mPower Panel Talks Leadership Lessons
(From left: Kelli Burke, Stacy Gray Ackermann, Chelsea Cutler, Melissa Farrell,
and Kamara Green, by Anneliese Mahoney)
SAN DIEGO–Five women in the industry took to the main stage at the Mortgage Bankers Association Commercial/Multifamily Finance Convention and Expo Feb. 10 to participate in a wide-ranging mPower panel discussion on leadership.
Moderator Kelli Burke, MBA vice president of commercial real estate finance, kicked off the panel by asking the group to recall the early parts of their careers and share a pivotal moment that shaped how they lead today.
“The first thing you can do to advance your career is to be really good at what you do, the substance of your work,” said Stacy Gray Ackermann, global managing partner at K&L Gates. “And for me, it was mastering that and then focusing on relationships.”
“I would say the earliest lesson that I had that was so pivotal was leaving my ego at the door,” said Chelsea Cutler, senior managing director at CBRE Capital Markets.
Melissa Farrell, managing director and head of U.S. originations at PGIM, said an important moment that affects her leadership style today was when she was asked to take on a responsibility unexpectedly. “You’ve got to offer these opportunities up to people, even if they’re not asking for them,” she said.
And, Kamara Green, national director of affordable production at BWE, remembered an early mentor who, during the 2008 financial crisis, prioritized giving information and providing stability. “I always reflect back on her and admire how she managed and how she led,” Green said.
On Navigating Tough Times
Burke asked the panelists how to weather the ups and downs of the industry as leaders.
Green pointed to the importance of making an informed decision and not just relying on hearsay and assumptions.
Farrell said that while information is important, at some point you also need to trust your gut. “Trust what comes into your head and be confident enough to follow it,” she said.
“I’m a big believer in the saying ‘this too shall pass,’ ” Cutler said, noting that the industry goes through cycles. “Have faith in the pendulum of the market that we live in.”
On Working With Others
When it comes to other key lessons for leaders, the panelists emphasized the importance of building a good team. “Finding the right people and resources and building that team you can trust and rely on is a key part of the overall process,” Ackermann said.
“Surround yourself with the most sophisticated people you can,” Cutler said. “They’re going to elevate you.”
Ackermann agreed. “There’s going to be a ton of curveballs thrown at you all day long, and you need to make sure you’ve got a team that can handle all the rest, so that you’re there and able to triage.”
Networking isn’t just about interacting with people above you, the panelists said. Young professionals should be networking at their equivalent level, because those individuals will also be leaders in a few years.
“When you’re talking about networking, it’s not just trying to meet people externally or at a more senior level,” Ackermann said. “Building those foundational relationships with people that are of your same vintage or experience level is very important.”
“Don’t pigeonhole yourself to networking just within that sector,” Green said. “You don’t know where you’re going to be 10 years from now, 15 years from now–markets change.”
On Overcoming Obstacles
Leadership can be tough, the panelists said. “You just have to get comfortable being uncomfortable,” Ackermann said, noting how important it is for young industry members to push themselves.
You can identify why you’re uncomfortable, and deal with it, Green said.
Farrell recalled attending industry golf outings despite not being a golfer. “So, you may think in your head, ‘oh, everyone’s great and I’m going to be terrible,’ but go and do it,” she said. “Push yourself out of that comfort zone and you may just find out that everyone’s just as terrible as you are, and you’re all having a great time, and then next thing you know, you have a deal.”
On Final Takeaways
“Don’t be afraid to speak up, and don’t expect that people have a plan for you,” Ackermann said. “Being vocal about what you want, any questions you may have, is going to lead you to the next path.”
Farrell urged learning how to manage up, and owning your own career. A mentor once told her that if she’s not happy, she can “vote with her feet” and take her skills elsewhere. That was liberating, Farrell said.
“Don’t wait to be that person that you want to be, you can be that person now, and that’s the signal that folks will see,” Green said. “Be vocal, be visible and let folks know what you’re looking for.”
“You really need to focus on advocacy,” Cutler suggested. “An advocate is someone who talks about you when you’re not in a room. [That’s] really important, because that’s where a lot of those decisions are made. And once you get those advocates behind you, that’s where you really start elevating.”
