In 1993, I was in the audience when Mark Riedy spoke about his first few months on the job at the University of San Diego (USD). We did not know each other, and I was fortunate to be in a small audience of primarily impactful locals.
I knew just barely enough to come to his presentations. Others in the audience were almost in awe of him. After he earned his PhD in Economics from the University of Michigan in 1971. By the time I first heard him speak, he had served on Richard Nixon’s Council of Economic Advisers and held senior positions at the Federal Home Loan Bank Board and the Federal Home Loan Bank of San Francisco. He was also the Chief Operating Officer of the Mortgage Bankers Association of America and President of the National Council of Community Bankers.
He was acknowledged as a man who cast vision and built organizations of lasting impact. USD had wooed him to start a real estate program at the University. He gave his initial speech to our community, outlining his progress in the first few months.
The Challenge Mark Riedy Faced in 1993
Mark accepted the leadership of a major effort that might fail or create a new entity of immense significance. When he arrived, there was no business plan or job description. As Riedy put it, ‘They said come in and do something.’
That allowed him to shape the program according to his vision, emphasizing industry connections and practical experience alongside academic rigor. As he spoke about the vision, the notion seemed difficult, almost impossible, but potentially transformational. His speaking style was not impressive, but his vision was majestic.
Even in my ignorance, the power of that vision was inspiring, but it was also intimidating. At one point, he talked about assembling a new team to work together. He used the analogy of finding ten car tires abandoned by the road, then standing them up and rolling them in the same direction. If they did not move at the same speed, some would lead, some would lag, some would stray, and they would fall, and the effort would fail.
And yet, if it worked… He quietly outlined the vision and gently invited us to learn more or maybe help.
The Years That Followed
We all went to our afternoon engagements. Over the months and years, there were stray reports that Mark was still plugging away at a project that no one else seemed to take seriously.
From time to time, Mark gave a speech, or there were reports in the local media. It was never high drama, more like simple reports that the sun came up yesterday. Only a few had much notion of what was being attempted.
Riedy valued practical experience, so he built bridges between the program and the real estate industry. He established the Policy Advisory Board, composed of over 110 industry leaders, providing students with invaluable networking opportunities and insights into the real estate market. He also initiated annual real estate conferences, attracting hundreds of industry executives and solidifying USD’s position as a hub for real estate knowledge and networking.
Under Riedy’s leadership, USD’s real estate program became the endowed Burnham-Moores Center for Real Estate in 2004. The endowment established a firm financial base for the program.
The Results
Since you’re reading this tribute 30 years later, it should be no surprise that he did it… against the odds. His new enterprise blessed the university, boosted our region, and reduced risk in our significant economic sector.
Mark Riedy retired from the University in 2015, but the program he founded and grew still thrives. He established undergraduate majors and minors in real estate and the Master of Science in Real Estate (MSRE) degree program.
The USD real estate program is one of the top-ranked programs in the nation. It consistently ranks in the top 10 percent nationally and has earned accolades from College Factual and U.S. News & World Report. College Factual ranked the USD program as “the top real estate college in the US” in 2018, 2019, and 2020.
Legacy
Fame or money didn’t matter to Mark. Contribution was his reward. He was making something that would benefit his kids and grandkids.
Mark Riedy lived a life worth imitating. He modeled legacy building, which seeks to improve how others think, speak, and act. I still admire his skill, wisdom, and bravery for others’ benefit.
May you and I invest in activities that will benefit others. May we recruit, train, and inspire heroes.
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You may not create a world-class real estate program from scratch but will leave a legacy. What are you doing that will benefit future generations?
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Terry Moore, CCIM, is the author of Building Legacy Wealth: How to Build Wealth and Live a Life Worth Imitating. Read his “Welcome to My Blog.”