Real Estate Diversity Initiative (REDI)
The ULI Memphis’ Real Estate Diversity Initiative (REDI) helps emerging developers learn about what it takes to put together a successful development. This program is offered in partnership with RegionSmart’s Emerging Developers programs.
“This program, paired with my current employer, advanced my knowledge of the local market by at least 8 years.”
Erik Stevenson, REDI graduate, Downtown Memphis Commission
Participants receive a comprehensive curriculum and gain experience working together on a real-world project. Participants further their careers by learning directly from real estate mentors about the challenges and opportunities in the local industry and apply lessons to a project as their group devises plans for development on a specific site. Each team will produce a site plan, a proforma, and marketing plan.
Who Should Apply?
- The ideal participant will be working in the real estate industry, have an undergraduate degree or equivalent experience and a strong entrepreneurial spirit.
- People working in the real estate industry interested in becoming a Developer and/or Owner of projects.
- Those working in the real estate industry who want to understand the big picture of real estate development.
Eligibility and Cost
- Participation in the program requires an application. This class is not taught at a 101 level so one to two years of full-time work in the real estate industry is required. Exceptions may be considered for applicants that demonstrate an applicable community role, high level of motivation, and a higher level of real estate knowledge and experience through their personal essay and recommendation letters.
- Anyone can apply but preference is given to people of color and women.
- 100% attendance is required.
- Registration is $300 payable upon acceptance to the program.
“Strongly recommend! As a realtor this opportunity broadens the value that I bring to the table.”
Sherry Cole, REDI graduate
Participation Selection
An ad hoc committee is established of ULI members to select the class participants. As part of their application, individuals are asked to self-rank their real estate experience as one of the following:
- Advanced: Currently working in the real estate industry with a minimum of 5 years of full-time experience. Very familiar with real estate concepts/ideas.
- Intermediate: Currently working in the real estate industry with 2-4 years of full-time experience (construction, architect, broker, etc.). Demonstrated knowledge of real estate concepts/ideas.
- Beginner: Some knowledge of real estate, but eager to learn more. Must demonstrate knowledge of real estate concepts/ideas and how they will apply the knowledge gained through their personal statement and reference letters.
The REDi program is competitive and in cities that have offered the program for several years it is typical for people to apply multiple times before being accepted. Not everyone who is qualified is accepted. Class sizes range from 20-30 people and the final number is based on having 3 balanced “development teams” within the class.
Participant Benefits
- Mentoring and Education valued at $15,000.
- A new network of allied professionals.
- Certificate of completion.
- Textbooks: Professional Real Estate Development: The ULI Guide to the Business textbook, By Richard Peiser and David Hamilton ($99.95 value) and The Neighborhood Playbook.
- Free one-year membership to ULI Memphis, with access to more than 200 members working in different areas of the real estate industry.
REDI Past Sponsors
2021 Fall Class will run August – December
(More info to come for 2022 class)
Applications will be accepted on a rolling basis until July 18th.