SPS Stories
Faculty Spotlight
Marc Norman
Clinical Professor
Schack Institute of Real Estate
Marc Norman on Women in Real Estate & DEI
Fast Facts
- Appointed the associate dean of the NYU SPS Schack Institute of Real Estate in July 2022
- Seeks to educate the next generation of diverse leaders in real estate and urban development
- Believes women should be at the forefront of how we craft our cities and spaces
<p>An internationally recognized expert on policy and finance for affordable housing and community development, Marc Norman was appointed the associate dean of the NYU SPS Schack Institute of Real Estate in July 2022. Originally trained as an urban planner, he has worked in the field for over 25 years. </p>
<p>His focus at the Schack Institute is on educating the next generation of diverse leaders in real estate and urban development in New York City, across the US, and around the globe. He takes an interdisciplinary approach to critical issues including housing, economic development and design, sustainability, and property technology.</p>
<p>During the<a href="/content/sps-nyu/about/events/schack-institute-of-real-estate-division-events/national-symposium-of-women-in-real-estate.html" title="5th Annual Women in Real Estate Symposium"> Annual Women in Real Estate Symposium</a>, hosted by the Schack Institute of Real Estate, Norman shared his perspective on the role of women in the real estate industry. In short, it boiled down to one simple point—women should be at the forefront of how we craft our cities and spaces.</p>
Pathways and Pipelines Needed
<p>"A gateway for women into the industry has been through brokerage, i.e., sales agents. More than 60% of agents in the US are women," he shared. "In other real estate sectors like development, private equity, or construction management, women are woefully underrepresented, and these sectors provide higher salaries, more stability, and more agency."</p>
<p>According to Norman, we need better pathways and pipelines for women into these parts of the industry. After all, real estate touches everything we do, from the home to the office, retail, industrial, and institutional space." Real estate is a career that puts you in the front seat of crucial decision-making. The spaces we inhabit have to be selected, negotiated, financed, and managed," he mused.</p>
<p>"Lots of legacy families and dynasties, in addition to established banking and investor relationships, mean that it is harder for new players to enter these fields," continued Norman. "I think the marriage of real estate and tech will create alternative pathways to opportunities and market share."</p>
The Role of Schack in Tomorrow's Industry
<p>Norman is proud that Schack provides a range of options for engaging and embedding women in the industry—from licensure courses to continuing education to bachelor's and master's degrees. Looking to the future, he envisions an ideal role for SPS to be that of increasing numbers in the high-value, high-touch sectors—while offering courses and content for entry into the industry and deepening expertise.</p>
<p>"I've been lucky to have the majority of my bosses and mentors be women," revealed Norman. "From them I've seen and learned to have less ego and be more collaborative. They've also had a keen sense of the markets from the experience of living and engaging with diverse constituencies and having to navigate environments that aren't optimized for a diverse workforce or family composition."</p>
Digging Deep to Do the Real Work
<p>Norman is dedicated to the promotion of DEI at NYU, and believes it essential to embed the principles of DEI into our existing systems rather than create new initiatives. "That takes more work, but it will have better results in the long run," he asserted. "That involves looking at what we teach, how we hire, and what projects and people we expose students to. It's easy to default to those we've always reached out to rather than be deliberate about our recruiting and partnerships."</p>
<p>"The future of real estate might be something we see to a certain extent, but it is mostly what we don't see," mused Norman. "In the future, we will insure, inhabit, finance, and design things differently. This is where I see an advantage for Schack students. Our faculty and collaborators are framing this future now. The buildings might look the same, but everything else will change."</p>
<p>Students in the <a href="/content/sps-nyu/explore/degrees-and-programs/ms-in-real-estate.html" title="MS in Real Estate program">MS in Real Estate program</a> learn from experts in the field, network with top real estate professionals, and create a community of globally-minded colleagues. Will you join them at the <a href="/content/sps-nyu/about/academic-divisions-and-departments/schack-institute-of-real-estate.html" title="Schack Institute of Real Estate">Schack Institute of Real Estate</a>?</p>
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