Meet the Faculty
Professor Thode
Stephen F. Thode (1982, 1988), associate professor of finance and director, Murray H. Goodman center for real estate studies. B.A., Coe, 1973; M.B.A., Indiana, 1979; D.B.A., 1980.
What kind of students can you find enrolled in the IRE@L Program?
“I think there are two distinguishing characteristics that make IRE@L students stand out. First, the qualities of the students in this program are exceptional. The pool of applicants consists of students from all colleges and they are all smart, gifted, and enthusiastic. That’s the second thing about these young teenagers. Their levels of enthusiasm exceed our expectations. We anticipated around 20 students a year for the program but we had over 60 applicants. We ultimately enrolled around 40 students and had to form two sections of classes to accommodate the most enthusiastic and outstanding students with an interest in real estate.”
What makes this program different from programs at other Universities?
“The IRE@L program at Lehigh is different than any other undergraduate real estate program in the country. It is also better. Other programs are usually open to students entering their third year of school and above. That gives them only 2-3 years of experience. IRE@L will be able to give a student at least 3-4 years allowing them more time to learn about the real estate business. Other programs will mostly look at projects that were already completed. In IRE@L, students are able to work with developers and other professionals on all stages of the development process. This is also due to the fact that IRE@L takes students from any academic background. Other programs are only open to the students in a Business school. By integrating the engineers and design majors, we are able to bring together students of different backgrounds who will solve problems differently. Different points of views create a more diverse team. In the real estate industry, many different professions come together to make one project successful.”
Can you provide a brief overview on the course structure of the program?
“The ire@l program has a course structure that focuses in on the development process in Real Estate. They are not “how-to” courses that lack the breadth and versatility the real estate industry demands. The development process proceeds through several different levels of involvement. A variety of different professionals are utilized at different points of the process. Developers themselves manage a lot of different people and a lot of different things. The key to exposing the students to such a vast field is to allow the students to choose where in that process students want to be engaged. There is one overlying theme that carries out throughout the program, and that is creating value. Students are to understand how value might be created by the decisions they make. Real estate allows students to recognize value that is tangible. Value is more accessible in real estate; the linkage is more available. Generally, we want them to be able to see the value, analyze the decisions that will change the value, and contribute or add to the value. The course offered to juniors called “Value Creation” teaches the students how to analyze or create value. A course like this has not been offered anywhere else.”
Besides academics, how else does the program prepare students for the real world?
“The ire@l program will have both in and out of classroom experiences. For example, Mentor Day takes the students to conduct field studies with professionals in the business. It is a perfect opportunity for students to not only experience firsthand a day in the shoes of a professional, but also works on their leadership skills. Interpersonal skills are an important part of the success of any real estate developer. Ire@l will train students to put the best resources in the best spots.