All in the Family

By Karen M. Kroll
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While it was just a little over a decade ago that Elizabeth Mendenhall, ABR, ABRM, CIPS, CRB, GRI, PMN, entered the real estate industry, this sixth-generation REALTOR® continues to build the family business and follow her family’s tradition of industry involvement and community outreach.

Mendenhall is chief executive officer with RE/MAX Boone Realty in Columbia, MO. Since its start 115 years ago, the company has become the largest real estate office in the county, Mendenhall says, with about 100 agents and a 35-percent market share.

Mendenhall’s career path probably was set when she was in the ninth grade and accompanied her grandmother, who also was a member of the firm, for a day at work. Mendenhall’s visit took her to a title company, a lender and a closing.

“I remember thinking about how professional she was, and the knowledge she had about so many things,” Mendenhall said. “It was really obvious that there were so many opportunities.”

However, Mendenhall didn’t join the family business right after receiving her degree in business administration from Columbia College, in Columbia, Missouri. Instead, she took a full-time job at a restaurant. “It was a great experience and an opportunity to learn how a large organization is run,” she notes.

In 1996, an opening arose on the management team at her family’s real estate office. Her father, Richard Mendenhall, asked Elizabeth if she wanted to interview for the position. She said yes, and they talked for two hours. The discussion covered her goals for herself and the company, and her strengths and weaknesses.

While not a typical conversation between a father and daughter, the interview was worth it. Mendenhall got the job, and “has never regretted the decision,” she said. Her brother, Ford Mendenhall, also is in the business and oversees the computer systems and heads up property management.

Mendenhall has been able to skillfully navigate the potentially tricky terrain of managing agents and brokers who are older than she is. She gives credit for that to her colleagues. “We have a lot of talented, smart entrepreneurs who are open and willing to try new things,” Mendenhall said.

Along with continuing to build the business, Mendenhall has followed her family’s tradition of getting involved in industry organizations. Her dad has held various leadership positions with the National Association of REALTOR® including the prestigious role of national president, while her grandmother was regional vice president with Women’s Council.

In fact, when she joined the company, her father suggested that Mendenhall join Women’s Council. As he told his daughter, “That’s where the smart, talented people are.”

Mendenhall took his advice in a big way. She has been president of her local and state chapters and has held several positions within the National Association of REALTORS®, where she’s currently president-elect at the state level.

While her involvement in these professional associations keeps Mendenhall busy, she says it’s worth it. Her roles provide her with an opportunity to shape policy and gain a better understanding of the industry. That, of course, helps Mendenhall strengthen her firm and better assist the company’s clients. It also allows her to keep her agents informed and up-to-speed.

Having a part in industry discussions also provides Mendenhall with valuable insight on the state of the market. While Mendenhall is young, she’s been in the industry long enough to have seen both boom and bust. The tighter market today has helped distinguish those who are committed and really want to build their businesses from those who aren’t as dedicated, she says.

What’s more, the changing environment means real estate professionals need a different set of skills than they did during the go-go days, Mendenhall notes. For instance, the growing prevalence of short sales and foreclosures is prompting Mendenhall to make sure both she and her agents have the latest information on them, so they can best assist clients in those types of transactions. Also critical is ensuring that agents are following up with potential homebuyers who are doing initial searches via the Web.

Finally, maintaining a positive focus is key, Mendenhall says. “It’s our attitude that will get us through this.”

Over the not-too-distant future, the industry is likely to experience some fall-off in the numbers of agents, Mendenhall predicts. That’s a result not only of the flailing economy, but also of technology. With increasingly sophisticated communication tools, agents can more easily handle larger territories and more customers.

Finally, while technology and the economy clearly are having an impact on the industry, legislation and regulation have the potential to be even greater forces, Mendenhall points out. A tax incentive on new home purchases or changes in the mortgage interest deduction, for instance, will influence more potential buyers and sellers than even the flashiest application for online home tours ever could.

While Mendenhall stays busy building the family business and keeping up to date on the industry, she also is an avid traveler and enjoys spending time with her pooch, Charlotte. She’s also a founder of the Mid-Missouri affiliate of the Susan G. Komen For the Cure. Over the past several years, the organization has granted about $200,000 for cancer education, screening and treatment, she says. “It’s neat to be involved, and exciting to be successful.”

Karen M. Kroll is a freelance writer from Chanhassen, MN.