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
Monday, July 14, 2008
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
Thursday, June 26, 2008
Can You Become a Creature of New Habits?
I apologize for posting late this week.
I found this article very interesting and hope you do too.
I am a firm believer in stretching outside of my comfort zone and this article explains the long term value in doing just that.
Nickolas W Jekogian
Tuesday, June 17, 2008
Monday, June 16, 2008
What it Takes to Succeed. -- Ground Work
After setting goals and a strategy the next step is to jump in and start working. Even though your goals may be to run the company that is not where you start. The first step is to find a way into an industry at a level that you can be an outstanding performer. Practice the art of under promise and over perform.
"You can't build a reputation on what you are going to do." - Henry Ford
My personal example of this was when I started working for my first internship in college. I was 18 yrs old didn't know anything about business but I did have one advantage over just about everyone else in the company. I knew how to use a computer. In 1987 computers where just starting to be used in the office but I had been using them in school for years and I was good with them. So I became the "go to" guy for computer problems. I would then stay late at the office and trade help with computers for answers on how real estate worked. Late at night in the office I would have the most time to spend with senior executives who mentored me in the real estate business.
So my tip today is find something that you can bring to the organization that no one else does and use that to help the company grow, in turn you will be rewarded.
"Deliver more than you are getting paid to do. The victory of success will be half won when you learn the secret of putting out more than is expected in all that you do. Make yourself so valuable in your work that eventually you will become indispensable."
- Og Mandino (1923-1996), American motivator, author, speaker
Here are a few more quotes from very successful people to drive home this concept
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
"We had other teams beat in warm-up because we were prepared." - 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
"An ounce of action is worth a ton of theory."
- Friedrich Engels (1820-1895), German social philosopher
"Whatever it takes, that's what I do."
- David R. Mellor, Dir. of Grounds, Fenway Park
Please add some comments to this blog. I would like to hear about some of your ideas or your abilities that we are not using to the fullest capacity.
Thanks for making it happen
Nick
"You can't build a reputation on what you are going to do." - Henry Ford
My personal example of this was when I started working for my first internship in college. I was 18 yrs old didn't know anything about business but I did have one advantage over just about everyone else in the company. I knew how to use a computer. In 1987 computers where just starting to be used in the office but I had been using them in school for years and I was good with them. So I became the "go to" guy for computer problems. I would then stay late at the office and trade help with computers for answers on how real estate worked. Late at night in the office I would have the most time to spend with senior executives who mentored me in the real estate business.
So my tip today is find something that you can bring to the organization that no one else does and use that to help the company grow, in turn you will be rewarded.
"Deliver more than you are getting paid to do. The victory of success will be half won when you learn the secret of putting out more than is expected in all that you do. Make yourself so valuable in your work that eventually you will become indispensable."
- Og Mandino (1923-1996), American motivator, author, speaker
Here are a few more quotes from very successful people to drive home this concept
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
"We had other teams beat in warm-up because we were prepared." - 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
"An ounce of action is worth a ton of theory."
- Friedrich Engels (1820-1895), German social philosopher
"Whatever it takes, that's what I do."
- David R. Mellor, Dir. of Grounds, Fenway Park
Please add some comments to this blog. I would like to hear about some of your ideas or your abilities that we are not using to the fullest capacity.
Thanks for making it happen
Nick
Monday, June 9, 2008
Strategic Plan - Short Term Milestones
Continuing our theme from last week the subject is "What it takes to succeed". Last week we spoke about goal setting. I hope that everyone took the time over the past week to not only think about their long term goals but to also put them in writing. Unwritten goals are wishes, written ones are do able.
Once you have taken the time to write your concise goal list its time to start thinking about how to get there (Strategic plan). Now is the time to map out the intermediate steps required.
Example - Goal - be US President.
Strategic plan - finish college, law school, local elections, marry rich wife, cultivate supporters, run for Congress, lose a few races, run for Senate, run for party candidate, win election.
Obviously this is a simplified plan but hopefully you get the point that you need to now set up a plan for getting from where you are today to where you want to be. Step by step is how the game is played.
So now that you have clearly written down your goals its time to work on your strategic plan for getting there. Good luck and if you need any help this is where a mentor will come in handy. I am sure if you ask your supervisor they would be happy to help with this process. If you don't feel comfortable sharing your long term goals that is fine just ask them to help you with the strategic plan to move you towards the bigger goals.
Here is an example of one of my goals - Goal - Complete Ironman Hawaii.
Strategic plan - learn to run long distance, learn to swim, buy a bike, sign up for short distance triathlons, compete in a half Ironman, train hard for long distance Ironman, compete against the clock in Ironman, compete against others to win a spot in Hawaii, lose, compete again, win, go to Hawaii.
If anyone needs my help please do not hesitate to email and call me directly.
More to continue next week on our road to success.
Keep making it happen!
Nickolas W Jekogian
Once you have taken the time to write your concise goal list its time to start thinking about how to get there (Strategic plan). Now is the time to map out the intermediate steps required.
Example - Goal - be US President.
Strategic plan - finish college, law school, local elections, marry rich wife, cultivate supporters, run for Congress, lose a few races, run for Senate, run for party candidate, win election.
Obviously this is a simplified plan but hopefully you get the point that you need to now set up a plan for getting from where you are today to where you want to be. Step by step is how the game is played.
So now that you have clearly written down your goals its time to work on your strategic plan for getting there. Good luck and if you need any help this is where a mentor will come in handy. I am sure if you ask your supervisor they would be happy to help with this process. If you don't feel comfortable sharing your long term goals that is fine just ask them to help you with the strategic plan to move you towards the bigger goals.
Here is an example of one of my goals - Goal - Complete Ironman Hawaii.
Strategic plan - learn to run long distance, learn to swim, buy a bike, sign up for short distance triathlons, compete in a half Ironman, train hard for long distance Ironman, compete against the clock in Ironman, compete against others to win a spot in Hawaii, lose, compete again, win, go to Hawaii.
If anyone needs my help please do not hesitate to email and call me directly.
More to continue next week on our road to success.
Keep making it happen!
Nickolas W Jekogian
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