LEADERSHIP IN REAL ESTATE SYLLABUS 11.430J/15.941J Fall 2019

Stellar Site: ______

Gloria Schuck Mondays & Wednesdays 10:30 - 12:00 September 5 – October 17 Building 9, Conference Room 357

Executives are looking for leadership potential and behaviors in the people they recruit, hire, and promote at all levels of the organization. They know it when they see it, and everyone agrees that we need more of it, but what is “leadership”? Academics who study leadership write:

“The critical issues of leadership are indistinguishable from the critical issues of life, and there’s a lot about life and living that is embedded in leadership. And it is not something that yields easily to analytical frameworks or to two-by- two matrixes, for that matter.”1

Industry leaders who live it agree:

“Heart counts for more than any technical skills….. Leadership is about adapting to change, and dealing with people. To be successful you need good interpersonal skills.”2

“Leadership is all about intimacy and making personal connections with others.”3

“To exert influence, you must balance competence with warmth.”4

1Augier, M. and Teece, David. Reflections on (Schumpeterian) leadership: a report on a seminar on leadership and management education, California Management Review, Vol. 47, No. 2, Winter 2005, pp. 126. 2 Moghadam, Hamid, Non-Executive Chairman of the Board, Chief Executive Officer, AMB Property Corportation; Co-Chief Executive Officer of ProLogis Inc., ProLogis Trust; Non-Executive Chairman of the Board, President and Co-Chief Executive Officers, AMB Property Corportation; MIT Center for Real Estate, “Leading in the Real Estate Industry” class, 2009. 3 Suter, D, Managing Partner, M3 Capital Partners; MIT Center for Real Estate, “Leading in the Real Estate Industry” class, 2010. 4 Cuddy, A.J.C., Kohut, M., and Neffinger, J. ‘Connect, Then Lead”, Harvard Business Review, July- August, 2013, p. 55

1 Leadership is a personal matter. The foundation of leadership is self-awareness. Your leadership has to be congruent with who you are. Leaders are authentic; they know who they are and behave accordingly. They are passionate about their ideas and values.

“Leadership is about self-confidence, self-esteem, self-love, and communicating it to others.”5

Leadership development is an on-going, process of learning and personal development. Leadership is a life-long process of inquiry and transformation. No leadership “cookbooks” exist. Leadership development is the process of encountering challenges at a new level of complexity and developing new mental models. At the heart of leadership development are reflection, inquiry, and self-directed learning. Each leader is an active participant in her or his own learning.6

“The person who cares about your development is you. You have to drive it.” 7

You are invited to take advantage of all the learning opportunities in the “Leadership in Real Estate” course. You will:

• Develop a deeper understanding of “leadership”; • Create and articulate your vision; • Examine and clarify your values; • Increase your self-awareness; • Examine your authentic leadership style; • Create goals and a learning plan to develop your leadership capabilities; and • Increase your ability to connect authentically with people’s hearts and minds.

You will have conversations with industry leaders to learn from their insights, experiences, and advice. Our guests scheduled for fall 2018 are:

• Sarah Abrams, Senior Vice President & Head of Global Real Estate for Iron Mountain. • Diane Danielson, Chief Operating Officer, SVN, Commercial Real Estate Advisors. • Bryan Koop, Executive Vice-President & Regional Manager Boston Office, Boston Properties . • Hamid Moghadam, Chairman & CEO, Prologis. • Rob Salafia, Executive Coach, Protagonist Consulting Group.

Requirements for the leadership course:

5 Aldrich, Peter. co-founder of Aldrich, Eastman, and Walsh (AEW); Chairman & CEO, AEGIS, LLC; MIT Center for Real Estate, “Leading in the Real Estate Industry” class, 2010. 6 Parks, S.D. Leadership Can Be Taught, Harvard Business School Press, 2005, p. 232. 7 Sarah Abrams, Senior Vice President and Head of Global Real Estate for Iron Mountain; former President, Fidelity Real Estate Company; MIT Center for Real Estate, “Leading in the Real Estate Industry“ class, 2010.

2 1) Participation (mental, verbal and physical). Be present. 2) Punctuality. 3) Required readings, assignments, exercises, and assessments. 4) Familiarity with guests’ biographies and descriptions of companies, formulation of discussion questions, and participation in conversations with guests. 5) Reflections (1 page) about how each guest informed, influenced, reinforced, and/or challenged your “leadership point of view”. 6) Leadership development goals and learning plan. 7) 5-minute oral presentation to small group with the goal to “connect”. 8) Reflection papers (1 page each).

Books to Purchase at the COOP: Author: BRADBERRY Title: EMOTIONAL INTELLIGENCE 2.0 isbn: 978-0-9-7432062-5

Author: ARBINGER INST. Title: LEADERSHIP+SELF-DECEPTION isbn: 78-1-5-7675977-6

Reflection Papers: 1) One page; do NOT regurgitate or evaluate what the guest said. Think about what made an impact on you. What are the implications for you and your leadership? What did you learn about yourself? 2) e-mail paper as an attachment, and the name of the file should be YOUR LAST NAME -- GUEST LAST NAME, e.g., Smith – Moghadam; send to [email protected].

NO late papers accepted without permission from instructor.

NO “Listeners”, no exceptions.

% Final Grades: 35% -- Class participation 40% -- Assignments, reflections & readings 25% -- Small group “connect” presentations

Criteria8 for Final Grade: • A = stellar performance. Exceptionally good performance, demonstrating a superior understanding of subject matter, a foundation of extensive knowledge, and a skillful use of concept and/or materials; fulfilling course requirements. • B = good performance. Capacity to use the appropriate concepts, good understanding of the subject matter; fulfilling course requirements. • C = adequate performance. Demonstrating adequate understanding of the subject matter; fulfilling course requirements.

8 Determined in accordance with MIT guidelines.

3 The WCC at MIT (Writing and Communication Center) offers free one-on-one professional advice from communication experts. The WCC is staffed completely by MIT lecturers. All have advanced degrees. All are experienced college classroom teachers of communication. All are all are published scholars and writers. Not counting the WCC’s director’s years (he started the WCC in 1982), the WCC lecturers have a combined 133 years’ worth of teaching here at MIT (ranging from 4 to 24 years). The WCC works with undergraduate, graduate students, post-docs, faculty, staff, alums, and spouses. The WCC helps you strategize about all types of academic and professional writing as well as about all aspects of oral presentations (including practicing classroom presentations & conference talks as well as designing slides). No matter what department or discipline you are in, the WCC helps you think your way more deeply into your topic, helps you see new implications in your data, research, and ideas. The WCC also helps with all English as Second Language issues, from writing and grammar to pronunciation and conversation practice. The WCC is located in E18-233, 50 Ames Street). To guarantee yourself a time, make an appointment. To register with our online scheduler and to make appointments, go to https://mit.mywconline.com/ . To access the WCC’s many pages of advice about writing and oral presentations, go to http://cmsw.mit.edu/writing-and-communication-center/ . Check the online scheduler for up-to-date hours and available appointments.

4 Leadership in Real Estate

SYLLABUS Fall 2018

September 5 INTRODUCTION & 1ST IMPRESSIONS

September 10 VISION & VALUES

Readings & Exercises: Complete the following exercises, submit as an email attachment, and be prepared to discuss in class. 1. Write your obituary. 2. Write your vision. Bennis, W. and Goldsmith, J. Learning to Lead: A Workbook on Becoming a Leader, Perseus Books, 1997, pp. 112-118. 3. Examine your vision using the “Dream Test”. Maxwell, J.C. Put Your Dream to the Test, Thomas Nelson: Tennessee, 2009, pp. xxiii-xxvi. Submit 4. Hubspot’s culture and values; an example from one organizaton. http://www.slideshare.net/HubSpot/the-hubspot- culture-code-creating-a-company-we-love

SUBMIT: 1. Your Vision 2. Reflection: How well did Your Vision score on the Dream Test? (Not simply the results, but what the scores are telling you.) Tell someone else your vision and have them score the Dream Test. How did that compare to your score?

September 12 LEADERSHIP MINDSET & VULNERABILITY

Readings: 1) “Level 5 leadership”, MindTools. 2) Brown, B. Daring Greatly: How the Courage to Be Vulnerable Transforms the Way We Live, Love, Parent and Lead, Penguin Group: New York, New York, 2012. a) What it Means to Dare Greatly, pp. 1-3 b) Introduction: My Adventures in the Arena, pp, 4-16 c) Chapter 1: Scarcity: Looking Inside Our Culture of “Never Enough”, pp. 18-30 d) Chapter 2: Debunking the Vulnerability Myths, pp. 32-56

5 3) Heffernan, M. “Forget the pecking order at work”, TED.com, 15.57. https://www.ted.com/talks/margaret_heffernan_why_it_s_time _to_forget_the_pecking_order_at_work

September 17 LEADERSHIP & SELF-DECEPTION

Reading: 1. Leadership and Self-Deception: Getting Out of the Box, by The Arbinger Institute, Berrett-Koehler Publishers, Inc.: San Francisco, California, 2010, pp. 1-178. a. Part I: Self-Deception and the “box, pp. 1-58. b. Part II: How we get in the box, pp. 59-92. c. Part III: How we get out of the box, pp. 121-178.

SUBMIT: 1. Reflection: What message did you get from the book? Give an example of when you were “in” the box and an example of when you were “out” of the box.

September 19 LEADERSHIP PRESENCE

GUEST: Rob Salafia, Executive Coach, Protagonist Consulting Group

Readings: 1. Chapter 1: Presence: what actors have that leaders need, in Halpern, B.L. and Lubar, K. Leadership Presence: Dramatic Techniques to Reach Out, Motivate and Inspire, Gotham Books: New York, New York, 2003. pp. 1-12. 2. Treasure, J. How to speak so that people want to listen, TEDX, 9:54 minutes. https://www.ted.com/talks/julian_treasure_how_to_spe ak_so_that_people_want_to_listen 3. What makes a good story?

September 24 SELF-ASSESSMENT & DEVELOPMENT PLAN

6 Readings: 1. Sternbergh, B. and Weitzel, S.R., Setting Your Development Goals: Start with Your Values, Center for Creative Leadership, 2001, pp. 7-30. 2. SMART Goals. 3. Fryer, B. Sleep deficit: the performance killer; Harvard Business Review, October 2006. 4. Giving & receiving feedback: the dos and don’ts, Tools for Leading Relationships, Section 12, p. 372. 5. Mansplaining. https://www.cbsnews.com/news/faith-salie-has- her-say-on-mansplaining/ 6. Networking: Heidi Rosen. https://www.gsb.stanford.edu/insights/heidi-roizen-today- everything-relationship-driven

SELF-ASSESSMENTS: Complete the following assessments. Submit a reflection paper; what did you learn from the assessments? Come to class prepared to discuss. 1) IDENTITY QUADRANTS. STELLAR. Who are you in each of the four quadrants on page 44? Write characteristics, traits, attributes, and adjectives. In Chapter 4, “Identity: Who do you think you are?” MOJO: How to Get It, How to Keep It, How to Get It Back if You Lose It, Hyperion: New York. Pp. 44-50 (end reading after third paragraph on p. 50). 2) EMOTIONAL INTELLIGENCE 2.0, by Bradberry, T. and Greaves, J., Talent Smart: San Diego, California, 2009. Book available for purchase in CRE office. On-line assessment; access code is at end of book. 3) ACTIVE LISTENING SKILLS: Chapter 4, The Ohio Principals Leadership Academy, 2002, pp. 33-41. 4) SEEKING BALANCE: McKee, A, Boyatzis, R and Johnston, F. Becoming a Resonant Leader, Chapter 3: “Listening to Your Wake-Up Calls”, Harvard Business School Publishing, 2008, p. 53-54.

SUBMIT: 1. Reflection: Rob Salafia 2. Reflection Paper: Self-Assessments a. How emotionally intelligent are you? b. How well do you listen? c. How balanced is your life? d. What are the two goals for your ideal self personally and professionally? e. What did you learn from your Personal/Professional Balance Sheet? 3. SMART Goals & Accountability Log.

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September 26-28 “CONNECT”

Small groups meet outside of class. 3-hour block of time for each group. Schedule to be determined.

SUBMIT: 1. Overview or outline submitted before your “Connect” session.

October 1 GUEST: Diane Danielson, Chief Operating Officer, SVN, Commercial Real Estate Advisors.

SUBMIT: 1. Accountability Log. 2. Reflection: What did you learn about “connecting” and the implications for your leadership?

October 3 GUEST: Hamid Moghadam, Chairman & CEO, Prologis.

SUBMIT: 1) Reflection: Diane Danielson 2) Reflection: Leadership & Self-Deception

October 8 NO CLASS (HOLIDAY)

SUBMIT: 1. Reflection: Hamid Moghadam. 2. Accountability Log.

October 10 GUEST: Sarah Abrams, Senior Vice President & Head of Global Real Estate for Iron Mountain.

October 15 GUEST: Bryan Koop, Senior Vice-President & Regional Manager Boston Office, Boston Properties

SUBMIT: 1. Final Accountability Log with reflection.

8 2. Reflection: Sarah Abrams

October 18 REFLECTION ON LEADERSHIP

SUBMIT: 1. Reflection: Bryan Koop 2. Reflection: Final Paper.

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