Biggest Challenges for a Managing Director at California Real Estate
Michael, a Managing Director at a California Real Estate Company, cites the post-COVID shift to hybrid work models as the biggest challenge in the current role. This transition has resulted in a shrinking office footprint, impacting deal volume and profitability, forcing adaptation to “clients and their needs” in a changing commercial real estate landscape.
Executive/Leadership, Workplace Challenges, Industry Realities, Overcoming Challenges, Problem-Solving
Advizer Information
Name
Job Title
Company
Undergrad
Grad Programs
Majors
Industries
Job Functions
Traits
Michael Wernick
Managing Director
California Real Estate Company
University of Arizona. 2013
No
Psychology
Real Estate
Sales and Client Management
None Applicable
Video Highlights
1. The shift to remote work and hybrid work models has decreased office footprints, impacting revenue and increasing deal volume.
2. Adapting to these changes requires learning about clients' needs in a new work environment.
3. The challenges faced in the commercial real estate sector due to the transition to remote work present opportunities for growth and learning.
Transcript
What are some of the biggest challenges in your current role?
I think this one's pretty obvious. In a post-COVID world, there's been a shift to remote work. Many companies are adopting a hybrid work model where employees only go into the office two or three days a week.
This means the office footprint is shrinking. When the office footprint shrinks, that means less money we're making on deals. It also means more volume, which has been a difficult transition for us in the commercial world.
It's been difficult, but it's also been good because we're learning a lot about clients and their needs.