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Bio As the founder of Real Estate Financial Modeling (REFM), Bruce Kirsch has trained thousands of students and professionals around the world in Excel-based projection analysis. In addition, REFM's self-study products, Excel-based templates and its Valuate® property valuation and investment analysis software are used by more than 100,000 professionals. Mr. Kirsch's firm has assisted with modeling for the raising of billions of dollars of equity and debt for individual property acquisitions and developments, as well as for major mixed-use projects and private equity funds. Mr. Kirsch has also maintained a blog on real estate financial modeling, Model for Success, authoring more than 500 posts, and he is the co-author of Real Estate Finance and Investments: Risks and Opportunities, along with Dr. Peter Linneman. Mr. Kirsch began his real estate career at CB Richard Ellis, where he marketed highrise New York City office buildings for re-development in the Midtown Manhattan Investment Properties Institutional Group. After CBRE, Mr. Kirsch was recruited to lead acquisitions at Metropolis Development Company, and later joined The Clarett Group, a programmatic development partner of Prudential. While at The Clarett Group, Mr. Kirsch was responsible for making development site recommendations for office, condominium and multi-family properties in the greater Washington, D.C. metropolitan area. In addition, Mr. Kirsch had significant day-to-day project management responsibilities for the entitlement, financing and marketing of the company's existing D.C.-area development portfolio. Mr. Kirsch holds an MBA in Real Estate from The Wharton School of the University of Pennsylvania, where he was awarded the Benjamin Franklin Kahn/Washington Real Estate Investment Trust Award for academic excellence. Prior to Wharton, Mr. Kirsch performed quantitative equity research on the technology sector at The Capital Group Companies. Mr. Kirsch served as an Adjunct Faculty member in real estate finance at Georgetown University School of Continuing Studies. Mr. Kirsch graduated with a BA in Communication from Stanford University. Show Notes Introduction and Podcast Format Introduction of Bruce Kirsch and the podcast format, including a traditional interview followed by a case study and discussion of AI tools. (2:40) Bruce Kirsch and REFM Bruce Kirsch's current role as the founder of REFM (Real Estate Financial Modeling), his 17-year career helping others with financial modeling in Excel, and his various activities including consulting, training, coaching, and creating tools (5:45) Early Life and Career Path Bruce Kirsch's upbringing on Long Island and early influences from his father (a civil engineer) and mother (an interior designer), as well as his childhood fascination with the Manhattan skyline (8:30) Bruce Kirsch's pursuit of a BA in Communication from Stanford University, his interest in visual arts and filmmaking, and his experience in the photography darkroom (12:50) The unexpected connection between his Stanford communication background and his current work in financial modeling, particularly in storytelling and visual communication (13:30) His experience taking a gap year between high school and college (14:45) His reasons for choosing Stanford, including the campus and the network (15:15) His career trajectory after Stanford: working in Hollywood and then in the mutual fund business (21:00) His experience during the tech bust while working in equity research (25:45) His decision to pursue an MBA at Wharton to gain a business education and his eventual focus on real estate after walks through Philadelphia (27:30) His relationship with Peter Linneman at Wharton and taking his real estate finance and investments course (29:05) His experience working for a developer in Washington DC during the red-hot condominium market of 2003 at Metropolis Development Company (30:50) Experiencing the downturn in the real estate market around 2007-2009 and being laid off (33:00) The role of desperation as a motivator in starting his business (35:00) Financial Modeling Principles Discussion on the role of projections in real estate investment decisions despite their inherent uncertainty, using the analogy of a flight plan (39:20) Acknowledging that financial analyses rarely align perfectly with actual outcomes and questioning if Bruce has ever had a proforma come true (40:30) Addressing the impact of externalities like inflation, the S&L crisis, 9/11, the Global Financial Crisis, and COVID-19 on real estate projections (41:30) Strategies for compensating for unpredictable events and the importance of stress testing models and having a cushion (45:00) The difficulty of modeling black swan events (48:00) Advice for individuals aspiring to enter the field of real estate financial modeling (50:40) What excites Bruce Kirsch about financial analysis and the importance of understanding the real estate business and transaction mechanics (52:00) His collaboration with Peter Linneman on the textbook "Real Estate Finance and Investments", which began through his teaching at Georgetown (53:00) "Valuate" software derivation (56:00) Bruce Kirsch's observations over the past 17 years, emphasizing the balance between precision and practicality in financial modeling (58:40) Growth is painful (59:00) Company as small as it has been...just him now (1:01:00) Advice is to learn from mistakes and maintain humility (1:03:30) Spreadsheet starts out blank and is a tool. Always increase knowledge of real estate business and ask why conventions like "waterfalls" are there. (1:07:45) AI in Real Estate Demonstration of Bruce Kirsch's analytical model and discussion of AI tools he has experimented with, highlighting challenges with trustworthiness and current limitations (he shares a multifamily acquisition model online) (1:10:00) Discussion on prompting AI and its effectiveness in refining assumptions. AI is "oversold" as a reliable tool currently. (1:12:15) Bruce Kirsch's dream scenario for AI's application in his work, such as auditing spreadsheets and automating grunt work (1:14:30) Discussion about the potential for custom AI models tailored to specific expertise (1:20:00) The importance of data quality and internal data troves for effective AI implementation (1:27:30) Dream scenario for Bruce is AI doing an audit on spreadsheets and reporting back the errors from inspection (1:29:00) Insights from Bruce's former interns on the most painful day-to-day tasks they'd like to offload to AI, such as pulling comps and market data (1:33:00) Exploring the potential of AI in collaborating on deal analysis and generating different scenarios for complex situations like restructurings and adaptive reuse (1:36:00) Analogy of AI tools to the Bloomberg terminal (1:38:50) Comparison of the current state of AI to the early days of the internet (1:39:30) Discussion about Khan Academy's AI tool, Khanmigo, and its domain-specific training for education. Salman Khan's book is "Brave New Words" (1:40:30) Experiences of an Iconic Journey in CRE member (Chris Caylor) with ChatGPT and Otter.ai for automation and note-taking (1:43:00) Hypothetical case study on how AI could assist in multifamily deal analysis (1:47:20) Concerns about the potential for AI to homogenize deal underwriting (1:48:45) The role of AI in standardizing data formats and creating more digestible reports (1:49:45) Bruce Kirsch's agreement on the potential of AI to improve clarity and liquidity in the real estate market (1:51:15) REFM Opportunities Bruce discusses the services (REFI) format (see below for course information and a discount) (1:53:00) He built the model for The Wharf DC, a 2+ million s.f. mixed use project (110 tabs) (1:56:00) Questionnaire about mixed use properties (1:58:00) Personal Reflections and Industry Perspective Bruce Kirsch's overall perspective on the real estate industry, highlighting it as a tremendous and multidisciplinary opportunity and the paramount importance of reputation and trust (2:00:30) Bruce Kirsch's message if he could put a sign on the Capitol Beltway: "Don't take yourself too seriously" (2:04:30) Courses Bruce is offering his courses at a discount to podcast listeners. First, take a free assessment at this link: https://courses.getrefm.com/shop/free-tools/free-assessment-tests/. When you've determined your level, go to this website: https://courses.getrefm.com/ and use the discount code "Iconic" at the checkout to get a 15% discount for the course. Similar Episodes Michael Broder David Kessler Brad Olsen Mike Bush
The King of Commercial Real Estate joins us to discuss office, hotels, apartments, retail, industrial and warehouse real estate. Many office building values are down 80%+. Is it headed straight to purgatory? According to Moody's, the national office vacancy rate is 20%. Offices have the double-whammy of higher interest rates and lower demand. Learn how feasible office to residential conversions are. For two years now, momentum has swung from Airbnbs to hotels. More apartment syndications will blow up from forthcoming interest rate resets. Commercial real estate often has higher prices than residential. Learn from our guest, Dolf de Roos, on creative ways to make low down payments. Learn how to vet commercial tenants. We discuss adding carports to residential RE. Rich people are often vilified. They're called “filthy rich” or “stinking rich”. Resources mentioned: Attend Dolf's free live training: www.DolfLive.com For access to properties or free help with a GRE Investment Coach, start here: GREmarketplace.com Get mortgage loans for investment property: RidgeLendingGroup.com or call 855-74-RIDGE or e-mail: info@RidgeLendingGroup.com Invest with Freedom Family Investments. You get paid first: Text FAMILY to 66866 For advertising inquiries, visit: GetRichEducation.com/ad Will you please leave a review for the show? I'd be grateful. Search “how to leave an Apple Podcasts review” GRE Free Investment Coaching: GREmarketplace.com/Coach Best Financial Education: GetRichEducation.com Get our wealth-building newsletter free— text ‘GRE' to 66866 Our YouTube Channel: www.youtube.com/c/GetRichEducation Follow us on Instagram: @getricheducation Complete episode transcript: Automatically Transcribed With Podsqueeze Keith Weinhold 00:00:01 Welcome to GRE! I'm your host, Keith Weinhold. There are many commercial real estate sectors. Large apartments, office, hotel, hospitality, retail, warehouse, industrial. Well, what's thriving? What's been beaten up so bad and is never coming back? And what's in a dip that's ripe for opportunity? Also creative deal structuring if you don't have a lot of money. It's the debut of the King of Commercial real estate here today and get rich education. When you want the best real estate and finance info, the modern internet experience limits your free articles access, and it's replete with paywalls. And you've got pop ups and push notifications and cookies. Disclaimers are at no other time in history has it been more vital to place nice, clean, free content into your hands that actually adds no hype value to your life? See, this is the golden age of quality newsletters, and I write every word of ours myself. It's got a dash of humor and it's to the point to get the letter. It couldn't be more simple. Keith Weinhold 00:01:13 Text gray to 66866. And when you start the free newsletter, you'll also get my one hour fast real estate course completely free. It's called the Don't Quit Your Daydream letter and it wires your mind for wealth. Make sure you read it. Text gray to 66866. Text gray 266866. Corey Coates 00:01:41 You're listening to the show that has created more financial freedom than nearly any show in the world. This is get rich education. Keith Weinhold 00:01:58 What does your read? From Tuscarora, Pennsylvania, to Tuscaloosa, Alabama, and across 188 nations worldwide. I'm Keith Whitehill, and you're listening to get Rich education. Today's guest, the king of commercial real estate, is talented, dynamic, global, articulate, has both a wide range of knowledge and an expansive palette of creative strategies in both commercial and residential, where you can buy with little out of pocket. And he's going to share that with us today. That's coming up here shortly. Now, when we think about residential real estate, of course, that is a really wide world in itself. Keith Weinhold 00:02:38 From condos to single family homes to tiny studio apartments. You could also divide it into short term and mid-term and long term rentals. And then you could also parse it by all of the geographic markets. Well, of course, the commercial real estate world has a ton of segments too, one of which is office, which I want to talk about because it's probably been the most downtrodden and beleaguered since 2020. But there are still some things that are misunderstood within office and even dividing things up that much. Let's take care not to broad brush stroke office real estate itself some smaller segments of office might be in decent shape today. Other office segments are in real trouble. Like we're talking about tall concrete and glass, office towers and a lot of business parks, too. Yeah, business park, sort of a campus like areas, like maybe what the comedy The Office had. He had Dunder Mifflin was in a business park. Steve Carell 00:03:43 I'm just helping you invest in your future, my friend. Oscar Nunez 00:03:46 It sounds like a get rich quick scheme. Steve Carell 00:03:48 Yes. Thank you. You will get rich quick. We all will. Keith Weinhold 00:03:52 yeah. I guess that's what Steve Carell's character. What Michael Scott from The Office says about prudent investing. Let's talk about office real estate and how that intersects with the housing market. And really a lot of this comes down to the office vacancy rate. Moody's tells us that 1 in 5 office spaces in this economy are empty. And that is the highest ever. And a lot of people think that it's going to go higher right now. Dayton, Ohio is the highest in the nation at 28%. These are office vacancy rates. Charleston, West Virginia's 27. Tulsa, Oklahoma 26. And Houston, Dallas and Austin are all in the top ten for the worst office vacancy rates. Now, a lot of city officials, they want to turn that into housing, and they want government funding in order to make that transition happen from office to residential. This is most attractive to cities if you can partially convert a building to have housing on upper floors, and then you just maintain some offices on lower floors and see that mix right there, that makes for a vibrant, lively downtown community, because that way you don't have downtowns that go quiet at 5:00. Keith Weinhold 00:05:10 But a lot of these renovations, they just aren't that feasible. They call them ritzy conversions. That's kind of what this is known as. So office to residential. I mean that means you often got to deal with huge floor plates, overhaul mechanical systems, and you've even got to consider things like the fact that windows don't open in office buildings. And they've often got to for resin conversions. Well, with this prolonged high vacancy in offices. Well, where do these people that would have been in offices spend their time instead? Well, of course at home in their residential real estate. And oftentimes it is a one for one. You have one less person occupying an office for lots of that waking day, and that means one more person occupying their home. Well, that's one reason that people are increasingly willing to spend and pay more for homes because they're spending more time than ever there. And ever since the work from home movement and zoom from home movement, if you will, since that became commonplace for urban workers coming off the pandemic, you soon saw the hashtag auto. Keith Weinhold 00:06:27 The return to office movement that began is where you've got to come into the office 2 to 3 days a week, and then a lot of companies try to ramp it up to 4 to 5 days per week. Some companies even said, yeah, come on in here. You've got to in order to be eligible for promotions. Well, a lot of people don't want to come into the office. We found that out now, especially younger workers. In fact. Did you ever hear of the term coffee bagging? Yes. Some workers are trying to game the system. Coffee bagging. That is the art of returning to the office to a quick hit. Just have a quick hit. You only badge in, get coffee, chat and peace out of there. Well, more people are doing this or they're staying at home than what you're often led to believe. So despite the RTL movement that you hear about the share of employed persons that work their average day from home, last year it rose to 35%, up from 34%, and that's per the BLS. Keith Weinhold 00:07:31 Well, that's a little interesting to know, but it all comes down to that office vacancy rate, which is, like I said, a stubbornly high all time record 20% nationally, and it could go higher. If you're going to invest in office real estate today, I mean, you've really got to have some insider knowledge and invest smart. Donald Trump 00:07:55 Did you use the word smart? so you said you went to Delaware State, but you forgot the name of your college. You didn't go to Delaware State. You graduated either the lowest or almost the lowest in your class. Don't ever use the word smart with me. Don't ever use that word. Oh, give me a break. Because you know what? There's nothing smart about you, Joe. Keith Weinhold 00:08:16 oh, dear. Oh, one of those two men is our current president, and the other could be our next president. Oh, well, love him or hate him, I guess the Trump. Hey, he is the Art of the deal author. And when you think about the Trump name, you should think about seeing those letters on tall office buildings in hotels coming up on the show here in future weeks. Keith Weinhold 00:08:39 We are stacked with great guests an NFL All-Pro, the president of the Mississippi Institute, the return of the tax free wealth author Tom Wheelwright, and also the incomparable financial firepower of Garrett Gunderson. That's all coming up here in future shows. Let's talk to the king of commercial real estate. This week's guest is a former high tech engineer turned real estate mogul and New York Times best selling author of the book Real Estate Riches. He is globally renowned for his ginormous real estate ventures and his mentorship. But his approach to real estate isn't just transactional, it's about strategic creativity and leveraging property investment for financial independence. Known as the King of commercial real estate. Hey, welcome here for your great debut. Joining us from Malta today. It stopped the roost. Dolf de Roos 00:09:38 Thank you very much. It's my absolute pleasure to be here. Keith Weinhold 00:09:41 Oh it's great to finally speak here on the show. And I know that a good segment of our international audience has been anticipating this episode. And often we think about commercial real estate today. Problems come to mind immediately, like the large apartment space with interest rates blowing things up over there, and then the office sector, which just seems to be dying and never coming back. Keith Weinhold 00:10:03 So first of all, why don't you give us an overview on how various commercial sectors are doing today? Dolf de Roos 00:10:09 There's always the things that you see on the surface, what you read in the newspapers and what you lead yourself to believe just on the sheer balance of probability. And then there's the reality of what is truly going on. And I'm always amused at the chasm between them. There's a big difference. And in fact, your ability to do well in real estate is largely dependent on the arbitrage between the markets perception of where things are at and the reality. Now, if we all follow the trends, you know, real estate doesn't go up linearly as mathematicians would say. It goes up in fits and starts with each peak a bit higher than the previous peak and each trough a bit higher than the previous trough. But in addition to that, real estate markets always overshoot so that when things are going well, when the public perception is that things are going well, Interest rates are low. There's good capital growth. Dolf de Roos 00:10:59 People think it's going to go on forever. It will never end and they pay way too much for properties. We have the greater fool theory where no matter how big a fool you are to pay too much for a property, it doesn't matter, because next year they'll be an even bigger fool to pay even more for it. So everyone jumps into the market, overshoots, and then there's a strong correction. A bit like the 2008 GFC. It was on the cards. It was. The writing was on the wall, as they say, and then it corrects. But instead of correcting back to where it should be, it overshoots on the downside as well. And in Phoenix, where I'm based, at one stage we had 90,000 homes into foreclosure simultaneously, and they were selling them on the courthouse steps at the rate of one every 56 seconds for initially 20,020 5000, and people thought, why are these fools buying these properties? The market's crashed. It will never recover. And yet when you live long enough, which unfortunately I have to say, I've done now like I've been around a while, I've seen a few cycles. Dolf de Roos 00:11:59 No, I'm serious though, Keith, because when you experience your first downturn, you think it's the end of the world. But when you've been through three and you've seen that despite all the bad press and saying it's doomsday to never recover, it not only recovers, but it actually far exceeds where it was before it crashed last time, then you know that the time to take action is when everyone else is panicking. You have to be countercyclical when everyone else is jumping on the bandwagon and paying too much for properties. That's when you should get on a plane and read some good books on a beach somewhere, preferably in a foreign location. Why a foreign location and being disloyal to the home country? Note just explore something. Expand your mind. And you know, I know I'm waving around a bit from topic to topic, but one of the great things about reading books on foreign beaches is that you get to see different ideas of real estate that you can bring back home. So when you bring back these ideas that can help correct the market, then you almost you don't wish for a crash, but you think when it happens, well, there's got to be some good aspect to this and you can actually find some stunning deals from people who are too scared to think it might recover well. Keith Weinhold 00:13:05 So those places where you might find stunning deals are in some of those commercial real estate sectors that are suffering today. Tell us a bit more about some of those sectors in their health. We're talking about five plus in the department's office, hotel, hospitality, retail, warehouse, industrial. Let us know what's going on with some of those sectors. Dolf de Roos 00:13:27 In a state of flux. And it's a very good question. Let's talk about hotels for a moment. When the pandemic set in, we were all told to do this thing called to be socially distant. We've almost blissfully forgotten that expression. But social distancing was the thing. So hotels fell out of favor because you're in a foyer with a concierge and a reception area and hundreds of other hotel guests checking in and checking out. So Airbnbs became very popular and the value of hotels plummeted. Many couldn't meet their mortgage obligations because their revenue from room sales did not cover their own loan commitments, so they were being sold off at ridiculously cheap prices. I know of one hotel in the Atlanta area, admittedly a very old hotel. Dolf de Roos 00:14:09 It was converted into a storage facility. When you think about it, hotels are all compartmentalized and have good little cubicles for story. Yeah, and Airbnbs took off. And we all know people, and people wrote books about it and had courses on it. I know in Phoenix, one statistic in a 12 month period from July 22nd to July 23rd, the availability of Airbnb's went up by 23% and all would have been good and well if demand had kept on escalating. But as the pandemic sort of wound down and people realized they did need to be socially distant anymore. And what's more, when you went to an Airbnb, what you found is that there was a long laundry list of items you had to do, but the sheets through the washing machine no more than one bed at a time. Well, four beds worth of sheets is going to take you three hours and do this and do that. People thought hotels are much easier, so there was a massive swing by tenants of rooms back to hotels, and the value of hotels went back up. Dolf de Roos 00:15:04 And in the meantime, the value of houses used as Airbnb's, it sort of peaked a bit and it's going down rapidly. How far it will go down? I'm not so sure. So my point is, with hotels in a very short period of time, like three years, the values plummeted and then they came back up again. Office space is suffering a bit of a longer cycle downturn. It's fair to say, I think, that offices are in a very dire straits. Something like $785 billion of mortgages secured against commercial office space that is coming up for renewal, and there's not enough revenue to cover them. There is a pair of hotels on Union Square in San Francisco, for instance, the park Renaissance and the Renaissance itself. They had $745 million of mortgage funding, and the operators of those hotels handed the keys back to the bank and said, we can't make this cash flow. There's a lot of commercial space that is being sold off a ridiculously cheap prices. So there are two ways of looking at this, Keith. Dolf de Roos 00:16:02 One is if you happen to own office space right now, unless it's boutique space, I've got quite a bit of office space, but it's a very much a boutique classification, and they'll always be demand for boutique office space from unique operators like interior decorators and people like that. But for the general concrete and glass office towers, demand for that has plummeted. The values have gone down and I know of one building in Chicago. It's sold for 315 million. It's on the market at 60 and dropping, and there's not a buyer in sight. And you might say, well, it's got to be a bargain. But no. Here's the challenge. With commercial real estate. Unlike residential, residential is valued on the basis of comps. We all know that if you have a four bedroom, three bathroom home, certain age, certain size, certain condition in a certain suburb, then and if it's sold for, say, $480,000, then a similar sized and aged house up the road, down the street around the corner is going to sell for about the same amount. Dolf de Roos 00:17:02 Whether it's tenanted or not, that doesn't even matter. But when it comes to commercial real estate, the value of a commercial property is literally a multiple of its rental income. Technically, is the rental income divided by the cap rate? Which cap rate is short for capitalization rate? It literally means the rate at which you capitalize the rental to arrive at the value. So if we can figure out a way of doubling the rental, then we've doubled the value. And by the same token, of course, if you lose the tenant and you have your rental, then you have the value. And that's why the value of so many of these commercial office buildings has plummeted, because there are no tenants for them. Keith Weinhold 00:17:40 Yeah, well, there's a lot there. And back to the Airbnb thing. Yeah. About two years ago, there seemed to be this well well-documented Airbnb bust. And my gosh, I personally had awful Airbnb experiences recently, including checking into an Airbnb where it hadn't been turned over, it hadn't been cleaned yet, and that I can never unsee what I saw. Keith Weinhold 00:18:00 Then I had to stay there. That was really rough. I think what you're getting at here is once you hit a bottom, that's where the opportunity is. So there are going to be some of those opportunities somewhere in the commercial real estate sector, commercial real estate syndicators, many of them imploded from high rates. So when we talk about finding the bottom link with these large apartment buildings, how many more apartment syndicator implosions do we expect from the higher mortgage rates? Dolf de Roos 00:18:27 Many. I'm indifferent to it. I'm not saying I don't have sympathy for the people who own them, and I'm not gleeful for those who buy a bargain. But here's why I'm indifferent. I think it's fair to say that I've made most of my money in real estate by finding either vacant or semi vacant buildings, and that goes against the grain. Most people think they need to look for a building with a good tenant, because it's the tenant that pays the rent, and that's not incorrect. That's accurate. And then if you've got a building that you buy and say 8% return and your mortgage interest is 7%, hopefully that 1% margin covers your property taxes and your insurance and your maintenance. Dolf de Roos 00:19:05 And then you just wait for time to do this thing where slowly, over time, the rents creep up and the property value creeps up. I don't have the luxury of waiting that long, and I never had the cash to buy properties like that, so I literally sought out semi vacant or even vacant buildings. Now, I didn't buy them because if I bought a vacant building, I still have to pay property tax and insurance. But what I would do before buying it is see if I can find a tenant, and I can give you a specific example. I came across a vacant building that was a funeral parlor, and most people don't like to think of what goes on in a funeral parlor. But they have these stainless steel trays where they put the product of their business on, and they insert these hollow stainless steel tubes and suck up the blood and replace it with formaldehyde and all kinds of things we don't want to think about. Keith Weinhold 00:19:52 That's even worse than my Airbnb experience. Dolf de Roos 00:19:55 No one knew what to do with it. Dolf de Roos 00:19:57 So I found it. And it was being sold for a song because it was vacant. And what I did is I employed someone at the then going hourly rate of $8 an hour to phone every funeral director, going further and further from this place until she found someone who said, oh my gosh, I've always wanted to operate there. And I was just open and honest. And I said, well, there's a funeral parlour premise for sale. Go and check it out if you want to buy it, buy it. Why would I offer it to him, Keith, when I really wanted to buy it? Because the last thing I want is a tenant to be gracious. The fact that the only reason he's paying me rent is that I'd beat him to it. But I knew that in all probability, he didn't want to buy real estate. That's not his gig. And he said, no, I don't have the money or the inclination he had to look at. He said, listen, I love it. Dolf de Roos 00:20:40 I want to operate there. What would it take? And I said, well, if you're willing to sign up a heads of agreement, an alloy, we're subject to me buying it. You will become the tenant, then I'll have a crack at buying it. And his response was, were not so fast, I need you. I'll only do it if you give me a long term lease. Well, that's exactly what I want. So I'd found a tenant by adding the tenant to this otherwise vacant building. The value of it doubled. And when I went to the bank to apply for a mortgage, they said, well, we're only going to give you 50%. Well, guess what? 50% of double the value was the purchase price. They lent me all but the last $10,000 to buy that property. So the magic sauce here is finding the tenant. Could anyone else have gone through at the time? This is before the internet, the Yellow pages and phoned every funeral director going for. Of course they could, but no one thought of doing it. Dolf de Roos 00:21:33 And that comes to part of what you had in your title, that this is all about creative real estate. The thing I love about real estate is it's about the only investment vehicle where you can actually use your creativity. I mean, if you're a really creative person and you buy a portfolio of stock, IBM stock and Microsoft and biotech, what. Keith Weinhold 00:21:53 Can you do to improve it? Dolf de Roos 00:21:54 Can you deploy your creativity? How can you deploy what you've seen in your travels to make your stock portfolio worth more? Zero. Absolutely nothing. Not with stocks, not with bonds, not with futures. Options, certificates of deposit, Treasury bills, nothing. But with real estate, the sky's the limit, I love that. Keith Weinhold 00:22:13 Well, you talked about getting into commercial real estate sectors with little or none of your own money. That's part of the creativity. A lot of our audience is interested in investing in residential property, a single family home. You might still be able to get one for 150 K now, 20 to 25% down payment on that 30 K plus. Keith Weinhold 00:22:34 I mean, that's still pretty manageable for a lot of people, but many are somewhat intimidated by commercial real estate. I think one of the first things they think about is how do I come up with the money? So we talk about creativity in funding that down payment. Tell us more about some good strategies for doing that, and kind of overcoming that daunting feeling of higher commercial real estate prices. Dolf de Roos 00:22:52 You're absolutely right. Most people think commercial real estate is more expensive, where you might be able to buy a home in a cheaper market, a cheaper price point at one 20,000, say the commercial property is going to be half a million, or if homes are $1 million and a fancy suburb and the commercial properties at 3 million. That's true, but not all properties are like that. My smallest commercial building was a little corner shop. It was a wet fish supply shop, so they sold fish but not cooked fish. And it was a horrible looking thing. But I paid all of $79,000 for it and it's been rented on a full commercial lease from the day I bought it, so it needn't be liked. Dolf de Roos 00:23:31 In fact, we tend to only notice the big ones for the For Sale sign. You're in the downtown of some city and you see a big one of the big firms, CB Richard Ellis or Jones Lang LaSalle or something for lease or for sale sign, that's for sure. And you don't tend to notice the small ones. The trick in finding good value real estate. Be it commercial or residential, again, has to do with the fact that it's not an automated market like the stock market. You buy stocks through computers on a share market. Everyone pays the same price. But when it comes to real estate, the seller may choose to go through a real estate agency. It might be a national one, and then it's vetted by many agents. But we have a thing known as fizzbuzz or for sale by owner. And why would a seller choose to circumvent a real estate agent? Well, probably because he's hoping to save on the 6% commission. By the way, that's the highest in the world. Dolf de Roos 00:24:21 And the rest of the orders? 2 or 1 and a half or 3%, it soon to be lowered in the States. But even so, they want to save on that commission and more sinisterly. Perhaps some of them think, why should I entrust my property, the sale of my property to some snooty, nosed 22 year old kid just out of school who doesn't even live in the suburb. I have lived here for 59 years or whatever, he says. And I know what it's worth. And in pricing it, he's either way too high or way too low. Now, if he's way too high, you and I aren't going to buy it because it's just way too high. We know that. But what if it's 100,000 below market value? It happens every day of the week, and if we stumble across one of those, then we might just make 100,000 that day. Not in terms of cash, not in terms of folding hard cash, but in terms of equity. And we could sell it the next day for a hundred thousand more. Dolf de Roos 00:25:08 But we don't because we want to invest in it. And these things are real key. These happen. That's why I encourage people don't take the same route home from work every day. If you've finished work, get in your car, take a different route, keep your eyes peeled, look for visible signs of a sale by owner, or look for abandoned properties, ones where the grass is a bit high in this litter blown up against the fence and the windows are a bit grimy, and then do some research to find out who owns it. Keith Weinhold 00:25:34 Sometimes the greater the crisis, the greater the opportunity. But often we talk about, say, if one has overcome the money in the down payment thing, you know, in effect, when we go ahead and get a loan, whatever sector we're investing in, the bank underwrites either us or the bank underwrites the property. But in a sense, us as the investor is we're sort of underwriting the tenant that's in there. Now, when we buy a residential building, you know, we can look at the tennis credit scores and their work history. Keith Weinhold 00:26:00 You know, we know that the residential tenant is going to pay us to live there. We have a good sense of faith about that. But when it comes to commercial real estate investing, say, I want to buy a plaza with eight businesses in it. I think a lot of investors feel overwhelmed because they're like, oh my gosh, like, how do I study the validity of these eight businesses? And how do I know that they're going to be solvent and sustainable going forward? And do I need to understand all this, or can you speak to that and help break that down for us a bit? Basically the investor underwriting the tenant. Dolf de Roos 00:26:31 That's all true. And yet there isn't that much to learn. Because if we take your imaginary shopping plaza with eight tenants. Yeah, I think we'd all agree that if one of those tenants was a Gloria Bean coffee and tea or whatever it's called, or Seattle's Best or Peet's Coffee, not to mention Starbucks, that's a global change, but one of those lesser brands. Dolf de Roos 00:26:51 I think we would be pretty comfortable that they can pay the rent every month. And similarly, the bank underwriting that loan was like, well, a Peet's Coffee or Gloria, that they're a good tenant And, you know, just to name others at random rosters for less, that's a nationwide chain store. I think if we had them as a tenant, that would all go well. And you might get a couple of independents, but they would have a track record. They've leased those same premises for the previous eight years, and they moved there from other premises, which ended up being too small for them. That means they're expanding where they were for 12 years, things like that. Give a picture to any novice in this game to say, wow, they're probably going to be here for the long haul. And beyond that, what happens when you develop the skills to attract new tenants? You don't worry about that even because you know that when you lose a tenant, it's easy to get one lesson. Dolf de Roos 00:27:42 I've got 101 ways of getting tenants for buildings, and I'm blown away that people don't deploy even one of them. And I'll give you an example from last week. I was with a client in the UK in Bournemouth, which is way in the south of the country, and we were looking at a commercial office building there and it had been vacant for 18 months. And I said to the agent what seems to be the trouble with getting a tenant? And he shrugged his shoulders and said, well, I don't know. It's been on the market for 18 months. And I said, has it ever occurred to you to put a sign outside the property? A big canvas sign hanging on the side of the building signs, and the grass verge saying, this building is for lease. Enquire within or go to this website. And he was stupefied by that thought. He said, what an amazingly good idea. You have to let people know. They think that they're going to go to their office because they're looking for office space. Dolf de Roos 00:28:34 So now, would they be guaranteed to get a tenant within a week by putting a canvas sign on the building? Of course not. But I know we won't reduce the chances. And that's why if I can find a tenant before committing to buy the building, I'm pretty confident we'll get there. And I've got all these other techniques, Keith, of doing it like one that I really love is, let's say you've got a vacant warehouse and it's an ugly, horrible warehouse in a sea of similarly ugly and vacant warehouses. If you and I bought that, I would hesitate to suggest that we would have a tenant within a month. And here's how we'd do it. We would spend no more than $10,000, and we would go to the manager's office, because ultimately, the person who decides whether to lease our warehouse as opposed to another one, is not the CEO and the head office in New York or LA or wherever. It's not the cleaning lady or man who's going to sweep the floor. It's going to be the manager is going to manage it. Dolf de Roos 00:29:28 So I get rid of the linoleum and I put in commercial grade carpet. I put in triple glazed or dual glazed windows. Keeps the noise out and the warmth in. I replace the fluorescent tubes with LED lights and replace the locks with electronic locks so he can never forget his keys. I put on an 80 inch LCD screen and tell him it's good for corporate training videos. We know he's never going to watch corporate training videos on it, but those TVs you can buy for $500 now, I put on a little coffee machine and make sure it's brewing when it looks, and have a fridge for end of week drinks, celebrations, and our unsuspecting manager, who's looked at seven ugly warehouses so far that day when he comes to our ugly warehouse and he opens that door to the manager's office subconsciously, or maybe consciously, he thinks, oh my gosh, if I lease this one, this is where I'm going to be packed for 40 hours a week for Lord knows how many years. He says I'll take it. Dolf de Roos 00:30:17 And he hasn't even asked the rental. You might say that's bribery and corruption, but I think it's just offering a better product than the competition. No one else does this. Keith Weinhold 00:30:27 Oh well. This is another brilliant example of using creativity in real estate investing. We're talking with the king of commercial real estate, Dolph Thomas More. We come back including some of his psychology and insights from the rich. This is general education. I'm your host, Keith Whitehall. Hey, you can get your mortgage loans at the same place where I get mine at Ridge Lending Group Nmls 42056. They provided our listeners with more loans than any provider in the entire nation. Because they specialize in income properties, they help you build a long term plan for growing your real estate empire. With leverage, you can start your prequalification and chat with President Ridge personally. Start now while it's on your mind at Ridge Lending group.com. That's Ridge Lending group.com. And your bank is getting rich off of you. The national average bank account pays less than 1% on your savings. Keith Weinhold 00:31:31 If your money isn't making 4%, you're losing your hard earned cash to inflation. Let the liquidity fund help you put your money to work with minimum risk. 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We're at the king of commercial real estate, Dolph Durst. Just like he has a lot of creative, proven types of things that you can do to improve commercial real estate. He also has a lot of those ideas for residential because he's been around the game for so long. So tell us about some more of those creative ways to add value to residential real estate. Dolf de Roos 00:33:17 Well, probably. Like most people who end up focusing on commercial real estate, I got started in residential and that's where I first deployed some of my creativity. And I noticed, for instance, that I'd have a rental property that had no garage and no carport. And when you think about it, a tenant's biggest asset because it's not their home, it tends to be their car. One could argue that because they waste money on expensive cars every two years, that's why they can't afford to buy a home. But we won't go there. So if it's their car, if there's no carport and no garage, that means their biggest asset is in the rain. Dolf de Roos 00:33:49 The sleet, the sun, the shine, the hail, you name it. So by building a carport, we can protect their biggest asset and it's worth a lot more to them by any means. If you have a carport on a house, that house will rent for about $80 a month extra. An 80 a month times 12 is 960. Call it $1,000 extra, a rent in a year. And Keith, I can build a carport for $1,000 easily. It's simply for one in each corner and then a roof with a bit of a slope. Why the slope? Well, if it rains, the rain falls off. If you're really cheap, you can get away with three posts. It still stands, you know. But no. And I'm being silly, but we sometimes make them with two posts and cantilever them. They're a bit more expensive, but then there are no posts out front so I can build a carport for $1,000, and then I get $1,000 extra a year coming in. And when you think about it again, which other investment can you think of that once you've consummated the deal, once you own it, you can spend an extra thousand dollars and then get 100% return on that money. Dolf de Roos 00:34:49 And as they say in the infomercials. But wait, it gets even better. Because think about it. Let's say we have that carport built, but we haven't paid for it yet. And so we've got our thousand dollars a year extra of rental coming in. We go back to the appraiser and say, we want a new appraisal With an extra $1,000 coming in, he's likely to appraise it at $10,000 more. With that increased appraisal of 10,000, we go back to the bank and say, Mr. Bank manager, remember I got a 70 or 80% more. I've got now got an appraisal for 10,000 more. Will you give me a modest 70% loan on that? Well, banks are in the game of lending money and making a profit. So they say yes. So you get 7000 from the bank. Let's use 1000 of that 7000 to pay for the carport. It's now paid for. That leaves us with $6,000 cash. And the question is, is it earned income? And the answer is no, it's not earned income. Dolf de Roos 00:35:42 There's no income tax on it. Is that the sale of something? Nope. Didn't sell it. No sales tax, no capital gains. It's tax free money. And you might say but hang on, you've now borrowed $7,000 that you have to be interested. Even at a ridiculously high 10%, that would only cost 700 a year. But we're collecting an extra thousand a year. So when you build this carport, you have two choices. One is pay cash for it and get 100% return on your money. Or the second one is don't pay any money for it, but $6,000 of tax free money in your pocket and get $300 a year surplus cash flow index for inflation for the rest of your life. Like, why would you not do that? Keith Weinhold 00:36:25 Well, and it's a terrific example of how to accidentally improve the property. And it's so interesting that you bring this up, Dolph, because just a few weeks ago here on the show, I talked about garage real estate. I mentioned how adding a carport can often be more cost effective for a landlord from an ROI standpoint, than constructing a garage. Keith Weinhold 00:36:43 I also talked about the future with autonomous cars. If people are going to need garages as much as they will, but that's into the future, and that's another subject in itself. All for one really important thing. I know that probably even more important than the actual investing is getting people in the right mindset to do this in the first place. You've studied this in really unexpected psychology behind wealth creation. I think a lot of it is counterintuitive, but it kind of makes sense because if you come from a scarcity and conventional mindset and you just do mediocre stuff, you're only going to get a mediocre outcome. So why don't you talk to us more about breaking down that psychology that most Americans and most residents of everywhere in the world really struggle with? Dolf de Roos 00:37:28 Well, my pleasure. I had been teaching real estate for about 15 years and I decided why? I don't know, but I decided to run a survey to find out how many of my students became a millionaire within 18 months. That was my expected time frame of reasonableness. Keith Weinhold 00:37:43 Is that I was actually wealthy. Dolf de Roos 00:37:45 Right? And I was pretty confident. But when the results came in, I was devastated because it was fewer than 4%. And in my mind, 4% wasn't even statistically significant. Meaning if you take a thousand people, a random 4% are going to become millionaires. One's going to marry into money, one's going to win the lottery, one's going to win at a casino, and the fourth one's going to fall over a paper bag and looks inside. And we just believe that there's a million bucks there. So I vowed to stop teaching until I'd cracked the nut, because my dilemma was, how is it that when you give people all the tools you think they need to become fabulously wealthy, they still don't do it right? And what I found is that it had nothing to do with my rate of speech or my accent. Not that I have one, of course, or the content of my information or the sequencing of it. It had everything to do with the subconscious mind of the student, the fear. Dolf de Roos 00:38:38 And he has that stance. You're a young kid and you say, hey, mom or dad, I want a bicycle. And they say, well, what do you think, kiddo? That money grows on trees and I know where the parents coming from. Hey, money's not that easy to come by. Temper your expectations of what you'll get for your bet. But this kid is. Our money doesn't grow on trees. Meaning money's hard to come by. And how often have we been told money can't buy you happiness. And money is the root of all evil. And when I say that, someone always points out no, the full saying in the Bible is for the love of money is the root of all evil. There's a big difference. And I'll say, yes, there is a big difference. But to the subconscious mind, it's still here's money and evil in the same sentence, and it's unconsciously makes that association. And the religious even say that it is easier to get a camel through the eye of a needle than for a rich man to get to heaven. Dolf de Roos 00:39:24 In other words, if you're rich, you're condemned to hell. And that's a nice, strong belief system to take on board, even subconsciously. And by the way, most people don't know what the eye of the needle is. The eye of the needle was the entrance to East Jerusalem and even camels. And I've been there. I've said the camel said to get down on their knees as a sign of respect before they could enter. So there's a reason behind all these things, but the subconscious mind takes aboard. Money can buy you happiness. Money's hard to come by if you work hard for it. You don't deserve that money's root of lever. You won't get to heaven. You condemned to hell. And how do we describe the rich kids? We say they are so rich. That filthy rich. They're so rich. That stinking rich we associate being rich with filth and stench. So that is why in the United States and every Western nation, when someone wins the lottery and we no longer win 10 or $20,000, it's 300 million or 800 million or 1.2 billion when people win the lottery within five years of winning, 80% of the winners are back to where they were before they won. Dolf de Roos 00:40:25 Right? And why is that? I discovered that it's because subconsciously, even though they're happy they won it and they going to tell their boss they're going to quit and they're going to buy their parents a nice home and they're going to get a new car. But subconsciously they feel they don't deserve it because they haven't worked hard for it. They're not going to be happy. They're now evil people. They're not going to go to heaven, and they're filthy and they stink. And the only way to overcome that is to get rid of the source of the problem, which is the money. And you'll see it happen again and again and again. So what we do is we dissolve what's in the subconscious mind, all these things that we've been saying without realizing it over and over and over again and replace them with more empowering beliefs. And the great thing about the subconscious mind is, initially, you don't even have to believe the thing that you're going to say over and over again to replace those old ones, but it could be something as simple as money is good or a bit more sophisticated. Dolf de Roos 00:41:18 My poverty helps no one, but my wealth can help a lot of people. Keith Weinhold 00:41:22 The more you have, the more you can give. Dolf de Roos 00:41:24 Exactly as the reverend says, I'm a magnet for money. And so when we get into this mode of thinking differently, then all of a sudden people find that the money starts flowing and we give people specific exercises to do. And it's you think by how is that going to make difference? But it does. And so what I found when I introduced these concepts into my real estate teaching, the success went from under 4% to over 80%. And if that's not evidence enough that this works, I don't know what is. Keith Weinhold 00:41:56 Yes, it really takes changing that mindset to break down these old stereotypes and have the confidence to say and act upon things like financially free beats debt free. But if you raise to think that money is a scarce resource, you think that retiring debt is a good thing, or don't focus on getting your money to work for you. Focus on getting other people's money to work for you. Keith Weinhold 00:42:17 A lot of people don't even know what that means. But yeah, it takes breaking down some of these simple things that we all began to learn when we were age five or something like that. Golf is we're winding down here. You operate globally. You play globally. That intimidates a lot of people. They don't really know how to do that. But it's giving you this wherewithal to say that real estate is the only profession that can truly be played globally. Tell us about that. Dolf de Roos 00:42:44 Well, when you think about it, if you study to become, say, an attorney, you can't just up and leave the US and go to Germany or Peru or Kuala Lumpur, Malaysia to practice, you've got to study their local laws and set the bar exam. If you're a physician, you can't just go to another country and conduct frontal lobotomies on patients. You've got to study and hit the bar exam. I had a friend who was a dermatologist, a skin doctor from Austria. He moved to Australia after eight years of study to get his qualifications. Dolf de Roos 00:43:13 They wouldn't accept them here to start all over again. And he said that's ridiculous. And he became a farmer and was very happy doing that. But when you think about it, not only our real estate investors welcomed all over the world, but they think that you're going to bring money with you. You don't have to, of course. In fact, if you're going to invest as a US citizen in another country, I would not recommend bringing U.S. dollars with you. I'd recommend borrowing locally, because if you bring U.S. dollars with you, then you're subject to exchange rate fluctuations. So just borrow locally and then you've got no risk from that at all. But despite the fact that the other countries, the host countries think that you're an investor, you're going to bring money. So they welcome you with open arms. I think it's the only profession where you are never discriminated against. Your welcomed. You're made to feel welcome. They want more of you. They encourage you to come with delegations of other investors. Dolf de Roos 00:44:05 It's kind of good gig to be on. Keith Weinhold 00:44:08 Make the World Yours. The UN recognizes 193 world nations. Get out and see them and invest outside your own home country if you have the ability to. Well, Duff, you've got this interesting combination of commercial real estate focus, a great grasp of the mindset and how to help people with the wealth mindset. And then thirdly, you also operate globally. So it's been really interesting to speak with you. You help people in so many ways with a lot of your teaching resources. So why don't you let our audience know how they can engage with that? Dolf de Roos 00:44:41 We have a lot of programs that we run from time to time. I mentioned I saw a client in the UK. He was an example of someone we did a fly out for. I'd spend three days just with that one client to help him with his portfolio. But the thing I've got coming up is a live training and people can get a free seat to attend and learn more at my website called Dolf Live. Dolf de Roos 00:45:03 So Dorfman and Dolf and then live Live.com golf Dolph Live.com. You can see what we've got coming up there. It's entirely free to attend. And then, you know, once that event's gone, I'm sure we'll post other things there, but that's the best way of staying informed with what I've got going. Part of my passion, Keith, is sharing it. You know, it's pretty boring doing it on your own. And one of the biggest thrills I get is when you get feedback by email or however, from someone who said, well, when I heard this or saw that or read this, I wasn't even sure if it would work and I certainly wasn't sure if it would work for me. But look at what I've done since then, and that gives you a feeling that you can't describe in words. That's pretty cool. You change someone's life and you don't even really know who they are, then that's kind of that's fun stuff. Keith Weinhold 00:45:48 The ruse has been helpful to me in our audience today. The King of Commercial Real Estate, thanks so much for coming on to the show. Dolf de Roos 00:45:55 Hey, thank you so much for the opportunity. I really enjoyed it. Keith Weinhold 00:46:04 Check out Dolph Live.com. It looks like he's got a live event coming up this Thursday night, and if you missed that more afterward, like I was saying earlier, a ton of great episodes coming up here on the get Rich education podcast, just stacked. As always, you'll get lessons from me when I'm going to break down. Is any debt worth paying off? Which debts are which are not and why? That's going to help you know what to do with every debt for the rest of your life. And that's besides what I mentioned earlier, both new guests and very popular returning guests. I hope that you learned something today. I'll run it back next week when we meet again. Until then, I'm your host, Keith Weintraub. Don't quit your daydream. Speaker 8 00:46:54 Nothing on this show should be considered specific, personal or professional advice. Please consult an appropriate tax, legal, real estate, financial or business professional for individualized advice. Opinions of guests are their own. Speaker 8 00:47:05 Information is not guaranteed. All investment strategies have the potential for profit or loss the host is operating on behalf of get Rich education LLC exclusively. Keith Weinhold 00:47:22 The preceding program was brought to you by your home for wealth building. Get Rich education.com.
Neste episódio do Podcast "Além da Curva", Rodrigo Abbud, da VBI, compartilha a trajetória da empresa desde sua fundação em 2006 e explora a evolução do mercado de fundos imobiliários no Brasil, que passou a incluir investimentos em papéis de crédito imobiliário após a redução da taxa de juros. Quanto à multipropriedade, ele enfatiza a necessidade de uma abordagem conservadora e criteriosa, destacando o sucesso da VBI em projetos mais avançados e seguros. Já o setor de loteamentos tem sido alvo de atuação em todo o Brasil em função da boa relação risco x retorno. Rodrigo Abbud possui 28 anos de experiência, é sócio fundador da VBI Real Estate e está envolvido na plataforma de investimentos da VBI desde 2006. Formado em Engenharia pela Escola Politécnica da Universidade de São Paulo, com MBA pela Reading University (UK), College of Estate Management, pós-graduação em Project Management pelo Royal Institute of Chartered Surveyors (UK) e Fellow pelo RICS, Rodrigo iniciou sua carreira em 1994 na Bolsa de Valores de São Paulo e em 1997 juntou-se à CB Richard Ellis, empresa de consultoria imobiliária, atuando nas áreas comercial e de relacionamento com investidores durante 11 anos.
Welcome to Season 19 of Commercial Real Estate School! This season, I welcome Bob Knakal, Senior Managing Director and Head of New York Private Capital Group at JLL. In this, our final season of 2023, we're joined by the illustrious Bob Knackal, a towering figure in New York City's real estate landscape. As the Head of the NY Private Capital Group at JLL Capital Markets, Bob brings a wealth of experience and unmatched expertise to the table. He's not just a leader; he's a visionary who reshaped NYC's skyline. Bob's journey in real estate is nothing short of legendary. Starting his career in 1984 at CB Richard Ellis, his path led him to co-found Massey Knakal Realty Services with Paul J. Massey Jr. in 1988. Under his leadership, Massey Knakal became New York's #1 building sales firm, closing over 6,000 transactions worth more than $23 billion. Bob's personal contribution? A staggering sale of over 2,230 buildings and $20.4 billion, setting a record in New York's real estate history. His expertise extends to the realm of development sites, with over 250 transactions and $7 billion in sales under his belt. Post the acquisition of Massey Knakal by Cushman & Wakefield in 2014, Bob continued to excel, earning the title of the top originating investment sales broker globally for three consecutive years. Now at JLL, Bob continues to influence and shape the market. Not just a broker, Bob is also a thought leader, penning his insights in a regular column, “Concrete Thoughts,” for the Commercial Observer since 2009. In this episode, Bob will share his unparalleled insights into the intricacies of New York City's real estate market, discussing the evolution of the industry, his personal experiences in shaping the city's skyline, and his forecast for the future of real estate in the Big Apple. Whether you're a seasoned professional or an aspiring real estate enthusiast, this episode promises a deep dive into the mind of one of the most influential figures in NYC real estate. Digsy Virtual Assistants are a great resource, but people don't hire them because it takes a lot of training, management, and documentation to make them effective. Digsy solves this problem with its fully-managed virtual assistant service. Check them out here. About "Commercial Real Estate School" Welcome to Commercial Real Estate School. Every episode is a lesson featuring some of the top names in the business, sharing insights and expertise to inspire your commercial real estate journey. Our powerhouse guests offer a wealth of expertise, guiding you through the complex commercial landscape and providing actionable insights to fast-track your success. Class is in session. --- Send in a voice message: https://podcasters.spotify.com/pod/show/creschoolshow/message Support this podcast: https://podcasters.spotify.com/pod/show/creschoolshow/support
Welcome to Season 19 of Commercial Real Estate School! This season, I welcome Bob Knakal, Senior Managing Director and Head of New York Private Capital Group at JLL. In this, our final season of 2023, we're joined by the illustrious Bob Knackal, a towering figure in New York City's real estate landscape. As the Head of the NY Private Capital Group at JLL Capital Markets, Bob brings a wealth of experience and unmatched expertise to the table. He's not just a leader; he's a visionary who reshaped NYC's skyline. Bob's journey in real estate is nothing short of legendary. Starting his career in 1984 at CB Richard Ellis, his path led him to co-found Massey Knakal Realty Services with Paul J. Massey Jr. in 1988. Under his leadership, Massey Knakal became New York's #1 building sales firm, closing over 6,000 transactions worth more than $23 billion. Bob's personal contribution? A staggering sale of over 2,230 buildings and $20.4 billion, setting a record in New York's real estate history. His expertise extends to the realm of development sites, with over 250 transactions and $7 billion in sales under his belt. Post the acquisition of Massey Knakal by Cushman & Wakefield in 2014, Bob continued to excel, earning the title of the top originating investment sales broker globally for three consecutive years. Now at JLL, Bob continues to influence and shape the market. Not just a broker, Bob is also a thought leader, penning his insights in a regular column, “Concrete Thoughts,” for the Commercial Observer since 2009. In this episode, Bob will share his unparalleled insights into the intricacies of New York City's real estate market, discussing the evolution of the industry, his personal experiences in shaping the city's skyline, and his forecast for the future of real estate in the Big Apple. Whether you're a seasoned professional or an aspiring real estate enthusiast, this episode promises a deep dive into the mind of one of the most influential figures in NYC real estate. Digsy Virtual Assistants are a great resource, but people don't hire them because it takes a lot of training, management, and documentation to make them effective. Digsy solves this problem with its fully-managed virtual assistant service. Check them out here. About "Commercial Real Estate School" Welcome to Commercial Real Estate School. Every episode is a lesson featuring some of the top names in the business, sharing insights and expertise to inspire your commercial real estate journey. Our powerhouse guests offer a wealth of expertise, guiding you through the complex commercial landscape and providing actionable insights to fast-track your success. Class is in session. --- Send in a voice message: https://podcasters.spotify.com/pod/show/creschoolshow/message Support this podcast: https://podcasters.spotify.com/pod/show/creschoolshow/support
Welcome to Season 19 of Commercial Real Estate School! This season, I welcome Bob Knakal, Senior Managing Director and Head of New York Private Capital Group at JLL. In this, our final season of 2023, we're joined by the illustrious Bob Knackal, a towering figure in New York City's real estate landscape. As the Head of the NY Private Capital Group at JLL Capital Markets, Bob brings a wealth of experience and unmatched expertise to the table. He's not just a leader; he's a visionary who reshaped NYC's skyline. Bob's journey in real estate is nothing short of legendary. Starting his career in 1984 at CB Richard Ellis, his path led him to co-found Massey Knakal Realty Services with Paul J. Massey Jr. in 1988. Under his leadership, Massey Knakal became New York's #1 building sales firm, closing over 6,000 transactions worth more than $23 billion. Bob's personal contribution? A staggering sale of over 2,230 buildings and $20.4 billion, setting a record in New York's real estate history. His expertise extends to the realm of development sites, with over 250 transactions and $7 billion in sales under his belt. Post the acquisition of Massey Knakal by Cushman & Wakefield in 2014, Bob continued to excel, earning the title of the top originating investment sales broker globally for three consecutive years. Now at JLL, Bob continues to influence and shape the market. Not just a broker, Bob is also a thought leader, penning his insights in a regular column, “Concrete Thoughts,” for the Commercial Observer since 2009. In this episode, Bob will share his unparalleled insights into the intricacies of New York City's real estate market, discussing the evolution of the industry, his personal experiences in shaping the city's skyline, and his forecast for the future of real estate in the Big Apple. Whether you're a seasoned professional or an aspiring real estate enthusiast, this episode promises a deep dive into the mind of one of the most influential figures in NYC real estate. Digsy Virtual Assistants are a great resource, but people don't hire them because it takes a lot of training, management, and documentation to make them effective. Digsy solves this problem with its fully-managed virtual assistant service. Check them out here. About "Commercial Real Estate School" Welcome to Commercial Real Estate School. Every episode is a lesson featuring some of the top names in the business, sharing insights and expertise to inspire your commercial real estate journey. Our powerhouse guests offer a wealth of expertise, guiding you through the complex commercial landscape and providing actionable insights to fast-track your success. Class is in session. --- Send in a voice message: https://podcasters.spotify.com/pod/show/creschoolshow/message Support this podcast: https://podcasters.spotify.com/pod/show/creschoolshow/support
Welcome to Season 19 of Commercial Real Estate School! This season, I welcome Bob Knakal, Senior Managing Director and Head of New York Private Capital Group at JLL. In this, our final season of 2023, we're joined by the illustrious Bob Knackal, a towering figure in New York City's real estate landscape. As the Head of the NY Private Capital Group at JLL Capital Markets, Bob brings a wealth of experience and unmatched expertise to the table. He's not just a leader; he's a visionary who reshaped NYC's skyline. Bob's journey in real estate is nothing short of legendary. Starting his career in 1984 at CB Richard Ellis, his path led him to co-found Massey Knakal Realty Services with Paul J. Massey Jr. in 1988. Under his leadership, Massey Knakal became New York's #1 building sales firm, closing over 6,000 transactions worth more than $23 billion. Bob's personal contribution? A staggering sale of over 2,230 buildings and $20.4 billion, setting a record in New York's real estate history. His expertise extends to the realm of development sites, with over 250 transactions and $7 billion in sales under his belt. Post the acquisition of Massey Knakal by Cushman & Wakefield in 2014, Bob continued to excel, earning the title of the top originating investment sales broker globally for three consecutive years. Now at JLL, Bob continues to influence and shape the market. Not just a broker, Bob is also a thought leader, penning his insights in a regular column, “Concrete Thoughts,” for the Commercial Observer since 2009. In this episode, Bob will share his unparalleled insights into the intricacies of New York City's real estate market, discussing the evolution of the industry, his personal experiences in shaping the city's skyline, and his forecast for the future of real estate in the Big Apple. Whether you're a seasoned professional or an aspiring real estate enthusiast, this episode promises a deep dive into the mind of one of the most influential figures in NYC real estate. Digsy Virtual Assistants are a great resource, but people don't hire them because it takes a lot of training, management, and documentation to make them effective. Digsy solves this problem with its fully-managed virtual assistant service. Check them out here. About "Commercial Real Estate School" Welcome to Commercial Real Estate School. Every episode is a lesson featuring some of the top names in the business, sharing insights and expertise to inspire your commercial real estate journey. Our powerhouse guests offer a wealth of expertise, guiding you through the complex commercial landscape and providing actionable insights to fast-track your success. Class is in session. --- Send in a voice message: https://podcasters.spotify.com/pod/show/creschoolshow/message Support this podcast: https://podcasters.spotify.com/pod/show/creschoolshow/support
Welcome to Season 19 of Commercial Real Estate School! This season, I welcome Bob Knakal, Senior Managing Director and Head of New York Private Capital Group at JLL. In this, our final season of 2023, we're joined by the illustrious Bob Knackal, a towering figure in New York City's real estate landscape. As the Head of the NY Private Capital Group at JLL Capital Markets, Bob brings a wealth of experience and unmatched expertise to the table. He's not just a leader; he's a visionary who reshaped NYC's skyline. Bob's journey in real estate is nothing short of legendary. Starting his career in 1984 at CB Richard Ellis, his path led him to co-found Massey Knakal Realty Services with Paul J. Massey Jr. in 1988. Under his leadership, Massey Knakal became New York's #1 building sales firm, closing over 6,000 transactions worth more than $23 billion. Bob's personal contribution? A staggering sale of over 2,230 buildings and $20.4 billion, setting a record in New York's real estate history. His expertise extends to the realm of development sites, with over 250 transactions and $7 billion in sales under his belt. Post the acquisition of Massey Knakal by Cushman & Wakefield in 2014, Bob continued to excel, earning the title of the top originating investment sales broker globally for three consecutive years. Now at JLL, Bob continues to influence and shape the market. Not just a broker, Bob is also a thought leader, penning his insights in a regular column, “Concrete Thoughts,” for the Commercial Observer since 2009. In this episode, Bob will share his unparalleled insights into the intricacies of New York City's real estate market, discussing the evolution of the industry, his personal experiences in shaping the city's skyline, and his forecast for the future of real estate in the Big Apple. Whether you're a seasoned professional or an aspiring real estate enthusiast, this episode promises a deep dive into the mind of one of the most influential figures in NYC real estate. Digsy Virtual Assistants are a great resource, but people don't hire them because it takes a lot of training, management, and documentation to make them effective. Digsy solves this problem with its fully-managed virtual assistant service. Check them out here. About "Commercial Real Estate School" Welcome to Commercial Real Estate School. Every episode is a lesson featuring some of the top names in the business, sharing insights and expertise to inspire your commercial real estate journey. Our powerhouse guests offer a wealth of expertise, guiding you through the complex commercial landscape and providing actionable insights to fast-track your success. Class is in session. --- Send in a voice message: https://podcasters.spotify.com/pod/show/creschoolshow/message Support this podcast: https://podcasters.spotify.com/pod/show/creschoolshow/support
Welcome to Season 19 of Commercial Real Estate School! This season, I welcome Bob Knakal, Senior Managing Director and Head of New York Private Capital Group at JLL. In this, our final season of 2023, we're joined by the illustrious Bob Knackal, a towering figure in New York City's real estate landscape. As the Head of the NY Private Capital Group at JLL Capital Markets, Bob brings a wealth of experience and unmatched expertise to the table. He's not just a leader; he's a visionary who reshaped NYC's skyline. Bob's journey in real estate is nothing short of legendary. Starting his career in 1984 at CB Richard Ellis, his path led him to co-found Massey Knakal Realty Services with Paul J. Massey Jr. in 1988. Under his leadership, Massey Knakal became New York's #1 building sales firm, closing over 6,000 transactions worth more than $23 billion. Bob's personal contribution? A staggering sale of over 2,230 buildings and $20.4 billion, setting a record in New York's real estate history. His expertise extends to the realm of development sites, with over 250 transactions and $7 billion in sales under his belt. Post the acquisition of Massey Knakal by Cushman & Wakefield in 2014, Bob continued to excel, earning the title of the top originating investment sales broker globally for three consecutive years. Now at JLL, Bob continues to influence and shape the market. Not just a broker, Bob is also a thought leader, penning his insights in a regular column, “Concrete Thoughts,” for the Commercial Observer since 2009. In this episode, Bob will share his unparalleled insights into the intricacies of New York City's real estate market, discussing the evolution of the industry, his personal experiences in shaping the city's skyline, and his forecast for the future of real estate in the Big Apple. Whether you're a seasoned professional or an aspiring real estate enthusiast, this episode promises a deep dive into the mind of one of the most influential figures in NYC real estate. Digsy Virtual Assistants are a great resource, but people don't hire them because it takes a lot of training, management, and documentation to make them effective. Digsy solves this problem with its fully-managed virtual assistant service. Check them out here. About "Commercial Real Estate School" Welcome to Commercial Real Estate School. Every episode is a lesson featuring some of the top names in the business, sharing insights and expertise to inspire your commercial real estate journey. Our powerhouse guests offer a wealth of expertise, guiding you through the complex commercial landscape and providing actionable insights to fast-track your success. Class is in session. --- Send in a voice message: https://podcasters.spotify.com/pod/show/creschoolshow/message Support this podcast: https://podcasters.spotify.com/pod/show/creschoolshow/support
Welcome to Season 19 of Commercial Real Estate School! This season, I welcome Bob Knakal, Senior Managing Director and Head of New York Private Capital Group at JLL. In this, our final season of 2023, we're joined by the illustrious Bob Knackal, a towering figure in New York City's real estate landscape. As the Head of the NY Private Capital Group at JLL Capital Markets, Bob brings a wealth of experience and unmatched expertise to the table. He's not just a leader; he's a visionary who reshaped NYC's skyline. Bob's journey in real estate is nothing short of legendary. Starting his career in 1984 at CB Richard Ellis, his path led him to co-found Massey Knakal Realty Services with Paul J. Massey Jr. in 1988. Under his leadership, Massey Knakal became New York's #1 building sales firm, closing over 6,000 transactions worth more than $23 billion. Bob's personal contribution? A staggering sale of over 2,230 buildings and $20.4 billion, setting a record in New York's real estate history. His expertise extends to the realm of development sites, with over 250 transactions and $7 billion in sales under his belt. Post the acquisition of Massey Knakal by Cushman & Wakefield in 2014, Bob continued to excel, earning the title of the top originating investment sales broker globally for three consecutive years. Now at JLL, Bob continues to influence and shape the market. Not just a broker, Bob is also a thought leader, penning his insights in a regular column, “Concrete Thoughts,” for the Commercial Observer since 2009. In this episode, Bob will share his unparalleled insights into the intricacies of New York City's real estate market, discussing the evolution of the industry, his personal experiences in shaping the city's skyline, and his forecast for the future of real estate in the Big Apple. Whether you're a seasoned professional or an aspiring real estate enthusiast, this episode promises a deep dive into the mind of one of the most influential figures in NYC real estate. Digsy Virtual Assistants are a great resource, but people don't hire them because it takes a lot of training, management, and documentation to make them effective. Digsy solves this problem with its fully-managed virtual assistant service. Check them out here. About "Commercial Real Estate School" Welcome to Commercial Real Estate School. Every episode is a lesson featuring some of the top names in the business, sharing insights and expertise to inspire your commercial real estate journey. Our powerhouse guests offer a wealth of expertise, guiding you through the complex commercial landscape and providing actionable insights to fast-track your success. Class is in session. --- Send in a voice message: https://podcasters.spotify.com/pod/show/creschoolshow/message Support this podcast: https://podcasters.spotify.com/pod/show/creschoolshow/support
What does success mean to you for your business? In this episode of Weiss Advice, we welcome Robert Knakal. Bob Knakal is a sales broker selling investment properties in New York City since 1984. Bob is currently leading the Private Capital Group for JLL in New York. He started his real estate career in 1984 at CB Richard Ellis where he met Paul J. Massey Jr. They both left CB in 1988 to form Massey Knakal. He was Chairman and Founding Partner of Massey Knakal Realty Services, New York's #1 building sales firm. Tune in to this episode as Robert shares how he has found what success means to him and learned how he has achieved a deep sense of peace from helping others achieve success![00:01 - 00:41] Opening SegmentWe welcome, Robert Knakal!Robert is a sales broker selling investment properties in New York[00:42 - 24:41] How To Set Yourself Apart In Real EstateBeing introspective and working on weaknessesHe is in the information business, not the real estateLenders dealing with problems differently this time aroundMultifamily space has a tremendous demand despite political headwindsBeing a Seinfeld aficionado and having trivia questions about Seinfeld[24:42 - 32:33] THE FINAL FOURWhat's the worst job that you ever had?Worked on a paper routeWhat's a book you've read that has given you a paradigm shift?“Good to Great” by Jim CollinsWhat is a skill or talent that you would like to learn?Learn how to play the pianoWhat does success mean to you?Robert says, “It is achieving a deep sense of peace and that comes from knowing that you did the right thing all the time you help people, you helped other people achieve success.“Connect with Robert Knakal: LinkedIn: Robert KnakalInstagram: @bobknakalnycLEAVE A 5-STAR REVIEW by clicking this link.WHERE CAN I LEARN MORE?Be sure to follow me on the below platforms:Subscribe to the podcast on Apple, Spotify, Google, or Stitcher.LinkedInYoutubeExclusive Facebook Groupwww.yonahweiss.comNone of this could be possible without the awesome team at Buzzsprout. They make it easy to get your show listed on every major podcast platform.Tweetable Quotes:“Clients are really thirsty to find out what's going on in the market because it's so difficult to figure out today. So, I think it's an opportunity for brokers to set themselves apart, really create some good data sets and impart some great advice to clients.” – Robert Knakal“The best way to differentiate yourself is through specialization and become an expert at something.” – Robert KnakalSupport the show
This episode explores life and career lessons from legendary NYC broker Bob Knakal, Head of JLL's New York Private Capital Group.The Crexi Podcast explores various aspects of the commercial real estate industry in conversation with some of the top CRE professionals in the space. In each episode, we feature different guests to tap into their wealth of CRE expertise and explore the latest trends and updates from the world of commercial real estate. In this episode, Crexi's Ashley Kobovitch and guest host Eli Randel, COO of Crexi, sit down with Bob to discuss life lessons, career path decisions, work ethic, and the nuts and bolts of commercial real estate in NYC. Their wide-ranging conversation includes:Introductions and early career choicesFavorite mistakes and essential lessons learned that paved the way for opportunities moving forwardFundamental work ethic tenants, daily habits, and why it's important to be so active on social media and constantly be networkingHow to build and maintain organic client relationships, stay top of mind, and create the most value for your clientsA high-level overview of NYC's commercial real estate market, what trends are emerging, and what investors should consider when looking to make movesAdvice to young brokers navigating the current market cycle And much more!If you enjoyed this episode, please subscribe to our newsletter to receive the very next one delivered straight to your inbox. For show notes, past guests, and more CRE content, please check out Crexi Insights.Ready to find your next CRE property? Visit Crexi and immediately browse hundreds of thousands of available commercial properties.Follow Crexi:https://www.crexi.com/ https://www.crexi.com/instagram https://www.crexi.com/facebook https://www.crexi.com/twitter https://www.crexi.com/linkedin https://www.youtube.com/crexiAbout Bob Knakal:Bob Knakal currently serves as the Head of JLL's New York Private Capital Group.Bob was Chairman and Founding Partner of Massey Knakal Realty Services, New York's #1 building sales firm. He started his real estate career in 1984 at CB Richard Ellis, where he met Paul J. Massey Jr. They both left CB in 1988 to form Massey Knakal.From 1988 through 2014, Massey Knakal closed over 6,000 transactions with an aggregate value above $23 billion. To date, Bob has been personally responsible for selling over 2,000 buildings (generally considered the highest total ever for a single broker in New York) and over $18 billion in sales.In 2014, Cushman & Wakefield acquired Massey Knakal. At Cushman & Wakefield, Bob acted as Chairman of New York Investment Sales. He was ranked the top originating investment sales broker at Cushman & Wakefield globally in 2014, 2015, and 2016. Bob joined JLL in September 2018.Since 2009, Bob has written a weekly column on the New York City real estate market called Concrete Thoughts for the Commercial Observer.
I had the honor of being joined by legendary broker Bob Knakal. I've been a big fan of Bob's for a long time so I was absolutely delighted to have him as a podcast guest! Here are timestamps for our conversation: 0:00 - Introduction 1:15 - The famous baseball card 3:43 - Navigating through tough years 5:53 - Today's market vs past recessions 10:15 - Bob's gameplan for navigating a recession 15:04 - Real estate is a marathon, not a sprint 16:56 - Bob's advice for buyers & sellers 23:25 - Prospecting in a market with fewer deals 26:30 - Bob's cold call strategy 32:15 - A huge success story 37:25 - What makes a good broker? 40:31 - Question from Ron Rohde about vendor relationships 43:40 - Large brokerage vs regional brokerage vs boutique brokerage 47:11 - Technology won't completely displace brokers 48:56 - Rising ocean levels affecting NYC? 51:24 - Does Bob eat Wheaties every morning? 53:04 - Twitter & ReTwit About Bob: As Senior Managing Director in JLL's New York office, Bob leads the New York Private Capital Group. Bob was Chairman and Founding Partner of Massey Knakal Realty Services, New York's #1 building sales firm. He started his real estate career in 1984 at CB Richard Ellis where he met Paul J. Massey Jr. They both left CB in 1988 to form Massey Knakal. From 1988 through 2014, Massey Knakal closed over 6,000 transactions with an aggregate value in excess of $23 billion. To date, Bob has been personally responsible for the sale of over 2,000 buildings (generally considered to be the highest total ever for a single broker in New York) and over $18 billion in sales. In 2014, Cushman & Wakefield acquired Massey Knakal. At Cushman & Wakefield, Bob acted as Chairman of New York Investment Sales. He was ranked the top originating investment sales broker at Cushman & Wakefield, globally, in 2014, 2015 and 2016. Bob joined JLL in September of 2018. Since 2009, Bob has written a weekly column on the New York City Real Estate Market called Concrete Thoughts for the Commercial Observer. Connect with Bob: LinkedIn: https://www.linkedin.com/in/bobknakal Twitter: https://twitter.com/BobKnakal The famous baseball card: https://www.costar.com/article/2049422125/broker-takes-swing-at-combining-his-passion-for-real-estate-baseball-and-statistics -- ⚡ Subscribe: https://www.youtube.com/@industrialize?sub_confirmation=1
As Chairman, NY Investment Sales with JLL Capital Markets, Bob co-leads the investment sales division in New York City. Bob was Chairman and Founding Partner of Massey Knakal Realty Services, New York's #1 building sales firm. He started his real estate career in 1984 at CB Richard Ellis where he met Paul J. Massey Jr. They both left CB in 1988 to form Massey Knakal. From 1988 through 2014, Massey Knakal closed over 6,000 transactions with an aggregate value in excess of $23 billion. To date, Bob has been personally responsible for the sale of over 2,222 buildings (generally considered to be the highest total ever for a single broker in New York) and over $20.4 billion in sales. With respect to development sites, Bob has personally handled the sale of over 250 development site transactions totaling over $7 billion in sales. In 2014, Cushman & Wakefield acquired Massey Knakal. At Cushman & Wakefield, Bob acted as Chairman of New York Investment Sales. He was ranked the top originating investment sales broker at Cushman & Wakefield, globally, in 2014, 2015 and 2016. Bob joined JLL in September of 2018. Since 2009, Bob has written a weekly column on the New York City Real Estate Market called Concrete Thoughts for the Commercial Observer.
FII Fácil Entrevista: Rodrigo Abbud da VBI Real EstatePVBI11Rodrigo Abbud é sócio fundador da VBI Real Estate e está envolvido em todos os investimentos da VBI Real Estate desde sua criação em 2009. Formado em Engenharia pela Escola Politécnica da Universidade de São Paulo, com MBA pela Reading University (UK), College of Estate Management e pós-graduação em Project Management pelo Royal Institute of Chartered Surveyors (UK) e Fellow pelo RICS. Rodrigo iniciou sua carreira em 1994 na Bolsa de Valores de São Paulo. Em 1997 juntou-se à CB Richard Ellis, empresa de consultoria imobiliária, atuando na áreas comercial e de relacionamento com investidores durante 11 anos. #PVBI11 #FVBI11 #LVBI11 #CVBI11 #RVBI11leia o restante do Artigo sobre essa entrevista no site:#fiifacil #cashtfacil #fiitalk #DiogoArantesEntrevista conduzida por Diogo ArantesContato VBI Real Estate:https://www.vbirealestate.com/https://www.vbirealestate.com/pvbi11https://www.vbireits.com.br/ri@vbirealestate.com
Kevin Horek is a Chief Design Officer, UX/UI prototyper, TV/Radio Host, and a published author by Packt Publishing on Zurb's responsive framework, Foundation 5. He studied web development and design at universities across North America, including UCLA and the University of Alberta. His Radio/TV/Podcast, Building The Future, was started to get over a fear of public speaking. Kevin continues to push himself out of my comfort zone by blogging for AlphaGamma, TechZulu, and SOCAP. He also recently emceed SUP-X - The Start-Up Expo and had a live fireside chat on stage with the keynote speaker.For over 26 years, Kevin has been working on web and mobile apps for some of the world's most notable and well-respected organizations. Among them are BMW, Best Buy, Apple, Adobe, Sprint, Eastlink, TD Canada Trust, Qantas Airlines, Emirates Airlines, CB Richard Ellis, Microsoft, The Home Depot, and CalTech
Deb Smith is co-founder and CEO of The CenterCap Group – the ONLY female-founded investment bank focused solely on real estate. At Center Cap, she heads the firm's strategic consulting and M&A execution practices. Prior to founding Center Cap, Deb was a senior managing director of CB Richard Ellis, with $40 billion AUM. Connect CRE selected Deb as a 2021 winner of their Annual Women in Real Estate awards. I had Deb on the podcast this week to share what advice she has from such an impressive (and self-made) career. We discussed: Letting go of negativity Setting high expectations Why confidence is key to success The importance of educators How long-term planning can be detrimental Did you find Deb's advice as inspiring as I did? Find more on her social media! Connect with Deborah Smith Websites:http://www.centercapgroup.com LinkedIn: https://www.linkedin.com/in/deborah-smith-centercap/ https://www.linkedin.com/company/centercapgroup/ Connect with Robyn Crane Website: https://robyncrane.com/ Facebook: https://www.facebook.com/bizgrowth4women/ LinkedIn: https://www.linkedin.com/company/robyn-crane-inc./ YouTube: https://www.youtube.com/c/RobynCrane Instagram: https://www.instagram.com/robyncrane/?hl=en Learn more about your ad choices. Visit megaphone.fm/adchoices
FII Fácil Entrevista: Alexandre Bolsoni da VBI Real EstateLVBI11Alexandre Bolsoni – SENIOR PARTNER: Tem 20 anos de experiência profissional e integra a VBI Real Estate desde 2010. Atualmente é responsável pela gestão do segmento de galpões logísticos. Antes de se juntar a VBI Real Estate, Alexandre integrou a Cyrela, onde atuou no segmento de galpões logísticos, edifícios corporativos e projetos residenciais populares. Anteriormente, Alexandre foi responsável pela gestão estratégica, desenvolvimento, expansões e aprovações de projetos para novas lojas no Walmart para as regiões do Nordeste e Sul no Brasil. Integrou também o departamento de locação comercial na CB Richard Ellis em São Paulo. Alexandre é graduado em engenharia pelo Instituto Mauá de Tecnologia e M.B.A. no Insper – Instituto de Ensino e Pesquisa. Tópicos:LVBI11 - Resultados do Fundo , Vacância e novidades!#PVBI11 #FVBI11 #LVBI11 #CVBI11 #RVBI11#fiifacil #cashtfacil #fiitalk #DiogoArantesEntrevista conduzida por Diogo ArantesContato VBI Real Estate:https://www.vbirealestate.com/https://www.vbirealestate.com/pvbi11https://www.vbireits.com.br/ri@vbirealestate.com---------------------------------------------------------------------------+ EBOOK de INFRA https://fiifacil.hubspotpagebuilder.c...+ APP de FII - BAIXE o APPAPP Store: https://apps.apple.com/br/app/fii-f%C...Play Store: https://play.google.com/store/apps/de...
Bob Knakal is Chairman, Investment Sales with JLL Capital Markets in New York. In this role, Bob leads the investment sales division, focusing on expanding middle-market asset sales in the greater New York region while driving expansion across the firm's institutional business. Bob was Chairman and Founding Partner of Massey Knakal Realty Services, New York's #1 building sales firm. He started his real estate career in 1984 at CB Richard Ellis where he met Paul J. Massey Jr. They both left CB in 1988 to form Massey Knakal. From 1988 through 2014, Massey Knakal closed over 6,000 transactions with an aggregate value in excess of $23 billion. To date, Bob has been personally responsible for the sale of over 2,000 buildings (generally considered to be the highest total ever for a single broker in New York) and over $18 billion in sales. On December 31, 2014, Cushman & Wakefield acquired Massey Knakal. At Cushman & Wakefield, Bob acted as Chairman of New York Investment Sales. He was ranked the top originating investment sales broker at Cushman & Wakefield in 2014, 2015 and 2016. Since 2009, Bob has written a weekly column on the New York City Real Estate Market called Concrete Thoughts for the Commercial Observer. Bob graduated from the Wharton School of Business at the University of Pennsylvania with a bachelor's degree in economics in 1984. In 1999, at the age of 36, Bob was named to Crain's New York Business's Forty Under Forty/New York Rising Stars list for his outstanding achievement in the New York City business community. He is a two-time winner of the Real Estate Board of New York's Robert T. Lawrence Award in the Most Ingenious Deal of the Year contest. In our conversation, we discuss: The importance of prospecting in the commercial investment sales business Why he only represents sellers Why you should be specialized to differentiate yourself to have a competitive advantage Why you should describe the market with statistics instead of adjectives Why Bob doesn't invest in real estate as a broker Enjoy the show! Connect with Robert: LinkedIn: https://www.linkedin.com/in/bobknakal/ Connect with Jeff: https://steezy.digital/ Facebook: https://www.facebook.com/jeffrey.brogger LinkedIn: https://www.linkedin.com/in/jeffrey-brogger/ Twitter: https://twitter.com/jeffbrogger FREE DOWNLOAD: The Ultimate Real Estate Goal Setting Framework This SMART spreadsheet will automatically breakdown the number of phone calls, appointments, or open houses you need to achieve your income goal!!! Click below to download this SMART spreadsheet today! https://steezy.digital/ultimate-real-estate-goal-setting-framework Learn more about your ad choices. Visit megaphone.fm/adchoices
On this episode of #TheGetInTheCashFlowGame, Ahmed Seirafi, Commercial Real Estate Developer, discusses: Discussion Questions: [6:07] How the trend of investing AND developing in Multifamily screws up the market [9:19] The hoops you need to jump through in California as a Real Estate Developer [11:55] Real Estate Developer mistakes you MUST AVOID [13:24] Market Rate Projection - there is a lack of balance and creating a supply and demand issue [17:17] Building UP [29:55] In Real Estate Developing, if you have the money, you will win [32:32] Real Estate Developing Bureaucracy in California [35:54] Masterminds and the power of what they do [41:04] Collaborations with Masterminds and how you can win being a part of them About Ahmed Seirafi: Ahmed Seirafi, founder of Andalusia Development Company, oversees all aspects of the acquisition, disposition, and development processes for Andalusia Development Company. He has led all facets of the business, spanning more than $100,000,000 in commercial assets, primarily in multifamily and retail. A second-generation real estate investor, Ahmed successfully launched the repositioning and has spearheaded substantial growth with acquisitions of value-add multifamily properties and development opportunities since 2015. Ahmed has led Andalusia Development Company in the execution of several development opportunities in its first few years of existence and has been instrumental in growing the development pipeline by 300%. With his expertise and experience, he has consolidated and focused the firm's strategy to the acquisition of value-add and development opportunities, where value can be created through new construction, extensive renovations, hands-on management, and improvement of operating efficiencies. Prior to founding Andalusia Development, Ahmed amassed his comprehensive and expansive level of expertise while serving as senior associate at CB Richard Ellis, as well as leading several projects as vice president of operations at a large commercial contracting company specializing in civic development endeavors. Ahmed's ability to seek out and acquire multifamily and commercial opportunities and his expertise in development has been instrumental in the growth and success of Andalusia Development Company. As an esteemed graduate from California State University, where he earned a Bachelor's Degree in Business Administration with an emphasis on Finance and Real Estate, Ahmed has leveraged his amassed skills, experience and education to enhance and expand real estate projects across an array of specialties, most specifically, in the commercial real estate sector. --- Support this podcast: https://podcasters.spotify.com/pod/show/getinthecashflowgame/support
Is commercial real estate worth my time? Matt Drouin will explain why it is. Matt is a high-performing real estate leader with 15 years of experience in real estate management, development, and brokerage. He specializes in asset turnaround and stabilization of distressed assets, as well as building and developing world-class management teams. Coming from a family that struggled financially during his childhood, Matt vowed to find investment opportunities that would give his own family enough income to buy their needs and wants. He paid our podcast a visit to share his real estate experience and the steps to take for aspiring investors to replicate it. [00:01 - 02:14] Opening Segment Matt Drouin tells us how he jumped into the real estate business What Matt realized about the potential of real estate as an investment [02:15 - 07:38] Investing in Commercial Real Estate The reason Matt is investing in historic buildings Matt reveals how he educated himself about the real estate business What is the number one expense driver in multifamily according to Matt The behind-the-scenes of investing in commercial real estate [07:39 - 12:28] Finding the Right Broker and Tenants How to find the right real estate broker for you Matt shares some tips Protect your investments from inflation with these tips from Matt The asset classes and markets that Matt's team is looking at right now [12:29 - 14:04] Closing Segment Your way to make the world a better place Advocating for financial literacy and empowerment Reach out to Matt See links below Final words Tweetable Quotes “With commercial [real estate], you got to pick up the phone, you got to call, you got to build, you got to work your relationships. So, it's definitely, a full-contact sport, and…you got to be very, very involved.” - Matt Drouin “.Don't jump at the first opportunity that comes to you…you just got to be patient on the leasing end thing there and not get too antsy.” - Matt Drouin “We believe our young people, especially our underserved population, is our greatest investment, so we partner with some nonprofit and also for-profit organizations that offer [financial literacy and financial empowerment] coaching programs to those young people.” - Matt Drouin ----------------------------------------------------------------------------- Email matt@oakgrovecompanies.com to connect with Matt or follow him on LinkedIn. Check out OakGrove Companies to help them in developing communities, one building at a time. Connect with me: I love helping others place money outside of traditional investments that both diversify a strategy and provide solid predictable returns. Facebook LinkedIn Like, subscribe, and leave us a review on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in! Email me → sam@brickeninvestmentgroup.com Want to read the full show notes of the episode? Check it out below: Matt Drouin 00:00 Started building relationships with commercial brokers, there's guys out there and women that have had decades of experience in leasing. It's one, number one most important thing is leasing in commercial. So just getting a pulse on the market, you're going to need to build relationships with commercial brokers anyways, if you're going to get into that field, standard, commercial property and also even mid to large multifamily. Intro 00:25 Welcome to the How to Scale Commercial Real Estate Show. Whether you are an active or passive investor, we will teach you how to scale your real estate investing business into something big. Sam Wilson 00:34 Matt is a partner at OakGrove Development, a real estate investment and development firm with a special focus on value add commercial and residential properties in Rochester, New York. Matt, welcome to the show. Matt Drouin 00:45 Hey, thank you so much for having me on. Sam Wilson 00:46 Hey, man pleasure's mine. Same three questions I ask every guest to come on the show. In 90 seconds or less. Can you tell me where did you start? Where are you now? And how did you get there? Matt Drouin 00:54 So where I started was for family owner occupant property, I was getting kicked out of my dad's house. So I had to find a place to live. And I was a real estate broker at the time. That's where I got my start. I started I got bit by the bug with that when I had, you know, closing that property. I had like 1,800 bucks in rent checks two weeks later. So that's why I got the bug. And I started scaling from there, buying more smaller multifamilies. And then I had my aha moment when I bought my first commercial property back about four years ago. Sam Wilson 01:23 Interesting. Tell me about that aha moment. And what did you buy? Matt Drouin 01:27 Well, my parents were like, struggling financially, my entire childhood. And the one thing that I see are the two things I see, like, Americans, like, that stress them out the most in terms of financial milestones is one, how are they going to pay for their kids' education? And two, how am I going to retire? Right? And so I bought a commercial property with a commercial office building really great location. And that one deal, basically paid for my girls' college education. So like, that's one deal. And I was like, “Damn, it's like, can I find one to fund my wife's retirement?” And so I did that. And I was like, “Man, this deal was easier to close than for family property that by” so that's really when I started, you know, getting interested in scaling to larger deals. Sam Wilson 02:15 Gotcha. That's really intriguing. Yeah, one deal, and you go, hang on. That's it. That's all it was, was one and many more times. Yeah. It's a very empowering feeling. That's really intriguing. So what was the asset class that was in again? Matt Drouin 02:29 That was office. Okay. Yeah, it was a B-class office historic building. Yeah, one of the things if you look at our portfolio, it's a lot of like pretty, old, historic-looking buildings. I have a passion for historic preservation. So that's kind of what we buy. Not the smartest thing to buy from a financial standpoint, I don't think but yeah, we do commercial, we have multifamily, residential. And then we also have some retail, we do a lot of artists studios, as well, we have a, really, really strong arts and cultural scene in our city. So yeah… Sam Wilson 03:00 Got it, man, tha's really, really intriguing. How did you pick that niche? And then how did you educate yourself on it? Matt Drouin 03:07 Well, when I started residential, I thought in order to scale that I needed to, you know, start learning to how to manage larger asset classes. So I got a job with, you know, pretty large property management company. And that's how I got the experience sort of secondhand, you know, not being the actual owner, but managing the property. So that's how I got exposed to that niche. And it was something I, always scared me, because I was like, I've heard, you know, a commercial space goes vacant, it's gonna be vacant for 5, 6, 7, 8, 9, 10 years. And I'm gonna, you know, have to declare bankruptcy and so on and so forth. But it definitely established a comfort level with that. And that, you know, knowing if you purchase a property in a great location, that you'll have no problem finding tenants, it may take you a little bit longer, maybe three months, maybe four months. But you know, you got very, very little turnover with commercial tenants because they're very sticky. So whereas you're buying a residential area, you got people that turn, you know, they basically, you know, buy a house, they move out, so your turnover tenants every two to three years, especially in the markets that we serve, so turnover is the number one expense driver that we witness in multifamily. Sam Wilson 04:15 We're sure. Yeah, your vacancy is one of your biggest numbers you plugged in when you're doing underwriting, you're like, :Okay, how much vacancy we have?” That's really intriguing. How is that asset class on the, you know, B-class historic office buildings? How does that fair in the last couple of years? Matt Drouin 04:29 It's actually fared quite better than anticipated. I mean, when COVID hit, we were like, “Oh, my God office is dead.” And it has changed significantly. However, the buildings that we own where we have office product is primarily its smaller office, think of like, you know, single office suites, executive suites that may be like 200 square feet. We have, you know, two offices with a little reception area for you know what, we have a lot of therapists that that are tenants of ours and stuff like that. So we had to work out some payment arrangements with like a couple of salons. We had tenants that our retail mix, you know, by the time that we negotiated those for rent forbearance agreements, you know, they got, you know, COVID relief and were able to, you know, get current. So thankfully we've been blessed in that matter. Sam Wilson 05:12 Yeah, absolutely. That's really, really intriguing. What are some steps? If somebody wanted to follow in your footsteps and they said, “Hey, man, I want to go out and I want to do B-class office buildings, historic preservation stuff,” where would you tell them to start? Matt Drouin 05:23 I tell them to started building relationships with commercial brokers. I mean, there's guys out there and women that have had decades of experience in leasing, it's one, number one most important thing is leasing in commercial. So just getting a pulse on the market, you're going to need to build relationships with commercial brokers anyways, if you're going to get into that field, standard, you know, commercial property, and also even mid to large multifamily. It's not stuff that's listed in the MLS or multiple listing services is listed. For the most part privately, you know, brokers will not put their stuff out on LoopNet. First, typically, they'll you know, go to their A, B and C list first, before it hits LoopNet. So those relationships are gonna be important. And our community at least, our brokerage community is like very, very abundance mindset-oriented with a lot of brokers I work with, so they're more than happy to consult with somebody one on one. So… Sam Wilson 06:15 Right. Yeah, that's really, really intriguing. I love that. And so you said one of the things you said to look out for is the leasing side of it. How do you educate yourself on what makes a good tenant? Or do you just put that off onto the broker? Matt Drouin 06:26 So I have my real estate license, I'm a real estate broker. So I do probably most of our companies leasing. I think it's definitely a few different parts of that. The reason why leasing is the most important is that the development company has to work for, we wouldn't have properties that were just vacant for months and months and months. And I was like, why is this vacant? And the reason why it was because there was nobody putting the effort behind leasing it. Right. You know, leasing as a full-contact sport, it requires you know, it's not like an apartment, a lot of times it's just a commodity, you put it up on Craigslist, apartments, calm Zillow, Trulia, and you got, you know, 10, 15 people that want to see the apartment that week, and you get a lease out of it. With commercial, you got to pick up the phone, you got to call, you know, you got to build, you know, you got to work your relationships. So it's definitely, definitely a full-contact sport. And that's really, you know, you got to be very, very involved. And that's a lot what we do in terms of our marketing efforts is that building relationships, not only with my own tenants, but with also prospective tenants in terms of I got an office building, I'm out there, basically, getting to know business owners, you know, finding what their space needs are finding what their long-term growth plans are because their lease is going to be up at some point in time, and their current space might not fit them well. So that's what we do. Sam Wilson 07:39 Right? That's really interesting that you say that it is a full-contact sport. What are some things someone could do if they didn't want to take on the leasing role in-house? Matt Drouin 07:50 Finding the right broker, that services, that type of product that you're looking to lease. So you don't want to hire a residential real estate agent or the real, residential real estate agent, used to buy your house to list an office or retail space for you, you may have a relationship with them, but they don't have the relationships out in that particular community in order to yield the best results for you. Also, on the commercial end of things, I mean, there's brokers I know with CB Richard Ellis that they specialize in industrial properties, there's a guy that specializes in just retail, so you want to be matched up with that one. And also you want them to be matched up with the right size as well. So if you got a broker that's you know, specializes in you know, leasing 20,000 square foot spaces, and work in a really big deals, that 200-square-foot office that's in your building is not going to be a very high priority. So you want to make sure that you're matching up with the right product with the right broker as well. Sam Wilson 08:45 Gotcha. What are some things you guys are doing in leases right now. I know inflation is a big topic, what are some things you guys are doing to kind of protect yourself from the inflationary environment we're in? Matt Drouin 08:53 So we have a couple of different tenant classes, we have our larger commercial tenants, right? Those ones are more used to expense escalators sharing an expense increases. And we have some properties where we have operating expense escalators in there so that if operating expenses go up, then the tenant has to share and that expense on a pro-rata basis how much square footage they occupy. Your mom and pops that are leasing a singular office you start putting in length, you know lease language on tax escalators and insurance escalators and this that the other thing you're gonna scare them the hell away. So that when you just want to make sure you're building in, you know, automatic rent increases throughout your lease term. Typically, those tenants are not going to be signing a 10-year deal with them. Now you may be signing like a two to three-year deal. So if inflation gets out of control, if your real estate taxes go way up. Now the lease renewal is coming up soon you can negotiate that rent increase to make yourself whole on the back end. And you know, you may be behind a little bit for a year or two but a year is not a long time I've learned so… Sam Wilson 09:58 That's really really intriguing. What are other things you've done on the leasing side that have changed over the years where you say, Hey, I used to do it this way. And I learned a lesson the hard way. And now I do it this way? Matt Drouin 10:09 Taking my time with prospects, you know, especially you've had a, I've had some restaurant spaces that had been vacant for God, six months to a year and our mix. And the phone's not ringing off the hook for those spaces, right. So you know, the moment you get somebody that wants to space, you want to make sure that all right, you're kind of getting married to this person, especially if you're doing some tenant improvements, or if you're signing a long-term lease with them. Don't jump at the first opportunity that comes to you. And I found that, you know, when I bet at my most desperate moment is to like, who is going to take this space, after I passed, you know, passed over three or four, I get my like, golden tenant prospect that comes in, so you just got to be patient, you just got to be patient on the leasing end thing there and not get too antsy. Sam Wilson 10:53 Right, man? Yeah, I'm sure you have plenty of times where you've taken the wrong tenant and go, “Oh, slow down, slow down this is absolutely intriguing.” What are you guys looking to buy right now? And then if you don't mind sharing why. Matt Drouin 11:08 So what we're looking to buy right now is properties that are in Rochester, New York. I mean, that's really where we have a really deep rich understanding of our markets. Like I say, we'd like to buy, you know, some properties that have historic value to it, that look really pretty like that, you know, we have so many properties that have such rich history, it's in our region. And then in terms of product, I mean, definitely, we're a little bit hesitant on retail right now, we don't know where that's heading on a smaller office. I mean, we're all in on smaller office, we are looking at industrial properties as well warehouse properties. We don't see that going away anytime soon. But we're also looking at, you know, we've looked at some multifamily deals, but you know, definitely looking to be more on the B to a class type properties there. You know, working class, lower income tenants got hit especially hard with COVID. And also the laws changed significantly in New York state comes to landlord versus tenant rights in terms of collecting rent. So certainly if, you know, if we're providing a product or service, we want our customers to, you know, to pay and be able to, you know, hold them accountable for not paying, sorry. Sam Wilson 12:10 That's absolutely intriguing, Matt, thanks for taking the time today to break down kind of where you guys started, how you got there. And then it's really some nuances on the lease leasing side of things. That was a fun part of this conversation I didn't expect to get into I learned a lot myself. So thanks for breaking that down towards let's jump here. Excellent. Into the final two questions. First one is this when it comes to investing in the world, what is one thing you're doing right now to make the world a better place? Matt Drouin 12:34 What we do is, we believe in financial empowerment. So what we do is, we fund scholarships for financial literacy and financial empowerment programs for our young people. I mean, we believe our young people, especially with our underserved population, our greatest investment, so we partner with some nonprofit and also for-profit organizations that offer those coaching programs to those young people. Sam Wilson 12:57 That's cool. I love that. Matt, If listeners want to get in touch with you or learn more about you, what is the best way to do that? Matt Drouin 13:02 Definitely, go to our website, if you are on the fence about getting into larger-scale commercial real estate, I have a how-to guide along with documenting my experiences through that and sort of a, you know, a step-by-step process in terms of how to get in that vein. So if you subscribe to our newsletter, I'll shoot that over to you. It's a little ebook. So if you go to www.OakGrovecompanies.com, that's O-A-K, G-R-O-V-E, companies dot com and I'd be happy to send that over to try to add some value and help you not be scared so… Sam Wilson 13:34 That's fantastic. Matt, thank you for your time today. I do appreciate it. Matt Drouin 13:38 Yeah. Thanks, Sam. I appreciate it. Sam Wilson 13:40 Hey, thanks for listening to the How to Scale Commercial Real Estate Podcast. If you can do me a favor and subscribe and leave us a review on Apple Podcasts, Spotify, Google Podcasts, whatever platform it is you use to listen, if you can do that for us, that would be a fantastic help to the show. It helps us both attract new listeners, as well as rank higher on those directories. So I appreciate you listening. Thanks so much and hope to catch you on the next episode.
In this episode, David is joined by Warren Ebert the founder and CEO of Sentinel Property Group. A group that has secured over $2bn of property transactions, whilst delivering IRRs across these assets of close to 20% p.a. Warren's in-depth knowledge of all property sectors, supported by the specialist skills and analysis of the wider Sentinel team, is central to the group's proven buying and value-adding strategy. He established Sentinel Property Group after more than 20 years' high-level experience in the property industry, during which time he was responsible for a wide range of landmark commercial property developments and transactions. He was formerly a director of commercial development at Citimark Properties Pty Ltd, a consultant to Property Funds Australia Limited, a director of retail projects at PRD Realty, and director of commercial developments at CB Richard Ellis.
He is a rock star when it comes to all things, marketing, and all things Commercial Real Estate, he's really kind of pioneered the way to recall the future-proofing your business as well as in your marketing. He's a nationally recognized leader and content creator in the Commercial Real Estate, Retail Restaurant, Franchise, and Digital Media Spaces. He actually started his Commercial Real Estate career in 2001, a real estate salesperson, and he happened to secure the Starbucks coffee account in Long Island, New York.He shortly thereafter discovered support light while visiting friends in Los Angeles and helped design and execute their early New York expansion. He went on and pursued. He was pursued by CB Richard Ellis, and he became an integral part of their retail services team in 2007. And then, fast forward to 2010 he left CB Richard Ellis to start Sabre a premier cloud-based national commercial real estate firm.In our conversation, we discussed:Future-proofing of business and why is it importantWhy wouldn't I join eXp and what would be the reason?Connect with Jayson Sianohttps://www.expertcresecrets.com/episode53Love the show? Subscribe, rate, review, and share!Here's How »Join the Expert CRE Community today:expertCREsecrets.comeXpert CRE Secrets FacebookeXpert CRE Secrets Youtube
He is a rock star when it comes to all things, marketing, and all things Commercial Real Estate, he's really kind of pioneered the way to recall the future-proofing your business as well as in your marketing. He's a nationally recognized leader and content creator in the Commercial Real Estate, Retail Restaurant, Franchise, and Digital Media Spaces. He actually started his Commercial Real Estate career in 2001, a real estate salesperson, and he happened to secure the Starbucks coffee account in Long Island, New York.He shortly thereafter discovered support light while visiting friends in Los Angeles and helped design and execute their early New York expansion. He went on and pursued. He was pursued by CB Richard Ellis, and he became an integral part of their retail services team in 2007. And then, fast forward to 2010 he left CB Richard Ellis to start Sabre a premier cloud-based national commercial real estate firm.In our conversation, we discussed:What is future-proofing your business and why it's important?Why wouldn't I join eXp and what would be the reason?Connect with Jayson Siano:https://capitalgainstaxsolutions.com/future-proofing-your-business-with-jayson-siano/Love the show? Subscribe, rate, review, and share!Here's How »Join the Capital Gains Tax Solutions Community today:capitalgainstaxsolutions.comCapital Gains Tax Solutions FacebookCapital Gains Tax Solutions Twitter
Go follow him on Instagram @ahmedbuildsbetter Ahmed10k.com #ibuildbetter Ahmed Seirafi, principal of Andalusia Development Company, oversees all aspects of the acquisition, disposition, and development processes for Andalusia Development Company. He has led all facets of the business, spanning more than $100,000,000 in commercial assets, primarily in multifamily and retail. A second-generation real estate investor / developer, Ahmed successfully launched the repositioning and has spearheaded substantial growth with acquisitions of value-add multifamily properties and development opportunities since 2015. Ahmed has led Andalusia Development Company in the execution of several development opportunities in its first few years of existence and has been instrumental in growing the development pipeline by 300%. With his expertise and experience, he has consolidated and focused the firm's strategy to the acquisition of value-add and development opportunities, where value can be created through new construction, extensive renovations, hands-on management, and improvement of operating efficiencies. Prior to founding Andalusia Development, Ahmed amassed his comprehensive and expansive level of expertise while serving as senior associate at CB Richard Ellis, as well as leading several projects as vice president of operations at a large commercial contracting company specializing in civic development endeavors. As an esteemed graduate from California State University, where he earned a Bachelor's Degree in Business Administration with an emphasis on Finance and Real Estate, Ahmed has leveraged his amassed skills, experience and education to enhance and expand real estate projects across an array of specialties, most specifically, in the commercial real estate sector. Topics include but are not limited to: Value of a real estate license Commercial real estate broker Passive income Finding investors Importance of long term vision and planning for future College all about relationships and experience, not so much education _________ Listening is free and ad free, the only cost is an obligatory cost. If you get value from this episode, then you are obligated to follow/subscribe, rate it, and share this episode with people you think would benefit from hearing this content by sending them over to GoLeadEverything.com to learn more. If you do not get value, then no sharing required and listening is completely free. It has been amazing to hear about all the individuals who listen to and are getting value from the content here at GLE. For more great content daily, follow me on Instagram and Twitter @realPhilSwanson, Facebook and LinkedIn, @PhilSwanson, and for videos of these episodes and other great video content daily, subscribe to the Phil Swanson channel on YouTube. https://www.youtube.com/channel/UC5S-dwXUPO-9yIEszIIRU0A Thank you for your support, you are the reason we do what we do. See you next time, and Go Lead Everything. Soundtrack Credit: Hot Coffee – Patrick Patrikios Copy embed
FII Fácil Entrevista: Alexandre Bolsoni da VBI Real EstateLVBI11Alexandre Bolsoni – SENIOR PARTNER: Tem 20 anos de experiência profissional e integra a VBI Real Estate desde 2010. Atualmente é responsável pela gestão do segmento de galpões logísticos. Antes de se juntar a VBI Real Estate, Alexandre integrou a Cyrela, onde atuou no segmento de galpões logísticos, edifícios corporativos e projetos residenciais populares. Anteriormente, Alexandre foi responsável pela gestão estratégica, desenvolvimento, expansões e aprovações de projetos para novas lojas no Walmart para as regiões do Nordeste e Sul no Brasil. Integrou também o departamento de locação comercial na CB Richard Ellis em São Paulo. Alexandre é graduado em engenharia pelo Instituto Mauá de Tecnologia e M.B.A. no Insper – Instituto de Ensino e Pesquisa. Tópicos:LVBI11 - Resultados do Fundo , Vacância e novidades!#PVBI11 #FVBI11 #LVBI11 #CVBI11 #RVBI11#fiifacil #cashtfacil #fiitalk #DiogoArantesEntrevista conduzida por Diogo ArantesContato VBI Real Estate:https://www.vbirealestate.com/https://www.vbirealestate.com/pvbi11https://www.vbireits.com.br/ri@vbirealestate.com---------------------------------------------------------------------------+ Aula: Os melhores fundos imobiliários ⬇️https://curso.fiifacil.com.br/aula-li...+ APP de FII - BAIXE o APPAPP Store: https://apps.apple.com/br/app/fii-f%C...Play Store: https://play.google.com/store/apps/de...
Professional Experience Stan Stouder has been successful since 1981 in the Southwest Florida real estate market as a broker, corporate site selector, investor and developer. Stan holds a Bachelor of Science degree in real estate from Indiana University, the CCIM designation, and is a Master Practitioner of Neuro-Linguistics Programming. Stan was a founding partner of the Lee, Collier and Charlotte county offices of CB Richard Ellis from 1998–2012. In 2012, he again became a founding partner, this time of CRE Consultants, which provides strategic advice, sales and leasing, property management, research and consulting for owners of commercial properties that include industrial, office, retail, multi-housing and land. Stan's real estate acumen is demonstrated as a perennial top producer, speaker, award-winning author, TV show host and advisor on sundry community and professional boards. He speaks on business principles throughout the United States and internationally.
FII Fácil Entrevista: Rodrigo Abbud da VBI Real EstatePVBI11Rodrigo Abbud é sócio fundador da VBI Real Estate e está envolvido em todos os investimentos da VBI Real Estate desde sua criação em 2009. Formado em Engenharia pela Escola Politécnica da Universidade de São Paulo, com MBA pela Reading University (UK), College of Estate Management e pós-graduação em Project Management pelo Royal Institute of Chartered Surveyors (UK) e Fellow pelo RICS. Rodrigo iniciou sua carreira em 1994 na Bolsa de Valores de São Paulo. Em 1997 juntou-se à CB Richard Ellis, empresa de consultoria imobiliária, atuando na áreas comercial e de relacionamento com investidores durante 11 anos. Tópicos:Aquisição do Union Faria Lima: Racional e Preço ? Mercado de Lajes nos FIIs com Preço/m² bem abaixo do Mercado real. Oportunidade e pontos de alerta para o investidor#PVBI11 #FVBI11 #LVBI11 #CVBI11 #RVBI11leia o restante do Artigo sobre essa entrevista no site:#fiifacil #cashtfacil #fiitalk #DiogoArantesEntrevista conduzida por Diogo ArantesContato VBI Real Estate:https://www.vbirealestate.com/https://www.vbirealestate.com/pvbi11https://www.vbireits.com.br/ri@vbirealestate.com
FII Fácil Entrevista: Alexandre Bolsoni da VBI Real EstateLVBI11Alexandre Bolsoni – SENIOR PARTNER: Tem 20 anos de experiência profissional e integra a VBI Real Estate desde 2010. Atualmente é responsável pela gestão do segmento de galpões logísticos. Antes de se juntar a VBI Real Estate, Alexandre integrou a Cyrela, onde atuou no segmento de galpões logísticos, edifícios corporativos e projetos residenciais populares. Anteriormente, Alexandre foi responsável pela gestão estratégica, desenvolvimento, expansões e aprovações de projetos para novas lojas no Walmart para as regiões do Nordeste e Sul no Brasil. Integrou também o departamento de locação comercial na CB Richard Ellis em São Paulo. Alexandre é graduado em engenharia pelo Instituto Mauá de Tecnologia e M.B.A. no Insper – Instituto de Ensino e Pesquisa. Tópicos:1-História do LVBI11Emissões do Fundo e Ativos do Fundo2-Emissão: Caixa de Fundo (22,4% - 314,6 MM). Estrutura da última Aquisição (Betim e Jandira). Expansão de Betim ?Alavancagem: Baixa 9,93% em relação ao Ativo. Pq alavancar se tem o Caixa ? 3-Araucária (saída da DHL): nova locação MGLU34-Desafio durante a Crise do Covid.Como foi? diferimento? E o COVID 2021, atualmente algum Locatário solicitou diferimento ?5-Perspectivas futuras do Mercado de Logístico. LVBI11 olha ativo no Norte e Nordeste ?6-Taxa de Juros em Alta e Piora nas expectativas futuras. Impactos na Alavancagem (dívida) e Preço do m² do Aluguel dos Ativos !#PVBI11 #FVBI11 #LVBI11 #CVBI11 #RVBI11#fiifacil #cashtfacil #fiitalk #DiogoArantesEntrevista conduzida por Diogo ArantesContato VBI Real Estate:https://www.vbirealestate.com/https://www.vbilog.com.br/Default.aspxhttps://www.vbirealestate.com/pvbi11https://www.vbireits.com.br/ri@vbirealestate.com
This week on Leading Voices in Real Estate, Matt is joined by Jeff Berkes, President and Chief Operating Officer of Federal Realty Investment Trust. Founded in 1962, Federal is one of the oldest US REITs and is focused on the ownership, operation, and development of high-quality retail properties—from grocery-anchored shopping centers to large-scale mixed-use neighborhoods. As a non-mall retail owner, Federal has seen continued stability and success, despite the challenges of COVID and the realignments in the retail real estate sector due to the impact of e-commerce. Jeff shares Federal's “secret sauce” of building mixed-use projects with retail, office, and residential to help drive the organization's success and innovations and how Federal has worked with core tenants, including the hard-hit restaurants and retailers, to cope with the challenges of operating during the COVID shutdowns.Jeff is responsible for leading Federal's day-to-day property operating functions, including leasing, development, asset management, and acquisitions, on both the East and West Coasts.Jeff joined Federal in 2000 as chief investment officer, and in 2011, became president, Western Region, where he was charged with growing the company's presence on that coast. During the period between 2011 and 2019, the property operating income of Federal's West Coast portfolio more than doubled, representing over 10% compound annual growth.Prior to joining Federal, Jeff was vice president of acquisitions and finance for Velsor Properties, a Northern Virginia-based private real estate investment firm. He served as director of acquisitions for Federal from April 1997 to August 1998. Prior to that, he was vice president of acquisitions for Heitman Financial/JMB Institutional Realty Corp. He also worked as a loan officer for ITT Real Estate Services and as a regional investment analyst for CB/Richard Ellis prior to joining JMB.Jeff has an undergraduate degree in finance and real estate from University of Denver and a master of business administration in international finance from George Washington University. Jeff is an active member of The George Washington University Center for Real Estate and Urban Analysis Advisory Board, the Urban Land Institute (ULI), and the International Council of Shopping Centers (ICSC).
Hey everyone!We just launched a new episode with the incredible Ahmed Seirafi.Ahmed is the founder of Andalusia Development Company, where he oversees all aspects of acquisition, disposition, and development. He has led all facets of the business, spanning more than $100,000,000 in commercial assets, primarily in multifamily and retail.Ahmed has led Andalusia Development Company in the execution of several development opportunities in its first few years of existence and has been instrumental in growing the development pipeline by 300%. With his expertise and experience, he has consolidated and focused the firm's strategy to the acquisition of value-add and development opportunities, where value can be created through new construction, extensive renovations, hands-on management, and improvement of operating efficiencies.Ahmed has also served as senior associate at CB Richard Ellis and led several projects as vice president of operations at a large commercial contracting company specializing in civic development endeavors.Ahmed's ability to seek out and acquire multifamily and commercial opportunities and his expertise in development has been instrumental in the growth and success of Andalusia Development Company.Listen in now!Connect With Ahmed SeirafiWant to check out what Ahmed is working on? Follow him on Instagram at @ahmed.the.realestate.broker!Want to Learn More About Multifamily Real Estate Investing?On Mach 25-26, we're holding a FREE virtual training on how to buy large multifamily properties without using your own money... while getting other investors to pay YOU for your deals.When you understand how to structure a multifamily syndication, you can make money twice on every deal... when you enter the deal and when you exit, plus passive income every month.We're breaking down how these deals work and how you can get started in large multifamily properties on March 25-26! Anyone is welcome to attend, and since it's virtual, you don't have to travel or spend time away from family.Sign up for the Multifamily Live Virtual Summit below.- CLICK HERE: MFVirtualSummit.comSee you there! See acast.com/privacy for privacy and opt-out information.
Show Links The Proxy Activism Project A New Model For Shareholder Activism (Blog) A New Model For Shareholder Activism (YouTube) A New Model For Shareholder Activism (Eric Schleien / John King) Netflix, Sears, and Tribal Leadership (Eric Schleien / John King) How To Keep Large Companies Innovative (Eric Schleien / Scott Forgey) Eric Schleien discussing Tribal Leadership Eric Schleien discussing Activist Investing CBRE Case Study - Tribal Leadership Comparing Transformational & Transactional Leadership (Eric Schleien) Cultural Issues In The Hospital Industry (Eric Schleien) Took 9 Years To Develop ProxyActivism is a project that has taken 9 years to create over the course of thousands and thousands of hours to develop, and finally launch. This blog post will go into the background into how ProxyActivism came to be, our process, how I see this project unfolding, and how you as a value investor can be involved (and no, for all you cynical fucks, I'm not trying to sell you something) The Initial Insight My idea for ProxyActivism started when I did an ontological leadership program with a former Vice President of Disney who decided to quit his job and devote the rest of his life to empowering people. I got more in a few days of intense Socratic style inquiry than in all the years of reading books combined. As someone who relied on books to “get ahead” this was a completely new paradigm for me. Within the next few months, my income tripled, I repaired relationships with the people around me, and produced many more results. I figured there must be some application to business as well. And it turned out my intuition was right. The company had a consulting arm. The consulting arm of the organization was recently named one of the top consulting companies in the world by Forbes. At a lecture I attended at NYU, the preliminary internal data at the company was that their average client experienced a 600% increase in profits within 12 months. I thought to myself, “I wonder if I could combine ontological coaching with shareholder activism?” A Zero Competition Game I figured this must have already been done and figured I would go work for a hedge fund already doing this and get some experience under my belt. However, after searching, I could not find a single hedge fund that was doing activism this way. Even the funds that talked about so-called “transformations” at companies - were really just doing more “change management consulting” and not actually anything transformational. Nothing wrong with that, just not as reliable or as effective. So I became very frustrated that I could not find a single hedge fund playing this game called transform companies. I knew I was missing something. Every single business study on this kind of work showed results that any shareholder activist would be salivating over, this was clear alpha, and a low competition game with very high barriers to entry. (If the barriers to entry were low, I would not be writing about this or even talking about this). Why Is Nobody Already Doing This? I knew I was missing something but couldn't figure out what. This was the best idea I ever had in my life for a business and also seemingly the lowest hanging fruit. I just couldn't get why nobody had taken this on before. And then it became quite clear. I called 37 different hedge funds or investment managers that were engaged in some kind of activism. I was excited and figured they would all be competing for me to implement this idea at their fund. I had this vision that I would develop this business as a fund, make a ton of money, and make a ton of people (including myself) extremely successful in this world. These “so-called” rational people however became quite cynical. Not skeptical and open. Cynical and closed off. I couldn't believe it. Some of them told me this was not their wheelhouse and they were going to stick to what they already knew. Ok fine, I can get that. But an unwillingness to learn something new? Whatever happened to expanding the circle of competence in a low-risk manner that would not take up a lot of time? Interesting. However, there were also managers that told me it sounded like bullshit, that the results sounded too good to be true. I asked them if they wanted me to share with them all the independent case studies out there. Not one person was interested. The Challenge: Combining Two Domains Now I was intrigued. Ontological coaching is so outside the realm of these managers because you can't measure it directly as a function of cause and effect. I started to see that all business management tools and techniques were based on cause and effect and that these managers, while extremely smart at reading numbers or learning about different management techniques, were also completely immature around their thinking when it came to leadership, ontology, and anything transformational in nature. They were inappropriately trying to apply their pre-existing models for management techniques onto a leadership conversation as that was their box of awareness/logic system. Anything outside of that - it was like their thinking-brain just shut down and their survival-lizard brain went into automatic. It was outstanding to watch very intellectually smart people start spewing nonsense trying to make sense of something they had no understanding of into other models that were not relevant to this conversation. Long-story-short, they were unable to or unwilling to get it -- regardless of decades worth of data and case studies. I figured, fuck these guys, I'll just work with consultants who already have a great track record of transforming businesses and share with them how doing the work they are already doing in the context of a fund structure would be much more lucrative than charging a rate on their time. The first person I went to was the CEO of this large consulting arm that had a several-decade long track record of doing ontological/transformational work with businesses, many that are in the billions of dollars in market cap. The CEO was extremely friendly on the phone with me but he flat out said that his company was going to stick to what they do best and not get involved in investing or starting a fund which he saw akin to gambling and “playing the market”. Fuck…... Was this why the idea hadn't been done before? I reached out to another woman I knew who for 20 years had been producing amazing results with very large businesses charging $5,000/hour for her services. I spent a month outlining an entire business plan and then did a call with her presenting her with the idea. I again explained how if she did what she did in a fund structure she'd make more than her already lucrative $5,000/hour and would be able to generate even more business as the stock price performance would be worth more in marketing than anything she was currently able to do right now. I wanted her to be the woman that when a guy like Bill Ackman or Carl Icahn needed extra support, they could give her a call. She told me that she wanted to stick to what she was good at and not get involved in the stock market or hedge funds. Holy fucking shit!!!!!! It was becoming very clear to me why this had never been done before. The ontological coaching world didn't know shit about investing and their brains would shut down. They were more akin to getting involved with startups, sexy industries, and today would be into things like Crypto and 3D printing. Again, all worthy pursuits but not to combine value investing/shareholder activism/ontological coaching together. Resignation & Cynicism On the flip side, many great investors are great because they are resigned and cynical by nature. Where is management lying to me? How are the books being cooked? Even people reading this article, many great investors may be reading this with their automatic little inner voice saying something like (where is this guy going to try to sell me something or bullshit something). The cynicism is great or investing and looking at raw data, however, it's horrible for relationships, partnering with others, leadership conversations, creativity, and innovating. They see no or little possibility. Great for investing in a timber company at a huge discount to their land, not so great for transforming a company that doesn't involve some cookie-cutter management tool that you can neatly fit inside a spreadsheet. I felt completely defeated. I needed a lot of capital to get this off the ground yet no fund with the capital to do this would even listen to me or attempt to get it. I also needed an ontological coaching skillset to do this. Nobody with a track record in this realm understood value investing and wanted nothing to do with it despite the fact that they were more effective activists than any of the famous hedge fund activists (yet they didn't even realize how valuable their skillset was). It's like a biochemist who ends up realizing they can make a ton more money also consulting for a biotech hedge fund yet they want nothing to do with the stock market. Similar idea. It was also daunting because to get a background in ontological coaching would take many years of intense training, it wasn't some horseshit thing I could do online and get a bullshit life-coaching certificate in a month. Fuck fuck fuck. Finding A Needle In A Haystack In one last desperate attempt, I posted a message on Facebook that said something like: “I'm working on a huge project where there is a lot of money involved for the success of this. I need someone who has a background in ontological/transformational coaching, has worked with many businesses over 10+ years, and has a successful track record at doing it” I figured with everyone I was connected to on Facebook who was part of this industry, someone would know somebody who I could connect with. All I needed was one person to get it. I figured it I found one successful consulting firm or coach to get this, then I could either get their former clients to invest in a fund we start or introduce their former clients to some of these cynical hedge fund managers to get them to see this wasn't some bullshit motivational garbage horseshit thing I was trying to sell them on (also funny because I wouldn't even make money unless there was actually success the way this project is structured...but again….their preconceived belief systems overrode any kind of logical and rational thinking). Meeting John King: Tribal Leadership Within 24 hours, the messages started coming in. Eventually that led me to a guy who then introduced me to John King the creator of Tribal Leadership who co-wrote a book about his technology with a professor at USC, Dave Logan who started CultureSync. I loved John. He reminded me of Charlie Munger with his intellectual thirst, his independent way of thinking, and his non-stop learning, reading, studying. Like Munger, the guy was a genius (even though he will refuse to let me call him that), and he is a polymath who has the capacity to take principles from one field and synthesize them with another field to come up with completely new insights for looking at the world. When I shared with John how much he reminded me of Munger, he told me he was a huge fan of Charlie and also a lover of mental models. This was my kind of guy. Over the next 5 years he spent countless hours training me to be able to deliver his Tribal Leadership work. Finally I had found a form of ontological coaching I could build the skillset to deliver, I could find people around me who could also deliver this work and now all I needed was a fund manager to supply some capital. I asked John if he would let me speak to some of his former clients to start getting testimonials together that I could share/use as a resource for fund managers I speak to. He said he would be happy to do that as long as he got consent from the clients first. All of his former clients he asked were happy to give him consent. I ended up speaking to people such as the Founder/CEO of 1st Service Solutions, Ann Hambly to the creator of the Private Client Group at CB Richard Ellis and former head of Colliers International for all of North America, Glen Esnard. I also ended up meeting through John, the guy who created the culture and foundational work at Lululemon when it was just 4 people and who now coaches VP's at Google, LinkedIn, and PayPal. Each person I spoke to was fascinating and knew I wanted to work with them on this project if I could in some capacity. They all got what I was attempting to do. Meeting Chuck Gillman My big break came around 2017/2018 when I was in Omaha, Nebraska at the Berkshire Hathaway meeting and was attending the annual party I go to every year hosted by Whitney Tilson and Chuck Gillman. I had been going every year since I was 18 and had gotten to know both of them. Chuck has an outstanding track record as a shareholder activist. He runs a family office and only invests in microcap situations where he can do activism. He focuses solely on that. I had shared with Chuck that I had a team of people that I partnered with who had a background in turning around companies focusing on organizational culture and that a year 10 longitudinal study showed an average increase of 3-5x in profits within 24 months of organizations doing the work. Chuck was intrigued and had the humility to get that he had no idea how the technology worked and was completely outside of his circle of competence yet was totally willing to listen for as many hours as it took to understand the process, how it worked, and get a good handle on what we wanted to do. He immediately saw the opportunity where others didn't. I introduced him to John King on the phone and he was immediate impressed by some of the formers examples of organizations that had used this work such as the private client group of CB Richard Ellis which seemed to defy industry tailwinds during an extremely difficult time for the industry and also Zappos which Tony Hsieh shared about his influence of Tribal Leadership on the company in his book Delivering Happiness and now gives out copies to all his employees. Today I have a pretty deep bench of trained Tribal Leaders with long track record of executive experience and turning around companies that are ready to get on boards when duty calls. Going Forward: Our Process This is what our process looks like going forward. Identity Microcap Targets The first step is simply identifying companies that we could bring Tribal Leadership into the organization. This is extremely difficult and the hardest part. The criteria are very strict. The market cap of the company must be under $400 million and ideally below $200 million. On top of that, management must own 10% of the stock or less. Then the management must be underperforming for a long period of time due to incompetence and mismanagement or simply because they're corrupt. Talk To Existing Shareholders However, we do things a bit unconventionally. Instead of taking a position and then attempting to wage a proxy battle, we first start talking to existing shareholders that already own a lot of stock. If we win the election, we then buy a lot of stock in the open market. Yes, it caps our upside but it also limits our downside if the election doesn't turn out. This is what Chuck has been doing for several decades and it's a very low-risk and patient approach to being successful and getting people onto a board where there's activism opportunity. Chuck spends most of his time networking with people who invest in small and microcap stocks with the idea that at some point a small percentage of these people will reach out to him with a company that has been underperforming and management won't work with them or take any of their ideas and this is a last resort. Now, partnering with Chuck, I have been taking calls on a weekly basis with shareholders from all over the world and it's been a fascinating and fun experience to meet so many intelligent and interesting people both here in the United States and abroad. Screening Candidates The next step is I examine the business model to see if I deem it a candidate for Tribal Leadership. There are some businesses where there really isn't a shot at being able to do anything. However, often what looks like a strategic issue or mismanagement issue is merely a cultural issue. When you move organizations from Stage 2/Stage 3 to Stage 4 - the managerial strategies and behaviors naturally alter naturally as a function of the new culture and profits increase by a factor of 300% - 500% within 2 years. Results start showing up in as little as 6 months. If the company seems like a fit, the next step is to call major shareholders and see if they are interested in seeing change and interested in new board members who will be aligned with shareholders. If any of our team gets on the board, the salaries will be extremely low and we will be incentivized with out of the money options. Chuck has a long track record of being friendly towards shareholders once he and/or his team gets on the board. This will be no different….(remember I'm not re-inventing the wheel here...just combining two wheels to create an ultra-wheel). Paying Legal Expenses & Getting On The Board Then the next step is we will pay all the legal expenses of the Proxy Battle and we will do it knowing we already have the support of large shareholders. If we know they will vote for our slate, we will spend the money to make it happen. Once the new board members get elected who already are trained in or have experienced Tribal Leadership for themselves, the next step is actually transforming the culture of the organization. Reorganization One of the wonderful things is that this does not require reorganization of any kind. The current structure and configuration of a company work well with Tribal Leadership because the kinds of benefits are in management and leadership capacity and the ability to work together to resolve problems and produce business results. Of course measuring results is important. The great thing about this project is that the fact we will only be working with public companies will make our successes public. The first 1-2 situations will be the hardest. However, as this is proven in public markets (vs ontological coaching being proven outside of a fund structure for 40 years...I know, I know...it shouldn't matter but it does to most people)....my goal is to get to the point where people start calling us to help them and this process becomes even easier. There is some horseshit conversation that these are “soft skills” which is far from the truth. The soft stuff is the hard stuff. Measuring is easy. You measure before you start a project. Measure after you finish a project. When you go from Stage 3 to Stage 4, the results generally go from 3-5x in measurable results, including the bottom line. There are a variety of different metrics that we utilize as we go through the process. Different metrics are appropriate for different circumstances and cultural stages. For a run down on the different stages of culture, refer to the Tribal Leadership TED talk, here. Velocity In Results It also doesn't take long to implement a new culture. The actual initial training only takes about 2 days. It's intense with very long days. Many people report it as the most valuable and life altering experience they've ever had. That's not hyperbole either. After the 2 day program, there's usually half day follow ups every 6 weeks at the beginning until it becomes self sustainable and really gets embedded into every facet of the organization. Generally, it takes 18-24 months to elevate from a Stage 2 or 3 culture to a Stage 4 culture. Results start to show up within 1-2 quarters. The Myth Of Employee Buy-In One of the concerns is how to get “employee buy-in” which is some garbage taken from your traditional consultant/flavor of the month who has some strategy or point of view they try to force onto every employee. Employees roll their eyes while pretending to go along because they need to play nice with the boss. It's the reason why most consultants are a total waste of money. Motivational speakers are even worse. With Tribal Leadership there is no buy-in. Instead we distinguish what is already there in a way people have never seen before. To my knowledge it is impossible to change people. The first step in implementation (buy-in...except not really...will just look like that on the surface) is that we first do a diagnostic that tells us where we are culturally and the prevailing issues or predicaments that are just not getting resolved. This is called “culture mapping.” Then, we look to discover where there already is alignment to create new overall strategies, using the “strategy model.” Then, we drill down and do the work until each and every person has their own map and their own self-designed strategy. Success depends upon the degree to which people follow the strategies that they created themselves. Normally, the people in the C-Suite hand a strategy to the employees and demand “buy-in.” The way we do it, we involve everybody in the design of their own strategies and the wisdom of the overall strategy all at once. No Use Of Force Something we get asked a lot is if we aren't forcing this upon anyone, why would someone who is already very successful want to partake in something like this. It's a valid question and a key issue. Those at Stage 3 ‘have it made' and are in control of those at Stage 2, so their incentive is predictably not great to change their ‘I'm great- You're not' point of view. However, if the overarching interest of the organization is to elevate their culture and the outcomes and results of the greater group, then the Stage 2/Stage 3 culture must move to Stage 4. In order to do this, the issue of ego and self-promotion on the part of the Stage 3 people must be addressed. The organization will only move to Stage 4 if the issue of the Stage 2/Stage 3 mentality has been successfully addressed. The issue with Stage 3 will always show up in the overall financial success of the company. The Low Hanging Fruit Alpha Another thing I get asked by nearly every hedge fund manager is if there's such a focus on shareholder value, why isn't everyone doing this? Of course the asshole response would be “because people like you are closed off to this because you're lazy and/or immature in your thinking.” However, you can't really say that to anyone. I had this conversation recently with the COO of a business unit of a major multi-billion dollar publicly traded company that's compounded by nearly 20% over the last 20 years. They implement a similar kind of work at their business and as he said, “it's the last bastion of alpha because it's low hanging fruit that nobody is doing so there is no competition.” The ‘shareholder value' focus is a focus on the bottom line, not a focus on the cultural vitality of the organization. Tribal Leadership is focused on the well-being and effectiveness of the organization. Ultimately, shareholder value is an outcome of an effective and stable culture. The more effective the culture of the people at work, the more effective their results. Our philosophy and our supporting data have shown that if we effectively attend to the well being of the people doing the work, the quality of their work will show up in measurably higher productivity. What's Missing In The Prevailing Model For Shareholder Activism: Icahn, Ackman, Etc What we do is drastically different and also significantly more effective than what is taught in modern day business schools. Firms like McKinsey and basically every shareholder activist that is using management models, cost cutting, etc is the modern portfolio theory of the leadership world. That doesn't mean it doesn't produce results. You can still make money using modern portfolio theory over 50 years. You can still improve shareholder value by cutting costs and improving efficiencies. It's just leaving a ton of extra value on the table that isn't even that difficult to attain. It's low hanging fruit. Business schools are strong on management and weak on training people to be leaders. Management is based on control, domination, survival, and ultimately, fear. Most management is a carrot/stick game. The game is about managing for a result against a diminishing resource - time. Leadership requires transforming the relationships that people have while working together, mutual respect, collaboration, and stability. The culture of an organization is a function of the quality of leadership provided and attended to. If the management disrespects the employee, the employee will slow down and waste the most critical resource that management has - time. If the management provides effective leadership, the employee will respond by using the time effectively. Employees who have the experience of partnership and respect of their employers produce net superior results. Tribal Leadership builds sustainable environments where leadership and partnership arise naturally. Our data supports the point of view that a focus on culture and leadership produces superior results in a more efficient and sustainable manner than management techniques that focus on operational efficiencies alone. Nothing Wrong With Management Conversations I'm also not saying there's anything wrong with making operations or management more efficient. I'm saying that there's an entire component that's missing that's leaving a lot of low-hanging fruit alpha on the table. Put simply, Management and Leadership are in and of two different domains. Management is about efficiency and is the vital and necessary underlying craft of any great company or organization. Leadership is about empowerment, teams, and the relationship between people working on a team, between teams to teams, and ultimately, an organization operating as a single unit producing profits and creating shareholder value. Leadership is in its own realm and requires a different mindset and worldview. The leader must be a great manager - that is a given - but he/she also must know when to step away from the psychological limitations of the manager fixated on efficiency and adopt the mindset of a leader who is exploring the creative world of breakthrough into ‘out of the box' thinking and hitherto unknown or experienced effectiveness of the organization. Culture Kills Off Strategies Drucker famously said, “Culture eats strategy for breakfast.” Business school strategies are mostly derived from HBS and Michael Porter - a brilliant man. However, according to Peter Drucker, at best, the Porter model is successful 30% of the time on average. That is because the strategy is ‘imposed' on the employee and the employee has little or no input. Therefore, the person who best knows the job and is actually doing it is told what to do and how to do it. Predictably, the employee often resists and is resentful. The strategy model we teach in Tribal Leadership is between 70-80% successful. This is largely because we teach the employee to design their own strategy, quarter by quarter. They are ‘bought in' by definition from the beginning of the process and appreciate that their input is honored. Furthermore, the strategy model we teach is simpler, self-managing, and self-correcting. In essence, a more elegant design. Furthermore, it allows leaders and managers to take advantage of and capitalize on the inherent understanding of customer data and other critical aspects of having an organization perform at a high level and make its clients and market happy. ABOUT ERIC SCHLEIEN Over the past decade, Eric has trained thousands of individuals including board members of public companies as well as several Fortune 500 CEOs. Eric specializes in organizational culture and has become a leading authority on organizational culture in the investment industry. Eric has been investing for 15 years and has been using breakthrough coaching methodologies for over a decade. Eric had the insight to combine proven coaching methodologies with shareholder activism techniques to create an entirely new model for shareholder activism that was more reliable and created greater sustainable results in a rapid period of time. On average, Tribal Leadership produces a 3-5x increase in profits of culturally troubled companies within an average of 24 months or less. Eric currently resides in Philadelphia, PA. HELP OUT THE PODCAST If you like The Intelligent Investing Podcast, please consider leaving a rating and review on Apple Podcasts. It takes less than 30 seconds to do and makes a huge difference! You can also join the Facebook page! You can subscribe to the podcast on the following platforms: Apple Podcasts Stitcher TuneIn Spotify Podbean iHeart Radio YouTube CONTACT ERIC SCHLEIEN Facebook | LinkedIn | Twitter | YouTube | GSCM | Instagram Email: IntelligentInvesting@gmail.com
FII Fácil Entrevista: Rodrigo Abbud da VBI Real EstatePVBI11Rodrigo Abbud é sócio fundador da VBI Real Estate e está envolvido em todos os investimentos da VBI Real Estate desde sua criação em 2009. Formado em Engenharia pela Escola Politécnica da Universidade de São Paulo, com MBA pela Reading University (UK), College of Estate Management e pós-graduação em Project Management pelo Royal Institute of Chartered Surveyors (UK) e Fellow pelo RICS. Rodrigo iniciou sua carreira em 1994 na Bolsa de Valores de São Paulo. Em 1997 juntou-se à CB Richard Ellis, empresa de consultoria imobiliária, atuando na áreas comercial e de relacionamento com investidores durante 11 anos. Tópicos:Historia e Experiência da VBI#PVBI11 #FVBI11 #LVBI11 #CVBI11 #RVBI11#fiifacil #cashtfacil #fiitalk #DiogoArantesEntrevista conduzida por Diogo Arantes
In Trey's most educational episode to date, special guest Michael Thompson and Trey address many issues of interest to real estate investors. Debt coverage ratios, non recourse loans, debt yield and more. And just as importantly, seeing and fulfilling a vision to serve your tenants and being a positive change agent in their lives and their communities.
Bio Bill Janes is the General Managing Partner of Iron Point Partners, LLC and has senior responsibility for overall fund management as well as for sourcing and managing investments. Iron Point was founded in 2007 to pursue opportunistic, theme-based real estate private equity investments throughout North America and currently has more than $4.2 billion of assets under management. Prior to Iron Point's formation, the principals managed RMB Realty, Inc. and its successor Oak Hill Realty, LLC, the real estate investment vehicles for Robert M. Bass. Additionally, Bill was involved in the formation of IPI Partners, LLC, a joint venture between Iron Point Partners and ICONIQ Capital focused on real estate investments in data centers and other technology and connectivity-related real assets. He also sits on the Investment Committee of the Firm's funds. Bill Janes became involved with the Bass Entities in 1990 and has played a significant role in the major real estate transactions for the Bass Entities, including the acquisition of the Helmsley Building in New York City, and the acquisition, financing, and disposition of the other major assets in New York City. He was also active in the 1998 acquisition of interests in numerous Japanese properties through DaVinci I Corp. Y.K. In 1997, Bill was a member of the board of directors of Mendik and was instrumental in the consolidation of Mendik's real estate holdings and the subsequent $654 million acquisition of such holdings by Vornado. He was also actively involved in the initial public offerings of CarrAmerica and Paragon. While serving on the board of directors of Paragon, he was also involved in its merger with Camden Property Trust, a public real estate investment trust. Prior to becoming involved with the Bass Entities, Bill Janes was with Lincoln Property Company, serving as General Partner and overseeing development operations in the mid-Atlantic region, and with Coldwell Banker (now CB Richard Ellis). He has been a member of the board of directors or investment committees of AHM-Williston, American Skiing Company, Brazos Asset Management, Inc., Brazos Fund, CapStar Hotel Company, Carr Real Estate Services, Inc., First Atlantic Holdings, L.L.C, GMH Southpointe, IPI Data Center Partners Fund I and II, Max/FW Management, L.L.C., Mendik Corporation, MeriStar Hospitality Corporation, Net Lease, Oak Hill REIT Management, Paragon, Power Loft, L.L.C., S&B Williston, SRHI, Stream-Houston, Stream-Minneapolis, Stream-San Antonio, T5 @ Dallas II, T5 @ New York, T5 @ Portland, T5 Portfolio I and Titan. Additionally, he was involved with the IPO of GMH Communities Trust
Bio Bill Janes is the General Managing Partner of Iron Point Partners, LLC and has senior responsibility for overall fund management as well as for sourcing and managing investments. Iron Point was founded in 2007 to pursue opportunistic, theme-based real estate private equity investments throughout North America and currently has more than $4.2 billion of assets under management. Prior to Iron Point’s formation, the principals managed RMB Realty, Inc. and its successor Oak Hill Realty, LLC, the real estate investment vehicles for Robert M. Bass. Additionally, Bill was involved in the formation of IPI Partners, LLC, a joint venture between Iron Point Partners and ICONIQ Capital focused on real estate investments in data centers and other technology and connectivity-related real assets. He also sits on the Investment Committee of the Firm’s funds. Bill Janes became involved with the Bass Entities in 1990 and has played a significant role in the major real estate transactions for the Bass Entities, including the acquisition of the Helmsley Building in New York City, and the acquisition, financing, and disposition of the other major assets in New York City. He was also active in the 1998 acquisition of interests in numerous Japanese properties through DaVinci I Corp. Y.K. In 1997, Bill was a member of the board of directors of Mendik and was instrumental in the consolidation of Mendik’s real estate holdings and the subsequent $654 million acquisition of such holdings by Vornado. He was also actively involved in the initial public offerings of CarrAmerica and Paragon. While serving on the board of directors of Paragon, he was also involved in its merger with Camden Property Trust, a public real estate investment trust. Prior to becoming involved with the Bass Entities, Bill Janes was with Lincoln Property Company, serving as General Partner and overseeing development operations in the mid-Atlantic region, and with Coldwell Banker (now CB Richard Ellis). He has been a member of the board of directors or investment committees of AHM-Williston, American Skiing Company, Brazos Asset Management, Inc., Brazos Fund, CapStar Hotel Company, Carr Real Estate Services, Inc., First Atlantic Holdings, L.L.C, GMH Southpointe, IPI Data Center Partners Fund I and II, Max/FW Management, L.L.C., Mendik Corporation, MeriStar Hospitality Corporation, Net Lease, Oak Hill REIT Management, Paragon, Power Loft, L.L.C., S&B Williston, SRHI, Stream-Houston, Stream-Minneapolis, Stream-San Antonio, T5 @ Dallas II, T5 @ New York, T5 @ Portland, T5 Portfolio I and Titan. Additionally, he was involved with the IPO of GMH Communities Trust
Use Cases & The Current Opportunities & Realities of DRONES and Drone video footage Today we are DIGGING IN further to the state and opportunity of DRONES. As I explained in Ep 15 the Drone market is growing to 129.23 billion by 2025, according to a new report by Grand View Research, Inc. The Drone market is growing on an extremely HUGE projectory! The FAA reports that there are guess how many registered drones in the US? 1.6 Million, 442,000 of which are used for Commercial. Many pilots own more than one drone it’s worth noting. The fastest growth comes from businesses and civil governments. It is overall impacting a vast majority of industries: Drones are becoming a part of business in Construction, INsurace, Oil & Gas, Police or Fire Force, The Coastguard, Journalism, Customs or Boarder Protection, Real Estate (which I reference specific use cases in both residential and commercial in a bit), Utilities, Energy, Cinematogrpahy (movies which is how many of us think of Drone footage - which is at a 21MILL industry alone – bottom of the $$ projection list hey!) In this episode I also share follow up on My journey to becoming a certified remote pilot of an unmanned aerial vehicle or UAV and the growing Drone market and what it can mean for YOUR business! For these flying objects - There are some very interesting uses cases being developed. There are unlimited use cases that are virtually untouched. 1 of the more obvious and talked about is delivery. The FAA is encouraging innovation in package delivery and is organized to facilitate it with industry, local, state and tribal entities. There is a five phase certification process that companies who want to incorporate a package delivery service. Traditionally, we’ve had UPS, FedEx, The United States Postal Service (where I still have to wait in line to get a package mailed), Uber Eats transports food to our homes and workplaces. On September 27, 2019, UPS Flight Forward conducted its first package delivery by drone with its part 135 certification when it flew medical supplies at WakeMed's hospital campus in Raleigh, NC. Allow me to introduce you (if you haven’t seen it) to a social media post (on Twitter) about a Drone experience serving a customer with excellence! He an Aerospace Ocean Engineering professor. He posted a video of receipt of a store order via a drone while his dog looked upon this odd machine dropping it down into his back yard. His Twitter handle is Shane Ross @RossDynamicsLab Professor @VirginiaTechAOE Aerospace & Ocean Engineering Apr 10 2020 he posted, Drone delivery to me & my dog at home. My 8-month-old Labrador was unperturbed by the drone, but curious and eager to go fetch the package (dog food?). The delivery was from Walgreens via @Wing , & arrived 5 minutes after placing the order. #logistics #dronedelivery #covid19 #dogs Now Grocery Drone Delivery Speaking of Wing! Bloomberg reported that Wing, which is Alphabets Drone delivery service, is seeing a big increase in orders in the Christiansburg, VA pilot program it has been running since the Fall of 2019. In fact, demand has doubled since Covid 19. Wing partnered with FedEx and Wallgreens to send household essentials to local residents . They even now have added a local bakery and coffee shop! To expand offerings during the Pandemic. This drone pilot on YouTube, Dmitri Marian, reversed engineered coffee delivery – during Quarantine because of Covid19 from his home, ordered a cup of coffee from his local Starbucks and flew his drone that had upgraded antenaes, TO Starbucks, they put his coffee in a bucket attached to the drone and he flew it back. Dude! Take a listen and I put the link to the video in the show notes if you want to see it. It He posted another one on both YouTube TikTok where he orders a cup of coffee from McDonalds. If you want to watch it and you’re on TikTok he is @dmitritv There is still a lot to figure out before we will see multiple brands doing this….having to do with regulation and safety. Prime Air with Amazon is coming, you may have heard. It will be a service that will deliver packages under 5 lbs in 30 min or less. Prime Air has development centers in the United States, the United Kingdom, Austria, France and Israel. We are testing the vehicles in multiple international locations. The link in the show notes has a few videos – quite entertaining and humorous videos, where Amazon helps you understand how what they call “a miracle of modern technology” will help you understand the conveniences it will offer you and imagine under what circumstances you will be able to use it! Your child has a soccer game, the dog at one of her soccer cleats – Amazon Prime Air to the rescue! Dominos Pizza has been investing in automous delivery for a few years now. They tested drone delivery but the automous car will be released first as they have partnered with start up mini manless self driving car, Nuro. The little bug like cars drive up to 25 mph. Dominos announced their partnership in 2019. I have the link to a video featuring the car and the service in the show notes. The service is limited to customers who place online orders in Houston, and they deployed its grocery delivery service in Houston in March. Nuro’s partnership with Domino’s initially will be limited to a single location and will begin in the fall. “We are always looking for new ways to innovate and evolve the delivery experience for our customers,” Kevin Vasconi, Domino’s executive vice president and chief information officer, said in a statement released by the company. Quoting again, “Nuro’s vehicles are specially designed to optimize the food delivery experience, which makes them a valuable partner in our autonomous vehicle journey." "The opportunity to bring our customers the choice of an unmanned delivery experience, and our operators an additional delivery solution during a busy store rush, is an important part of our autonomous vehicle testing,” the statement added. Now you are Visualizing your product being placed on a Drone. Or let’s back up – how can the order even be placed for Drone delivery? I encourage you to to consider text …I talk about this in an upcoming episode with a barbeque restaurant who is DOMINATING this! If you’re a restaurant owner, please hear me on this. Text ordering will help you. I plan to release that episode explaining it all next week. So! Onto Use Cases in the Medical field Matternet M2 Parcel Delivery Drone Matternet is the world’s leading technology platform for on-demand drone delivery in urban environments. They specialize in very fast accurate delivery of medical items such as blood samples between locations inside of healthcare or hospital systems. Their drones can carry up to 4.4 lbs and travel twelve and half miles within 30 minutes. This benefits both patients (customers) and the healthcare efficiencies and man hour costs. A company called Dragonfly has created a model that from nearly 200 feet, their drones can detect several coronavirus symptoms, including fever, blood pressure, heart rate, and breathing rate. So if one of these drones (you’re standing out on the street) detects Coronavirus of someone else who has the virus you might be glad. You might be glad if it were you! Or some might feel this is an invasion of my privacy. I don’t know….it’s so new. It’s in similar vein of regulating wearing masks – at the time of this recording, states like Massachusetts and NY, NJ and many others are all fining citizens when they are out of their homes without masks on their faces. I don’t live in one of those states right now. There are phenomenal Use cases for Residential and Commercial REAL ESTATE There are results floating around the web claiming that Listings that feature drone photography and videography sell 68% faster! Well a Company called SoldbyAir conducted their own study to be sure of that data, and they report that 83% of home owners prefer to work with an agent who uses drone videography to feature their home. They also found that high volume agents meaning those that are more successful I guess you could say, selling more homes, or spending more time on the craft – they use aerial footage 3.5x more often than lower volume real estate agents. Which I thought was really interesting. The footage can be used (the drone footage) for real estate on the listing platforms like Zillow as well as formatted to social media platforms. Apartments, townhomes and senior living homes can be viewed from a buyers home. Which is really convenient, and experiential, you know what I mean? They feel like whoa – there’s music and they start feeling like they are seeing it face to face. For Commercial developers, instead of looking at outdated Google Maps, current drone footage informs a purchase consideration or project preparation. There’s also something called, Orthomosaic Mapping which is stitched together drone footage that provides a high resolution piece of gigantic perhaps hundreds of acres of property with extreme precision, accuracy and detail. Commercial realtors know that the maps are a crucial piece to closing on a deal – and these deals are most often very large in price. The maps – particularly video – help engage the emotional connection to the property. It helps the realtor demonstrate the market expertise and opportunities of the special area transitions between you know - the various spaces, roads, natural elements like trees etc. Very powerful! Jerry Inguagiato, friend of mine, Senior Vice President with CB Richard Ellis, which is a commercial real estate broker or agent, told me “it enhances the visual experience for my clients.” So he said that very confidently. It is a reality that a drone is yet another moving vehicle – thus the name, “unmanned aerial vehicle or UAV”. With that comes the inevitable accident or collision. My exam studies this week have covered many aspects of drone pilot safety knowledge so far. One, you cannot fly at night and there are very specific guidelines around when is considered night. When is it night? Do you know? They are very specific - How the pilot has to be within 3 statute miles of the drone from the control station a person standing at the control station of the small UAS must be able to see at a diagonal distance of 3 miles into the sky in order to detect other aircraft that may be approaching the area of operation So much like boat safety, there’s “see & avoid” laws and the pilot cannot be in a moving vehicle or aircraft while operating the drone. Meaning you can’t be driving something while you are operating the drone which sounds obvious but there are some wild risky people out there! So there’s rules around this pilot license. So with your business…there may or may not be something that there is an application. But of all those industries that I listed, it isn’t even a whole set. These are the Questions Thinking of yourself - YOU as a consumer – is often how I urge people to think about it we are all consumers ourselves, put your self in the customers shoes which I know you do pretty much every day – ask will you get great benefits?? With Covid19 we are all needing grocery delivery at times…some of us are using that exclusively, some of us are blending – using it most of the time, while supplementing with “mini trips” and others are doing ONLY mini trips and no grocery order. So anyway, it’s just a mish mash of how people are going about it depending on their circumstances. But it’s transforming the industry as well as the customer experience. So what’s relevant to all of us today is Food – food delivery, restaurant experiences and grocery stores. And I want you to think about how can your business either have a dotted line to the food business or how can you learn from the essential food business customer experience? Because this is not just about beautiful videography right? It ‘s also about practicality, so it just depends on what it is. ….pause (music) Back to case uses - Another active use case is in Agriculture where our food sources are grown or harvested. Drones are saving time for farmers, ….they are being used for things like, scouting fields, discovering weeds and diseases that erode growth, they help identify things like water deficiencies! Important stuff to the Ag industry. Now there are 3rd party software that agriculture companies can purchase to create maps on the health of their crops. Why I highlight this is to connect the technology capability. The Drone is the capture device and with it, it can inform and VISUALIZE which can then be transmitted into data visualization software to help business owners see and understand realities, patterns, and insights. No matter what your business or industry is, what you can ask – ask yourself these questions: How can I help my customer better visualize my business or offerings? This relates to the video aspect, similar to the real estate examples I gave; What kind of insights can I discover in my business to improve my customer experience? This means discoveries from footage…or engagement or conversations from customer viewership; How many perspectives or discoveries can I make available to either my customer or my management team to help them make informed decisions? This is long term findings and patterns….throught long term patterns to be able to make changes. The Emotional Connection - We are going through the living experience of change with the growth of Drone use – both professionally and the hobbiests flying them….how do you FEEL about the buzz of Drones being around you? I am talking about the emotional or feelings you might have of them being being a part of our lives? Have you envisioned or FELT this becoming our new norm? I’ve listened to people share how they are very uncomfortable with Drones being around them. It’s weird now but do you think it will be like, “normal and fine” after we adjust and reap ongoing benefits? I’ll leave you with that. Thank you for being here once again. Please share it with anyone it might help in their business and let me know if you’d like anymore content like this around drones. I am going to continue to cover the topic through my journey to become a certified pilot myself. I have a little ways to go! But I am chipping away at it and I appreciate your support. Have a great rest of your day or evening.
Brian Loring (https://www.linkedin.com/in/brianloring) who is one of its senior brokers talks to us about the company and how he ended up working there. As a real estate expert, he offers advice to those who are starting out in the buy and sell businesses and shares some of the things that he does to help business owners readily sell their business. Learn more from Brian as he discusses further how they go about acquiring and helping clients and the typical mistakes business owners make. — Watch the episode here: Listen to the podcast here: Buying And Selling Companies With Brian Loring We have a guest from the West Coast, Brian Loring. He is a senior broker with (http://raincatcher.com/) . RainCatcher is a national brokerage firm based in Denver. Even though Brian is in their LA office, he’s holding down the West Coast version or location for RainCatcher. He joined the company a few months ago, but he’s been a broker since 2005. He has completed more than $150 million in business sales and commercial transactions during that time. Selling businesses is actually a second career for Brian. He spent many years in a very different line of work. He’s going to tell us more about that and how he got to this point. Brian, welcome to the show. Thank you, Bob. I sure appreciate it. Thank you for having me on. Thanks for taking time out. You’re welcome. Give us a quick snapshot of your background and how you got to this point. I actually am a two-career person. I completely had nothing to do with transactions, brokerage or anything to do with real estate or business for many years. I started out as a journalist. I was a reporter and a television news anchor. I worked as an on-air reporter for many years. I also worked as a television anchor for a while. I’ve been lifelong in California. I worked in Santa Barbara, San Jose, San Francisco, Oakland, Sacramento and all the major cities of California for many years. I started as a newspaper reporter, television reporter and I eventually got into television production here in the Los Angeles area. I worked for a bunch of syndicated television shows back in the ’90s and the 2000s. I worked for NBC, Fox, CBS, numerous television networks on the national level. I covered all the national news. I won several Emmy Awards, Golden Mike Awards and produced several documentaries, hour-long pieces. I did a lot of production. I was mostly a writer and producer for many years. I got to my early 40s or late 30s and I was running ragged. I was getting on a plane at a moment’s notice to go run to a news story that had happened and it gets tiring. It got to a point where I needed something else and I wanted to serve in a way that I wasn’t serving before. I wanted to feel like I was making a contribution and helping people in a way that I wasn’t. I completely left the television production realm behind. I had been an executive producer. I was promoted to a divisional manager of an IT department at CBS and at Fox where I was doing a lot of IT work, a lot of systems work and network administration. I decided to try something else. That was back in the early 2000s. I went into brokerage. I’ve been a broker since 2005 and done a lot of deals both in the commercial real estate side as well as the business brokerage side. For most of my life, I’ve done both side-by-side. I started out with several mainstream business or real estate brokerages; CB Richard Ellis, Grubb & Ellis, NAI Capital here in the greater LA area. It was just in deals, but at the same time also did business deals. I found that after a while I got more not only accustomed to and used to doing the business side, but I enjoyed them more. I liked working on the business side. I like working in the financials. I like a lot of the people who were involved. I eventually sold a few gas stations, a few car...
Each month, “Ammirati on Innovation” episodes will look at ways that the disruptive-startup mentality is spreading beyond young entrepreneurs to big established corporations. Serial entrepreneur, venture capitalist and Carnegie Mellon B-school professor Sean Ammirati, who sits at the intersection of these high-change dynamics, provides insight.Episode 6In this episode, Sean and I discuss the pain and suffering at WeWork, which had roughly a $50 billion market cap, and is now struggling to do one-third that much. Their CEO, Adam Neumann voted to oust himself amid various scandals, and their “community adjusted EBITDA” he calls a made-up metric.SoftBank, their largest investor, was poised to push for an IPO, but Sean says WeWork was a $10 billion great idea – not a $50 billion great idea. He says this was always, at the end of the day, a real estate business, and he compares it to CB Richard Ellis – although with a 5x valuation. And Sean says it turns out that beer and kombucha on tap is expensive – and there’s a lot of that in WeWork spaces.I tell him about my experience eating seal meat with SoftBank. Sean says I should have moved it around on the plate and hope something else comes along. See acast.com/privacy for privacy and opt-out information.
BE SURE TO SEE THE SHOWNOTES AND LISTEN TO THIS EPISODE HERE. Eve Picker: Hey, everyone, this is Eve Picker, and if you listen to this podcast series, you're going to learn how to make some change. Eve Picker: Thanks so much for joining us on this podcast. I'm Eve Picker, and my life revolves around cities, real estate, and crowdfunding. In this podcast series, we'll be digging deep to discover how we can build better cities by building better buildings. Eve Picker: My guest today is friend, and colleague, Josh McManus. Josh describes himself as a problem solver, strategy implementer, and idea activator, and I know all three to be true. He works in post-industrial cities with entrepreneurs, corporations, and foundations to help people positively transform the places that they love. He's obsessed with place-based change. We have that in common. Eve Picker: Previously, Josh worked with Rock Ventures' team in Detroit, helping to buy and renovate hundreds of millions of square feet of empty space in downtown Detroit. Rock Ventures serves and connects Quicken Loans founder, and Cleveland Cavaliers Chairman Dan Gilbert's portfolio of more than 100 companies. Eve Picker: Nationally, Josh is a Marshall Memorial Fellow and a Next American Vanguard. Locally, he has helped found multiple organizations and has served on a variety of institutional boards in his collection of adopted hometowns, including Chattanooga, Tennessee, Detroit, Bar Harbor, and New Orleans. His thoughts have been featured by Forbes, Fast Company, The Economist, Entrepreneur, GOOD, USA Today, and The Huffington Post. Eve Picker: If you want to know more about Josh after you've listened to this podcast, please visit EvePicker.com, where you'll find links and other goodies on the show notes page and where you can subscribe to my newsletter on all things real estate impact. Eve Picker: Hi, Josh. How are you this morning? Josh McManus: Doing great. Eve Picker: Thank you so much for joining me. I know quite a lot about you, but our listeners don't. I know that you're always moving, and I'm wondering what and where you're working right now. Josh McManus: I am in Dearborn, Michigan this morning. I'm fortunate to have spent a lot of time in Detroit, and Dearborn over the last 10 years. My work right now is mostly to support Ford Motor Company, as they transform from a past that has been just about cars to a future that's about movement and mobility, overall. Eve Picker: That's pretty innovative stuff. Your background has been- you've been involved in a lot of real estate recently in under-served cities. Do you want to tell us a little bit about that? Josh McManus: Sure. I actually realized recently that it goes back to my childhood. I grew up in the shadows of a Goodyear plant in Georgia, and the life and death of that little town came and went with what was going on in that factory, so I've spent the entirety of my career working in post-industrial places. One of the best tools for changing the trajectory of a place is re-imagining real estate. I've worked in Chattanooga, Cincinnati, Akron, and then spent a lot of time in Detroit. With each passing set of interventions, have moved up and up in the scope of ambition of the projects that I've worked on. Josh McManus: In the last 10 years, I've been very fortunate to work on some really large-scale projects. I got to serve with the team at Rock Ventures, which has amassed over 14 million square feet of real estate in downtown Detroit - over 100 buildings - and I've been party to taking most of those buildings from low, or no occupancy to full, or near-full occupancy. Josh McManus: In the recent work with Ford, I was also very fortunate to be party to helping make the announcement of Ford's return into their home city of Detroit, with the acquisition of Michigan Central Station, which is really turning into a living laboratory for the future mobility. It was this iconic abandoned structure that's now getting new life and will be online and operational in 2021, I believe. Eve Picker: That's pretty big and exciting stuff. What's your background, and what path led you to what you're working on now, and this real estate reinvention? Josh McManus: Actually, I also had the revelation recently that I come into real estate rightly so. My paternal great grandfather, and paternal grandfather were in the real estate business in Georgia and had some commercial and residential transactions and holdings. Then I spent this blended upbringing, where my dad was a CEO, my mom's an artist, and I was torn between those two polarities of doing beautiful and good things for the world and doing business things. Josh McManus: I went on to get business degrees, both undergraduate, and graduate, but most of my work focused on how to leave places better than you found them. I eventually came up with this reconciliation, I call it, for purpose - instead of for profit, for purpose - which is attempting to work at the intersections of moral imperative, and market imperative. Josh McManus: All of my work in real estate is very much in that direction, which is how do you make places both humane, and maximization machines for human potential, but how do you also make them fiscally feasible, so that you can do the projects again, and again, and at scale. It's a fine line to walk, but it's really where my interests are is how do we build for-purpose places that serve people well, serve communities well, and serve capital interests, to the extent that they have to? Eve Picker: I love the idea of leaving places better than you found them. It sounds easy, but it's- probably the most difficult thing about it is that people have different ideas about what 'better' is, don't they? Josh McManus: Yes, absolutely. Real estate redevelopment is a very loaded subject right now [cross talk] Eve Picker: It certainly is. Josh McManus: -national conversations on things like gentrification, which are understandable; while, at the same time, there's national and global conversations about economic stagnation. People are very clear on things they don't like - when people get pushed out, or when people can't stay in a place, or can't thrive in a place ... Josh McManus: That in-between space of how do you make places work for everybody is oft talked about, but very little delivered. I think that's why I've had such a consistent interest in it - how do we build places that maximize the potential for all that are able to retain talent that already exist there, but to attract new talent at the same time? I feel like it's one of the few things that could be a lifelong pursuit, because it's complex enough, it's going to evolve. I know you feel the same way. It's the problem that I'll never solve, but I think I'll always love working on it. Eve Picker: Be sure to go to EvePicker.com and sign up for my free educational newsletter about impact real estate investing. You'll be among the first to hear about new projects you can invest in. That's EvePicker.com. Thanks so much. Eve Picker: Yeah, I think you're right ... The interesting thing about my interviewing, people I've interviewed so far, they're all tackling the problem from a different angle. It's absolutely fascinating. Their backgrounds have led them to a different place where they have different skills, and they may be able to help in a different way. I don't know how you get them all together. It's very difficult, and it is, as you said, very loaded. Developers are not very popular at the moment, although they may be the answer, in some ways, somehow. Josh McManus: Actually, I think there's a new- there's an emergent field. This has been one of the hard things for me ... Going back to when I think you and I met, probably a dozen years ago? Eve Picker: Yeah, it was a long time ago. Josh McManus: We met in sort of this 'island of misfit toys' faction - the old gatherings of CEOs for Cities. What was fascinating about that is that you had ... I was an early social entrepreneur. You were doing both that place-based change, and development work. Then there was a mix of other people that really shouldn't have intersected with each other. Josh McManus: What I've felt since then is there is this emergent field. I guess my resume would say that I've been proxy to a lot of development. I, by no means, would consider myself a developer, and I don't know that I ever will, but it feels like, to me, that there's an emergent field that is something slightly different from developer that needs a name. It doesn't have that name yet. Eve Picker: Yeah, that's interesting. Something to ponder. What is real estate impact investing, from your perspective? Josh McManus: Overall, I think that we are on the precipice of democratization of finance in a way that's really- that we've certainly not seen in our lifetimes. It may have happened in certain ways in the past, where you opened up finance to more people, but the impact falls in this overarching democratization of finance wave that is impending. Josh McManus: What I mean by that is I've always ... In some of the economic-theory stuff that I've read, there's this notion of perfect capitalism. A lot people right now are talking about post-capitalism. I'm still talking about perfect capitalism. It would be where supply and demand met each other in real time and worked its way towards efficiencies. Josh McManus: Impact real estate investing, to me, is just the opening of the capital markets for good projects to meet good capital at a cost that's sustainable. This is being equipped and enabled by technology, by new modes of thinking, and by measurements that are no longer single bottom line, which I think is totally appropriate. Josh McManus: The arms race we've had towards single bottom line returns, since Milton Friedman economics set in, is very problematic. This return to impact, to me, feels like a return to understanding our core biological instincts, which are self-preservation. Impact finance, to me, feels like a return to what's right and the pursuit of more perfect capitalism. Eve Picker: I agree with you on that, but I have to wonder whether it's really working that way yet. At the moment, I feel that impact investors are seeking the good, as well as the return. We know what it looks like to put together an impactful project in a soft market. The returns are never going to be that great. If you offer bigger returns to investors, that works its way down to the occupant of the building, who might be an affordable-housing tenant. I don't know. Do you agree that, somehow, this great divide between the haves and have-nots is not just about the money they have, but also the expectations for the money they have? I'm not sure I'm describing that- Josh McManus: No, no, I follow. I think there's a couple of forces in play. One is, just as we saw a wave of green-washing over the last 10-15 years - where now everything is organic, and you can't tell whether organic is good or not - we're in a great period of good-washing right now. It seems that every way I turn right now, everybody's an impact investor, because that is fashionable. Josh McManus: But, then, if you look at the core of some of these folks' beliefs and return expectations, they truly are willing to receive returns that are multiple bottom lines. Then there are some people who have just good-washed and expect the same arbitrary financial returns that they saw under other boom times that have advantaged capital over everything else. I think that's an issue. Josh McManus: I also think that we are, like you say, on the precipice, but not there yet with truly unlocking all capital with all risk orientations. The work that you've been doing on Reg-CF, with Small Change, is absolutely fascinating to me, because bringing folks who are holding capital that they've only been able to see microscopic returns on, for any sort of lower-risk opportunities - people that have only been able to see a money market account or CDs, these things that have been low, low single-digit returns - allowing those folks to bring capital on that they will now, all of a sudden ... Six-percent returns, to them, looks really good compared to what they've seen in the past. Josh McManus: I just think we've still got a lot of capital that's yet to be unlocked that has a different return prospectuses on it. I think we've got to be patient in getting all capital onto the playing field and then getting it liquid enough that it can move in the directions of projects where those folks are going to see a proper risk-adjusted return. Josh McManus: I think, in you guys' shoes, over in what you're doing with Small Change, what's got to be tough is it's a little bit Wild West, right now, so you can't tell ... It's hard to tell the difference between who's good and who's good-washing, and it may take a period of time before that sorts itself out. Eve Picker: No, I think it is going to take some time, for sure. How much, I'm not sure [cross talk] but we'll try to be patient. When you look at cities - you travel a lot; you go to a lot of cities - do you think socially responsible real estate is necessary in today's development landscape? Josh McManus: Yeah, I think socially responsible everything is necessary in every landscape [cross talk]. Eve Picker: That was a loaded question. Josh McManus: -throughout time. I am an avid consumer of a lot of historical information. The times when we put our self in great peril is when we are socially irresponsible. My dad, the CEO, raised me as a capitalist with one caveat. Every time he would remind me that I was a capitalist, he would also remind me that unbridled greed is the Achilles heel of capitalism. Unbridled greed is not socially responsible. It's also not sustainable. We have to have a system that can allow returns on capital, but can allow returns on ... I call them the other ROIs - the returns on individuals. Can individuals maximize their potential? In addition to return on investment, return on individuals. Josh McManus: Then, also, ROIs in return on ideas. Are we rewarding and testing new ideas? This is especially problematic in the real estate business, because things all too often get too formulaic, too templatized. You and I share a friend in Jonathan Tate, who's looked at the structure and form of multi-family housing units. There is a big problem there, in that it becomes templatized. The capital gets comfortable with that template, but then that template stops serving people in the way that needs to be. I spend a lot of time [cross talk] Eve Picker: -that, to me, I think is the crux of it all. We need innovation in cities and innovation in place-making, and our financial institutions are not built to be innovators. They [cross talk] looking at real estate development that perpetuates the same, just in the way you said. It's a very difficult cycle to break out of. Yet, I see so many creative developers coming to me with the most amazing ideas. How can we unleash them all and finance them all? I think we would have better cities, right? Josh McManus: Right. The marketplace has to be there, and then we've got get ... In all of this post-industrial city work I've done, I've worked a lot with large and small foundations, some national, some place-based. Foundation capital is interesting to me, because I think it can and should be the most risk-oriented capital in the whole world. Josh McManus: An evergreen foundation that throws off five percent of its corpus every year, and that annualized return rates are adjusted over time, that means that that corpus is evergreen. We allow that in the tax code, because we see a benefit; that there should be a benefit to humanity and the society. That most risk-oriented money should be going into a lot of these real estate projects, especially for model-testing purposes, and that's not totally the case right now. We've started to see some of that happen with some foundations, but they ... Josh McManus: The weird thing that happened, where foundations would get hit up for a lot of capital campaigns; so, then they categorically said, "We're not going to be in the real estate business anymore." I completely understand not building another wing on to a museum or building another dorm room at a college or university, but we need to go back and revisit that amongst the philanthropy crowd to say we probably shouldn't be in the rote real estate business, but we should be in the real estate innovation business. The foundation capital being the most risk-oriented should be the ones that are trying the highest likelihood of transformation efforts on affordable housing. Josh McManus: It was interesting to me to see the announcement ... I don't know if you saw it or not, from Google, last week. They said they're going to put a billion dollars into affordable housing in the Bay Area. There's a crazy statistic out there; I think it's in the last 10 years, for every 12 new jobs that have been created, only one unit of housing has been created at the same time. You have these incredible pressures ... You see Google putting a billion into that, and that's a survival metric for them. They're not going to be able to retain and attract talent, if people can afford to live. Eve Picker: Right. Josh McManus: I think that philanthropic money should be thinking the same way. If you've got a broken real estate market in a community, you may be the intervention of last resort, and you've got to fix that positively or negatively. I'll just give you one example of how we thought about that. Josh McManus: The work that I did with Rock Ventures is now carried on by a team that's led by a lady named Laura Grannemann. They have gone very, very deep in working to figure out how to stop the blight machine that exists in the Detroit city limits. That has required not just investments in blight reduction, but significant investment in education of homeowners, so that the foreclosure process is slowed and eventually stopped. It's required investments in rehabbing some houses for stabilization purposes - full neighborhood-sized interventions. Josh McManus: I think that's a good example of the level that philanthropy will have to intervene at to get markets back to operational. Once that happens, maybe they can move on, or maybe they can move to commercial, but we need risk-oriented money in the mix, for sure. Eve Picker: Yeah. Foundations can invest in lots of other ways that aren't necessarily bricks and mortar but end up being place-making. There are many zoning codes that need to be looked at, for an example, and changed to permit density in a way that they're not written. Eve Picker: One example that I've watched with interest is in the city of Melbourne, in Australia, where, maybe it might be as long as 10 years ago now, but a few years back, they introduced density zoning overlay along all the major corridors in the city, because those are transit corridors. They were trying to really implement density without the need for adding more cars. It's been really interesting watching that emerge. It's an interesting thesis that's a little tinker with the zoning code to really make development happen in a different way. I'm fascinated by that. Josh McManus: Yeah. Eve Picker: In Pittsburgh, I had a little non-profit, and built a tiny house, which in itself, was plenty of work and interesting, but the most interesting outcome, to me, was that several years later, just last year, the City of Pittsburgh actually created an overlay district for that little under-served neighborhood, so that they could build an experiment with ADUs, and tiny houses, which are really not part of the zoning code. To me, that was an absolutely wonderful outcome of this little $200,000 project. There's ways to experiment and innovate, I think, that go beyond just building something. Josh McManus: You're bringing attention to something ... One of the things that I've wanted to see created or to help create that I haven't had time is what I describe as this [inaudible] from municipal policy innovation. Eve Picker: Oh, that'd be fabulous. Josh McManus: It's under the realization that ... It's funny, because I watched a little bit of the Democratic debate last night, just to see what's going on in that world. I had the realization, studying American history, there was a time when federal policy was the be-all-end-all for impacting local life in America. When we were debating major social, major fiscal policies, then the federal policy was where it's at. The debates that we have on federal policies right now do have local impact, but they don't have the local impact that they did all the way through the 1800s. Josh McManus: At some point, the game really moved to the states, and state policy started to have a large impact on whether you have state income tax or not, or how you fund education, how you think about crime. During that period, governors were where it was that for impacting day-to-day life at a neighborhood level. Josh McManus: Today, it's really down to a place where I think your mayor matters a lot more than your president. That throws a lot of people off, because of the drama that's happening on our national policy stage right now. The truth is, I travel so much, and the quality of life at the neighborhood level is much more greatly impacted by the policy choices of a city's mayor than by the president, nor Congress. Josh McManus: Now, if you follow Twitter all the time and watch TV all the time, you might think otherwise, but the actuality of it, of what your access to transportation is, what your access to parks and public places are, what the quality of your local education offerings are ... The folks that have their hands in that are local politicians, much, much, much moreso than national, or state politicians. Josh McManus: I think this game of sitting around saying, "Well, when is the state or the feds going to help us fix this stuff?" is completely wrong-headed, and the game is really transforming at a local level, in a lot of cities. My time in Detroit ... I think my biggest fear for Detroit, right now, is that they went unregulated during the bankruptcy period. There was very low regulation on a lot of development activities and other things. Josh McManus: Now, they're turning back on the development regime that's really dated circa 1950. I think there's folks that are working hard to try to update some of that, but these communities that have these leftover enforcement regimes that are from times that are no longer here and didn't really deliver results that were optimal for all people, this is highly problematic [cross talk] Josh McManus: -we need to be scrubbing local zoning issues. The way that you're zoned, from a density standpoint, has a very fast waterfall effect to what's going to happen with education, and transportation. I think a lot of the citizens don't realize that, and they fall into a default NIMBY setting, which is ill-advised, because it means that you make decisions that don't impact your kids, your surrounding neighborhood, your surrounding businesses. Eve Picker: Right. Well, if you start your school, count me in, because I think [cross talk] I'm always astonished at how much power politicians have and how little they know about urban design, planning, architecture, and the impact that it can have on place, so I think that's really important. Do you think there are any current trends in real estate development that are really important for the future of our cities? Josh McManus: Oh, yeah. My observation is that we're seeing the radical transformation of the three primary forms of real estate right before our very eyes. These are things that have, at least in the US, have held true almost since our foundation. I'll unpack that a little bit. Josh McManus: On commercial real estate, we've existed off of a owner-broker model that was predicated on square feet, and years. If I wanted to lease office space for my commercial offices, then I went and met with a broker who represented a property owner, and we had a debate and discussion about how many years and how many square feet I needed for my offices. Josh McManus: Due to the demands of the property owner and also to the inertia of the whole situation, we typically had a very long-term discussion. The property owner, and the broker really wanted to get me into five years, and they wanted to get me into as much square footage as possible, at as high a leasehold rate as they could get their hands on [cross talk]- Eve Picker: Both for different reasons, right? One, because the broker is incentivized to do the biggest deal possible, because the way the broker gets paid is on a percentage-commission basis, right? Josh McManus: Yes. Eve Picker: Which is also a really broken piece of this all. Josh McManus: Yeah. What I see happening right now - again, with technology democratization, and ability to understand real-time supply and demand - is almost this continuously variable financing of real estate. You see it manifest the best in things like WeWork, because whereas the CBREs of the world are still out there going, "Well, how many how many square feet and how many years do you want this for?" WeWork is saying, "How many desks do you want, and how many days do you want them for?" Josh McManus: That's the transformation of the pro forma, because at CB Richard Ellis, they wanted me to rent that space, and they wanted me to put one person per every 300 square feet, or 350 square feet - as much room as I would sign up for, that's what they wanted to get me to. By changing the pro forma around and by aligning the interests of the broker-owner - now that's kind of collapsing into the same thing, sometimes - WeWork says desk and days, and what they don't talk about as much is square feet, because now, if you go into a WeWork office, there's one desk per every 75 square feet. Josh McManus: What's fascinating about that is that it's a healthier performing pro forma; it's also more environmentally sustainable, because you're conditioning less space. It has a higher energy level to it, so people who work in those spaces feel a different level of energy. You can also shift the pro forma to have more amenities, because you're spending less money on just bare space and conditioning of that bare space [cross talk]. Eve Picker: -it really supports startup, and small businesses who can't really find the time to put all the necessary utilities, and the managers together for themselves, so there's an added bonus, right? Josh McManus: Well, it also allows them ... It's continuously variable, if it's priced based upon risk. I may price your desk rate higher, if you're a more risky client, or if you want more flexibility. Essentially, what you're paying for is optionality. It also allows you, if you're a startup, to be like, "Well, this month, I have 12 employees, and next month, I have 17. Then we went through a down cycle, and I'm at 11." Josh McManus: It's more pay-to-play than this encumbrance that so many companies have been so scared of, which is this five-year lease with these ridiculous guarantees, and [cross talk] I think it actually accelerates the economy, because it gives people more options to play the way they want to, when they want to [cross talk] for the landlord and the broker, because they're pricing risk into it. Their margin is still there- Eve Picker: Josh, early on in my real estate career, I was known as the only developer in Pittsburgh who would actually lease out space for a year at a time. I have some buildings that have smaller office spaces, and I would find these startup tenants, and I would take a risk. They'd stay for a year, and then, they'd stay for another. Some of them ended up staying for 20, maybe because I understood who they were, because I was like that myself. I couldn't find anyone to help me find tenants, because it wasn't worth their while. I love that the internet is producing new models and helping make that happen [cross talk] Josh McManus: That's commercial, and then what you've got happening on retail- Eve Picker: Oh, that's huge. Josh McManus: -is similar. I mean retail, both in the displacement of some retail to online, but the retail that's persisting is highly experiential. I think that you're seeing a lot more revenue-share rents at the ground level. It's aligning the interest of the landlord and the lessee. Josh McManus: You're also seeing a lot of things like food halls. The way those are working out is the landlord, the broker, and the lessee are sharing costs differently. If I'm in a food hall, the property owner, or the property manager may be the one who's buying some of that back-of-house equipment and carrying the debt, or the cost of that equipment. What that does is create lower barrier to entry for more localized, more authentic offerings to going to place. Then, when that those offerings perform very well, both the landlord and the lessee are sharing in those outcomes [cross talk] Eve Picker: -co-working for food, right? Josh McManus: Yeah, totally. The final transformation that I'm watching in real estate is the residential side of it. If you look backwards, if I need to stay a night - I'm in a Marriott, right now. If I needed to stay a night, I would go to a hotel. If I needed to stay for a week, I'd stay for an extended stay. If I needed to stay for three months, then I would go to some corporate housing that had furniture in it. If I needed to stay for longer than that, I could stay for 12 months, or 24 months, but it had to be a fixed increment. Josh McManus: Now, that's all collapsing. I moved my family down to New Orleans over the winter, and we actually went on Airbnb, and did a long-term rental ... Longer-term rental, so it was more like a 90-day. The algorithm there brokered some adjustments to say, "Hey, you're staying for a longer time. That's good for you; that's good for the landlord. Let's get the economics of this right.". Josh McManus: This foreshadows, for me, that you're going to have this optionality in the future on a small number of platforms - whether I need to stay one night, one week, or six months - that I'll be able to do that, and the data will help you understand what the right pricing is for both parties. It's democratizing that, and de-risking it. I'm extremely excited, because I think what you're seeing is this melt into something where supply and demand can meet each other in much greater fashion, faster fashion, with more transparency and more benefit in both directions. Eve Picker: That plays into financing these things, which are all new, and innovative, and financial institutions often don't understand. I have a building that is now a co-working building. I moved from traditional office spaces to getting rent, as the building owner, from desks. I have an operator who manages the building, much like a hotel operator. Eve Picker: I've been paying my mortgage on time on that building at least 13 years, never missing a payment, and went to them for a credit line to make some improvements, and couldn't get it financed, because they just didn't understand where the income was coming from. We're back to the first issue we talked about, which is the financial institutions really, for whatever reason ... It may not be their fault. They have all their regulations to deal with ... They're squashing the innovation out of the cities. These innovations are happening regardless, and there's going to have to be different financing tools [cross talk] banker is listening here. Josh McManus: I couldn't agree more, but I don't- I think that wishing for bankers to figure it out ... Bankers always follow the lowest common denominator [inaudible] path. I did have some insight in working for Rock Ventures. That's the holding company that sits next to Quicken Loans. Quicken Loans, in some ways, is in that traditional banking category, but in most ways is not. What I learned in that world is that a lot of people look at that as fin-tech rather than finance- Eve Picker: That's true. Josh McManus: I think that there is a major opportunity in the way that this is likely going to get handled at scale, as you're going to see the development of a capital class that's called REfin-tech, real estate fin-tech. I think that's the exact money that is financing things like WeWork, right now. If you look at WeWork, it's not your traditional- it's more your soft banks. It's your folks that understand that data has value; that technology has inherent value, but that you also need to finance large amounts of physical property. It's a blended- it's not just tech. It's physical property and tech living together side by side. Josh McManus: I think this is going to come off of a completely new capital class, and that, as you start to see exits, it's going to be really interesting to see what happens with the IPO of WeWork. If that goes well, that probably forms the foundation of this REfin-tech capital class that will subvert the banks. Once, it subverts the banks, then the banks will try to figure out how to get in that game. Eve Picker: Yeah, I think that's right. I'm going to shift gears a little bit, because we've been talking a long time, but I want to know the answer to this. You started your- well, I don't know if it was the beginning, but when I first met you, you were doing quite a lot of community engagement work. I'm wondering what community-engagement tools that you've seen or used that you really believe work? Josh McManus: Around the time- well, probably around the time that we met was the time that I got involved in conceiving and driving what we thought, and what we still think is the world's largest community visioning process. We got over 26,000 people to participate in Ideas for the Future of Chattanooga Tennessee. Josh McManus: That was fascinating for me, because all the assumptions were totally wrong. We thought it would happen mostly online. It happened 80 percent on paper. We thought that folks would be single-issue voters, and they turned out to be very dynamic in what their interests were in the community. We thought that when you were faced with the issue of vision that people would have really, really wild ideas, and really, en masse, the community had incremental ideas. If you're looking for breakthrough ideas, I learned that big survey processes were not the way to go for it [cross talk] Josh McManus: After all this time of doing it ... I did that, and then I've done a lot of other approaches. I believe in what I call humanity-centered design. I've got a process that I've developed for it. What it says is don't build nor design things for what you believe is a community, build and design things for what you know is a community. Josh McManus: Any intervention you build should be with the deep observation of the issues that you're trying to understand and intervene on. What I mean by that is if you want to intervene on affordable housing and you don't have a lot of people involved, who have lived in, are living in, and are currently pursuing affordable housing, then it's going to be really hard to get it right.. Josh McManus: Just as human-centered design has put people in hospital beds, when you're trying to innovate in hospitals, this humanity-centered design says I've got to take it more than just innovation on behalf of the patient. I've got to find innovation on behalf of the entire patient base. I believe in this humanity-centered design. I believe in feedback from the people. I believe in that in two different ways. I think if you need to understand what consensus is, then you mass survey, and representative sample. If you need to look for innovation, you actually have to do constrained dreaming. Josh McManus: What I mean by that is we did the world's largest community-visioning process, and people wanted a little cleaner, a little less traffic, a little better amenities. Then we did this other process that was called City R&D, where we said, "We've got downtown, we've got the mall area, and we've got the new giant auto factory - we need to connect these three together. What are your wildest ideas for connecting these things together?". Josh McManus: When you constrain the problem like that, the imagination became really much more bold. People had public art ribbons, and rubber-tired trolleys, and all these different ways that you could connect these assets together that they didn't come up with, when they were just asked to imagine a better community and describe it. I think that community process has to be selective around are you trying to figure out what consensus is, or are you trying to figure out what innovation is? Josh McManus: The last thing I want to mention is my friend, Mark Wallace, who runs the Detroit River Conservancy, I feel like he really stumbled into, or intentionally drove into new territory from a community-input standpoint with the new park that they just announced on the Detroit riverfront. Josh McManus: What he did was actually go get a representative sampling. I think it was 21 folks, real people from neighborhoods - mom and her kid, a set of retirees - and these are people that were not your usual suspects in public participation. Then what he did is put them on a plane, and they went to the best parks in the country- Eve Picker: Oh, that's really cool. Josh McManus: Yeah. They experienced those parks, and then they came back and worked with the designers to say what they wanted in their park. Instead of [cross talk] Eve Picker: That's really cool. Josh McManus: -surveying, he found his representative sampling of the community; made sure that they were unbiased, because they weren't the usual suspects and participants, like people that are in the know. Used their input to come up with a plan that I'm super-super-excited about. I think that may be a next practice, too. Eve Picker: That's pretty cool. I'm gonna have to interview Mark- Josh McManus: Oh, yeah, he's great. Eve Picker: One last question - where do you think the future of real estate impact investing lies, in summary? Josh McManus: In summary, I think that all of us that care about real estate impact investing have to continue to drive for policies, tools, and patrons, for that matter, who are committed to the democratization of finance. When the controls are in the hands of the commons, instead of in the hands of a small few who may make choices that were based on that unbridled greed that is this Achilles heel of capitalism, that is problematic. Anything that we can build, that we can do, that we can advocate for, that allows finance to further democratize to allow all people to participate in it, and to participate in ways that are fair and just, I think that's what the future looks like. Eve Picker: Okay, that's great. I do have three sign-off questions that I'm asking everyone because I'd like to tabulate the answers in the end. The first question is what's the key factor that makes a real estate project impactful to you? Josh McManus: I'll tell you a quick story. There was a time when everybody was talking about Denver. They're like, "Denver's changing. Denver's changing. You gotta go see Denver! Denver is changing!" Then you went to Denver, and it was three blocks-. Eve Picker: Yes, I remember that. Josh McManus: Yeah, yeah [cross talk] Eve Picker: -you could say the same about Corktown. You know that, right? Josh McManus: Yeah, yeah, totally, totally. Absolutely. Eve Picker: Where is Corktown? Oh, it's this block ... Josh McManus: Yeah, that's ... my friends, the Cooleys, and they started with the BBQ shop. That does get to how I measure these things. A project that is so impactful that people start to talk about a place, because that one project ... It's happened with a place called The Flying Squirrel in Chattanooga; incredibly designed; really smart bar that really accelerated the south side of the city. That's what I'm looking for in transforming real estate. Josh McManus: Does the project have the ability to play above its fighting weight, because it becomes contagious? Does it cause adjacent development? Does it get written up because it has particular aspects of it, like Jonathan Tate's odd-lot work that he's done down in New Orleans? Does it set precedent? Does it challenge people? Does it change the status quo? Do you come back to it in 10, 15, 20 years and all sorts of other stuff has happened around it, because it was that compelling unto itself? Eve Picker: Yes, okay. Then, other than by raising money, how do you think involving investors through crowdfunding could benefit the impact real estate developer? Josh McManus: When I speak of the democratization of finance, the disassociation of capital and community that happened since the 1950s is very problematic. What has the potential to happen now ... Before we got on the line, I was working through a small investment in a place-based development out of my IRA- a self-directed IRA investment that's in my neighborhood in New Orleans. What that does is reconnect me, my capital, and my community together. I think that's what's to come for the investor is to no longer be a spreadsheet jockey who is just sitting there looking for returns, but to actually participate in the true active community, by the utilization of your capital, to deliver things that include returns for you, but include a lot more. Eve Picker: Right. Okay, if you could think of one thing that would improve real estate development in the US, what would it be? Josh McManus: One thing that would improve real estate development in the US would be a rapid evolution of understanding of zoning, because I feel like this is ... The municipal boundaries of most communities were formed at a time of horse and carriage. Most of our zoning requirements still date back to times when heavy industry and light industry were really different from each other. Heavy industry had machines that could suck people into them, and cause major problems, and had major health concerns. Josh McManus: I look at additive manufacturing, experiential retail, multi-family affordable residential, and I know, in the future, we're going to have to have all of those on the same block with each other. Accelerating to standards that allow for that to happen seems really important to me. Eve Picker: Yeah? Okay. Josh, it's been really lovely talking to you. I thoroughly enjoyed it. I can't wait to hear about what you're next working on. Thank you so much for your time. Josh McManus: Thank you. I enjoyed the conversation, Eve. Eve Picker: That was Josh McManus. I hope you enjoyed listening to him as much as I enjoyed talking to him. Josh gave me three great takeaways. First, he believes we are on the precipice of the democratization of finance. Second, all segments of the real estate market are innovating and transforming rapidly right before our eyes. Third, just as we lived through a wave of green-washing, we are now in a wave of good-washing. We need to be patient for investors to catch up. What did you learn? Eve Picker: You can read more about Josh on the show notes page for this podcast at EvePicker.com. While you're there, please consider signing up for my newsletter to find out more about how to make money in real estate while making some change. Thank you so much for spending your time with Josh, and I, today. We'll talk again soon, but for now, this is Eve Picker signing off to go make some change.
On this episode of the podcast Casey interviews Jayson Siano. This man built a powerful real estate empire called the “Sabre Real Estate Group” (a premiere full service real estate consulting firm) with Kenneth Breslin of Breslin Realty back in March 2011. Mr. Siano was recognized as retail broker of the year in 2012. He is responsible for the entrance and development of many national brands into the New York Metro area. Prior to forming Sabre, Jayson was hired in 2006 by CB Richard Ellis to create and direct their Long Island & Outer Boroughs retail offices. In 2008 Mr. Siano cofounded the Retail Network; which has quickly grown into one of the industry’s leading networking organizations, contributing generous donations to many charitable causes throughout New York.Follow him @jaysonsianoFind him on the following platforms:Instagram - https://www.instagram.com/jaysonsiano/?hl=enFacebook - https://www.facebook.com/jayson.siano.5?ref=br_rsTwitter - https://twitter.com/sabrerealestateOfficial Website - http://sabre.life/Sabre Merch Store- https://sabre-swag.myshopify.comShow Details: The Rise of The Young Podcast is showcasing some of the most creative minds of this era, and will be providing you with actionable steps to help transform your life & business.
I am excited to share my conversation with Mr. Stephen Siegel who, at age 73, is now the Chairman of CB Richard Ellis, the world's largest commercial real estate services company. The media has often described him as one of the most legendary real estate game changers and titans in NYC.
I am excited to share my conversation with Mr. Stephen Siegel who, at age 73, is now the Chairman of CB Richard Ellis, the world’s largest commercial real estate services company. The media has often described... The post Steve Siegel: A Humble Real Estate Powerhouse appeared first on Welcome to High Five Success Stories Podcast!.
Meet Gia Heller, she's been a pioneer in the internet marketing industry since 1995, and she's #1 Amazon best-selling author of the "Startup Entrepreneur." Gia is a former marketing & research director at CB Richard Ellis, commercial real estate firm. Gia has been featured on television networks and has worked with Fortune 500 companies and small businesses in helping them gain thousands of eyeballs via social channels. Highlights “As long as you spend your life building relationships you’ll never be homeless.” After the real estate crash in 2008, Gia left the real estate industry and found herself living on food stamps in a basement with her daughter, then an awakening happened. Listen in as we share more. Full blog post at http://thrivingbeyondpodcast.com giapreneur.com https://www.facebook.com/TheSocialMediaMasters
Bob Fitts guest hosts the show & interviews me about the launch of Stacks, a fully-hosted web platform designed for libraries. SUP-X: The StartUp Expo, North America’s premier startup conference, is March 6-7, 2017, in sunny Fort Lauderdale, Florida. Affordably priced, SUP-X is a two day international conference featuring workshops, panels, speeches, a $50,000 startup competition and over 100 exhibitors. www.sup-x.org www.buildingthefutureshow.com/past-shows…global-llc www.buildingthefutureshow.com/past-shows…/bob-fitts My name is Kevin Horek and I was born and raised in Edmonton, Alberta, Canada. I work as a creative director and partner at a ventures firm. I graduated from NAIT's multimedia program, with honors, the University of Alberta Web Builder program, with honors, and spent a summer studying corporate design at UCLA. For over 20 years, I have worked on web apps, mobile apps and I remember the days when you used to use tables for layout. I wrote a book for Packt Publishing on Zurb's responsive framework Foundation 5. I have worked on projects for BMW, Best Buy, Apple, Adobe, Investors Group, Sprint, Eastlink, ATB, TD, Qantas Airlines, Emirates Airlines, Syngenta, CB Richard Ellis, Grubb&Ellis, Cushman & Wakefield, and Colliers International. My work has won site of the day, best site of the year for Colliers International, and has been published in Hit Parader magazine. https://www.ebsco.com/news-center/press-releases/ebsco-and-stacks-inc.-announce-the-release-of-stacks-a-user-focused-web-pla www.stacksdiscovery.com www.stacksdiscovery.mobi www.hybridventures.io
Excerpts from a one-day conference "Zoning the City: Addressing New York City's 21st Century Challenges" sponsored by the New York City Department of City Planning, the Harvard University Graduate School of Design, and The Steven L. Newman Real Estate Institute of Baruch College. The event takes place on November 15, 2011, at McGraw-Hill Conference Center, 1221 Avenue of the Americas, 2nd Floor. [Part I -- 58 min.] Welcome Robert K. Steel, Deputy Mayor for Economic Development, New York City Zoning New York City Amanda M. Burden, Director, New York City Department of City Planning; Chair, New York City Planning Commission Panel One: Shaping New York City Zoning, 1961 to the Present Hilary Ballon, Deputy Vice Chancellor, NYU Abu Dhabi; University Professor of Urban Studies and Architecture, NYU Carol Willis, Founder, Director, Curator, The Skyscraper Museum, New York; Adjunct Associate Professor of Urban Studies, Columbia University Alex Garvin, Professor of Urban Planning and Management (Adjunct), Yale University; President and CEO, AGA Public Realm Strategists Moderator: Rick Bell, Executive Director, American Institute of Architects New York Panel Two: Challenges Facing New York City In the 21st Century Daniel L. Doctoroff, President and CEO of Bloomberg LP Rosanne Haggerty, President, Community Solutions (CS) Rohit T. Aggarwala, C40 Cities Climate Leadership Group Paul Goldberger, Architecture Critic, The New Yorker; Joseph Urban Chair in Design and Architecture, The New School Moderator: Errol Louis, Host, "Inside City Hall," NY1 Panel Three: Zoning's Role In Addressing Challenges Facing New York City In the 21st Century: Zoning and the Competitive City Vishaan Chakrabarti, AIA, Holliday Professor and Director, Center for Urban Real Estate, Graduate School of Architecture, Planning & Preservation, Columbia University Kairos Shen, Chief Planner, Boston Redevelopment Authority Moderator: Alex Garvin, Professor of Urban Planning and Management (Adjunct), Yale University; President and CEO, AGA Public Realm Strategists Panel Four: Zoning and the Equitable City Toni Griffin, Professor & Director of the J. Max Bond Center at the Spitzer School of Architecture, City College of New York, CUNY John Rahaim, Director of Planning, City and County of San Francisco Moderator: Jerold S. Kayden, Frank Backus Williams Professor of Urban Planning and Design and Director, Master in Urban Planning Degree Program, Harvard University Graduate School of Design Panel Five: Zoning and the Sustainable City Harriet Tregoning, Director, Office of Planning, Government of the District of Columbia Jonathan F. P. Rose, President, Jonathan Rose Companies Moderator: Jack Nyman, Director, Steven L. Newman Real Estate Institute, Baruch College, CUNY [Part II -- 60 min.] Framing the Place of Zoning in Modern Cities Jerold S. Kayden, Frank Backus Williams Professor of Urban Planning and Design and Director, Master in Urban Planning Degree Program, Harvard University Graduate School of Design Panel Six: Zoning and the Physical City Matthew Carmona, Professor of Planning & Urban Design, Bartlett School of Planning, University College London Peter Park, Loeb Fellow, Harvard University Graduate School of Design Moderator: Paul Goldberger, Architecture Critic, The New Yorker; Joseph Urban Chair in Design and Architecture, The New School Panel Seven: Where Do We Go From Here? Thom Mayne, Founder, Morphosis Robert A. M. Stern, Dean, Yale School of Architecture; Founder and Senior Partner, Robert A. M. Stern Architects, LLP Mary Ann Tighe, Chief Executive Officer, New York Tri-State Region, CB Richard Ellis; Chair, Real Estate Board of New York Moderator: Jerold S. Kayden, Frank Backus Williams Professor of Urban Planning and Design and Director, Master in Urban Planning Degree Program, Harvard University Graduate School of Design Closing Remarks Amanda M. Burden, Director, New York City Department of City Planning; Chair, New York City Planning Commission
Excerpts from a one-day conference "Zoning the City: Addressing New York City's 21st Century Challenges" sponsored by the New York City Department of City Planning, the Harvard University Graduate School of Design, and The Steven L. Newman Real Estate Institute of Baruch College. The event takes place on November 15, 2011, at McGraw-Hill Conference Center, 1221 Avenue of the Americas, 2nd Floor. [Part I -- 58 min.] Welcome Robert K. Steel, Deputy Mayor for Economic Development, New York City Zoning New York City Amanda M. Burden, Director, New York City Department of City Planning; Chair, New York City Planning Commission Panel One: Shaping New York City Zoning, 1961 to the Present Hilary Ballon, Deputy Vice Chancellor, NYU Abu Dhabi; University Professor of Urban Studies and Architecture, NYU Carol Willis, Founder, Director, Curator, The Skyscraper Museum, New York; Adjunct Associate Professor of Urban Studies, Columbia University Alex Garvin, Professor of Urban Planning and Management (Adjunct), Yale University; President and CEO, AGA Public Realm Strategists Moderator: Rick Bell, Executive Director, American Institute of Architects New York Panel Two: Challenges Facing New York City In the 21st Century Daniel L. Doctoroff, President and CEO of Bloomberg LP Rosanne Haggerty, President, Community Solutions (CS) Rohit T. Aggarwala, C40 Cities Climate Leadership Group Paul Goldberger, Architecture Critic, The New Yorker; Joseph Urban Chair in Design and Architecture, The New School Moderator: Errol Louis, Host, "Inside City Hall," NY1 Panel Three: Zoning's Role In Addressing Challenges Facing New York City In the 21st Century: Zoning and the Competitive City Vishaan Chakrabarti, AIA, Holliday Professor and Director, Center for Urban Real Estate, Graduate School of Architecture, Planning & Preservation, Columbia University Kairos Shen, Chief Planner, Boston Redevelopment Authority Moderator: Alex Garvin, Professor of Urban Planning and Management (Adjunct), Yale University; President and CEO, AGA Public Realm Strategists Panel Four: Zoning and the Equitable City Toni Griffin, Professor & Director of the J. Max Bond Center at the Spitzer School of Architecture, City College of New York, CUNY John Rahaim, Director of Planning, City and County of San Francisco Moderator: Jerold S. Kayden, Frank Backus Williams Professor of Urban Planning and Design and Director, Master in Urban Planning Degree Program, Harvard University Graduate School of Design Panel Five: Zoning and the Sustainable City Harriet Tregoning, Director, Office of Planning, Government of the District of Columbia Jonathan F. P. Rose, President, Jonathan Rose Companies Moderator: Jack Nyman, Director, Steven L. Newman Real Estate Institute, Baruch College, CUNY [Part II -- 60 min.] Framing the Place of Zoning in Modern Cities Jerold S. Kayden, Frank Backus Williams Professor of Urban Planning and Design and Director, Master in Urban Planning Degree Program, Harvard University Graduate School of Design Panel Six: Zoning and the Physical City Matthew Carmona, Professor of Planning & Urban Design, Bartlett School of Planning, University College London Peter Park, Loeb Fellow, Harvard University Graduate School of Design Moderator: Paul Goldberger, Architecture Critic, The New Yorker; Joseph Urban Chair in Design and Architecture, The New School Panel Seven: Where Do We Go From Here? Thom Mayne, Founder, Morphosis Robert A. M. Stern, Dean, Yale School of Architecture; Founder and Senior Partner, Robert A. M. Stern Architects, LLP Mary Ann Tighe, Chief Executive Officer, New York Tri-State Region, CB Richard Ellis; Chair, Real Estate Board of New York Moderator: Jerold S. Kayden, Frank Backus Williams Professor of Urban Planning and Design and Director, Master in Urban Planning Degree Program, Harvard University Graduate School of Design Closing Remarks Amanda M. Burden, Director, New York City Department of City Planning; Chair, New York City Planning Commission
Excerpts from a one-day conference "Zoning the City: Addressing New York City's 21st Century Challenges" sponsored by the New York City Department of City Planning, the Harvard University Graduate School of Design, and The Steven L. Newman Real Estate Institute of Baruch College. The event takes place on November 15, 2011, at McGraw-Hill Conference Center, 1221 Avenue of the Americas, 2nd Floor. [Part I -- 58 min.] Welcome Robert K. Steel, Deputy Mayor for Economic Development, New York City Zoning New York City Amanda M. Burden, Director, New York City Department of City Planning; Chair, New York City Planning Commission Panel One: Shaping New York City Zoning, 1961 to the Present Hilary Ballon, Deputy Vice Chancellor, NYU Abu Dhabi; University Professor of Urban Studies and Architecture, NYU Carol Willis, Founder, Director, Curator, The Skyscraper Museum, New York; Adjunct Associate Professor of Urban Studies, Columbia University Alex Garvin, Professor of Urban Planning and Management (Adjunct), Yale University; President and CEO, AGA Public Realm Strategists Moderator: Rick Bell, Executive Director, American Institute of Architects New York Panel Two: Challenges Facing New York City In the 21st Century Daniel L. Doctoroff, President and CEO of Bloomberg LP Rosanne Haggerty, President, Community Solutions (CS) Rohit T. Aggarwala, C40 Cities Climate Leadership Group Paul Goldberger, Architecture Critic, The New Yorker; Joseph Urban Chair in Design and Architecture, The New School Moderator: Errol Louis, Host, "Inside City Hall," NY1 Panel Three: Zoning's Role In Addressing Challenges Facing New York City In the 21st Century: Zoning and the Competitive City Vishaan Chakrabarti, AIA, Holliday Professor and Director, Center for Urban Real Estate, Graduate School of Architecture, Planning & Preservation, Columbia University Kairos Shen, Chief Planner, Boston Redevelopment Authority Moderator: Alex Garvin, Professor of Urban Planning and Management (Adjunct), Yale University; President and CEO, AGA Public Realm Strategists Panel Four: Zoning and the Equitable City Toni Griffin, Professor & Director of the J. Max Bond Center at the Spitzer School of Architecture, City College of New York, CUNY John Rahaim, Director of Planning, City and County of San Francisco Moderator: Jerold S. Kayden, Frank Backus Williams Professor of Urban Planning and Design and Director, Master in Urban Planning Degree Program, Harvard University Graduate School of Design Panel Five: Zoning and the Sustainable City Harriet Tregoning, Director, Office of Planning, Government of the District of Columbia Jonathan F. P. Rose, President, Jonathan Rose Companies Moderator: Jack Nyman, Director, Steven L. Newman Real Estate Institute, Baruch College, CUNY [Part II -- 60 min.] Framing the Place of Zoning in Modern Cities Jerold S. Kayden, Frank Backus Williams Professor of Urban Planning and Design and Director, Master in Urban Planning Degree Program, Harvard University Graduate School of Design Panel Six: Zoning and the Physical City Matthew Carmona, Professor of Planning & Urban Design, Bartlett School of Planning, University College London Peter Park, Loeb Fellow, Harvard University Graduate School of Design Moderator: Paul Goldberger, Architecture Critic, The New Yorker; Joseph Urban Chair in Design and Architecture, The New School Panel Seven: Where Do We Go From Here? Thom Mayne, Founder, Morphosis Robert A. M. Stern, Dean, Yale School of Architecture; Founder and Senior Partner, Robert A. M. Stern Architects, LLP Mary Ann Tighe, Chief Executive Officer, New York Tri-State Region, CB Richard Ellis; Chair, Real Estate Board of New York Moderator: Jerold S. Kayden, Frank Backus Williams Professor of Urban Planning and Design and Director, Master in Urban Planning Degree Program, Harvard University Graduate School of Design Closing Remarks Amanda M. Burden, Director, New York City Department of City Planning; Chair, New York City Planning Commission
Excerpts from a one-day conference "Zoning the City: Addressing New York City's 21st Century Challenges" sponsored by the New York City Department of City Planning, the Harvard University Graduate School of Design, and The Steven L. Newman Real Estate Institute of Baruch College. The event takes place on November 15, 2011, at McGraw-Hill Conference Center, 1221 Avenue of the Americas, 2nd Floor. [Part I -- 58 min.] Welcome Robert K. Steel, Deputy Mayor for Economic Development, New York City Zoning New York City Amanda M. Burden, Director, New York City Department of City Planning; Chair, New York City Planning Commission Panel One: Shaping New York City Zoning, 1961 to the Present Hilary Ballon, Deputy Vice Chancellor, NYU Abu Dhabi; University Professor of Urban Studies and Architecture, NYU Carol Willis, Founder, Director, Curator, The Skyscraper Museum, New York; Adjunct Associate Professor of Urban Studies, Columbia University Alex Garvin, Professor of Urban Planning and Management (Adjunct), Yale University; President and CEO, AGA Public Realm Strategists Moderator: Rick Bell, Executive Director, American Institute of Architects New York Panel Two: Challenges Facing New York City In the 21st Century Daniel L. Doctoroff, President and CEO of Bloomberg LP Rosanne Haggerty, President, Community Solutions (CS) Rohit T. Aggarwala, C40 Cities Climate Leadership Group Paul Goldberger, Architecture Critic, The New Yorker; Joseph Urban Chair in Design and Architecture, The New School Moderator: Errol Louis, Host, "Inside City Hall," NY1 Panel Three: Zoning's Role In Addressing Challenges Facing New York City In the 21st Century: Zoning and the Competitive City Vishaan Chakrabarti, AIA, Holliday Professor and Director, Center for Urban Real Estate, Graduate School of Architecture, Planning & Preservation, Columbia University Kairos Shen, Chief Planner, Boston Redevelopment Authority Moderator: Alex Garvin, Professor of Urban Planning and Management (Adjunct), Yale University; President and CEO, AGA Public Realm Strategists Panel Four: Zoning and the Equitable City Toni Griffin, Professor & Director of the J. Max Bond Center at the Spitzer School of Architecture, City College of New York, CUNY John Rahaim, Director of Planning, City and County of San Francisco Moderator: Jerold S. Kayden, Frank Backus Williams Professor of Urban Planning and Design and Director, Master in Urban Planning Degree Program, Harvard University Graduate School of Design Panel Five: Zoning and the Sustainable City Harriet Tregoning, Director, Office of Planning, Government of the District of Columbia Jonathan F. P. Rose, President, Jonathan Rose Companies Moderator: Jack Nyman, Director, Steven L. Newman Real Estate Institute, Baruch College, CUNY [Part II -- 60 min.] Framing the Place of Zoning in Modern Cities Jerold S. Kayden, Frank Backus Williams Professor of Urban Planning and Design and Director, Master in Urban Planning Degree Program, Harvard University Graduate School of Design Panel Six: Zoning and the Physical City Matthew Carmona, Professor of Planning & Urban Design, Bartlett School of Planning, University College London Peter Park, Loeb Fellow, Harvard University Graduate School of Design Moderator: Paul Goldberger, Architecture Critic, The New Yorker; Joseph Urban Chair in Design and Architecture, The New School Panel Seven: Where Do We Go From Here? Thom Mayne, Founder, Morphosis Robert A. M. Stern, Dean, Yale School of Architecture; Founder and Senior Partner, Robert A. M. Stern Architects, LLP Mary Ann Tighe, Chief Executive Officer, New York Tri-State Region, CB Richard Ellis; Chair, Real Estate Board of New York Moderator: Jerold S. Kayden, Frank Backus Williams Professor of Urban Planning and Design and Director, Master in Urban Planning Degree Program, Harvard University Graduate School of Design Closing Remarks Amanda M. Burden, Director, New York City Department of City Planning; Chair, New York City Planning Commission
James Hochman, Real Estate Partner, Coman & Anderson P.C. The NAR Commercial Intelligence Briefing Podcast continues with a conversation with James Hochman, Real Estate Partner with Coman & Anderson P.C. Jim is one of NAR Commercial's Signature Series speakers for 2012. He offers several seminars in the Signature Series dealing with the kinds of legal agreements that are pivotal to commercial real estate transactions, including lease agreements, purchase and sale agreements, and exclusive listing agreements. He also conducts workshops on how to avoid litigation, broker lien rights, license portability issues for interstate commercial real estate transactions, and effective negotiation skills for brokers. Biography As Coman & Anderson's Real Estate Partner since July 2005, Jim Hochman represents many commercial real estate brokerage firms, receivers, landlords, tenants, and real estate investors by assisting in commercial and residential real estate transactions. Prior to joining Coman & Anderson, Jim was Senior VP & Senior Counsel for CB Richard Ellis for 22 years, representing CBRE in all aspects of real estate services for 20 states in the Central United States. Jim is a speaker on real estate broker-related issues for real estate organizations across the nation and in Canada. He also teaches for SIOR nationally and Lewis University. He co-akuthored and sponsored the Illinois Commercial Real Estate Broker Lien Act, and several subsequent states' broker lien acts. He is the architect of license portability statutes for several states. In 2004, Jim was honored by SIOR with its Inaugural Champion of Industry Award and is now a General Associate member of SIOR. Jim graduated from Brown University and has earned a Doctor of Jurisprudence from Boston Unversity School of Law. He retired as Commander in the United States Naval Reserve in 1992, after 22 years of service. His final assignment was Special Counsel to the U.S. Commander in Chief, Pacific Forces. Subscribe to the RSS feed for these podcasts. Subscribe to the NAR Commercial Intelligence Briefing Podcasts in iTunes. As Coman & Anderson's Real Estate Partner since July 2005, Jim Hochman represents many commercial real estate brokerage firms, receivers, landlords, tenants, and real estate investors by assisting in commercial and residential real estate transactions. Prior to joining Coman & Anderson, Jim was Senior VP & Senior Counsel for CB Richard Ellis for 22 years, representing CBRE in all aspects of real estate services for 20 states in the Central United States. Jim is a speaker on real estate broker-related issues for real estate organizations across the nation and in Canada. He also teaches for SIOR nationally and Lewis University. He co-akuthored and sponsored the Illinois Commercial Real Estate Broker Lien Act, and several subsequent states' broker lien acts. He is the architect of license portability statutes for several states. In 2004, Jim was honored by SIOR with its Inaugural Champion of Industry Award and is now a General Associate member of SIOR. Jim graduated from Brown University and has earned a Doctor of Jurisprudence from Boston Unversity School of Law. He retired as Commander in the United States Naval Reserve in 1992, after 22 years of service. His final assignment was Special Counsel to the U.S. Commander in Chief, Pacific Forces.
Sam Foster, CCIM - Executive Vice President, Jones Lang LaSalle-Los Angeles The NAR Commercial Intelligence Briefing Podcast continues with a conversation with Sam Foster, CCIM, executive vice president of Jones Lang LaSalle-Los Angeles. Sam is one of NAR Commercial's Signature Series speakers for 2012. He offers two seminars in the Signature Series, one called "View from the Edge" in which he and several colleagues discuss emerging trends in how commercial real estate is reused and reimagined based on changing market demographics; and a second session on how to set up an effective tenant representation practice. Biography Sam Foster, CCIM, is an Executive Vice President with Jones Lang LaSalle-Los Angeles. As Executive Vice President of Tenant Representation Group, Sam's responsibilities include the representation of Mattel, Whirlpool, Xerox and other corporate real estate clients. Prior to joining Jones Lang LaSalle, Sam was Director of CB Richard Ellis' Madison Advisory Group. During the course of his career, he has effected or supervised transactions valued at over $2.7 billion. Sam has a Bachelor of the Arts degree from the University of Southern California where he has also served as a guest lecturer. He is a faculty member with the CCIM Institute and served as a Past President for the Los Angeles chapter. In addition to these accomplishments, his writings have been featured in Urban Land, Professional Report, Commercial Investment Real Estate Journal and Real Estate – Southern California. Additionally, Sam has authored one novel , “Alpha Male,” published in 2002 by Daniel & Daniel. Subscribe to the RSS feed for these podcasts. Subscribe to the NAR Commercial Intelligence Briefing Podcasts in iTunes.
A California native, Mark lived up and down the state before settling in Los Angeles. He is the owner/operator of AdminCavalry, a virtual assistance firm. Mark worked in the corporate world for over 20 years, putting himself through school, before starting his own company. He has worked with small, tech startup firms in the Silicon Valley as well as multi-national and international conglomerates like CB Richard Ellis. As a virtual assistant, he specializes in finding technological solutions for his clients to improve their efficiency and add extra horsepower to their operations so they can focus on what they do best: growing their business. He is an avid cyclist, having bicycled 500 miles from Fairbanks to Anchorage for AIDS research, and dreams one day of taking a cycling and cooking tour of all Italy.
Mark Boisi Chair, New York Region, Cassidy Turley Paul Glickman Vice Chairman, Jones Lang LaSalle Josh Kuriloff Vice Chairman, Cushman & Wakefield John Maher Executive Vice President, CB Richard Ellis
Bruce Belfiore will interviews Kristin Beatty, site analytics specialist with CB Richard Ellis, on the key points to consider when selecting a contact center location. The session reveal's the latest research on site selection and the labor analytics which every manager should know before deciding on setting up at a new address.
Chairman, Tri-State Region, CB Richard Ellis
David Arena, President, Grubb & Ellis New York Dan Blanco, Principal, Broad Street Development Michael Giglio, Chief Financial Officer/Dir. of Acquisitions, Kaufman Organization Peter Turchin, Executive Vice President, CB Richard Ellis
Woody Heller Exec. Managing Dir., Group Head, Capital Trans. Group, Studley Robert Knakal Chairman & Founding Partner, Massey-Knakal Realty Frank P. Liantonio, Exec. Vice Pres., Cushman & Wakefield William M. Shanahan, Vice Chairman, CB Richard Ellis
Ray Wirta is one of the most prominent experts on the commercial real estate market in America. He currently is CEO of Nexregen a commercial real estate developer and investment firm in Texas. Until his retirement in 2005, Ray was the CEO of CB Richard Ellis, the largest real estate services firm in the world. In this interview, Ray will give you a valuable overview of the commercial real estate market, how to invest in it, and what is going on now and for the rest of this year in commercial real estate.
Ray Wirta is one of the most prominent experts on the commercial real estate market in America. He currently is CEO of Nexregen a commercial real estate developer and investment firm in Texas. Until his retirement in 2005, Ray was the CEO of CB Richard Ellis, the largest real estate services firm in the world. In this interview, Ray will give you a valuable overview of the commercial real estate market, how to invest in it, and what is going on now and for the rest of this year in commercial real estate.
One of the early adapters of OSCRE discusses the benefits of embracing this technology. Primarily it saves a lot of time for the busy executive. Instead of sitting in various meetings with different organizations, OSCRE rolls up the discussion in one group. The adaption and creation of well defined standards that actually works allows CBRE to drive integration, increase transparency that can invite a high level of investment and eliminate inefficiencies. While this technology benefits their competitors, it really benefits the entire industry.
At the 2007 Realcomm Conference in Boston, I interviewed more than 60 of the smartest people in the real estate industry over a two day period. I captured their insights and experience on how technology is affecting the commercial real estate industry.
➡️ Like The Podcast? Leave A Rating: https://ratethispodcast.com/successstory➡️ Join 321,000 people who read my free weekly newsletter: https://newsletter.scottdclary.com➡️ About The GuestBob Knackal is a senior managing director and the head of the New York Private Capital Group at JLL, a global leader in real estate services and investment management. With over 40 years of experience in the industry, Bob has brokered more than 2,000 property sales in New York City, totaling over $18 billion in value. He is widely recognized as one of the most influential and successful brokers in the country.Bob began his career in 1984 at CB Richard Ellis, where he met his longtime partner Paul Massey. In 1988, they founded Massey Knakal Realty Services, which became the #1 building sales firm in New York. In 2015, they sold their firm to Cushman & Wakefield for $100m, where Bob served as the chairman of New York Investment Sales until 2018. ➡️ Show Linkshttps://www.instagram.com/bobknakalnyc/https://twitter.com/BobKnakal/https://www.linkedin.com/in/bobknakal/ ➡️ Podcast SponsorsHubspot - https://hubspot.com/ Kajabi - https://kajabi.com/success (Code: success)Indeed - https://indeed.com/claryThe Hustle Daily Show - https://www.thehustledaily.show NetSuite — https://netsuite.com/scottclary/ ➡️ Talking Points00:00 - Introduction02:27 - $21B Sales Secrets Unveiled05:21 - Bob's Real Estate Journey09:48 - 1980s vs Today: Competition in Real Estate12:30 - Passion for Commercial Real Estate14:55 - Inside a Commercial Real Estate Deal19:22 - Delayed Gratification vs Real Estate Success22:00 - Sponsor: The Hustle Daily Show22:44 - Brokerage Venture Origins25:25 - Building a Brokerage Empire29:52 - Leading Through Crisis32:53 - Toughest Leadership Decision36:49 - Manhattan's Every Block Mission43:12 - Connect with Bob Online43:48 - Advice for 20-Year-Old Self44:07 - Defining SuccessAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy
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