Canadian Real Estate Leaders Offer Insight Into Dynamics of Leadership
December 2, 2005
What are the hallmarks of a leader? One is that he or she makes time — despite the responsibilities that always attend leadership — to share their knowledge and experience with the next generation. That was what Andre Collin and Richard Dansereau did on December 2. They made time for the real estate leaders of the future.
Dansereau, President and Chief Operating Officer of CDP Capital Real Estate Advisory, and Collin, First Vice President Real Estate Investments of Canada’s Public Sector Pension Investment Board (PSP), spoke at the MIT Center for Real Estate's Learning from Leaders program, the first in a planned series of visits by the Center’s sustaining partners. As participants in a panel on Leaders in Real Estate, moderated by Professor Gloria Schuck, they held court for an hour and a half, offering a wide range of insights into the dynamics of leadership for a large crowd of CRE students and faculty.
While both men have clearly earned their current positions by demonstrating leadership throughout distinguished careers, what also became clear, as they answered questions from Prof. Schuck and members of the audience, is that there is no one-sizefits- all model of leadership. Asked to define leadership, for instance, both men agreed that the capacity to take responsibility and make often tough decisions, often under high pressure conditions, is a key attribute of leaders. However, Collin emphasized a leadership style characterized by the ability to act quickly and decisively, assuming responsibility for the consequences of one’s actions. Dansereau, on the other hand, suggested that effective leadership requires a passion for one’s work and the ability to rally and inspire an effective team.
Asked about the leader’s role in creating an organizational vision, Dansereau declared it "fundamentally important to stop, focus and think about the future of the organization and what is needed for the organization to move forward." Collin said that this task is the responsibility of the board of directors in his organization; that his task, as a leader, is to find and employ the best ways to deliver the board’s vision.
Making Sense of a Rapidly Changing World
In an increasing global real estate market, Collin said, leaders will be challenged by diverse cultures and approaches to doing business and it’s important to be able to remain flexible. Dansereau concurred. "There are different kinds of leadership," he said, "but (in the global arena) there is a need to adapt to unique market qualities."
"I don’t force anything," said Collin. Rather, he noted, it is important to remain alert and really understand what the market is offering. As an example of example, he noted that the current perception of Germany is a brisk renters’ market, but many people are buying rental properties to convert into condominiums.
Clarity, both men agreed, is extremely important. "No one can fault you for making decisions if you have a clear understanding of your mandate," Dansereau said. He said this is true even if executive decisions do not always make sense in view of research and financial information. To the contrary, he said, "People will fault you for procrastinating."
Decision-making is easier, said Collin, if you can perceive your competitors’ motives. "It’s very important to know what your competitors are doing," he said, "and even more important to try to understand why."
As for the kind of change that often occurs in volatile markets and can negatively impact a company? "Don’t lie about it or hide it," Collin said. "Be clear about it and try to manage expectations so people are less surprised and hurt by it. Be open and transparent. Start warning people when you see change coming."
Advice for Future Leaders
Asked what qualities he sought when hiring new people, Dansereau said he wanted to really get to know the individual, not just the resume. "I’m interested in the potential employees’ attitudes and ethics," he said. "I want to get a sense of how they will fit in our culture."
Collin agreed. "I want to know your values," he said. "What motivates you? How do you feel about certain social issues? It’s important to me to find the real human being, to see the potential."
And their best piece of advice for young people embarking upon careers in business?
"A winner is a loser who gave it a second shot," said Dansereau. Observing that the real estate industry can be very challenging, he said, "Never give up. Be passionate about what you do. Keep learning and have fun."
"Success is a series of failures," Collin said, noting that those who succeed usually have a clear and balanced understanding of themselves. "Be yourself," he said. "Be human. Most important, love what you do."
