American Realty Advisors executives are trying to diversify the institutional commercial real estate industry by exposing underrepresented minority high school students to the various facets of the industry before they have selected their career paths.
ARA is now scheduling its second Tomorrow’s Real Estate Leaders pro-gram for about 20 high school and freshmen college students Nov. 5-7.
“There have been a variety of programs over the years” to promote diversity in money management and real estate, said Stanley Iezman, Los Angeles-based chairman and CEO of American Realty Advisors.
Despite programs promoting ethnic and gender diversity in real estate over the past seven to 10 years, “people of color don’t know that real estate exists as a career,” he said.
Last year, ARA received 100 applicants and selected 20 students to make it small enough to give each student access to a real estate professional, such as a broker, agent or manager. Like the inaugural program, this year’s three-day program will be virtual, providing students with classes on various aspects of the business from fundraising to legal compliance. The students will create case studies based on real ARA transactions, including broker presentations about the deals.
Last year’s program accomplished its goals, said Mr. Iezman, who also is an adjunct professor at the University of Southern California’s Sol Price School of Public Policy where he teaches real estate asset management. Three students received real estate industry internships and some switched to real estate and/or finance as a major in college, he said.