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ULI Leadership Roundtable in New York
October 6-7, 2005
ULI
Leadership Roundtable Biographies
Agenda for the New York Roundtable (Word file)
View the New York Roundtable Slideshow
Storytelling
and Leadership by Trisha Riggs (PDF)
“Remain in the ULI as long as you are in the real estate
business. Whatever you learn as a result, however you benefit from it,
don’t keep it to yourself. Pass it on.”—J.C.
Nichols’ advice to Roy P. Drachman in 1949
 When Urban Land Institute founder
Jesse Clyde Nichols advised fellow Institute member Roy Drachman to
“pass it on” 56 years ago, he was encouraging Drachman to
recount a story—perhaps of success, perhaps of failure—but a
story that would illustrate for the listener a valuable lesson learned
about the business of land use and building communities.
This long-standing tradition of using story telling to share industry
knowledge is a main factor distinguishing ULI from other real estate
organizations and trade associations. Indeed, “mistakes made and
lessons learned” is a hallmark of ULI meetings and conferences;
keynote speakers, panelists and product council members are all expected
to offer what they know about what works and what doesn’t. Many
times, this information exchange takes the form of story telling—a
compelling way to make a point, convey a message, or make a lasting
impression.
It is a form a communication that tends to trigger an emotional
reaction, rather than a reasoned response, and behavioral science
consultant Annette Simmons believes that this “getting to the
gut” quality is the very reason that storytelling can be so
effective for real estate industry leaders.
Simmons, author of The Story Factor: Inspiration, Influence, and
Persuasion through the Art of Storytelling, was a featured speaker
at ULI’s third Leadership Roundtable last October in New York
City, demonstrating to the attendees the power of a story as a tool of
influence. Although business executives believe that providing an ample
supply of objective information—numbers, percentages, statistics,
pie-charts—is considered critical to be persuasive, it is often
the anecdote that resonates, she said. “A story is a powerful way
to explain your view, to help others walk through your experience so
they get it,” Ms. Simmons said.
The most memorable presentations, she explained, are those that
combine objective information such as data and research findings with
anecdotes that illustrate and reinforce the facts. While the story is
the subjective portion of the presentation, the story is what people use
to help them sort through and understand the objective information.
“You can convince with data and charts, but your story can have
the bigger influence in changing behavior,” Ms. Simmons said.
Displaying the Human Side
The 42 chief executives invited to attend the 2005 roundtable were
challenged by Ms. Simmons to share a story, about themselves or
others—to depict a quality or qualities they believe is essential
for effective leadership – including being ethical, honest,
inspirational, open-minded, fair, intelligent, charismatic, determined,
strong-willed, visionary, articulate, confident, and
self-deprecating.
Getting started was not easy—even for these ULI members
accustomed to sharing experiences through stories. For some, sharing a
story meant sharing a “most embarrassing” moment:
 The architect who proudly opened his
suitcase in front of his clients to show off his project model, only to
discover he had grabbed the wrong bag at the airport and had only
underwear to display.
Or, the executive from a small Southern real estate company, who,
during a Wall Street pitch to draw investors, realized he had traveled
to the New York City meeting wearing mismatched shoes.
In both situations, the stories had a happy ending – the
architect landed the project, and the development executive obtained the
investment funding. However, as Ms. Simmons pointed out, what may not
have been immediately evident to either storyteller is that their
stories worked in their favor because they showed that both men are
capable of error, yet equally capable of recovering from it. It also
displayed an ability to diffuse an awkward situation with a
self-deprecating sense of humor. “The pretense was dropped,”
she said, noting that sharing stories of mistakes shows the human
side—which, in the real estate profession, is invaluable in
cultivating relationships with employees, clients and customers.
“You may never connect on business issues, but you are all human
beings…If you tell a story about when you screwed up, you will
build more credibility.”
Ms. Simmons used the story telling exercises to demonstrate the
ability of storytelling to illustrate a characteristic, quality or trait
in a far more effective manner than simply describing a person or
organization as having a particular characteristic, quality or trait.
For instance, one roundtable participant recounted how his former boss
would frequently leave in the middle of the afternoon, offering no
explanation to squelch speculation of shirking work. Only years later,
the participant said, was it discovered that the man had been visiting
company employees who were in the hospital. By telling this story, the
participant clearly showed that the organization truly cares about all
its employees, and likely works hard to foster good relations in all
aspects of its business operations. “That says a lot more than
listing things in an employee handbook,” noted one roundtable
participant.
Another participant told of time spent as a coach for his
six-year-old daughter’s soccer team. When asked by one eager
player if they had won, he recalled that he responded by saying,
“Did you have fun? If you had fun, you won.” By telling this
story, the participant revealed several characteristics about himself,
including: 1) he is able and willing to balance his professional and
personal life; and 2) he values enjoying oneself over getting ahead at
any cost. “After hearing that, you think ‘I could work for
him.’ I’m sure he gets the best out of his employees,”
pointed out one attendee.
In the absence of first-hand experience, the visual imagery resulting
from a powerful story—whether it’s funny, sad, poignant,
frightening or frustrating—allows the listener to “put
himself in the situation,” and benefit from the experience without
actually being there, Simmons noted. “Letting someone hear your
story gives you more authenticity and more sincerity, because the
listener is right there with you,” she said.
 In today’s business world,
effective communication skills—essential for high-quality
leadership—are often stymied by electronics, which ironically, are
designed to improve communication, Simmons noted. But, while a
Blackberry may enable an executive to quickly send an approval of a
document, and company email systems allow expansive simultaneous
outreach, these tools are not conducive to effective storytelling,
because they are impersonal, she said. “Storytelling is personal.
It can dramatically alter the information you are trying to get
across…It is the oldest form of influence in human
history.”
According to Simmons, there are six different types of stories that
should be told by anyone trying to be persuasive and convincing:
- Who I Am: Show why you have the right to try to exert influence or
earn respect.
- Why I’m Here: To gain credibility, demonstrate what you are
offering, not what you are getting.
- My Vision: Make overcoming obstacles worthwhile by keeping people
focused on the overall goal, not the individual problems blocking
achievement.
- My Values in Action: Illustrate your values through a story that
describes actions taken to honor those values.
- Teach: Share an experience as a lesson learned.
- “I Know What You are Thinking” Story: Through your
story, validate the opinion of others. This helps them relate to you,
and makes them more open to your views, proposals, etc.
“You want to tell people that you are good, trustworthy,
experienced, creative and compassionate, but people like to make that
judgment for themselves,” Simmons said. “They trust their
own conclusions more than reported conclusions of others, particularly
if their reported conclusion is in their own best interest. Your story
is the evidence you can provide people to help them reach their own
conclusion.”
Success Stories
In another portion of the leadership roundtable program, Denny
Alberts, president and chief operating officer of Crescent Real Estate
Equities in Fort Worth, Texas, shared a story of how those companies
managed to turn around from the brink of collapse to become a thriving
success.
Founded in 1994, the real estate investment trust started out
purchasing premier real estate at discount to replacement-cost prices.
However, the company’s strategy changed dramatically in the late
1990s, when a senior management shift resulted in the company investing
in casinos and skating rinks. A series of “bad decisions,”
along with little intervention by the company’s board of directors
and a lack of long-term vision, almost caused the company’s ruin,
Alberts said. However, a management reorganization and strategic
turnaround began in 2000, with the company focusing on investments in
upscale office properties, resort development and
“lifestyle” communities that cater to active baby
boomers.
 “We needed to act quickly and
make changes at the top, not the bottom,” Alberts said. Throughout
the restructuring process, the company found it critical to
“communicate often” to retain valued employees, who had
stuck with the company but were unsure that it would indeed move in a
positive direction, he said.
In addition to altering its investment strategy, the company made
other operational changes, including modernizing its business model to
allow for more shared ownership, to reduce its debt and increase its
liquidity. In addition, the company expanded the technology of client
tracking used by its law firm, and developed software to predict retail
sales based on income and demographics, which can be used to select
tenants for shopping centers. “The investors love it,”
Alberts noted.
Mark Doran, chief operating officer of Transwestern Commercial
Services in Dallas, also shared a success story, describing how the
company has carved out a successful path through unconventional choices.
For instance, he opened his presentation with a quote from a senior
Transwestern representative, who said, “We don’t worry too
much about how we’re different.”
Founded in 1978, Transwestern started out as a principal development
company, expanding in the 1980s to management and leasing in Texas, then
“going national” in the 1990’s. Currently, the company
is a full-service commercial real estate firm in 24 markets throughout
the United States.
According to Doran, the company’s success is based on four
“cornerstone” concepts:
- Real estate is fundamentally a local market business;
- The best and brightest enjoy the ability to be entrepreneurial;
- Those closest to the putting transactions together provide the most
valuable input into the strategy development and operating
priorities;
- Empowered, fully-integrated teams of self-motivated professionals
deliver superior results.
Using these concepts, the company’s management is shaped as an
inverted pyramid, with regional presidents placed at the top and
corporate officers at the bottom. It is a switch a centralized approach
Transwestern had used in the past, Doran noted. “That (the
centralized approach) did not wear well, because it was not inspiring.
There was no buy-in at the regional level.” Now, with each
regional president functioning as a chief executive officer, each
regional team provides the same basic services, yet each can take
advantage of opportunities unique to each region, he said.
The corporate leadership, whom Doran described as
“caddies,” plays a stewardship role, in which each
individual works with the regional leaders to support initiatives such
as recruiting, mergers and acquisitions; allocate resources, provide
branding and public relations services; and foster client
relationships.
It is a strategy, he said, that has worked well for the company, in
both recruiting and retaining high-quality performers. In recruiting,
Transwestern has learned several lessons, including: 1) recruitment is
an evergreen process—recruiting situationally is not effective for
drawing top people; 2) recruit the right people, not just people; 3) act
quickly and be flexible, particularly in offering a compensation
structure that meets specific employee needs; 4) acknowledge that good
people are “on someone else’s list.”
 “The key is to figure out
what besides compensation you can provide to keep the best
people,” Doran said. “The point is not to make it hard for
people to leave, but to make it compelling for them to stay.”
Colonel David C. Fuquea, who serves in the U.S. Marine Corps as
deputy commandant of midshipmen at the U.S. Naval Academy, shared his
perspectives on some of the leadership tenets that can serve both
competitive chief executive officers and battle-hardened Marines. For
instance, he recounted a situation in which a commanding general
assigned himself Christmas Eve duty, freeing up the junior officers to
spend the evening with their families. In a similar example, Fuquea told
of a battalion commander who refused to accept protective clothing for
himself until all of his troops had been properly outfitted. These acts
of selfless devotion, he noted, were certain to ensure troop loyalty and
utmost respect.
Colonel Fuquea provided roundtable participants with a list of U.S.
Marine Corps leadership traits:
- Dependability—The certainty of proper performance of
duty;
- Bearing—Creating a favorable impression in carriage,
appearance and personal conduct at all times;
- Courage—The mental quality that recognizes fear of danger or
criticism, but enables a man to proceed in the face of it with calmness
and firmness;
- Decisiveness—Ability to make decisions promptly and announce
them in a clear, forceful manner;
- Endurance—The mental and physical stamina measured by the
ability to withstand pain, fatigue, stress and hardship;
- Enthusiam—The display of sincere interest and exuberance in
the performance of duty;
- Initiative—Taking action in the absence of orders;
- Integrity—Uprightness of character and soundness of moral
principles; includes the qualities of truthfulness and honesty;
- Judgment—Giving reward and punishment according to merits of
the case in question. The ability to administer a system of rewards and
punishments impartially and consistently.
- Knowledge—Understanding of a science or art. The range of
one’s information, including professional knowledge and an
understanding of your Marines.
- Tact—The ability to deal with others without creating
offense.
- Unselfishness—Avoidance of providing for one’s own
comfort and personal advancement at the expense of others;
- Loyalty—The quality of faithfulness to country, the Corps, the
unit, and to one’s seniors, subordinates and peers.
Considering that hundreds of thousands of Marines worldwide willingly
carry out their duty to protect the United States in exchange for low
pay and time away from their families, “I have to believe that,
based on the leadership principles I have offered, something we do (in
our leadership training) is valuable for you,” Fuquea said.
ULI New York Executive Director John B. Parkinson, Jr., who attended
the U.S. Naval Academy and served with Fuquea in the Marine Corps,
narrowed the list of key leadership traits discussed at the roundtable
to the two that proved invaluable in his own private-sector
career—the ability to focus and remain humble.
“Staying focused on the task at hand brings about a sense of
commitment that elevates the performance of the combined strengths of
the team,” he said. Humility, Parkinson noted, is equally
important. “Remembering who got you to this point and how you got
there allows a leader to serve more effectively.”
Trisha Riggs, director of communications, ULI
Related Files
Agenda for the New York Roundtable (Word Document)
Related Links
Storytelling and Leadership (PDF)
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