CARW

The Commercial Association of REALTORS Wisconsin

2020 Nextgen

October NextGen Property Management Panel Recap

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On Wednesday, October 7th the NextGen group met for its last session with three seasoned professionals in the Commercial Real Estate Property Management industry.  We were joined by Tammy Babisch with Colliers International, Sherry King with Tishman Speyer, and Jim Vaillancourt with MidAmerica Real Estate.

A few notes to recap the session:

What is the average day like for a Property Manager?
No two days are quite the same. Property managers handle everything from curb appeal to operations. The most important part is maintaining good tenant relationships and keeping tenants satisfied. Also, being the local eyes and ears of a client.

How can everyone work together to ensure projects are moving smoothly?
Property managers like to collaborate early on and be there for a project from start to finish.  The more information they have, the better they can help brokers and everyone involved, do their jobs.

Members of the panel discussed their role to make people feel comfortable getting back to the office.  The agreed that good communication and follow through was vital to ensuring tenants felt safe in their workplaces.

When members of the panel were discussing stories of their time in property management, one theme came up time after time – and that is ‘everything that you do in your building is on camera.”

Words of advice:
-Be flexible and ready to pivot; not everything will go according to plan;
-Believe in yourself;
-Be a lifelong learner – build your toolbox over time;
-Say yes and figure the rest out later

Cheers to a great year NextGen class of 2020!

Next Gen – Economic Development – Public Officials Session

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Last Wednesday, CARW welcomed three public officials to our Next Gen session.  Mary Perry from the Wisconsin Economic Development Corporation, Tim Casey from the Waukesha County Center for Growth and Vanessa Koster from the City of Milwaukee joined the discussion.  All three public officials stated that one reason that they love what they do is that their job is different every day.  They provided the group with great insights to economic development within our state, counties & cities.

  • Whether it is a call from someone inside or outside the state, it is their job to sell the local, city, county or state area and encourage businesses to come to Wisconsin. They are essentially brokers for the state of Wisconsin.
  • Luckily, Wisconsin stayed a little more “normal” than some of the larger cities during the COVID shutdown. Construction continued so development was also allowed to continue.
  • In general they are still having a hard time finding skilled labor. While it may not be the most pressing issue – they believe this will be top of mind again soon and has a big impact on development.
  • Vanessa said one thing she hears from the development community is that they seek a streamlined process to simplify the approval process. Permitting, approvals, inspections etc, can be complicated vary by location.  CARW has helped push a streamlined entitlement process.  Time is often of the essence, let’s try not to put hurdles in the way of new development.
  • The group encouraged brokers to reach out to elected officials and find out where vacancies are and what opportunities are available. For example, the City of MKE promotes use other than retail with big box locations (ex: allowing manufacturing).
  • One of the biggest issues they are all facing is transit & transportation as well as affordable housing. Where do people live and where are the job centers.  Wisconsin is not competitive when it comes to transit, this is something that needs to be addressed.  The housing issue has not gone away.  The cost of building materials are still way up,we still have a labor shortage and land is very expensive.  Cost effective multifamily options are hard to come up with.
  • Advice – Know the community you are working with. Some communities have an embedded DNA and may be close minded when it comes to new ideas.  Get to know people!  It is very important to have a network of who’s who and people that you can reach out to.  Investigate funding incentives for different communities.  Reach out to your public officials early on in the process they are there to help and can help send you in the right direction.

August NextGen Finance / Banking Recap

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On Wednesday, August 12th the NextGen group met with three seasoned professionals in the Commercial Real Estate Banking/Finance Industry.  Ivan Gamboa with TriCity National Bank, Stephen McGuire with US Bank and George Justice with Town Bank gave us their insights into the industry.

How do you get into the industry or is there a large barrier to entry?
Often when getting into this industry, people start as a credit analyst, move to a JR RM and then to a RM.  You should be open to relocating and willing to move to where the jobs are. Make sure that you have some sort of expertise to offer your clients.  You need to add value to clients and use your experience to distinguish yourself.  Milwaukee is competitive, figure out how to stick out in the crowd.

How is the downturn with the pandemic different than 08’?
All three suggested that the government and the banks are being more proactive, than they were 2008.  Banks are willing to modify notes in order to help people carry through.  The real issues may show up next year, (potential foreclosures etc).  It’s really too early to understand how everyone is being affected.  Liquidity is also a big difference; in 2008, there were no buyers, sellers or lending.  This time around, the government has pumped in a lot of liquidity.  Different sectors were hit at different times.  Right now, hotels, hospitality and retail are taking big hits; in 2008 it was housing. National credit tenants have proven harder to work with.  They aren’t quite solid as they were previously viewed.   Local tenants have been more proactive and willing to work with the local banks.

Did they ever consider a pandemic being the cause of a major recession?
Not necessarily, but they all knew that a “black swan” event could be out there.  They are rare and you don’t expect them, but they do happen.  Additionally, we had been on such and economic boom that there was the feeling that something was coming down the line. Steve thinks the next black swan could be really high interest rates like previous events in history.

Words of advice:
-Keep your head down and stay focused, maintain discipline even during the good times
-Start with your end in mind, work backwards to get there
-Understand the importance of networking
-CRE is a marathon, keep putting in the energy and it will pay off in the long run
-Check your ego at the door, confidence is good, ego is not
-Hardworking attitude is more important than talent

NextGen Elected Official Session Recap

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On July 8th, CARW hosted the elected officials NextGen session.  We were lucky enough have West Allis Mayor – Dan Devine, Mayor of Oak Creek – Dan Bukiewicz and Chairman of the Waukesha Country Board – Paul Decker join us. These three elected officials gave our NextGen’s a unique perspective on both the highlights in their communities as well as the challenges.

Paul Decker said it was extremely important to understand each municipalities strengths and weaknesses and realizes that every project is not a good fit in every location.  He felt it is important to look at things from a county perspective and not pin various municipalities against each other.  All elected officials believe in a regional approach to planning and work with the real estate community on the ‘long game’.

All three said their communities faced financial hardship due to COVID-19. This loss in revenue is already tough with tight budgets.  Regardless of COVID, the dependence on property tax is very difficult for all communities.  Many other states address taxes in other ways to accomplish infrastructure needs. In Wisconsin shared revenue is a huge component.  Shared revenue is “the money collected by the state in sales tax, that goes to Madison and is supposed to be returned to the community where it is spent.” These funds continue to get whittled away as the state faces its own budget pressures.” Communities are also dealing with antiquated funding formulas that should be revised to appropriately fund schools and other projects.  People in the development industry needs to help the elected officials push the state to take a look at these formulas and update them to current times.  Forget the politics and get down to the economics and do a better job with the shared revenue.

Our elected officials represent a very important part of our communities, yet often times what they do for us is relatively unknown.  A strong partnership between the elected officials and those looking to grow the community is essential.

May NextGen – Construction Series

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In our May NextGen Construction session, our NextGenR’s heard from Erik Lindstrom with Gilbane, Dave Schwartz with Innovative Construction Solutions, Bryce Unger with CG Schmidt and Scott Drees with Altius Building Company.  Our panelist answered a number of questions regarding what they are seeing in their industry as well as provide insight on what has helped them be successful.

While the era of COVID-19 has brought challenges to the construction industry it hasn’t come to a halt. 

  • Some projects have been put on hold, but projects like schools are taking advantage of this time with no students, to move projects along.
  • Material procurement challenges are a common theme. In the past this was more international, now it is a national challenge as well.
  • Multi-family is a mixed bag. Money is cheap, but banks are more stringent than before.
  • Many shut-downs were related to state implications.

Changes have been made in the industry:

  • Huge increase in PPE, hand washing stations, enforced social distancing etc.
  • Increase in virtual meetings vs onsite visits. Obtaining that buy in had its challenges.
  • Implementing virtual inspections in some municipalities. Each municipality has its own set of regulations which can be difficult.
  • Job site check-in protocols, including temperature checks and risk assessments for people on the job has proven effective.

Changes will create new design elements and ideas:

  • Curbside pickup doors, separate in/out doors may be our future. Increased demand for drive through options.
  • Negative air pressure a possibility for senior living or at-risk populations.

Who makes the best mentor?

  • Learning from those who are the best at what they do, whether it be a project manager or superintendent. It doesn’t have to be someone at the “top”.
  • Look to people who beat the odds. They may have a story of what they’ve overcome.
  • Talk to someone about your career path, industry trends and always someone who can help provide you an opportunity to grow.
  • Finding someone who exemplifies what you envision as success.

Character traits that have helped our panelists be successful:

  • Flexibility, resilience, sense of humor, ability to invest in people, tenacity, wanting to make an impact, the ability to listen.

Words of advice:

  • Listen & learn. There is always something new to learn.
  • Life is a DIY project, cater it to your needs and desires.
  • Figure out what the takeaway is from every situation. You may not realize it at the moment but later in life it may make sense.
  • Take chances and make opportunities.

 

 

NextGen Engineer Session Recap

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On Wednesday evening our 2020 NextGen’s embraced our new normal and participated in a panel lead discussion via Zoom with our Engineer panelists.  Thank you to Adam Artz, with Pinnacle Engineering Group, James Hansen, with GRAEF, John Kastner, with Vierbicher and Travis Peterson, with Kapur & Associates, Inc for your participation and valuable advice.

As a whole, the group agreed that they look for positivity and the ability to embrace a companies culture when looking at new hires.  The engineering field is dynamic and new hires need to have a desire to learn and be flexible when things don’t go according to plan.

When asked what the biggest hurdle in the industry is there were a variety of responses.  Travis said often times it can be an environmental issue.  Environmental issues often put the brakes on deals.  Adam said that you are only as strong as your weakest team member, so making sure that you have a great team is very important.  Technology is ever more important especially at a time like this.  The needs are changing quickly normally and at an exacerbated pace given the push to move everyone home.  As quickly as everyone has adapted, there is still something to be said about speaking face-to-face and checking in with your colleagues.  Managing client expectations in a time like this is also important.

The most challenging projects are often times when you are forced to work around existing operations that need to continue operating as normal.  This can be people living near a project, restaurants that need to operate, stores with retail hours etc.  Travis felt that dealing with the DNR can often create challenges.  There has been a decent amount of turnover recently and sometimes new staff is less versed in specific projects.

The entire group said the projects that they love the most are the ones that you get to go back and experience on a day to day basis.  The projects that require extra effort are especially rewarding as well.

As a result of COVID-19 the group felt that any changes to the industry likely hinge on how long the shut down lasts.  There is a good chance that employers will become more accepting of employees working from home.  That being said, the interpersonal connection of being face-to-face is ever more important for those new to the workforce.  There is a strong importance of having the mentor/mentee relationship in person, the opportunity to read body language, pick up on social cues etc that you cannot learn over the computer.

Looking forward into 2020 the group thought that constructions costs could experience a temporary dip, but that they will come back strong due to an increase in the need for more local supply chain.  We were already heading in the direction of sourcing more locally, but now that is ever more important for companies to not rely on other countries to complete their business.  Because of this, all of the panelists felt that Industrial market will experience a big boom as there is more desire for more local sourcing.

To view the entire presentation click HERE.

NextGen March Recap: Architect Experts Featured

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On March 11th, the CARW NextGen class welcomed a dynamic group of Commercial Real Estate Architects. Big thanks to Michael Brush (Plunkett Raysich Architects, LLP), Rich Pipek (in. studio architecture), Brian Pittman (EUA), and Glenn Roby (Kahler Slater).  The panel was moderated by Kelsey Webb (EUA). They shared with the NextGen group secrets to their success and challenges they faced throughout their career.  A few memorable take-aways from our NextGen Class included:

  • The best and most successful projects are when the owners and the tenant reps are brought in earlier
  • Talk to architects and contractors about timelines before you make commitments. Be realistic and don’t be hesitant to ask questions.
  • “The best preparation gets the best results.”
  • HAVE TRUST IN YOURSELF – it will help you grow in your career. By knowing yourself and having confidence in knowing what you can do is crucial to success. When an opportunity comes up, have confidence that you can do it and do it well.
  • Honesty is critical to your future
  • TEAMWORK IS KEY
  • Architects are there to help. Bring them in earlier and ask them to do a space plan or ask us questions. Don’t be afraid to call and ask for insight.
  • It is good to have a network of people to call and trust
  • Check out the Cat Café

Each month, the NextGen group will gather to hear from a panel representing a variety of disciplines. In April, the group will be joined by Engineers.

Next Gen | Broker Session Recap

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On February 12th, our group of NextGenR’s heard from four of the top brokers in the commercial real estate industry.  Alyssa Geisler moderated the panel led by: Ned Purtell, Scott Welsh, Jeff Hoffman, and Kevin Schmoldt. The panel brought years of experience, advice, and perspective on what it takes to be a success in the industry.  They brought their own unique perspectives as they represent all segments of the industry (industrial, retail, office & investment).

Key takeaways include:

-You don’t have to find your niche right away but focus on the areas that interest you.  Sometimes finding the right team and culture can help steer you in the right direction.
-Your mentors can help you grow and transition throughout your life.  You can think of mentors in three different buckets; your family or close friends, someone in the industry, and someone that you respect in another business other than real estate.
-Don’t be afraid to lean on someone who may be viewed as a competitor.  It’s a cooperative market and people are willing to help.  Don’t forget that mentorship is a two-way relationship, don’t overlook your ability to give back.
-Take initiative, tell your older colleagues to “put you in the game”.  Set your goals high.
-When communicating with clients, ask yourself if you are helping them make a decision or providing them with a solution.  If not, you may be making their life more difficult.
-WORK HARD – 80% of people don’t work hard.  Show up, return phone calls, follow-through, be inquisitive and you will already be a step ahead of the pack.
-Real estate is 3D and more complicated than ever, be an expert in your area.  Drive your market, test-run your tours, walk the buildings – be PREPARED!
-Embrace diversity.
-Don’t forget to build your pipeline, but spend a little time elephant hunting too.  Don’t be complacent.  “Whatever I did last year, is not good enough for this year.”

Working Together Giving Back – NextGen Outing at Hunger Task Force

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On January 21st, a group of past CARW NextGen grads spent the evening sorting and packing hundreds of boxes of food for Hunger Task Force Wisconsin.  The participants included Vanessa Petura (Physicians Realty Trust), Jonathan Lujak (Michael Best & Fredrich), Mitch Bastien (Newmark Knight Frank), Kelly Rodenkirk (Cushman & Wakefield | BOERKE), Mike Testa (Wangard), Patrick Hanrahan (Newmark Knight Frank), Cody Zigler (Cushman & Wakefield | BOERKE), Alexandra Don (AVK Law, LLC).  The volunteer outing was the second in the past year.  “We’re proud of the relationships that have developed among the NextGen participants over the last several years,” said Tracy Johnson.  “The bonds that tie this incredible commercial real estate network go far beyond work – these individuals are leveraging their collective strength to do so much good in the community.”  If you’d like more information on the NextGen program, click HERE.

NextGen Developer Recap | An Early Love of Monopoly is a Sign of Success!

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On January 8th, the CARW NextGen class kicked off the year with a panel of Commercial Real Estate Developers. A huge thanks to Stewart Wangard (Wangard Partners), Jerry Franke (Franke Development Advisors, LLC) and Tim Gokhman (New Land Enterprises, LLP). The panel was moderated by CARW NextGen graduate and committee member; Mike Testa (Wangard Partners). The panelists discussed the most challenging and rewarding aspects of their job, industry advice, stories about the game of monopoly… and much more!

Key takeaways:

  • The one thing you have is your reputation and the one thing you don’t want to be tarnished is your reputation, so admit your mistakes!
  • There is no stupid question.
  • Reach out to others in the industry. People are happy to share their knowledge!
  • Competitors can become a mentor.
  • Start leading as a generation by getting involved in committees and boards. Pick a passion, figure out what drives you and get involved with your community.
  • Develop a great network earlier on in life in your community. Milwaukee is a big enough city that feels small enough to be able to build that network.
  • Send thank you notes.. handwritten notes! (not an email or text message)

Each month, the NextGen group will gather to hear from a panel representing a variety of disciplines.  In February, the group will be joined by Brokers.

Click here to view the 2020 Class

CARW Announces 2020 NextGen Class

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MILWAUKEE – Commercial Association of REALTORS® Wisconsin (CARW), the voice of commercial real estate, is pleased to announce the organization’s 2020 NextGen class. More than 80 participants have graduated from the program since its inception in 2016. The CARW NextGen program includes 10 months of programming and strategic networking opportunities to introduce and solidify relationships with some of Milwaukee’s most active, established real estate professionals.

2020 NextGen Class:

Terence Acquah | City of Milwaukee
LinkedIn Profile: Terence Acquah

David Baker | Mid-America Real Estate
LinkedIn Profile: David Baker

Isaac Berg | Colliers International
LinkedIn Profile: Isaac Berg

Calli Berg | City of Franklin
LinkedIn Profile: Calli Berg

Spencer Bluett | Colliers International
LinkedIn Profile: Spencer Bluett

Heather Dorfler | CBRE
LinkedIn Profile:  Heather Dorfler

Sarah Eldred | Mid-America Real Estate
LinkedIn Profile: Sarah Eldred

Brock Ferger | Ogden
LinkedIn Profile: Brock Ferger

Lacey Fisher | CBRE
LinkedIn Profile: Lacey Fisher

Brian Flood | Founders 3 Real Estate
LinkedIn Profile: Brian Flood

Luke Herder | Cushman & Wakefield | BOERKE Company
LinkedIn Profile: Luke Herder

Bridget Martin | EUA
LinkedIn Profile: Bridget Martin 

Molly Ogden | CBRE
LinkedIn Profile: Molly Ogden

Alissa Peeters | Tri-City
LinkedIn Profile: Alissa Peeters 

Sean Sample | Pepper Construction Group
LinkedIn Profile: Sean Sample

Leticia Schwengel | US Bank
LinkedIn Profile: Leticia Schwengel

Mark Seidl | Pinnacle Engineering Group
LinkedIn Profile: Mark Seidl

Zach Seidl | Henricksen
LinkedIn Profile: Zach Seidl

Darian Siegel | Berghammer Construction Corporation
LinkedIn Profile: Darian Siegel 

Charles Swain | Colliers International
LinkedIn Profile: Charles Swain

Luis Tejeda | EUA

Daniel Winterrose | SARA Investment Real Estate
LinkedIn Profile: Daniel Winterrose

We will be featuring one of the CARW NextGen participants. There are 22 commercial real estate professionals involved in the program – each with their unique story to share and individual motivation for involvement.

Sessions will begin on Wednesday, January 8th at 4 p.m.  Read more about the program.

For More Information, Contact: Tracy Johnson – 414.698.7474 or tracy@carw.com

NextGen Class of 2019 Celebrates at EUA

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On September 25, the CARW Class of 2019 toasted to a year of hard work, learning, and relationship building.  The event took place on the rooftop of EUA in Milwaukee’s Third Ward.  They were joined by a number of the program’s speakers, moderators, and leadership from CARW.  Nicole Martin led the presentation.  When asked for comments about the NextGen program, people said that they made invaluable connections with industry leaders they wouldn’t have otherwise met; learned from the best of the best in the industry; and discovered the depth and breadth of the commercial real estate industry.  CARW is now accepting applications for the class of 2020 HERE.

To read more about the Class of 2019, click HERE