Hard work, luck help in real estate

Phil Levine

Tuesday, March 28, 2000 | 11:03 a.m.

Work hard, develop people skills and hope for a little luck.

That was the message offered to aspiring real estate professionals at the recent Lied Institute for Real Estate Studies Career Exploration Forum.

UNLV students were offered a wide range of advice from a panel of Southern Nevada business executives who are directly -- and indirectly -- involved in the real estate sector.

Las Vegas Mayor Oscar Goodman set the tone for the panel discussion, emphasizing the role that lady luck played in his success.

"I came to Las Vegas with $87 in my pocket, and though I've worked hard, I can tell you that it helps to have had a lot of luck along the way," he said.

Goodman also said the rewards derived from good fortune can also provide unexpected career opportunities.

"I was a struggling young attorney, and with a lot of good luck and hard work I became a rich attorney," he said with a smile.

"That opened the door for me to become a rich mayor today."

Agreeing with Goodman on the importance of good luck, Wells Fargo Bank Senior Vice President Jay Kornmayer also stressed the need for strong people skills in surviving the changes under way in corporate America.

"I survived two major (bank) mergers, and I can tell you that learning to deal with people -- and adapt to them -- is a useful art that you should learn early in your career," he said.

In the age of mergers and acquisitions, adaptability is a key ingredient for a long and successful career, Kornmayer said.

Founded in 1989, the Institute for Real Estate Studies was established within the UNLV College of Business to foster research and education in Southern Nevada's burgeoning real estate industry.

Two years later, through a gift from the Ernst Lied Foundation Trust, the institute was endowed and became the Lied Institute.

Today, through the UNLV business college, the Lied Institute offers a wide range of real estate-elated programs designed to familiarize students with the region's complex real estate sector.

The institute currently has 43 full-time students, although the career forum was open to all business students.

Panelist Somer Hollingsworth, president and chief executive of the Nevada Development Authority, discussed the importance of the area's development community in diversifying the regional economy.

"We (NDA) don't build buildings, we just fill them," he said. "The fact is that without developers, the NDA couldn't do what we do."

As head of the government entity responsible for attracting nongaming companies to Southern Nevada, Hollingsworth encouraged UNLV students to do more than receive their education in the state.

"Companies from around the country want to move here because this is acknowledged as the place to be," he said. "There's no doubt this is one of the top places in the country to both live and work."

In explaining the role of title companies in the real estate sector, Robbie Graham, president of Las Vegas-based Nevada Title Co., concurred with Kornmayer's view on the importance of interpersonal skills.

"One thing I've found in my career is that having good people skills is really a key to achieving (real estate) success," she said.

Graham said title firms also play a key role in successful real estate transactions.

"The title company is really the facilitator that works to get the deal done," she said. "Our responsibility is to make sure the transaction closes."

That's a challenge in Las Vegas' constantly evolving real estate market, Graham said.

"Every (real estate) transaction is different," she said. "That's why I always say this is a position that really requires on-the-job training."

Daniel Otter, managing director of Las Vegas-based Triad Development LLC, cautioned students to remember that real estate remains a cyclical business.

"We're in a boom right now, but it isn't always going to be this way," he said. "That's why you have to remain flexible and recognize there may even be a time when you have to relocate to succeed."

Otter likened the role played by developers to that of a quarterback in football.

"The developer is really the quarterback of the real estate project," he said. "The developer's role is to take a raw piece of property and transform it into an asset."

Otter said good fortune also played a role in his success.

"In all honesty, for me luck was an important part of making it as a developer," he said. "But there are ways you can improve your chance for success."

Other useful methods of improving success include participating in a real estate internship program, researching and selecting the right prospective employer and recognizing your own limitations.

"Never be afraid to say 'I don't know,' " he said. "And when you're first starting out, it's also worthwhile to be prepared to work for very little while you learn the business."