Kelley Smith’s first experience with commercial real estate was after graduating from Illinois State University, working for KPMG on the JMB auditing team. After leaving public accounting, she joined the real estate company within Santa Fe Industries (which became Catellus Development and is now a part of Prologis) and transferred to Southern California where she spent nearly 10 years before coming back to Chicago, and joining Kensington Realty Advisors, where she is now a Principal.
“I basically started via accounting to asset management, to investment management where I currently am responsible for the asset management, financial reporting, client communication and dispositions for Kensington’s $1 billion portfolio,” Smith said.
“I have always loved the variety that real estate provides me in my work. Not only is every deal different and unique, but I have the opportunity to deal with a variety of people, both of which keeps it fresh and interesting.”
Working in Chicago itself, also has Smith hopeful about some things. “Chicago already has a very diverse economic base, which is great, but the increased interest from the technology sector is promising.”
So what separates Kensington apart from the rest? Smith said there a few notable attributes.
“Active involvement of all three principals on every investment provides our investors with high-level attention and focus,” she said. “Extremely low turnover so the longevity of Kensington’s staff has resulted in stability and continuity that our investors appreciate and value. Lastly, Kensington has never had a debt default, restructuring or given an asset back to a lender in its 23+ year history, and we have provided very good results for our investors.”
After more than 20 years in the industry, Smith has learned many lessons throughout her career. Yet says the biggest lesson learned is not necessarily real estate specific.
“It is that you should not be afraid of taking risks or of failure, and then based on your experiences; learn to “trust your gut.” To quote Tony Robbins, “Success results from good judgment, good judgment comes from experience, and experience comes from bad judgment.”
She also noted, “A similar quote from our own Michael Jordan stresses this point as well, “I’ve missed more than 9,000 shots in my career, I’ve lost almost 300 games, 26 times I’ve been trusted to take the game winning shot and missed. I’ve failed over and over and over again in my life. And that is why I succeed.” If you don’t believe in your abilities no one else will!”
Who’s her biggest mentor? Smith has two. “The first being Kenneth Tibbetts who hired me at a very young age (barely 24) to move to California and decentralize the accounting functions of the firm,” she said. “Not only did he give me the opportunity, but he let me “run with it” and offered me tremendous support. As he liked to say, “We will throw you in the deep end, but we won’t put weights on you.”
“The second is James Smith who hired me over 22 years ago along with his partner at Kensington, James Lee, and to whom I married nearly 16 years ago,” she continued. “Jim has not only taught me a tremendous amount about investment real estate, but has introduced me to very senior-level real estate professionals and thereby greatly enhancing my network.”
When Smith isn’t working, downhill skiing is her absolute passion. “I also enjoy scuba diving, traveling and I am an avid reader (aka, bookaholic). I had an ACL replacement as a result of tearing it while heli-skiing in Canada last April so I am anxious to get back on the skis and try a few turns in Vail over Thanksgiving.”
“Since I am a self-proclaimed book snob, I do not go to the movies; however, my favorite recently read book is The Invention of Wings by Sue Monk Kidd. My favorite musician is so much harder as I absolutely love music (yes, I have a ski playlist on my iPod), but I will have to go with my all-time favorite band Crosby Stills Nash & Young, namely for their harmonies.”
One thing she’d like to do in her lifetime? “Be a rock star, but since that isn’t happening I would have to say I would like to ski in Europe.”
Something that’s incredibly interesting (and amazing!) about Smith? “I guess it could be that due to skiing my husband and I have met, skied with and befriended a number of Olympic and Paralympic skiers who we have come to greatly admire for their dedication to achieving excellence. Partly due to these relationships, Jim and I were compelled to travel to Sochi for the 2014 Olympics, which for us was incredibly interesting!”