‘Providing A Seat At The Table’: Expanding DEI Practices In Property Management

While the commercial real estate industry has made progress over the last few years to better promote diversity, equity and inclusion among its ranks, it still has a long way to go.

In 2022, Bisnow’s annual DEI Data Series found that the percentage of people of color in C-suites and on executive teams across 89 of the largest firms in the industry rose only slightly, from 10.9% to 11.6% year-over-year.

Organizations in the property management sector of the industry are taking action to help create a more diverse, welcoming community. 

IREM — The Institute of Real Estate Management — adopted a comprehensive DEI strategy in 2021 with priorities and initiatives aimed at improving diversity in property management. The approach includes education, recruitment strategies and a plan to cultivate new partnerships. It also includes a DEI Skill Badge, which members can earn by taking a course IREM offers that covers best DEI practices, policies and the five critical components of diversity. 

Bisnow sat down with Randall Powell, co-founder and CEO of the New York-based affordable housing developer and property management company Infinite Horizons, and IREM NYC Chapter President, and Lindsay Bonilla, a regional property manager at Greystar in Austin, Texas, and local chair of IREM Austin’s Special Event Committee as well as the national vice chair of IREM’s DEI Advisory Council.

Powell and Bonilla discussed the state and future of DEI in property management, and what IREM is doing to promote a more diverse, inclusive industry. 

Bisnow: What does DEI mean in property management? 

Bonilla: To me, DEI means transforming our industry via the active recruitment, development and ongoing engagement of new voices including in our talent pool, clients, suppliers and community partners. 

Powell: For me, coming from a background of affordable housing development, DEI means examining the entire ecosystem of the portfolio you work with including your clients, the residents you serve and the communities you're impacting. DEI is not only about internal organizations, but the communities organizations support and how they're getting community stakeholder input.

Bisnow: Can you share your own experiences with DEI? How have you seen or experienced inclusivity changing in property management?

Powell: Marginalized groups are being brought in to give their input on more issues throughout property management. People are more welcoming, in terms of providing a seat at the table and bringing in new perspectives and voices to individuals who may not have been given opportunities in the past. I’m seeing this across property management and CRE in general, but particularly at the C-suite level, and I think IREM has played a role in this. The organization has been educating people and helping them achieve the designations they need — including Certified Property Manager — to reach these higher levels of the industry. 

Bonilla: There’s also a needed willingness to seek out inclusive discussions with senior mentors outside one’s typical domain. Personally, I've learned to be bold, lean into unexpected experiences and pursue pivotal mentorships in new ways. I’ve found there are so many people willing to have a conversation over coffee, or share my résumé, or write a recommendation letter, and it's those little acts of inclusivity that have made a difference for me in my career. And I now have the opportunity to turn around and do some of those same things, for the new voices in our industry.

Bisnow: What has IREM been doing to encourage inclusivity in property management? 

Bonilla: 2023’s Real Estate Management Excellence Awards will include the inaugural DEI award categories, recognizing individuals and organizations with significant contributions in the space. We also have our Diversity and Inclusion Succession Initiative, or DISI program, which is a career development program that recognizes 10 members from marginalized groups looking to pursue CPM certification, and many other programs that are helping bring new voices into the conversation. 

As vice chair of the DEI Advisory Council, I am passionate about building consistency in quality DEI programming across all chapters. We are currently developing a DEI Ambassador program and chapter toolkit in this effort. These resources are designed to layer with the young professional groups, mentorship programs and diversity roundtables that exist at the local chapter level today. 

Powell: As a DISI Leader back in 2019, I feel as though IREM has always been at the forefront of highlighting DEI even before it became a major topic in the industry. Now that I’m a chapter president, we’ve started to roll out new programming and actually bring in our industry partners to participate.  

In February, we had a program on Black History Month, discussing the impact of civil rights laws and legislation on the industry. In May, we're going to have programming highlighting women in real estate management. It’s not just about having the conversations, it’s about bringing in people of all backgrounds who are impacted by those conversations to give them a voice. Knowing that IREM is supporting that, particularly when it comes to mentoring, is very important.  

Bisnow: What are your goals for the future? Where would you like to see the industry headed in terms of DEI? 

Bonilla: I believe the next evolution of DEI dialogue and practice within organizations must incorporate the concept of justice. In my view, justice means overcoming systemic barriers, providing equitable access to opportunities and promoting the success of underrepresented individuals. 

Historically, these initiatives have been executed through a bottom-up approach, bringing in diverse talent at the front line of our business. Succession planning built on just principles is central to achieving executive and senior leadership that better reflects the communities and clients we serve. 

I will continue advocating for progress and encourage future real estate management professionals to be authentic and audacious as they embark in an incredible industry. 

Powell: I want to make sure the conversation does not fall by the wayside. It's very early on in the process of DEI in real estate and during my tenure as chapter president, I want to keep the conversation going, keep doing more outreach and programming, and continue connecting with IREM headquarters in Chicago to keep this at the forefront.

Ten years from now, we’ll hopefully see even more different voices and perspectives at the table that add value not just to the real estate industry, but all these different professional programs. Keeping the momentum going will be the ultimate challenge. 

This article was produced in collaboration between Studio B and IREM. Bisnow news staff was not involved in the production of this content.

Studio B is Bisnow’s in-house content and design studio. To learn more about how Studio B can help your team, reach out to studio@bisnow.com.