Vanessa, Real Estate Transaction Manager at Financial Banking Company: Advize Career Interview
Vanessa's unconventional journey from computer science to real estate transaction management offers a compelling narrative of adaptability and unexpected career paths.
A year at San Francisco State University as a computer science major, a field not of personal interest but chosen by parents, before transferring to the Fashion Institute and obtaining an AA degree in merchandising; however, a suggestion from parents to get a real estate license "in case something happens" led to an administrative position at Wells Fargo working with real estate VPs, then promotion to property asset manager, and ultimately to a current role as a real estate transaction manager handling real estate transactions for a financial banking company across eight states.
The role involves managing all real estate needs, from acquisitions to lease renewals, requiring a blend of business acumen, strong communication, and negotiation skills.
Days are filled with navigating internal approvals and executing strategies within the CoStar transaction manager.
The most enjoyable aspect is the variety of deals, which can be simple or highly complex, driven by the dynamic real estate market.
While coordinating diverse teams for approvals presents the biggest challenge, the ever-changing nature of the industry, including adapting to challenges like Covid, is viewed as engaging. Thriving requires a proactive "go-getter" attitude.
Significant lessons include the necessity of patience and adaptability, as deals rarely proceed as planned. Continuous learning through certifications and staying updated on industry trends is vital.
For students, the role offers a unique opportunity to learn about real estate through internship and early employment programs, giving students a taste of different fields and identifying what is liked or disliked.
Advizer Information
Name
Job Title
Company
Undergrad
Grad Programs
Majors
Industries
Job Functions
Traits
Vanessa Corcuchia
Real Estate Transaction Manager
Financial Banking Company
San Francisco State University
Fashion Institute of Design and Merchandising
Business Management & Admin
Finance (Banking, Fintech, Investing)
Real Estate
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Career Path of a Real Estate Transaction Manager at a Bank
Vanessa's career path began with a year at San Francisco State University as a computer science major, a field not of personal interest but chosen by parents, before transferring to the Fashion Institute and obtaining an AA degree in merchandising; however, a suggestion from parents to get a real estate license "in case something happens" led to an administrative position at Wells Fargo working with real estate VPs, then promotion to property asset manager, and ultimately to a current role as a real estate transaction manager handling real estate transactions for a financial banking company across eight states.
Main Responsibilities of a Real Estate Transaction Manager at a Bank
Vanessa's main responsibilities as a Real Estate Transaction Manager at Financial Banking Company involve managing all real estate needs across a portfolio of eight states, including buying, selling, and leasing properties for the bank. Duties include finding "new space" when needed and renewing leases based on company needs.
A Day In The Life Of A Real Estate Transaction Manager At Financial Bank
A real estate transaction manager's day at Financial Banking Company involves a lot of waiting and internal approvals, with tasks largely dependent on directions from strategy folks regarding the bank's specific property needs, which could range from renewals to finding new spaces, and then actioning these tasks with checklists in CoStar transaction manager. Deals can take almost a year because "a lot of internal approvals" and negotiations are necessary before documents can be signed.
Most Important Skills For A Real Estate Transaction Manager At Banking Company
For Vanessa, a Real Estate Transaction Manager at a Financial Banking Company, the most vital skills include a "business or finance background" to handle the numbers and negotiations involved, alongside "good communication" for interacting with various stakeholders like landlords and property managers. Furthermore, the ability to negotiate effectively, pay close attention to detail when reviewing legal documents, and adapt to different personalities are crucial for success in navigating the diverse landscape of real estate transactions.
Favorite Parts of Being a Real Estate Transaction Manager at a Bank
Vanessa enjoys the variety in being a Real Estate Transaction Manager, noting that "everything is not the same" and deals can range from "super easy" to "very complex." This constant change, influenced by the fluctuating real estate market, keeps the work engaging and prevents being "stuck doing just one thing."
Biggest Challenges Faced by a Real Estate Transaction Manager at a Financial Banking Company
Vanessa, a Real Estate Transaction Manager, finds the biggest challenge in the role is navigating the complexities of "dealing with so many types of groups," such as strategy, property, and project managers, to get a deal approved. The "timing is probably the issue" due to the extensive internal checks and approvals required to reach the finish line, as "everything is not always the same" from deal to deal.
Favorite Parts Of Working In The Real Estate Industry As A Transaction Manager
Vanessa enjoys the ever-changing nature of real estate transactions, noting that "it's always different" and requires constant adaptation, especially highlighting challenges like navigating work during Covid when physical access was limited. Ultimately, Vanessa finds these challenges "fun," suggesting a passion for problem-solving and navigating the complexities of the industry.
What Type of Person Thrives in the Commercial Real Estate Industry, According to a Real Estate Transaction Manager at Financial Banking Company
Vanessa, a Real Estate Transaction Manager at a Financial Banking Company, believes that people who thrive in the industry are "go-getters" who can communicate effectively and proactively seek out information and assistance from others, even if the role is internal facing. Although not as aggressive as those in residential real estate, success still requires being able to approach people and "get what is needed from them" to facilitate transactions.
What a Real Estate Transaction Manager at a Financial Bank Wishes They Had Known Before Real Estate
Vanessa wishes someone had emphasized the inherent difficulty and the need for "a lot of patience" in real estate transactions, as deals rarely go exactly as planned and unexpected issues are common. Moreover, Vanessa believes better preparation, such as inclusion in more "difficult transactions" early on, would have been beneficial, as understanding legal documents and real estate needs is crucial for success.
Entry-Level Positions for Aspiring Real Estate Transaction Managers in Banking
Vanessa, a Real Estate Transaction Manager at Financial Banking Company, suggests that undergraduate and graduate students explore the bank's "intern programs" where they can assist with deal preparation, and also consider the "early employment opportunities" program to discover various departments within the bank, encouraging them to visit the website to apply. These opportunities allow students to experience different fields and identify what they like or dislike.
Significant Career Lesson From A Real Estate Transaction Manager At A Banking Company
As a Real Estate Transaction Manager, one significant lesson Vanessa has learned is the importance of "patience and adapt[ation]" because real estate deals at Financial Banking Company can take a year or even two, and deals can fall through, requiring adaptation to new buyers and prolonged transactions.
College Experiences That Helped A Real Estate Transaction Manager At A Bank Succeed
To prepare for success in the real estate field, Vanessa emphasizes the importance of continuous learning by "going back to school" to obtain certifications and staying updated on industry trends, as "it's ever changing" and requires ongoing training to remain "on top of things."
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