Minority Advancement Fund
Minority CRE Professional Advancement
- Professional Growth
Summary
The Minority Advancement Fund is a financial allotment for graduates of the CRE Future Leaders Program who demonstrate a need for financial assistance. The fund can be used for trade organization dues and professional designations. The scholarship is designed to keep minorities in the CRE industry despite financial limitations.
Challenge
While wildly rewarding in the long run, commercial real estate is a tough industry to get acclimated to. If you are a minority, it is even tougher. Many minorities have not been exposed to the industry for as long as the majority which creates a learning curve.
Minorities only make up 1.3% of the commercial real estate industry so there are not many opportunities for nepotism or access to a familial network for support. As a result, minorities who enter this industry hone a limited network with limited resources.
Additionally, commercial real estate is an expensive industry to work in. It takes money to become successful, but a gap in socioeconomic status can create a financial barrier to entry.
- Lack of Exposure
- Lack of Network
- Socioeconomic Gap
Solution
Financial assistance will help a new minority commercial real estate professional buy the time they need to learn the industry, afford themselves more opportunities to build their network, and live a life focused more on abundance than lack.
Fees covered by fund:
- Trade organization dues
- Leadership programs
- CRE Career Coaching
- Professional designations and licensure
Candidate
Monies from the Minority Advancement Fund will be awarded to qualified candidates and is committed to advancing the professional growth and industry retention of underrepresented groups in the commercial real estate industry by offering budding minority commercial real estate professionals financial assistance for their career advancement.
The ideal candidate for this scholarship would be someone who:
- Is a Member of AAREP
- Serves on one of our committees
- Is a CRE Future Leaders Program graduate
- Generates a commission-based income
Real estate experts examine the barriers and opportunities for African Americans. Like many industries, commercial real estate does not reflect the diversity of America. Few African Americans even view the industry as a viable career option. The panel will examine the issues that have led to the lack of diversity in the industry to see if we can begin to breakdown those barriers and make commercial real estate a feasible choice for more African Americans. Sponsored by National Association of Realtors and NAREIT.