Women in Real Estate: Jennifer Schrader
Co-founder, President & Chief Operating Officer, Caliber—The Wealth Development Company
caliberco.com | 480.295.7600
When a love for art meets a love for business and real estate, you find yourself studying architecture and design—and flipping homes.
While working toward a dual major in architecture and interior architecture with a focus on historical preservation at Lawrence Tech in Michigan, I became interested in the business side of the real estate industry. An entrepreneur at heart, I took the skills I was learning at school into the real world, got my real estate license and began flipping homes in the early 2000s.
After moving to Arizona, I co-founded Caliber in 2009, where we initially focused on residential real estate. The greatest challenge we faced at the start—other than building a business during one of the worst financial crises in history—was the fact that we were three 20-somethings with no established track record. As one might imagine, it was incredibly difficult to obtain traditional funding for our projects. Instead, we started one investment client at a time, establishing trust deal by deal, and organically grew our business through referrals.
As the market shifted, we decided to grow our company by diversifying our portfolio to include larger projects across multiple asset classes. Today, Caliber is a full-service real-estate investment firm with a private equity portfolio valued at more than $750 million in assets under management and in development across the Southwest.
Expanding our business led to one of my favorite projects—our first hotel purchase. I moved my office to the property for six months so I could be immersed in the inner workings of the hotel and take a hands-on role in the design and renovation process. It was then that it really hit home that my age and gender didn’t matter. I didn’t need to have 30 years of experience in real estate to confidently lead a project. I was able to use my knowledge, experience and carefully cultivated business relationships to get things done and done well. This is a lesson I have remembered throughout my career.
As the president and chief operating officer of Caliber, one of the most exciting things I’m working on right now is something that’s creating a huge buzz in our industry—opportunity zones. During the past year, Caliber has emerged as an expert in opportunity zones and launched one of the first Qualified Opportunity Zone Funds. The Caliber Tax Advantaged Opportunity Zone Fund LP has raised more than $40 million since its launch in fourth quarter 2018 and is expected to reach our $500 million goal within two years. It’s been an incredible experience to help build something that not only benefits our investors but also spurs economic development in communities needing it most.
As our company celebrates its 10-year anniversary, we are looking to the future and what’s next for Caliber. We’re currently testing the waters for a Reg A+ public offering that we hope to complete before the end of 2019. We’re also expanding our portfolio of assets across multiple funds and working to maximize outcomes for our investors.
I am especially proud to announce that Caliber recently launched a charitable foundation. This will allow us to support nonprofits in five main areas of giving: housing, animals, environment, health and education, and military and first responders.
No matter where the future takes us, we’ll stay true to the founding belief that that has shaped Caliber into the leading firm it is today. Everyone deserves access to a better alternative to the stock market, and real estate done right will always be a good investment.
What advice would you give to other women beginning a career in the predominantly male real estate investment industry?
Forget about gender. I’m a strong, competent real estate executive who happens to be female, not a female who happens to be a real estate executive. Never be afraid to voice your opinions and stand up for what you believe in, especially when you know it’s best for the project or investment. Speak up, take the initiative to participate or take the lead in something that interests you. And then be willing to be vulnerable and uncomfortable—it’s the only way to grow.
Is there a woman in the industry who has inspired you and why?
While more focused on business than real estate specifically, Christine Comaford is an incredible woman. An entrepreneur, author and business coach, she’s built and sold multiple businesses and consulted with many industry thought leaders. Through her work with Caliber, I’ve gotten to know Christine over the past couple of years and am lucky to be able to call her a mentor and trusted advisor.
What changes would you like to see made in the industry to promote women professionals?
Our industry needs to implement more robust internship programs. Our society puts a high emphasis on education, but it is vitally important that we build necessary skillsets through on-the-job training. Women should be encouraged to intern in all areas of real estate, even those that have traditionally been male dominated.
