at 13, Shane at 10, and Maegan at 9. They would kick the back of my seat on the way there and say, "I can't believe you're making us do this." I'd say, "You made a deal and a commitment that you'd go all the way to black belt and I'm going to hold you to it."

I'd wake up in the middle of the night wondering if I was doing the right thing or pushing them too hard. I'll never forget William came into my room at 5 o'clock in the morning after getting his black belt and woke me up. I thought he was sick or had a head injury, that's usually why you get woken up in the middle of the night. He said, "Mom, I haven't even gone to sleep yet. I feel so great about myself. I know that I can accomplish anything." Parents only need to hear that once in their lifetime to feel like a million bucks.

You know that you're giving them something that they can take into every area of their life. It's a way of life and a discipline. My husband is a master and we both still referee and coach. I don't have the time that he does, but he does it on a very large scale.

That whole body and mind connection, and being grounded all the time, is a really good thing. You know what's funny?

I think they started because of The Karate Kid. They wanted to be as cool as Mr. Miyagi.

NAWRB: As a CEO responsible for thousands of agents

around the country, how do you stay focused on the importance of each individual employee? What do companies lose when they allow themselves to see employees as mere numbers? | NAWRB MAGAZINE

We decided that we would be the human behind the transaction, the human behind the device, that it would always be the person that would matter most. Steve said to me, "EXIT will show you you, but I believe EXIT will show you a better you. Our whole entire philosophy is making every person better, finding out what their dreams are and helping them get to the point where they're living deliberately. The human will always be important.

“Unconditional love is magic.”

It was worth them sticking with it. I know they're in control and it's given them a really good foundation.

I think every family should have a common ground. For us, it's martial arts and reading. We all have a love for those two things. It's a great way to stay connected as a family.

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Tami Bonnell: First and foremost, we did this deliberately.

We're also a privately-held company.

We aren't publicly traded; there isn't a person pulling the apron strings treating me like a marionette who can come back to me and say, "You have to cut this many jobs because we have to cut this off the bottom line." We didn't let go one single person during the recession out of corporate headquarters, we decided the human element is too valuable, our people are too valuable. Even if we skipped paychecks, we held on to absolutely everybody to make sure every single person knew that they were valued. I think that's really amazing. There are an awful lot of franchises that are publicly traded and it is all about dollars and cents for them, they haven't really focused on the person.

We built this entire company on the foundation of love and we'll hang on to loyalty, I believe, a whole lot better than other companies. It makes us work regardless of what's going on in the market.

We actually decided even during the recession that the buck stopped there and leadership took a hit in pay before anybody else. We should always put our money where our mouth is. You have to be willing to live what you preach.

NAWRB: What is the biggest difference between being a

parent and grandparent? What have been your favorite parts of those two phases of your life?

Tami Bonnell: The difference between being a parent and

a grandparent is the responsibility part. As a parent, you’re so busy trying to make a living, you want to spend time with them, you love them to pieces, you’ve got to feed them and

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Tami's children when they were little.

Shane, Billy and Maegan

TAMI BONNELL

do all these things; there’s so much responsibility that you don’t get the same opportunity to relax and just be.

As a grandparent, you get to love them to pieces and send them home. You get to spend all the time on unconditional love. You’re not the disciplinarian or any of those other things. Truthfully, if you think you love your child, wait until you love them through their child. You love your children so much more when they have their own children. It’s not that you love them more, but the love is deeper and richer.

The love gets deeper with your kids and then deeper with your grandkids.

I think the responsibility on your shoulders is the biggest difference. As far as what phases I liked? Every single one. I liked it when they were obnoxious teenagers and they were walking hormones with shoes. I liked when they were little and everything was brand new. I loved the terrible twos, I thought it was hilarious. I love seeing it now with grandkids. Human beings are magical. I think human potential is sheer magic.

“The love gets deeper with your kids and then deeper with your grandkids.”

I don’t even think I have the right words. It’s not possible to feel a deeper love than you feel as a parent or a grandparent. I don’t think that possibility exists. When you see their potential and what they can do, and you hang on to just one small part of them, it’s ridiculous. Unconditional love is magic.

Tami baking with her granddaughter Esme.

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Breaking down the barriers: Unconscious bias & its effects on women in commercial real estate careers

by Holly Neber

is good because we like a person), the affinity bias (the tendency to be friendliest with people who are most like us), perception bias (forming stereotypes about groups that influence our thinking about individuals) and confirmation bias (the tendency to seek information that confirms our pre-existing beliefs).

While among this readership we all know women have equal capabilities in regards to work, leadership, and career success, both men and women still unconsciously expect women to adhere to a different code of behavior than men. Both men and women, and children from a young age, identify words like “leader” and “provider” with men, and respect men who demonstrate these qualities, while we expect women to be supportive and family-oriented.

So what does this look like at work? Some examples of unconscious biases in the workplace include: • Expecting the women in an office (regardless of position) to handle planning for office get-togethers, birthdays, etc.

• In a group meeting, expecting the woman or women to take the notes • Allowing women to be interrupted more frequently in meetings

According to research published last year by the Commer-

cial Real Estate Women (CREW) Network, the industry median annual compensation for women in commercial real estate fields is $115,000, compared with $150,000 for men—an income gap of 23 percent. The gap is actually widest in the C-suite at nearly 30 percent. While there are examples of women being intentionally paid less for the same role, it is likely that a large part of the difference can be explained due to unconscious bias.

What is unconscious bias? These biases are subtle thought patterns and assumptions we carry about others based on our background, upbringing, and personal experience. Both men and women carry unconscious biases—it’s just part of being human. It helps us categorize situations and other people quickly based on past experience. The harmful consequences of unconscious biases often dissipate once they are brought to light and can be dismissed based on more accurate information.

Common types of unconscious biases include the halo effect (the tendency to think that everything a person does

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• A manager (whether male or female) being “put off ” by a woman negotiating for an increase in salary, while not having the same reaction to a man in the same situation • Reluctance to give a woman constructive criticism necessary to her career development due to fear of her reaction • Reluctance to give a woman a high profile client or challenging project due to concerns about her ability to handle stress • Reluctance to invite a woman to a high-level client outing (golf, lunch, dinner, hunting trips) due to discomfort with having a woman present • Selecting resumes of male candidates with Anglo-sounding names over other candidates in an interview process • Focusing more on a woman’s appearance than on her contributions to the success of the project, team or organization

COMMERCIAL REAL ESTATE

All of these unconscious bias situations can, over time, affect a woman’s ability to ascend to leadership roles and limit her ability to earn the same as her male colleagues (especially in the case of negotiating compensation and access to high value clients).

So what can individuals and organizations do to break down these biases? First, we all need to take responsibility

and own the fact that we all have biases. This is not a “men vs. women” issue. This is a societal issue. It requires honesty in our own biases and trust with our teammates to call it like we see it. A few recommendations from the CREW Network white paper issued in 2016 on the topic of unconscious biases “Closing the Gap:” • When a woman is interrupted in a meeting, make sure the conversation comes back to her and her ideas are heard. If someone tries to co-opt the idea, remind everyone the idea initially came from her.

• Conduct an evaluation of compensation annually in the organization to ensure fair pay. Over 60% of respondents to a 2016 CREW Network survey felt that employers would have more equitable pay if they were required to share compensation information.

• When reviewing a number of resumes for positions, consider a “blind” resume process where the names are removed during the resume screening. This ensures the only factors considered are related to qualifications.

• As leaders, we need to change who’s at the table.

If you have a natural affinity to lunching with the same people every day, mix it up. Invite someone different this time. Take women on meetings with high-level clients so they can build those relationships.

Invite different people to work-related meetings too.

One reason companies with more women in leadership roles are more profitable is that they benefit from more perspectives. Again, mix up the invites and get new perspectives.

• Use unconscious bias tools. Facebook employees have one that is open to the public and Harvard hosts Project Implicit which is also available to the public. Provide training workshops to all staff to increase awareness.

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COMMERCIAL REAL ESTATE

“When a woman is interrupted in a meeting, make sure the conversation comes back to her and her ideas are heard.” commercial real estate fields, including multi-family brokerage, development, and financing.

About the Author

• Develop an objective interview process that includes consistent metrics for each candidate so that interviewers are less likely to go with “they look the part” as a reason for selection.

Together, as individuals and as corporate leaders, we can make steady progress towards shining a light on our biases while reducing their impact on us and our colleagues. By doing so, we will create more opportunities for women in

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Holly Neber is CEO of AEI Consultants, an international commercial real estate consulting firm headquartered in Northern California. To learn more, visit www.aeiconsultants.com or contact Holly at hneber@aeiconsultants.com

NAWRB

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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

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Millennials to Homeownership Attracting

Are Millennials interested in settling down into homeownership? This

question is subject to heavy debate in the housing industry. In the first part of our “Attracting Millennials” series, “Attracting Millennials into the Housing Ecosystem,” we discussed how we can encourage this young and thriving generational segment as leaders in the housing ecosystem. This second installment will explore how to incite their interest as homebuyers by addressing the perceived and real obstacles they face.

Myth: Millennials Are Not Buying Homes NAWRB’s article “Millennials and the Homeownership Puzzle” explored whether this generation’s desire for homeownership has mitigated because they are delaying “independent living, marriage and parenthood much later than older generations did.” These three milestones, it continues, “all contribute to homeownership and the desire to own a home.”

Millennial women, especially, are prioritizing their education and careers over marriage and buying a home of their own. Many of them are college students still living at home. Of women living with their families, 56.1 percent are between the ages of 18 and 24. Moreover, women are marrying into their late twenties and older. In 1940, wom-

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en on average married at 21.5 years of age; today, the average age has increased to 27.

However, the delay of these significant milestones will not eradicate homeownership from the minds of this generation. It certainly hasn’t affected the 59 million households—almost half of all households in the United States— that are maintained by unmarried men and women, as 2015 U.S. Census Bureau data reveals.

How They Influence the Market

Single or not, Millennials make up a large segment of homebuyers as first-time buyers and are influencing the market as a result. Half of all buyers are under the age of 36, and first-time buyers account for 47 percent of all purchases, according to the Zillow Group Consumer Housing Trends Report.

According to the U.S. Census Bureau, the homeownership rate for Millennials increased a full percentage point, 34.3 percent to 35.3 percent, between the first and second quarter of 2017. They are the only generation to witness an increase in their homeownership rate from last quarter.

As more Millennials enter the market, we should see more diversity among America’s homeowners. For instance, Zillow reports that only 66

HOMEOWNERSHIP percent of Millennial homeowners are white, compared to 77 percent of all homeowners. Among Millennial homeowners,

17% are Hispanic or Latino; ● 10% are African American; and ● 7% are Asian or Pacific Islander. ●

With over 8 million foreclosures and countless families affected, the 2008 housing bubble left millions of Millennials wary of homeownership. However, the housing crisis led to stricter lending practices and RealtyTrac reports that in June 2017, properties that received foreclosure filings in the U.S. decreased by 9 percent from the previous month and 22 percent from the same time last year.

An increased presence of Millennials in the housing market will help boost diversity. At the same time, this influential group will receive the tried-and-true benefits of homeownership, including stability, price appreciation, tax credits, a secure path to wealth and asset accumulation, and more.

Making Millennial Homeownership the Norm

We know that Millennials in general have not turned their backs on homeownership. This is what the statistics tell us, but the numbers may not reflect the views of the Millennials we care about—our friends, sons, daughters, students and peers—who are busy earning degrees, traveling the world, starting careers, swiping right and experiencing all life has to offer.

The question remains how we can perpetuate Millennials’ interest in buying a home. The goal is to have Millennials’ desire for homeownership reflected not only in the numbers but also in the people we know.

What is the best way to do this? The first step is to have them see homeownership as a real possibility for their future. After all, one must see the goal before being able to reach for it.

Homeownership will continue to be a powerful way to build and secure wealth. It is important to weigh the benefits and the possible detriments, enter homeownership at the right time for you, and always make sound, sustainable financial decisions when buying a home.

2. I’m a struggling professional who hasn’t settled into a lifelong career. I’m open to homeownership, but I don’t make enough money to buy a home.

There are many programs available that can assist you in the home buying process. FDIC’s Money Smart, the FHLBanks Affordable Housing Program (AHP) and NeighborWorks® America are just a few valuable resources offering financial literacy information and homeownership assistance and guidance.

Currently their vision is clouded by misinformation and perceived roadblocks to owning a home. The following discussion will hopefully add some clarity to Millennials’ perspective.

Roadblocks to Homeownership Affordability and Low Inventory

There are certainly real obstacles that Millennials have to overcome in achieving homeownership. Two legitimate concerns surround low affordability and low inventory. Millennials worry about their ability to afford a home with a sizable student debt and difficulty entering, or climbing, a fragile job market.

Adding to the problem, a low inventory of starter-homes has created a small pool of affordable homes for first-time buyers. Fannie Mae economists report a trend of single-family landlords who have been buying starter homes—potential prospects for Millennial buyers— and turning them into rental properties for profit. This may be related to another trend of first-time buyers purchasing larger and more expensive homes usually sought after by older generations.

Affordable housing and low inventory are key issues in homeownership that need to be addressed by the housing ecosystem to help Millennials transition from renters to homeowners. However, these are not the only concerns for this generation that are possible deterrents. Below are a list of four common fears from a Millennial perspective and ways one can respond.

NeighborWorks Orange County, for instance, offers long-term savings programs—which have ended with attendees purchasing their first homes—and multiple down payment programs, offering up to $57,500 in loan assistance for every income level, calibrated by HUD income limits. Whether your income is at 80 percent or 160 percent of the area median income (AMI), you can qualify for cost assistance, 10-month programs, grants and/or loans.

While these financial circumstances may be difficult for Millennials with only one income, they are within reach for those with a partner and even more attainable for young people investing in the home with multiple friends.

One trend contributing to affordability among Millennial homebuyers is purchasing a home and renting out the rooms, allowing for assistance with monthly mortgage payments. Some homeowners are even turning a profit.

Millennials’ Homeownership Concerns

The takeaway is that you may be able to afford more than you think.

Knowledge is power, and you shouldn’t shut the door on homeownership before you know your full capabilities and opportunities.

extremely difficult for my family and I don’t want to go through something like that again.

3. Renting provides me the flexibility to relocate for new job opportuni-

1. My parents lost their home in the 2008 housing bubble. This was

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HOMEOWNERSHIP ties, and I plan to travel extensively in the near future. Owning a home won’t provide me the same type of freedom.

Homeowners benefit from a unique type of freedom not available to renters. Homeownership is a well-known means of wealth creation and financial stability; each payment you make towards your home adds to your personal wealth, not someone else’s.

Homeownership can be a long-term commitment to a specific area, but it doesn’t mean the end of travel adventures; and its fiscal benefits cannot be overlooked. The resources you build can be used to buy another home in a different location or to fund your ongoing travels.

4. I usually see married couples with children, or with plans to start a family, buy homes. I’m single and don’t plan on having children, so homeownership isn’t important to me.

Being married or having children are not requirements for homeownership. Owning a home provides stability, safety, financial independence and a secure path for wealth accumulation. These are benefits to singles and married couples alike, so why not take advantage of them now?

Rising home prices and interest rates significantly complicate affordability; on the flip side, if you have the means and desire to purchase a home, it might be in your best financial interest to do so sooner rather than later.

How We Can Help

If you know a Millennial who may have one or more of these concerns, use this dialogue as a guide in responding to them. (If you are a Millennial, hopefully this discussion has assuaged your worries or piqued your interest in owning a home of your own.) A simple conversation is all it takes to help Millennials on their way towards becoming informed and confident homebuyers.

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Empower Your Real Estate Business with Fresh, Quality Content Easy-to-use content solutions platform for your real estate websites, blogs, social media sites, newsletters and more!

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CEO Horizon Homes

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s e l a S Increase Your

as a Renovation Realtor!

Recently,

the National Association of REALTORS® (NAR) reported that the highest home buying demand in years is being stifled by tight inventory. In this article, I will demonstrate how you can increase your available inventory by embracing homes in need of renovation.

If you are already using renovation loans as a tool to sell more of your listings or to find homes for your prospective buyers, congratulations, you are reaping the benefits of these creative and game-changing loan programs. If not, 2017 may be your year to explore adding a renovation loan strategy to your business plan and increase inventory and sales.

Before we discuss an implementation strategy for using renovation loans, let’s first define what a renovation loan is and the specific loan programs that are available.

renovation loan?

What is a

A renovation loan, simply, is a loan that is based on the “after-improved value” of a property where the improvements will be made after the closing. The after-improved value is established by the appraiser, who is given the plans and specifications for all repairs, improvements and additions to the property. Virtually any improvements a buyer could need or want to make are allowed, as long as it is attached to the property and adds value.

The loan-to-value is based on the lesser of the after-improved appraised value or the acquisition cost plus the amount of the renovations. At closing, the funds for planned improvements are deposited into an escrow account that will be disbursed upon inspection of and completion of the work. The project period is typically limited to six months or less.

The two most commonly used renovation loan programs are the FHA 203(k) Rehabilitation Mortgage and the Fannie Mae HomeStyle Renovation Mortgage. Both programs offer fixed-rate financing with terms up to 30 years.

When determining which program is best for your clients,

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As a listing agent, when you incorporate a renovation plan into your listing, the property sells faster and requires less marketing time and expense. you should look at their credit profile and required loan amount first. The FHA program typically has lower credit score requirements and the Fannie Mae program offers high balance loans.

As with non-renovation loans, FHA requires a 3.5 percent down payment and Fannie Mae requires a 5 percent down payment, making renovation financing a viable option for the first-time homebuyer.

loans?

Why renovation

Clearly, the lack of inventory in today’s market is the single biggest reason why you should consider implementing a renovation loan strategy that can increase your available pool of properties.

RENOVATION REALTOR

With the implementation of the TILA-RESPA Integrated Disclosure (TRID) Rule, many lenders were either unable or unwilling to continue offering new construction loan programs to consumers and have not changed that stance in any significant way as of this writing.

In addition, builders have been constructing more multifamily housing units than entry-level homes. It can be debated which factor came first or is most responsible for the lack of new construction inventory, but there is no debate about our need for more inventory.

look for ?

What should you

Keep your eyes open for key phrases in property listings that hint at a need for renovation loans. Some obvious wording includes, as-is, charmer, handyman special, needs some TLC, just reduced, has potential and location, location, location.

Less obvious phrases include, room for expansion, convert back to or unfinished anything. And, of course, any estate properties, bank owned or tax foreclosure listings.

Renovating a home can be a messy business for the homeowner. Both the FHA and Fannie Mae programs allow the borrower to finance up to six months of housing payments, so they can live offsite and not have to make two different housing payments.

target clients?

Who are the

Your target audience is really only limited by loan amount.

The ability to look beyond what is and envision what it could be is paramount; with your assistance and vision, you can turn a frog into their prince. First-time homebuyers benefit the most, as they are afforded the opportunity to purchase and create the home of their dreams for the same price as a move-in ready home. And for the Millennials who are still living at home, the ability to finance up to six months of their initial housing payments allows them the time to renovate their home and purchase the furnishings they’ll need.

Make 2017 the year you became a Renovation Realtor!

Jim Bopp

National Correspondent Sales Manager Platinum Home Mortgage Corporation

lender ?

What to look for in a

Renovation loans are different than traditional loans and require more time and documentation. You need to find a lender with a history of making these kinds of loans; use a company that has dedicated staff who do nothing but renovation loans and who will work closely with your client from beginning to end.

additional benefi ts?

What are some

As a listing agent, when you incorporate a renovation plan into your listing, the property sells faster and requires less marketing time and expense. Selling a property quickly and efficiently positions you as a creative marketer that gets homes sold quickly.

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Reducing

Losses

on FHA Defaulted Loans

Servicing FHA Loans continues to be challenging and, in many instances, includes high losses on default liquidated loans. While FHA delinquencies have greatly improved compared to post crisis delinquency, there are still over 7.8 million outstanding FHA insured loans with delinquency rates that rose as high as 11.25 percent according to the FHA Single Family Loan Performance Trends report published by HUD this past January.

When working with FHA Loans in default, there are many key time frames that must be met in order to minimize losses, beginning as soon as the date the loan was last contractually current, and continuing throughout the claim filing process. In many cases just missing the start of a foreclosure action by one day can result in increased losses of thousands of dollars. Failure to meet all time frames will not only result in interest curtailments, but ultimately the curtailment of advances as well. These losses can be further exacerbated depending on the type of pool, the Servicer’s ability to limit interest rate spreads, and time required to resolve. Additionally, if there was a missed time frame, FHA will only pay debenture interest to the point of the interest curtailment. After the interest curtailment, HUD will no longer pay debenture interest on the Unpaid Principle Balance.

To put things in perspective, if an FHA loan has an Unpaid Principle Balance of $150,000 with an interest rate of 3.5 percent, and you miss the first legal action for foreclosure, and it takes an additional 24 months to convey, the Servicer stands to lose $10,500 in interest alone. In addition to interest curtailments, the Servicer must fully comply with the allowable fee schedule for all legal actions and

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property preservation expenses.

Overhead costs as well as any fees or costs associated with clearing title issues are not reimbursable or recoverable through a claim to HUD. FHA rules change frequently with the possibility of multiple sets of rules applying to one loan. One of the biggest challenges of servicing FHA delinquent loans is the conveyance of the property to HUD within the HUD time frames. To meet HUD Conveyance time frames, HUD requires properties to be conveyed within 30 days of the greater marketable title and possession. The definition of marketable title is the recorded foreclosure deed; the definition of possession is the date the property became vacant or should have known to be vacant. While conveying to HUD within 30 days of these dates is realistic, the unrealistic portion of the requirements is also obtaining clear and marketable title, ensuring all taxes are paid current, obtaining all condo/HOA and utility invoices, along with having these paid current, before conveying the property to HUD within that 30-day period. While Servicers struggle to address all of these conveyance requirements, the property sits vacant, in some cases becomes vandalized, which creates a liability not only to the servicer but also to the community and neighborhood as well.

FHA has taken great measures to reduce the number of conveyed properties by improving the CWCOT (Claims

FHA DEFAULT LOANS Without Conveyance of Title) Claims Process. Towards the end of 2014, HUD released a communication, ML 2014-24, which enhanced the entire CWCOT program.

With this communication, it required all servicers to begin utilizing a CAFMV (Commissioners Adjusted Fair Market Value) bidding process that encourages more competitive bidding at the foreclosure sale, which allowed for an increase in the amount of sales to third parties as opposed to the Servicers. As a result of these changes, the number of conveyances has been reduced and is less today than it was before the default crisis. The CWCOT program has been a value-add to the industry with reduced losses and out-of-pocket expenses post foreclosure sale.

After communicating losses to the responsible parties, as well as engaging them in solutions and assigning accountability, the losses will decrease. Managing expectations with effective collaboration is a daily requirement. Making improvements and executing on them is a great deal of work requiring tremendous discipline from all participants. The good news is we are starting to see the improvements take place, and as a result, losses are decreasing by thousands of dollars per loan.

It is always imperative to understand where your losses come from, how they can be avoided and then putting necessary controls in place to ensure you are avoiding them.

Leveraging third-party venThere is no doubt that high dors to assist in this process To put things in perspective, default volumes and constant may expedite the review of regulatory changes have made if an FHA loan has an unpaid prin- analysis of losses and promeeting all time frames and feedback for process ciple balance of $150,000 with an viding guidelines a challenge. Hiring improvements. Each Servicer experienced staff, and having interest rate of 3.5%, & you miss has the ability to view losses appropriate systems to manat a high level or utilize expethe first legal action for foreclosure, rienced vendors to complete a age the complex business rules is an industry challenge. In an & it takes an additional 24 months forensic review. This decision effort to minimize losses and all depends on each Servicer improve recoveries, one must to convey, the Servicer stands to and the amount of losses they analyze the losses and identify are willing to take. One thing lose $10,500 in interest alone. responsible parties. is certain: the sooner you get started, the sooner the losses Once this has been completed, meaningful conversations will decrease. After all, mistakes and errors are simply too can occur and process improvements can begin by assign- expensive. ing accountability as well as responsibility for corrective actions to take place. Communication to internal business partners and external third-party providers is critical for the success of the improvements.

Jodi Gaines

Executive Board Member, Reditus Investor Services, LLC

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About the Summit & Gala

About Million Women Mentors

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

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

Million Women Mentors supports the engagement of one million Science, Technology, Engineering, and Math (STEM) mentors (male and female) to persist and succeed in STEM programs and careers. MWM teams.

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

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

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state teams

t

5

countries

65

35

national partners

1,856,000 pledges to date

higher education institutions

100

companies represented

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

n a stormy Thursday in January I had the honor of attending a meeting at the Dutch Ministry of Education, Culture and Science on the financial position of women in the European Union (EU). Experts and policy makers from 14 EU Member States gathered in The Hague to talk about the economic independence of women in their respective countries.

In the Netherlands, but also in other EU countries, we see more and more women obtaining degrees in higher education and finishing their degrees faster than men. However, this educational outperformance is not reflected in our current labor market. The Netherlands Institute for Social Research has conducted research at the request of the Emancipation Department of the Dutch Ministry of Education, Culture and Science that focuses on the early career phase of young women and men in the Netherlands. The first steps young professionals take in the labor market can be instrumental to the trajectory of their careers and possibily offer an explanation for the current position of women in the workforce.

women working full-time, compared to 70 percent of men.

Given that the average age at which women become firsttime mothers in the Netherlands is 29, the disparity in full-time employment rates cannot be entirely attributed to childcare. A 2014 Eurostat report confirms that the Netherlands has the biggest difference in weekly working hours of young women and men between the ages of 20 and 35 years in the entire European Union. Dutch women work an average of 27 hours per week compared to 38 hours for men.

“...working women are less often working full-time than men...with just under 40% of women working full-time, compared to 70% of men.�

The study conducted by the Netherlands Institute for Social Research shows that in the first 18 months after obtaining a degree, there are no significant differences between young women and men in regards to becoming employed.

However, what is significant is that in the 18-26 age group, working women are less often working full-time than men.

The differences are striking with just under 40 percent of

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Being a 21-year-old woman myself, I question why so many Dutch women work part-time. Are these women earning enough money to accommodate this schedule, or is someone else possibly financially supporting them? Are women working part-time because they are still in school, or is their part-time employment involuntary? In January 2018 the Netherlands Institute for Social Research will publish the second part of their study in which they will address the aforementioned questions.

During the expert meeting it was interesting to observe the difference in schools of thought between the Netherlands and other EU countries on women’s employment.

The Dutch are concerned about women choosing to work part-time, whereas other countries expressed an interest in increasing the opportunity for women to work part-time.

However, working part-time is not economically feasible

GENDER EQUALITY for many women; one expert commented during the meeting that it is often cheaper for women to stay home and take care of their children than to pay for daycare.

Another point that was raised during the debate is that women in the EU still face a gender pay gap. This gap results from women working less hours than men, the sector in which women choose to work , and the fact that women do not negotiate their salary when starting their new job, to name a few reasons. One of the women at the conference told me that when women in her country apply for a job they often do not negotiate their pay, because they feel that they are already a burden for the company. Some women even offer their new employer to work for less money hoping that they will get hired more easily.

I was shocked to hear that these kind of situations still occur in the European Union. Luckily there are also many positive developments taking place to fight gender inequality in Europe. I was pleased to hear that many EU countries, such as Belgium, are organizing a Gender Pay Gap Day to make the problem of unequal pay between men and wom-

en more visible for everyone. Malta especially surprised me with its initiatives to get more women active on the labor market and improve women’s financial independence. Malta’s government is not only offering free childcare to help families achieve a better work-life balance, but is also offering families preschool and after school programs so that women can accommodate working full days. One of Malta’s campaigns focuses on including men in the movement for gender equality by encouraging equal family participation, and aims at breaking traditional family roles.

Spending a whole day with men and women who are actively fighting gender inequality in their countries was an indredibly inspiring experience. Some countries have achieved more than others, but all are striving towards gender equality.

Marissa de Swart

Junior Advisor Holland Innovation Network at the Embassy of the Kingdom of the Netherlands Former NAWRB Intern

“Some women even offer their new employer to work

for less money

hoping that they will get hired more easily.”

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Rose Bonilla

Teresa Ryan

Hauling Unlimited LLC Rose@HaulingUnlimited.com www.HaulingUnlimited.com 703.644.2789

Maria Zendejas

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

Linda Craft

Realty World Golden Era Zendejas@aol.com www.MariaZendejas.com 805-465-2000

Craft Residential and Craft Commercial Linda@LindaCraft.com CraftPropertySearch.com 919-235-6300

Cristina Anderson

Kimball, Tirey, & ST John LLP Cristina.Anderson@kts-law.com www.kts-law.com 619.234.1690

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WHAT WOMEN WANT REVIEWS

Read it Wordfood: How We Feed Or Starve Our Relationships

by Julia Hubbel

From Bread & Potatoes to the Devil’s Food diet, Julia Hubbel’s book helped us learn more about the way we communicate with others and how it affects our quality of life. With enticing metaphors and stories, Wordfood demonstrates how the words we use can positively or negatively influence our interpersonal relationships and, more importantly, our relationship with ourselves.

#GetSocialSmart: How to Hone Your Social Media Strategy

by Katie Lance

#GetSocialSmart is the ultimate guide you need to curate great content that spreads like wildfire! Katie Lance provides readers of all types, from real estate agents and corporate businesses to small businesses and stay-athome bloggers, step-by-step instructions on storytelling, scheduling posts, and gaining followers by leveraging the various platforms at their disposal.

Red Clay Dirt & Mountains: Short Stories

by Monda Raquel Webb

In this poignant collection of short stories, Red Clay Dirt & Mountains displays the resilience of the human spirit through the heart of American history. Monda Raquel Webb pulls us into each story with her rich, sensory voice that brings the characters and action to life. As the introductory poem to “Red Clay Dirt” states, “The spirits of the oppressed find a way to tell their stories/ To loose the chains that bind,” and Webb is their wonderful storyteller.

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From Stilettos to the Stock Exchange:

Inside the Life of a Serial Entrepreneur

by Tina Aldatz

Starting with her first steps (and falls) in the ‘Big Apple’ as a twenty-something working at Victoria’s Secret, Tina Aldatz, founder of Foot Petals, Inc., brings us along her inspirational and fashionable journey to entrepreneurial success. From Stilettos to the Stock Exchange shows that the American Dream is within any woman’s grasp who is willing to reach for it.

Fed Up:

An Insider’s Take on Why the Federal Reserve is Bad for America

by Danielle DiMartino Booth

Fed Up gives us an exclusive inside look into the enigmatic Federal Reserve System and the furtive role it plays in our lives. Danielle DiMartino Booth, a previous high-ranking Wall Street professional and analyst at the Federal Reserve, reveals how she predicted the 2008 stock market crash, and critiques the impractical dogma that drives Fed’s policies and negatively affects the nation’s economy.

The OM Factor:

A Woman’s Spiritual Guide to Leadership

by Alka Dhillon

Whenever you feel overwhelmed, angry, indecisive, or taken advantage of, whether at the workplace or at home, The Om Factor will give you a helping hand! Author Alka Dhillon provides seven tools for how to navigate times of emotional stress and gives readers timeless strategies to overcome any challenge they come across on their path to success.

Watch it Marshall

Starring Chadwick Boseman, Kate Hudson, Sterling K. Brown Based on a true story, this film follows Thurgood Marshall as he travels to Connecticut on behalf of the NAACP to defend a black chauffeur who’s been accused of sexual assault and attempted murder by his wealthy employer. In need of a victory in a segregationist court, Marshall experiences yet another setback when he is partnered with Samuel Friedman, a young lawyer who has never tried a case before.

Home Again Starring Reese Witherspoon, Michael Sheen, Pico Alexander

Alice Kinney recently separated from her husband and decides to restart her life in Los Angeles with her two young daughters. While out celebrating her 40th birthday, Alice meets three young filmmakers down on their luck and decides to let them live at her house. With a new living arrangement and a fresh romance, Alice’s life takes another tumble when her husband shows up at her door.

Stronger

Starring Jake Gyllenhaal, Tatiana Maslany, Miranda Richardson Jeff Bauman loses both his legs after two bombs explode during the Boston Marathon on April 15, 2013. Bauman is able to help police identify one of the suspects, but his own physical and emotional journey has just begun. With steadfast support from his family and his girlfriend, Bauman embarks on a heroic battle which fills others with hope and embodies the courage to overcome incredible adversity.

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

HEALTH WHAT WOMEN WANT

AcroYoga aims to elevate “the connection between you and others through movement, con-

nection, and play,” according to the practice’s official website. Offering the flexibility of environment for your wellness, Acroyoga can be practiced in the quiet calm of a studio or the beautiful nature of the great outdoors.

“Acro” meaning high and “yoga” meaning union, the exercise was first introduced in 2006 and is comprised of three main elements: • Solar acrobatic practices: focus on trust, empowerment, joy • Lunar therapeutic practices: focus on listening, compassion, letting go • Yogic practices: focus on breath awareness, life balance, connection

As with yoga, Acroyoga is great for all ages, providing an alternative to higher impact activities like running or playing tennis, while still containing the physical challenges of other workouts.

Despite the flashy pictures or videos you may have seen of partners balancing on each other’s bodies, Acroyoga is more about connection than complexity.

Benefits

• Improved core strength and flexibility • Lower heart rate and blood pressure • Kinesthetic awareness • Connecting to others • Improved flexibility

AcroYoga

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NETWORK

upcoming

EVENTS

Federal Reserve System Board of Governors Vendor Outreach Fair August 24 | Washington, D.C. Participating firms will market their products and services to program managers and procurement representatives of the Federal Reserve Board, Reserve Banks and other federal government agencies. The fair will include information about contracting opportunities, competitive strategies regarding the Board’s acquisition process and the chance to network in roundtable matchmaking.

California Hispanic Chambers of Commerce Annual Convention August 24-25 | Rohnert Park, CA Attendees of this year’s convention—including thousands of entrepreneurs, small business advocates, corporate representatives, community leaders and government officials—will gather to participate in dynamic workshops on tools for business owners, California energy and water issues, procurement opportunities and more. The event theme is Building Bridges for a Stronger Tomorrow.

Equilibrium August 25-27 | Olympic Valley, CA This three-day innovation forum located in the heart of Squaw Valley is a combined insight incubator, concert and festival. Over seven hundred and fifty of the world’s most influential business and environmental thought leaders will convene to create actionable solutions for our planet.

AmeriCatalyst 2017 Sept 6-8 | Austin, TX The 15th anniversary of this event will be an intensive two-part think tank focused on the global housing finance industry and the Single-Family Rental sector. Participants, including senior executives, regulators and investors in mortgage, are invited to discuss significant issues in the industry and how to improve its products, processes and practices.

IMN: 7th Annual Bank Special Assets & Credit Officer’s Forum Sept 7-8 | Chicago, IL The Midwest forum hosted by IMN is the one place where Special Assets, Credit, Loan Review, Risk Management, Special Services and C-level executives can meet to discuss credit and workout issues, as well as prepare for expected changes in the current economic climate. For education, networking and deal-making in the Special Assets space, this venue is the place to be.

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MBA: Human Resources Symposium Sept 14-15 | Arlington, VA The Mortgage Bankers Association’s program offers the chance to learn from industry experts and participate in peer-to-peer discussions about hot topics in compensation and human resource management. Highlights of the event will include mortgage market developments, regulatory updates, and results from McLagan’s Compensation Survey Results and Trends.

IMN: Real Estate CFO & COO Forum Sept 18-19 | New York, NY Taking place for the sixth time in a row in New York City, this day and a half program is the premier venue for financial and operational professionals interested in hearing the best practices and developments in the real estate industry. Attendees can expect incredible networking and educational opportunities from CFO & COO Roundtables and insights from senior officers, developers, lenders and more.

MBA: Risk Management, QA & Fraud Prevention Forum Sept 24-26 | Miami, FL Attendees of this forum will benefit from the guidance of industry leaders, including GSE, FHA and FBI speakers, on loan quality, fraud prevention strategies, vendor management and mortgage analytics.

In addition to informative content, this event includes opportunities for networking and an exhibit area of vendor solutions.

AREAA National Convention Sept 28-30 | San Diego, CA The Asian Real Estate Association of America’s National Convention, taking place at America’s Finest City, is a three-day event packed with engaging breakout sessions focused on the role of the Asian American and Pacific Islander community in the real estate industry, insights from industry leaders and influencers, and exclusive networking events.

California REALTOR® Expo Oct 10-12 | San Diego, CA This annual premier trade show located at the San Diego Convention Center will feature unique educational, networking and professional development opportunities specially-designed for California REALTORS®—including brokers/owners, top producers, sales associates, and more—as well as other real estate leaders and professionals in affiliated industries.