CRE is a "Good Fit" for a curious SVP: Monica Day, SVP, Trustmark Corporation

The commercial real estate market may be intensely competitive right now, especially given the turbulent economy, but that just makes Monica Day's job more challenging. Day is senior vice president and commercial real estate manager for the Jackson, Mississippi-based Trustmark Corporation, where she has been for 12 years.

"The market has definitely slowed somewhat, and we're seeing a lot more competition from the larger banks and permanent market lenders entering the construction business, but we're doing fine," she says. "What we're seeing now are more refinancings, given the low rates. And we're working harder, making more calls, and finding more creative ways to approach prospective deals."

Role as a Manager

Day enjoys her responsibilities as manager, making joint calls with her lenders on a regular basis, reviewing loan proposals, and meeting with prospects, among her list of duties. "Real estate is a good fit for me," she says. "I'm curious by nature, and often drive around in areas I'm not familiar with, just to see what's going on. I'd add that calling on customers and prospects is my favorite part of the day. I think you can learn more from your customers than from anyone. And customers, as well as attorneys, appraisers, and real estate brokers, are great sources of referrals."

Day believes in "leading by example." That is, she says, "I give each team member ownership in the goals/processes, allow for mistakes, coach toward success, and reward those successes. I try to cultivate individual talents and put together a team whose strengths complement each other, which is not a simple task. And, equally important, I would never ask any of my team to do anything I wouldn't do myself. I see myself as part of my team, not only as its leader."

Continuing education is an important part of that team building, Day says. "We have weekly workshops, and each week one of us is responsible for bringing in a new skill set, or reporting on a training course we attended, or even bringing in an expert in a particular real estate area or bank division to address the team."

Day wants her team to be prepared for changes in the market. She says she has seen many in just the past five years. "The market and customers are more sophisticated and knowledgeable," she says. "We have to be at the top of our game to compete successfully. In addition, as with anyone who was around in the 1980s, flashbacks of the interest rates, changes in tax laws, and real estate problems are always nearby."

Dedicated RMA Volunteer

Day has been an RMA member for about 10 years and has served in each officer position at both the local and regional levels. She currently is ex-officio chairman of the Mid-South Chapter. She believes RMA has helped her in her banking career in many ways. "I think you should support your community, be involved in things you believe in. If it is an organization that affects you personally, you will be committed. Since RMA provides a multitude of benefits that are directly related to my career, this was an excellent fit. The knowledge and friends were wonderful bonuses!"

[c] 2003 by RMA. McGinn is a Ft. Washington, Pennsylvania-based freelance writer and desktop publisher specializing in financial and business topics.

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