Expert: Jim Avancena, CPM - 2/26/2008

Question
Hi. I'm not sure if you can answer this or not, but I have a question about how to get into real estate development, or more specifically getting a job at development firm? I was thinking about the title Ivanka Trump has at her father's organization. I believe she is VP of Development and Acquisitions and I'm curious as to how someone of her age could get a job like that. What experience is usually required? What does the job entail? Thanks in advance!

Answer
Danielle-

I have often thought of writing a screen play portraying the industry as it is rather than the idealized concept many people have.

Having a fortune, international name recognition, and being in communication on an everyday social and business basis with wealthy friends, are a big help to Ivanka in addition to her elegant appearance and extreme intelligence.   If you have ALL of those qualities in abundance, I believe you would already be a success in real estate development.  You must lack one or two of those qualities!

For anyone who was not formerly married to a wealthy billionaire, a different combination of skills and qualities are helpful.

I believe that you can be a success in real estate development almost regardless of your experience until now. Yes, even a waitress, housewife, bus driver, etc.  However, there are individual skills and personal qualities than can speed the time it takes to reach the finish line.

Personally, and I am very serious about this list; you must be quietly aggressive and impossible to intimidate, able to articulate your thoughts effectively, appear to be honest and forthright, be a gifted story teller that can create particular images in one or many peoples minds regardless of the accuracy of the story line, and be able to strictly control your emotions in public or in a personal meeting- even when the world seems to be coming apart all around you. Most of all, know when skilled practitioners are misleading you. These skills are absolutely necessary, and your success will be related to your actual ability to perform these tasks effectively.

Intellectually you should have an IQ at or above 140, have an excellent memory, absolute objectivity under pressure (very difficult), a solid - although not necessarily outstanding - understanding of finance, good sales skills, be very familiar with the zoning, permitting, and development process in each area you will be involved in development, and a solid working knowledge of commercial & residential leases, real estate law, and be aware of how the various component costs involved in development inter-relate.  It would decrease the amount of effort you expend to have a undergraduate or advanced degree in Management, Business, Accounting, Philosophy, or Economics from an Ivy League or graduate school. Such "proof" would function as a passport to get you in doors of the industry notables quickly.

If you have all or a majority of the qualities and skills above, you may be able to be a success in development without having to sacrifice every spare moment of your life working harder than everyone else.

Lastly, when you first get hired in a development office - at any level- it is essential that you prove your determination to be a success by working harder and longer than EVERYONE in that office.  Such a work ethic will get you noticed by the people that matter in the industry.  Once you have proved your desire to work endlessly to be a success, someone will notice you - they may not even be working in your office - that will mentor you on the track to development success.  From then on, just remember to check your personal and career direction from time to time.

Morality will be something you must deal with individually.  I have seen all types of liars and cheats become successful, as well as many capable hard working honest practitioners.   One way is not necessarily more effective financially than the other.

This above all, to thyne own self be true.

Good luck.

-Jim Avancena