TUSCALOOSA, Ala. — Sometimes great change comes from a small ripple effect.
As the IREM president for the Houston chapter, Kaci Hancock, senior operations director at REIS Associates, saw the effects of that small ripple when she and Yunia Lubega, the head of diversity, equity, and inclusion at Marcus & Millichap, were recently asked to speak to the summer cohort of the Career Opportunities in Real Estate (CORE) program last week.
“I’m ecstatic to see how many people of color are being exposed to the commercial side of real estate,” Hancock said. “A lot of Black and Brown, Asian students, and just professionals in general, are only exposed to the multifamily side and that’s usually where their mindset ends, not knowing that there’s a whole multifaceted region of real estate.”
Hancock and Lubega spoke to more than 200 students from all walks of life who are trying to make their mark on the commercial real estate industry. CORE is a free eight-module credential course that combines live and self-guided real estate career content along with building skills necessary for graduates to succeed in the industry.
Since its inception in the Fall of 2021, the CORE program has helped students in 45 states from 309 different schools explore real estate careers and teach them the tools for success in the field. The program has an 84% completion rate, doling out 516 credentials in a two-year span, with 91% of students who take the course stating they are more interested in the field as a result of CORE.
Lubega and Hancock had to carve their paths into the commercial real estate industry. Lubega, a native of Uganda, worked her way from a sales recruiter all the way to the senior director of sales recruiting during her nine-year tenure at Marcus & Millichap.
“I made it a goal to tell my story and tell my experience to my community, to people that look like me, about this industry that’s never talked about,” Lubega said. “You get in because of people, most likely people that you know or you get in because of an internship and you made a connection. (Now) three to five years after you graduate, you can now take the money that you made and invest it into buying your own asset. We all know that’s where wealth generation begins — acquiring your own real estate.”
Hancock also saw a rapid rise up the ranks at REIS Associates. After starting her career as an assistant property manager, Hancock became a mainstay in the Texas commercial real estate markets, rising up to become the operations director.
“(Commercial real estate) was a very male-dominated industry and female property managers were few and far between,” Hancock said. “I will say the obstacles were definitely present, but I had a pretty solid upbringing and I was just raised to never quit. When I would have these conversations with my mom about these obstacles and barriers, she would always ask me, ‘Well what are you going to do about it?’”
She responded with a bevy of accolades including being named a four-time ACoM of the Year recipient, a three-time Mentor of the Year, and was named the 2022 Champion of Diversity by the REDNews Real Estate Journal.
While diversity in the commercial real estate space is still a point of emphasis, Hancock said she’s seen an influx of women and Black, Latino and Asian Americans thrive in the industry because of programs such as CORE.
“I am happy to see that and the interest has grown by leaps and bounds and it continues to grow,” Hancock said. “I have to praise Grayson Glaze and Debbie Phillips for their involvement and everybody over at the ACRE for just believing in the program and getting behind Grayson and Debbie and saying ‘Let’s do this.’”
Added Lubega: “I know it takes a lot of courage to keep going and not quit in our industry. But I encourage all of them to know that they can figure it out and they don’t have to feel like they’re doing it alone.”
The CORE program is funded by donations from our Foundation Partners including Marcus & Millichap, the IREM Foundation, and other industry groups.
Contact Grayson Glaze to learn more about how your organization can support the CORE initiative.
