That “yes” came up whenever there was an opportunity. But Knight says chances to progress were sometimes hard to come by, the remnant of a time when women were relegated to “getting the coffee or taking notes.”
“And often, that’s what I did, even though my position didn’t call for it. Now I’m more comfortable saying, ‘Why don’t you get the coffee?’ But it took me a long time to get there.”
Allowed the freedom to grow when she came to Ackerberg, she remembers past positions that simply didn’t recognize the importance of diversity. “If it was hard for me, as a younger woman, how hard must it have been for people with different skin colors or for those for whom English wasn’t their native language? How much harder must it be for people with different physical abilities or with different gender identities?”
Out in the Open
Of course, while that remnant of a former time remains, Knight recognizes the progress the industry has made, especially the property management industry. “Bias isn’t always done purposefully,” she says, “It’s often a cultural or generational thing, and then handed down.” The good news is that “I think we’re talking more about it today, something we should have been talking about decades ago. But still, not everyone’s attitude has changed, and I'm not sure everyone wants to change.”
The question is, “How do we create bigger tables, where everyone feels welcome and valued?” she asks. “That’s what these open and honest conversations about equity are about, but it still makes some people uncomfortable.”
Apparently not at Ackerberg and, as it has grown, so has Knight. The firm has added investment fund management to its real estate services. “Now I get to help create and oversee investment funds. We’re currently in the capital-raising phase for our third fund and actively looking for new opportunities.”
She reports that, between the two existing funds and previous private holdings, Ackerberg currently has 30-plus assets in its portfolio, “and we’re actively acquiring and disposing of properties. We’ve sold a number of assets in the past 18 months.” She enjoys the contrast between long-term holds and “shorter time spans, which means we manage our properties a little differently.”
It should be noted that the firm is also into development, providing a still-broader range of exposures for all involved. “We do all the prime property types,” she says, “office, multifamily, industrial, and retail, and we do all life cycles. I might buy a fully stabilized office building just for cash flow, or buy a piece of dirt for a ground-up development,” such as a recently completed modular apartment building in St. Paul, MN.
Surprisingly, Knight, who serves on IREM’s Student & Academic Outreach Advisory Board, states success in property management doesn’t necessarily require a formal education. “I might be the exception here, but I don’t know that you need a four-year degree to become a property manager. Eighty percent of my job is crisis management, and you don’t learn that or how to deal with a frustrated resident when you’re in college. Those are people skills you just have, or you don’t.”
So, what advice does she offer newbies? “Just get a job in the profession, even if it’s as a leasing agent’s assistant, and even if it’s nights and weekends, or as a summer intern. Try it out. I love that every day is new and different, and I never know what I’ll do day-to- day.”
For that reason, she says her daily to-do list rarely gets done, “and I love it. But it’s not a good fit for everyone. Try it and see if you catch the passion for it.”
The Power of Yes
Saying yes, then, has clearly paid off for Knight. She credits IREM with building her confidence to take on added responsibilities. She credits the educational programs and the access to other members who are in better positions to answer certain questions that come up, such as when a client recently raised a question about condominium management. “I know nothing about condominium management, but I knew I could reach out to friends in IREM. I have yet to be told no by another member.”
She also credits the Institute for highlighting the moral issue of diversity, equity, and inclusion (DEI), “and the fact that it’s just good business. The more diverse opinions participating in conversations, the better we’ll be in designing and operating our buildings, and the happier our tenants will be because of the services we’re offering. It’s good for everybody if we begin to build a different future together.”