The number of women who have joined ULI has more than doubled in recent years,. It has risen from 20 percent of ULI’s nearly 28,000 members to more than 13,000 female members, which equates to 29 percent of the organization’s 45,000 members. In celebration of this growth, Urban Land is spotlighting some trailblazing women in commercial real estate, all of whom are members of the ULI Women’s Leadership Initiative.
Julie Smith, chief administrative officer at Maryland-based Bozzuto and a former ULI District Council Leader, is among them. Smith, who has been working at Bozzuto for nearly 35 years, landed her first job in the industry while working in the public affairs office for an entertainment company. It was after meeting an executive from Maryland real estate firm BF Saul Company who set up an interview for her that Smith landed her first job in commercial real estate.
“I had zero experience in this realm, so it was trial by fire, and I made my fair share of mistakes,” says Smith. “But I used my best business instincts and built relationships with people who I would learn from and who would become mentors. I also learned early on to fail fast and not to be afraid to innovate.”
Her first big break in the industry was when she was hired by real estate firm Oxford Development Company. Through that connection, she was able to meet the founding partners of Bozzuto: Tom Bozzuto, Rick Mostyn, and John Slidell.
“It was also at the time a highly regarded and very well-run firm, and it was there that I learned all facets of the multifamily business including development, marketing, human resources, and operations,” Smith says.
The experience at Oxford Development paid off for her career. She says it was that role that helped lay the groundwork for her success and her “more entrepreneurial role” at Bozzuto when she joined the company five years later. She describes founding partner, Tom Bozzuto, as her most impactful mentor.
“There is no one in my life who is more honest with me,” she says. “That is a gift.”
In turn, Smith has made herself available as a mentor. She says she realizes the importance of making the time to be there for others, both professionally and personally. She counts among her mentees Stephanie Williams, who, a few years ago, stepped into Smith’s former role as president of Bozzuto Management Company. Smith says she has been “amazed” at what Williams has already achieved, “and she is just getting started!”
Smith says nothing can replace the power of serving others. That goes for not only people in the industry but also those in neighborhoods in which she lives and works.
“The rewards often outweigh the effort, personal and otherwise but that is not why we do it,” she says. “I believe the ability to make even a small difference in the world is our responsibility, and the needs are endless.”
She is the first to admit that it has not been an easy route to the success she has been able to achieve. This is especially true when she had her two daughters just 15 months apart as Bozzuto was experiencing significant growth.
“As a young company, we were working long hours, and I was doing so on very little sleep for quite some time,” she says. “It was a juggling act and, as a perfectionist, I had to learn how to let go of the little stuff and focus on the bigger drivers of our business and our family life.”
She considers being able to raise her “wonderful daughters,” while simultaneously working and making time for friends and other interests, her greatest accomplishment. Looking back on her life and career, Smith says she would advise her younger, 24-year-old self to build a life around doing what you love.
“Don’t worry so much about how much time you spend doing it,” she says. “Work hard to build and maintain personal and professional friendships as well as outside hobbies. They provide critical balance and harmony to life and often serve to fuel professional inspiration.”
