Program in Real Estate Mentor Program
Students come to the Program in Real Estate to learn real estate fundamentals, but real estate is an industry where no two deals are the same and it takes longevity to become proficient in the nuances of the business. Beyond the classroom there are opportunities to be involved in experiential learning including industry conferences, weekly industry seminar, and the Mentor Program. All students are given an opportunity to partner with an Advisory Board Member at the beginning of their first year in the program in order to better understand the industry they are preparing to enter. Mentors are selected for each student that elects to participate based upon their specific real estate interest area and by geographical preferences. Students are encouraged to meet with their mentors in person at least once during the year and through phone and email correspondence.
According to first year student, Paul Koch, it is just this access to seasoned professionals that drew him to participate in the program. “It is great for me to have someone with that much experience to bounce ideas off of as I learn,” Paul explains. “Over winter break, I went down to Cleveland and spent a day following him around, seeing what he does as President of Forest City’s residential group.” Paul’s mentor, Ronald A. Ratner, Executive Vice President and Director, Forest City Enterprises, Inc. and President and CEO, Forest City Residential Group, Inc., is a prime example of an Advisory Board Member going the extra mile to provide a learning experience that cannot be replicated in the classroom. Paul was given an opportunity to shadow Mr. Ratner over winter break at Forest City’s offices in Cleveland. Based upon that visit and several conversations with Mr. Ratner over his first year, Paul sums up his mentor experience. “He’s given me advice on what I can expect out of various parts of the business, which has helped me focus on the areas of real estate where I want to work upon graduation.” When entering Cornell, most students have more questions than answers and interacting with a mentor as in Paul’s case, can be the additional step needed to hone the beginning of a career in real estate.
With an Advisory Board that includes top executives from every sector of the real estate industry there is no shortage of experiences and valuable lessons that can be conveyed to mentees. As a second year student, Sean Ryan realized this value in his conversations with mentor Boyd Stoffer, President & CEO of United Properties. “Boyd has been very responsive and generous with both his time and advice, especially considering all the responsibilities he has as a CEO,” says Sean. According to Mr. Stoffer, “The mentor program is an important opportunity for the students to ‘check in’ with executives who are active in the field of commercial real estate, and thereby gain a real world perspective. This has never been more important than in the current recessionary environment, because the graduating Cornell students are too young to have experienced a serious decline in real estate markets. These cyclical downturns need to be put into proper perspective, and the conversations between the mentor and the student can be very valuable in this context.”
Mentors continue to play a crucial part of the Cornell Program in Real Estate educational experience especially in challenging markets when the advice of a seasoned veteran will continue to enhance students’ ability to learn and plan for their future real estate endeavors.
Author: Timothy Yaeger, Cornell Program in Real Estate Student