StoneRiver Company’s Post

Connect with Jim McGuffin and Rachel Dennis to learn more!

Connect with Jim McGuffin to learn more!

In this video I discuss some of the key trends we are seeing in the asset management sector at the start of 2024 📈📉💷

We're actively recruiting for a Head of Asset Management position, and one of the attributes we're looking for is "executive presence." ... which is one of the hardest traits to quantity. After running several screening calls, I've landed on the following - those with executive presence: 1) Speak to the goals of their current (or prior) organization and the strategy created to execute on the goals ... not the details of their excel spreadsheets. 2) Bring energy to the room, building up others in a way that creates a sense of peace in stressful situations ... they do not come off as intimidating. 3) Show professionalism in their speech, dress, and the background of their zoom room.

We sat down with our Managing Partner, David Harms, to discuss his view on hiring activity within asset management. What are your thoughts on the current position of the market? 🤔💭   #HiringActivity #MarketOverview #AssetManagement #ValentineThomas

Growing Company needs help

Are you looking to elevate the management of your commercial property investments? It is time to consider the advantages of hiring a professional commercial asset manager. Here's why: 1️⃣ Strategic Vision: Commercial asset managers focus on maximizing the value of your property portfolio through strategic planning and long-term vision. They can help you achieve your investment goals and optimise your returns. 2️⃣ Financial Expertise: Asset managers have the financial knowledge and analytical skills needed to make informed decisions about your property investments. They can help you navigate complex financial matters and ensure optimal performance. 3️⃣ Risk Management: Asset managers are adept at identifying and mitigating risks associated with commercial properties. By proactively managing risks, they can protect your investments and enhance their resilience in the market. 4️⃣ Portfolio Diversification: Asset managers can help you diversify your property portfolio to reduce risk and increase stability. They can identify new investment opportunities and optimise your portfolio mix for maximum returns. 5️⃣ Performance Monitoring: Asset managers continuously monitor the performance of your properties and make data-driven decisions to enhance their profitability. They provide regular reports and updates to inform you about your investments' status. Considering the benefits of professional commercial asset management, it's clear that making the switch can lead to greater success and profitability in your property investments. Elevate your property management strategy with a professional asset manager today! #CommercialAssetManagement #PropertyInvestments #RealEstateManagement #AssetManager #PropertyPortfolio #rhcnorthsydney #commercialrealestateagent #commercialrealestate #northshore

Exciting news to share! In May, I will be working with Extern as an Asset Management and Deal Sourcing Extern in partnership with Colton Alexander . I can't wait to learn more about the company and enhance my skills in Asset Management. A huge thank you to Extern for providing such amazing opportunities! #AssetManagement #DealSourcing #ColtonAlexander

I’m grateful to be part of the asset management team. 🙏 I want to gain as much experience as possible. 💪 I volunteered to work with the property management team. 🏢 It’s my first time, and I thought it would be easy. 😅 How hard could it be to turn over vacant units, especially in a prime location with a property management team doing the work? 🤔 I was so wrong. 😬 We can’t rely entirely on property management. 🚧 I found out that the regional manager handles 20 other properties. 🏘️ When there’s a distressed property, there’s no waiting. 🕰️ It’s not acceptable to wait for property management to finish with other deals. ⚠️ The owner cares the most about the property, but I noticed a bottleneck in the chain of command. ⛓️ When we all have to wait for one person to move things along, it’s not good. 😟 If she doesn’t handle her part, everything is on hold. ⏳ I’ve been pacing, trying to figure this out. 🧐 How should I approach this person? 🤷♀️ What should I say? 🤔 #AssetManagement #PropertyManagement #RealEstateChallenges #Teamwork #BottleneckIssues #LearningOnTheJob #ProblemSolving #LeadershipSkills #RealEstateJourney

What does it take to be a great asset manager? From what I have observed and worked on, a great asset manager is and does a few things: 👉Involved with the asset pre-acquisition. The asset manager should be 🟢involved in the underwriting, 🟢provide context and insights about the market 🟢the proposed asset's competitive positioning in the context of its micro-location, 🟢other market forces (local and distant) that may affect the asset's performance, 🟢shoot down the deal before it makes it to investment committee if it's not viable, and 🟢If the deal makes it to investment committee, the asset manager should have communicated with the analyst and acquisition personnel on the asset and the market to be able to confidently talk through how the business plan aligns with the underwriting. 👉Post acquisition, they are the battle commander. Depending on the structure of the company, the asset manager may have 1️⃣ full control over business decisions, 2️⃣ some control with oversight, 3️⃣ or only control over the minutia. Regardless of their degree of control, because they are the asset manager, they should act as though the buck stops with them. - Problems with property management? Asset manager deals with that. - Problems with the construction team slipping on schedule? Asset manager deals with that. - Problems with certain units not leasing well? Asset manager deals with that. I have enjoyed assisting our development manager with the asset management function. In this role, I have been exposed to tons in property operations: 1️⃣ Just because it's the same floor plan with the same finishes, that does not mean it will achieve the same rent across the property: month rented, floor it's on, views, location to amenities, etc. 2️⃣ A whole slew of reporting: unit delivery and leasing progress, unit availability (existing and incoming), strategic rent adjustments (up & down), resident demographics, etc. 3️⃣ Vendors, contractors, subcontractors, local officials, attorneys, and the team of people it takes to bring a project to life. What else would you say it takes to make a successful asset manager? #realestate #assetmanagement #execution https://lnkd.in/eWkXj2J7 Summer Street Advisors, LLC has a good list of asset management functions at the link below.