Each week we "spotlight" a community member in the Iconic Journey in CRE, a community of young commercial real estate professionals. This week we feature
Tosh Bance
, who recently joined
Edgewater Ventures
as an Investment/Development professional. To help young professionals understand the career journey better, I am translating a transcript of an interview with Tosh into a "Hero's Journey" over the past 5 years of his career (3 years as a community member), as he pivoted from software sales into the real estate industry. You can read his Linkedin profile to see his career path to date. As you read this, envision yourself experiencing his journey. If you would like to meet Tosh and others as you travel your journey, please join us.
1. The Ordinary World
- Story Element: Tosh begins his career in software sales after studying civil engineering at UVA. Despite a solid foundation in real estate through his father’s construction work and his education, he chooses the technology path instead. At this point, Tosh’s life seems stable but lacks personal fulfillment. He knows something is missing but hasn’t yet identified what it is.
- Purpose: This stage establishes a relatable starting point for young professionals who may be feeling uncertain or unfulfilled in their current careers.
2. The Call to Adventure
- Story Element: While living in Washington, D.C., Tosh begins noticing the city’s rapid transformation. Areas like Navy Yard, U Street, and Shaw are being revitalized, sparking his interest in real estate development. The city's dynamic changes make him realize that real estate isn’t just about buildings but about shaping entire communities.
- Purpose: The call to adventure is the moment Tosh sees the potential in real estate as not just a job, but a career where he can make a visible, lasting impact. This moment invites young professionals to recognize that their own city or environment could inspire a career shift.
3. Refusal of the Call
- Story Element: Despite his growing interest, Tosh faces significant challenges when trying to transition into real estate. Many doors are closed to him, with people questioning his lack of experience in areas like finance and deal underwriting. Doubts about his ability to succeed in this new field arise.
- Purpose: This stage reflects the common fear of switching careers. Many young professionals hesitate to leave behind what they know, especially when faced with new challenges they feel unprepared for.
4. Meeting the Mentor
- Story Element: Tosh connects with mentors, including
John Coe
, who help guide him toward the skills and knowledge he needs. His mentors encourage him to leverage his strengths while developing new skills, such as underwriting deals and understanding capital markets. Tosh also pursues further education by enrolling in the
UNC Kenan-Flagler Business School
for real estate and finance.
- Purpose: This highlights the importance of finding mentors and a supportive community when embarking on a new career. It reassures young professionals that they don’t have to make the leap alone.
5. Crossing the Threshold
- Story Element: With a newly earned business degree and a foundation in real estate development, Tosh takes the plunge into the real estate world. This is the moment where he fully commits to his new career, leaving behind software sales for good.
- Purpose: Tosh’s crossing into the real estate world marks the point of no return, showing young professionals that while it takes courage to fully commit, the decision can open the door to transformative opportunities.
6. Tests, Allies, and Enemies
- Story Element: As Tosh begins his real estate career, he faces numerous challenges. He has to learn to solve problems daily, from finding land to resolving construction delays. He also navigates the volatile nature of the capital markets, where projects can be derailed by changing economic conditions. However, he also builds valuable relationships and allies in the industry.
- Purpose: This stage reveals that a career in real estate is full of both tests and support. For young professionals, it’s important to know that while the road may be difficult, they will grow through these challenges and find a strong network to rely on.
7. Approach to the Inmost Cave
- Story Element: One of the most difficult aspects of Tosh’s journey is learning how to mitigate the risks of development projects. Real estate development is one of the highest-risk areas in the field, where months or years of work can result in no financial return if a project fails. Tosh approaches this challenge with problem-solving skills, learning to think on his feet.
- Purpose: This part of the story emphasizes that the real estate path, though risky, is rewarding for those who can embrace uncertainty and think critically. It encourages young professionals to see risk not as a deterrent, but as part of the adventure.
8. The Ordeal
- Story Element: Tosh’s pivotal ordeal occurs when he has to overcome the knowledge gap between software sales and real estate finance. This is where he learns the ins and outs of underwriting deals, managing capital, and understanding financial risks—skills that are critical to success but which were entirely new to him.
- Purpose: This ordeal shows that mastery takes time and effort, but it’s achievable through persistence and the willingness to learn. It reassures young professionals that they can overcome seemingly insurmountable challenges if they’re committed.
9. The Reward (Seizing the Sword)
- Story Element: Having gained deep experience in real estate development and finance, Tosh successfully transitions into a role that perfectly suits him. He enjoys the problem-solving aspect of development, working on projects from start to finish, and he feels fulfilled in a way that he didn’t in his previous career.
- Purpose: The reward is both professional success and personal satisfaction. Tosh’s story highlights that when young professionals follow their passion and persevere, they can find a career that truly excites and fulfills them.
10. The Road Back
- Story Element: Tosh continues to build his career in real estate development, but now he has the experience and confidence to take on larger projects. He’s also eager to help others along the way, sharing his journey and lessons learned with newer professionals entering the field.
- Purpose: This stage encourages young professionals to see their own journey as ongoing. Even after achieving success, there’s always room to grow, mentor others, and contribute to the industry.
11. The Resurrection
- Story Element: Through the risks and challenges of real estate development, Tosh emerges as a more resilient, adaptive professional. He’s able to take on complex projects that involve a high degree of uncertainty, yet he’s confident in his ability to navigate these challenges.
- Purpose: This moment is about transformation—Tosh is no longer just someone who “pivoted” into real estate; he is a fully realized real estate developer with the skills, knowledge, and network to continue growing in the industry.
12. Return with the Elixir
- Story Element: Tosh brings back the knowledge, experience, and insights he gained from his journey. He is now a seasoned professional, mentoring others and actively shaping the future of real estate development. His story inspires others to see real estate as a field where they too can make a meaningful impact.
- Purpose: The "elixir" in this case is the wisdom Tosh gained, which he now shares with young professionals, helping them realize that their own journey into real estate can be just as transformative.
