Sorry I missed last weeks post. I had finished a very wet and cold Ironman race late in the night before and didn't get back in an area with cell/internet service until late monday.
This week's topic is about Crunch Time. It happens in our business every year at the end of summer. Leasing season is ending and we need units filled before the phone stops ringing. Our annual profitability is made or broken in these 4 weeks. If we are left with vacancies we will not likely fill them until early next year and with profit margins as tight as ours that means the difference between a profit and loss this year.
With that said I ask everyone to step up their efforts over the next 4 weeks to get us to 100% occupancy in each and every market. We can do it.
If anyone has already reached this goal in their market and has time on their hands please discuss with your supervisor how you can help in other markets. We are still looking for additional leasing agents and management help throughout the country.
"Energy and persistence conquer all things."
Ordinary people believe only in the possible.
Extraordinary people visualize not what is possible or probable,
but rather what is impossible.
And by visualizing the impossible, they begin to see it as possible.
-Cherie Carter-Scott (American Author, Speaker, Trainer)
Thanks everyone for making the impossible happen!
Nick
Monday, July 28, 2008
Monday, July 14, 2008
Ceo mmr - NWJ/Signature Update
A lot has been happening. On the acquisitions side we have activity for new deals in almost every market we are working in. Kansas city, El Paso, Durham, Omaha, Albqr, even NYC city. The acquisitions group has really been turning up opportunities under there new sales manager and motivational guide, Jon Colton. The call volume has increased significantly (by many multiples greater) and the results are starting to show in LOIs and A/S. Good job guys keep it up!
The Portfolio division signed NWJ cos largest deal to date with the takeover of Wilshire Enterprises a publicly traded company. This deal will add 1000 units to the NWJ/Signature portfolio plus give us a few retail/office properties which we intend to sell in the near future. This deal has opened up conversations with a few other companies and it looks like we are now getting traction in this division and more deals to come.
Lender direct division is really seeing a lot of activity; John Stanton and John Coffen have the job of flying around the country seeing failed apartment projects. We have been putting our bids in and are getting close on a few deals. Steve Wissak is also working his connections in the NY capital markets to take advantage of the fire sales going on of debt. We are currently close to a deal that could eventually add 3000 units to the portfolio, at a price that is $60M less than the price paid 18 months ago. I will update you further on this deal as obviously it will affect everyone in the organization.
On the operations side everything keeps getting better and better. I am delighted when I read the economic news and see things getting worse and worse in the housing market because the longer it lasts the greater impact it will have on the national opinion renting or buying. The past 5 yrs everyone wanted to own but my feeling is that going forward for a good part of the next generation residents will think twice about jumping into home ownership. That means longer term renters, more renters, and happy residents. Renting really is the most economical way for a young family, not to mention a single person, to live.
We are already seeing the effects. Our 100% occupancy club already includes Richmond, Baltimore, and Kansas City-Plaza area. The other markets seem to be moving strongly towards that goal and I expect by next months update that almost all our markets will be a part of the 100% occupancy club. Great job everyone, especially all the leasing agents under Ian Fraenkel, You are making it happen.
July 1st marked a milestone for us with the start of our Signature Community management group. We now manage almost 3000 apartment units under one organization. I welcome aboard Nick Moos and his team in Kansas city and Indy. We are creating a world class management organization.
The Stabilization group under Mike Greenzang and Mike Deitric has made huge strides in turning around our projects. Park Greenwood was completed in record breaking time and now Waldo is at the final stages of its transformation. Great job everyone involved in these transactions. What we need to realize is that stabilization is not just about construction its leasing, managing, marketing and asset management all accelerated into a very short period of time. Thanks to everyone involved in these transformations.
On the finance side we still continue to receive commitments on financing and expect to refinance Waldo once we hit our 90% occupancy target. The financing has definitely become more difficult but due to our management experience lenders are feeling comfortable continuing to lend on our projects.
On the equity investor front we continue to attract a strong investor base due to the strong returns we have provided on Park Greenwood and the anticipated returns on Waldo and the new projects. Investors are driven to our deals because of our track record and the great things that everyone is doing with the Signature brand, keep up the good work.
The next few years should be incredible growth opportunities, thanks to everyone for making this happen.
-Nick
The Portfolio division signed NWJ cos largest deal to date with the takeover of Wilshire Enterprises a publicly traded company. This deal will add 1000 units to the NWJ/Signature portfolio plus give us a few retail/office properties which we intend to sell in the near future. This deal has opened up conversations with a few other companies and it looks like we are now getting traction in this division and more deals to come.
Lender direct division is really seeing a lot of activity; John Stanton and John Coffen have the job of flying around the country seeing failed apartment projects. We have been putting our bids in and are getting close on a few deals. Steve Wissak is also working his connections in the NY capital markets to take advantage of the fire sales going on of debt. We are currently close to a deal that could eventually add 3000 units to the portfolio, at a price that is $60M less than the price paid 18 months ago. I will update you further on this deal as obviously it will affect everyone in the organization.
On the operations side everything keeps getting better and better. I am delighted when I read the economic news and see things getting worse and worse in the housing market because the longer it lasts the greater impact it will have on the national opinion renting or buying. The past 5 yrs everyone wanted to own but my feeling is that going forward for a good part of the next generation residents will think twice about jumping into home ownership. That means longer term renters, more renters, and happy residents. Renting really is the most economical way for a young family, not to mention a single person, to live.
We are already seeing the effects. Our 100% occupancy club already includes Richmond, Baltimore, and Kansas City-Plaza area. The other markets seem to be moving strongly towards that goal and I expect by next months update that almost all our markets will be a part of the 100% occupancy club. Great job everyone, especially all the leasing agents under Ian Fraenkel, You are making it happen.
July 1st marked a milestone for us with the start of our Signature Community management group. We now manage almost 3000 apartment units under one organization. I welcome aboard Nick Moos and his team in Kansas city and Indy. We are creating a world class management organization.
The Stabilization group under Mike Greenzang and Mike Deitric has made huge strides in turning around our projects. Park Greenwood was completed in record breaking time and now Waldo is at the final stages of its transformation. Great job everyone involved in these transactions. What we need to realize is that stabilization is not just about construction its leasing, managing, marketing and asset management all accelerated into a very short period of time. Thanks to everyone involved in these transformations.
On the finance side we still continue to receive commitments on financing and expect to refinance Waldo once we hit our 90% occupancy target. The financing has definitely become more difficult but due to our management experience lenders are feeling comfortable continuing to lend on our projects.
On the equity investor front we continue to attract a strong investor base due to the strong returns we have provided on Park Greenwood and the anticipated returns on Waldo and the new projects. Investors are driven to our deals because of our track record and the great things that everyone is doing with the Signature brand, keep up the good work.
The next few years should be incredible growth opportunities, thanks to everyone for making this happen.
-Nick
Thursday, July 10, 2008
Tuesday, July 1, 2008
What It Takes...
You set your goals, developed a short term strategy and found a place where you can make a difference in the organization now its time for the hard work. There is no easy way to put this you have to work hard if you want to succeed. Doesn't matter if you want to be a movie star or a real estate owner the only way to make it is by working hard.
When I graduated college I knew that I wasn't going to hit my goals without putting in the time. So I worked lots of hours, normally 8am until 10pm. I worked on weekends, in my free time I read business magazines and real estate publications so I could learn what I needed to know. It was hard work and I had to give up a lot of other things but it paid off. I made money, grew a company, met a lot of interesting people along the way, hired great people, and forged long term relationships. These early years where the foundation of this company.
One thing that helps me get through it all is that I love every second of it. If you don't love what you are doing you will never make it through the days, weeks, years that are necessary to succeed. You must find what you love to do or find a way to love what you are doing.
A few quotes that I find appropriate:
"Energy and persistence conquer all things."
"Some of us will do our jobs well and some will not, but we will be judged by only one thing: the result." - Vince Lombardi
All successful people, men and women, are big dreamers. They imagine what their future could be, ideal in every respect, and then they work every day toward their distant vision, that goal or purpose.
Brian Tracy
(American Trainer, Speaker, Author, Businessman)
"You live longer once you realize that any time spent being unhappy is wasted."
Ruth E. Renkl
"It takes time to succeed because success is merely the natural reward of taking time to do anything well."
Joseph Ross
"Great things are only possible with outrageous requests."
Thea Alexander
(American Science Fiction Writer)
"First, say to yourself what you would be, and then do what you have to do."
Epictetus
"Don't let what you cannot do interfere with what you can do." - John Wooden
"Three great essentials to achieve anything worthwhile are, first, hard work; second, stick-to-itiveness; third, common sense." - Thomas Jefferson
"Live as if you were to die tomorrow." - Latin proverb
There's often no way you can look into the game of life and determine whether or not you'll get that big break tomorrow or whether it will take another week, month, year or even longer. But it will come!
Zig Ziglar
(1933-, American Sales Trainer, Author, Motivational Speaker)
"I could work harder than everyone." - Jerry Rice
"Do your homework because kids in India are." - Jim Tunney
"The reason why so little is done is generally because so little is attempted." - Samuel Smiles (1812-1904, Scottish author)
"Step by step. I can't think of any other way of accomplishing anything." - Michael Jordan
"Nature gave us two ends: one to sit on and one to think with. Ever since then, man's success or failure has been dependent on the one he used most." - Robert Albert Bach
"If we did all the things we are capable of doing, we would literally astound ourselves." - Thomas Edison (1847-1931
"Anything in life worth having is worth working for." - Andrew Carnegie (1835-1919), Scottish industrialist & philanthropist; founder, Carnegie Steel Co.
"The fruits of life fall into the hands of those who climb the tree and pick them." - Earl Tupper (1907-1983), American businessman; inventor of Tupperware
Just remember its up to you to make it happen.
Nick
When I graduated college I knew that I wasn't going to hit my goals without putting in the time. So I worked lots of hours, normally 8am until 10pm. I worked on weekends, in my free time I read business magazines and real estate publications so I could learn what I needed to know. It was hard work and I had to give up a lot of other things but it paid off. I made money, grew a company, met a lot of interesting people along the way, hired great people, and forged long term relationships. These early years where the foundation of this company.
One thing that helps me get through it all is that I love every second of it. If you don't love what you are doing you will never make it through the days, weeks, years that are necessary to succeed. You must find what you love to do or find a way to love what you are doing.
A few quotes that I find appropriate:
"Energy and persistence conquer all things."
"Some of us will do our jobs well and some will not, but we will be judged by only one thing: the result." - Vince Lombardi
All successful people, men and women, are big dreamers. They imagine what their future could be, ideal in every respect, and then they work every day toward their distant vision, that goal or purpose.
Brian Tracy
(American Trainer, Speaker, Author, Businessman)
"You live longer once you realize that any time spent being unhappy is wasted."
Ruth E. Renkl
"It takes time to succeed because success is merely the natural reward of taking time to do anything well."
Joseph Ross
"Great things are only possible with outrageous requests."
Thea Alexander
(American Science Fiction Writer)
"First, say to yourself what you would be, and then do what you have to do."
Epictetus
"Don't let what you cannot do interfere with what you can do." - John Wooden
"Three great essentials to achieve anything worthwhile are, first, hard work; second, stick-to-itiveness; third, common sense." - Thomas Jefferson
"Live as if you were to die tomorrow." - Latin proverb
There's often no way you can look into the game of life and determine whether or not you'll get that big break tomorrow or whether it will take another week, month, year or even longer. But it will come!
Zig Ziglar
(1933-, American Sales Trainer, Author, Motivational Speaker)
"I could work harder than everyone." - Jerry Rice
"Do your homework because kids in India are." - Jim Tunney
"The reason why so little is done is generally because so little is attempted." - Samuel Smiles (1812-1904, Scottish author)
"Step by step. I can't think of any other way of accomplishing anything." - Michael Jordan
"Nature gave us two ends: one to sit on and one to think with. Ever since then, man's success or failure has been dependent on the one he used most." - Robert Albert Bach
"If we did all the things we are capable of doing, we would literally astound ourselves." - Thomas Edison (1847-1931
"Anything in life worth having is worth working for." - Andrew Carnegie (1835-1919), Scottish industrialist & philanthropist; founder, Carnegie Steel Co.
"The fruits of life fall into the hands of those who climb the tree and pick them." - Earl Tupper (1907-1983), American businessman; inventor of Tupperware
Just remember its up to you to make it happen.
Nick
Subscribe to:
Posts (Atom)