Gaining New Perspectives on Real Estate
Elena Stanculescu is senior investment manager within the real estate department at KIRKBI A/S, the private holding and investment company of the family behind the LEGO brand. A firm believer in the merits of ongoing education for executives in any industry or position, Elena applied to the Real Estate Management Program at Harvard Business School (HBS) Executive Education to broaden and deepen her industry knowledge. In this interview, she describes how the program has given her valuable professional insights and re-energized her career.
Why did you choose to attend this program?
The Real Estate Management program appealed to me because it spans a range of related topics, making it especially relevant to my line of work. Another incentive for me was HBS's case-based teaching method. I had already experienced this method earlier in my academic career, and I found it to be quite effective for professionals with some years of relevant work experience because the cases are based on real-life situations.
What were your objectives in attending the program? Were they met?
I expected to gain a more comprehensive understanding of real estate as a global industry, with a special focus on the investment side. I was also hoping to learn about new trends affecting the industry. There is no doubt that the program and the HBS campus experience exceeded my expectations. The global group of participants eagerly shared their views and local knowledge, the classes were active and engaging, and the whole team behind the program created a one-of-a-kind community atmosphere that allowed participants to interact both professionally and socially.
How did this program influence your approach to real estate?
The program broadened my perspective on real estate in a couple of ways. First, the wide range of topics increased my general knowledge of the industry. My main focus has always been related to finance and investments, but I came away with a better understanding of and appreciation for the important roles played by architects, consultants, and developers. Second, the program's internationally diverse group of participants–representing a large number of countries from Brazil to New Zealand–made me acutely aware that real estate is a very local business and that local rules, regulations, and standards can vary widely. I learned that it's essential to truly understand the local landscape and to conduct myself with respect and flexibility.
How would you describe the program's value to someone who's considering it?
This is a very practical, hands-on program that draws on real-life cases covering a broad spectrum of real estate topics. If you're in a specialist position, you will strengthen your skill set and learn the newest trends in your area–while also benefiting from the unique opportunity to hear about and discuss important industry topics that you may not come across in your everyday job. If you're an executive, this program will provide a comprehensive and invaluable industry overview that will help you connect the dots of the real estate universe and sharpen your decision-making skills. The cases are perfectly relevant for a wide international audience, and the demanding workload will teach you how to deal with changing conditions and make decisions efficiently.
What impact has this program had on you?
My experience in the program has inspired me to approach new areas of real estate with enthusiasm and curiosity. Beyond that, I have a renewed can-do attitude and I know that the only limitations to reaching our full potential are the ones we perceive.