Seven real estate trade associations have joined together to foster diversity in the industry’s supply chain and expand economic opportunities for minority and women-owned business enterprises (MWBEs).
The Commercial Real Estate Diverse Supplier (CREDS) Consortium, the first-of-its kind alliance, includes the National Multifamily Housing Council (NMHC), CREW Network, ICSC, Mortgage Bankers Association, NAIOP, Nareit, and The Real Estate Roundtable. These associations will promote the CREDS tools that their members can use to source, track, report, and procure services and products from MWBEs and other companies owned by veterans, people with disabilities, and LGBTQ+ individuals.
The CREDS Consortium has launched a two-year pilot, which will run through the end of 2024, with SupplierGATEWAY, a supplier management software platform and minority-owned firm that automates and simplifies supplier and vendor management.
“As a founding member of the Consortium, NMHC proudly continues our longstanding commitment to diversity, equity, and inclusion (DEI) as a business imperative that drives innovation and success,” said NMHC president Sharon Wilson Géno. “NMHC knows that connecting more buyers with diverse sellers, and measuring those connections, are essential steps toward a more robust market that benefits both multifamily firms and MBWE partners that help power the industry. As an alliance, the CREDS Consortium can amplify our efforts to strengthen industry access for diverse suppliers and support the environmental, social, and governance (ESG) and DEI goals of our members.”
Wilson Géno added that not only is the Consortium engaging a diverse company to be the umbrella organization to run this database, but the partner associations will be populating it with the diverse suppliers they already use.
“This is just a step one though. What it doesn’t do yet is really help us find those companies that need fostering and help us bring them to the forefront as well. That is step two,” she said.
Wendy Mann, CEO of CREW Network, added that her organization, which is dedicated to advancing women in commercial real estate, supports the partnership as an important business strategy to elevate ESG and DEI as well as create a more equitable industry. “Women- and minority-owned businesses are a driving force behind economic growth, and bringing this diverse talent to the industry is a business imperative,” she said. “Companies that increase their diverse spend also see an increase in innovation and market share. It’s a win-win.”
