Women Leaders Of Real Estate: Vernique Hutchinson On The 5 Things You Need To Succeed In The Real Estate Industry
An Interview With Candice Georgiadis
Know what you can handle. When you first start in the industry, you are so excited to implement all the knowledge you have just learned. But if you take on too many clients or just too much, too fast, you will not be able to give every client your best service. Understand what is already on your plate and decide who to take on as a client, understanding how you will best serve them. I am a mom and wife and still have a law practice. I had to evaluate what I could handle at any given time before committing to taking on more work.
As a part of my series about strong women leaders of the Real Estate industry, I had the pleasure of interviewing Vernique Hutchinson.
Vernique Hutchinson is a licensed attorney and real estate advisor. As Principal at The Hutchinson Firm, LLC, Vernique helps clients resolve their conflicts by brainstorming and guiding the parties to the best resolution. Vernique is available to consult on commercial real estate, property taxes and residential real estate.
Thank you so much for doing this with us! Can you tell us the “backstory” about what brought you to the Real Estate industry?
My mother has been in the industry since before I can remember. As a child, I remember real estate being a prominent talking point in our household. So it made sense that property and contract law would be my favorite subjects once I went to law school. Fast forward to graduating during the heart of the recession in 2009, and I had to pivot. I became a felony prosecutor, but I still kept my love of real estate alive by flipping houses, purchasing homes from county auctions, and rehabbing homes. In 2020, I reevaluated a lot and decided to get my real estate license and vehicle, also growing my real estate law practice.
Can you share with our readers the most interesting or amusing story that occurred to you in your career so far? Can you share the lesson or take away you took out of that story?
I carry a taser with me on all showings! I listen to many true crime podcasts, so I find it essential to stay prepared. My clients and I all feel protected!
Are you working on any exciting new projects now? How do you think that will help people?
I am always so excited about the commercial real estate industry because my clients are working to fill a gap and provide a service to the community. I am working with a business now that is providing a ceramics studio unlike one seen in Houston. I couldn’t be happier about having helped them find the location and negotiate the deal.
What do you think makes your company stand out? Can you share a story?
I can see all sides of the real estate industry, which allows me to stand out from the crowd. My background as a real estate attorney colors how I view and guide my real estate clients looking to buy and purchase properties. On the other hand, my experience as a Realtor colors how I advise my clients in negotiating real estate deals.
None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story about that?
My number one cheerleader and mentor would have to be my mother, Fay Gordon. Growing up, I was told I could do anything, and that attitude fueled me to complete everything I set my mind to. As I entered the real estate field, she guided me on the does and don’ts and allowed me to avoid recreating the wheel. She is also a loan officer and can help me advise my clients on certain aspects of being approved and what is happening in the industry.
Ok. Thank you for all that. Let’s now jump to the main core of our interview. The Real Estate industry, like the Veterinarian, Nursing and Public Relations fields, is a women-dominated industry. Yet despite this, less than 20 percent of senior positions in Real Estate companies are held by women. In your opinion or experience, what do you think is the cause of this imbalance?
I believe the cause of the imbalance is that we have lived in a patriarchal society, and there was a time when women could not even own property without a man’s approval. Because of this, many women got a later start in the industry than their male counterparts. However, the tides have turned, and many women own and run very successful real estate companies, and that number will only continue to grow, and they empower younger women in the industry with the tools to succeed.
What 3 things can be done by a)individuals b)companies and/or c) society to support greater gender balance going forward?
Empower the younger generation of women with the tools to succeed in the industry. This can be done in schools by giving the students knowledge about different areas in the real estate industry, such as becoming an appraiser, inspector, or land man (or land woman). Change the narrative that the only jobs worth having are becoming a lawyer, doctor, teacher, or engineer. There are so many areas of the industry that are not known to the public. As a society, we can provide that information to young people and guide them in the right direction to achieving their goals in the areas that interest them.
In your opinion, what are the biggest challenges faced by women executives that aren’t typically faced by their male counterparts?
Everyone thinks that if we disagree, we are being too aggressive, or we are always disagreeable. When a man disagrees, it is taken as just that — a disagreement. There is an attempt to work through it. Sometimes women are told to calm down or not to “take it so seriously.” In reality, I am calm and didn’t take it that seriously. Another thing that women face is sometimes not being taken seriously if they do not present in a certain way, i.e., style of dress or background.
Can you share 3 things that most excite you about the Real Estate industry?
1. The ability to build wealth in ways that some people have not had an opportunity to do in the past.
2. The ability to provide new generations with knowledge because we have the ability to share so much more than we could before via online platforms.
3. And the ability to have fun while diversifying your portfolio.
Can you share 3 things that most concern you about the industry? If you had the ability to implement 3 ways to reform or improve the industry, what would you suggest?
1. Entering into transactions without knowledge of the current market.
2. Online sale platforms for residential properties. Sometimes the fine print is not clear to the individuals selling their homes.
3. Everyone enters the industry because it’s the cool thing to do. This allows people who don’t take the industry seriously to guide their clients down wrong paths.
4. Ideas to reform or improve the industry would be more checks and balances for the online platforms that buy and sell properties and to have more access to reviews for real estate professionals so that clients can perform adequate research before committing to working with a Realtor or real estate professional.
What advice would you give to other leaders to help their team to thrive?
Listen to your team and share with your team when you make a mistake. I have found that if you can let others know when you have made a mistake, own up to it, correct it, and move forward, they will be more willing to do the same with you.
Ok, here is the main question of our interview. You are a “Real Estate Insider.” If you had to advise someone about 5 non intuitive things one should know to succeed in the Real Estate industry, what would you say? Can you please give a story or an example for each?
1. Know what you can handle. When you first start in the industry, you are so excited to implement all the knowledge you have just learned. But if you take on too many clients or just too much, too fast, you will not be able to give every client your best service. Understand what is already on your plate and decide who to take on as a client, understanding how you will best serve them. I am a mom and wife and still have a law practice. I had to evaluate what I could handle at any given time before committing to taking on more work.
2. Know your brand and think outside the box. When I first entered the industry, I kept hearing that I should speak with my circle of influence. At first, I thought, “They all own homes.” But then I thought, “I am really good at maintaining my relationships,” so regardless of if my friend owned a home or was looking to invest, I ramped up spending one on one time with my friends, and I was able to gain most of my clients from friends of friends.
3. Know your area. I live in Houston, and our city is huge. I had to decide early on where I would be willing to assist in real estate transactions because it was not feasible to reasonably work in every corner of our city.
4. Work with a knowledgeable brokerage. Although you may have gained lots of knowledge in gaining your real estate license, it is important to work with people who can navigate the ins-and-outs of a real estate transaction.
5. Set client expectations. When working with new clients, a lot of them are green in that this is their first real estate transaction, or they haven’t been involved in a real estate transaction in a long time. Letting your clients know what to expect throughout the transaction and how often you will be in touch is helpful as they are going through a process they are not used to.
Because of your position, you are a person of enormous influence. If you could inspire a movement that would bring the most amount of good to the greatest amount of people, what would that be? You never know what your idea can trigger. 🙂
Knowledge is power. Create environments that allow people to learn about the real estate industry in many ways, regardless of if they can put money in their pocket. I spent much of my legal career as a property tax attorney, and I’m always surprised how many people pay taxes related to the property they own and do not know how to navigate the system or even why they are paying the taxes! Since knowing about the industry, I have spent many hours advising others about their property taxes and creating events and speaking opportunities for individuals to learn more about property taxes.
How can our readers follow you online?
Instagram: @verniquetherealtor or @askvernique
LinkedIn: https://www.linkedin.com/in/vernique/
Thank you for your time, and your excellent insights!
Women Leaders Of Real Estate: Vernique Hutchinson On The 5 Things You Need To Succeed In The Real… was originally published in Authority Magazine on Medium, where people are continuing the conversation by highlighting and responding to this story.