Approximately 150 commercial real estate professionals gathered on September 16, 2015 for an Asset Management Roundtable hosted by the Orange County chapter of the Institute of Real Estate Management (IREM). The panel, moderated by Coreland’s Chris Hite, featured four Southern California leaders in Asset Management representing all commercial real estate sectors.
A summary of the event was captured by GlobeSt.com:
By Carrie Rossenfeld | Orange County
COSTA MESA, CA—Analyzing valuations forwards and backwards and focusing on renovation needs and project pro forma business plans are among the top-of-mind issues for asset managers, according to speakers at a recent IREM OC asset-management luncheon and roundtable here. The panel at the event, which drew approximately 150 real estate professionals, featured Southern California leaders discussing the relationship between the asset manager and property manager.
Chris Hite, president of Coreland Cos., moderated the panel, which included Angela Kralovec, asset manager ofBlackRock; Charlie Russo, senior asset manager ofLaurus Corp.; Jack Loughridge, VP of CapRock Partners; and Sandra Vaughan-Acton, director of real estate development for Cal Poly Pomona Foundation.
Kicking off the event, each panelist talked about the areas in which they spend a majority of their time. Kralovec said that she is constantly analyzing valuations forwards and backwards, while Russo said that he is focused on renovation needs and project pro forma business plans. Vaughan-Acton is focused on supporting the mission of the institution.
When discussing the ideal qualities of a property manager Loughridge wants his property managers to be his eyes and ears at the property, with constant communication about any and all issues, while Vaughan-Acton believes a good property manager should act and perform as if they own the building. Kralovec wants her property manager to be entrenched in the financials, understanding what they are and why the numbers are the way they are.
In terms of a single metric that is the most important to them, Russo and Kralovec stressed the extreme importance of tenant feedback in the form of surveys or outside sources like Yelp.
The Institute of Real Estate Management (IREM®) is an international community of real estate managers dedicated to ethical business practices, maximizing the value of investment real estate, and promoting superior management through education and information sharing. IREM is the home for all industry professionals connected to real estate management – and the only organization serving both the multi-family and commercial sectors.