Letter from the Executive Director
Mark Riedy, PhD
Earlier this year, I indicated my intention to address BMC’s four major strategic priorities for 2014. I have previously addressed the first two: 1. Increasing class enrollments across the board (March) and 2. Enhancing our value to the residential real estate industry (April).
Priority three has to do with figuring out ways to increase the Center’s (non-donor-related) revenue streams on a sustainable basis. This goal has been our most intractable, so we are extremely fortunate to have developed over time a terrific group of donors to sustain our operations. We do not want those donors to leave us, but rather seek to develop alternative sources of operating revenues to supplement donations. We also are cognizant of the risk that our donors, while extremely loyal and generous, for strategic reasons might decide to re-direct their financial support to other worthy causes over time.
One example of a non-donor-related source of sustainable revenue is our Continuing Education certificate program. Another is our industry-oriented programming throughout the year, starting with our Annual Real Estate Conference in March, the Mid-Year Economic and Financial Update in July, November’s Women in Real Estate Conference, the December Residential Real Estate Outlook and Breakfast at the BMC programs periodically throughout the year. The BMC’s industry-oriented staff includes seven professionals. Their existing responsibilities in support of the industry, alumni, real estate faculty and staff in the academic program and current students consume workdays entirely. We leverage our Policy Advisory Board members and other stakeholders too, thereby enhancing our services to others without increasing personnel costs. Like real estate professionals, we try to be as creative and valuable to our customer base―you, our readers and others―by working harder and smarter without increasing operating costs. What we would appreciate greatly from you are your suggestions on ways for the BMC to generate more operating revenues from sources that are sustainable but do not come from donations. Obvious things each of you can do include the following:
- Bringing friends and colleagues with you to our conferences
- Recommending our conferences and Continuing Education certificate program and investing in your employees’ training and education by sponsoring their participation
- Contributing to existing endowments benefitting the BMC or creating new endowments (a donor-related activity initially, but a source of future revenue from the endowments’ earnings, which help to wean the BMC budget off of ongoing donor support over time)
We solicit and welcome your ideas. From your experience in organizations to which you belong or universities you attended, what else would lead you to be willing to direct funds―not just donate them―to the BMC? Over a long period of time the growth of endowment principal can generate meaningful earnings and offset the need for current donations. In the interim, however, we count among our blessings the loyal and generous current donor base we have, industry support for our conferences (sponsors and attendees) and contributors to endowments in years past.
We will continue to work hard to add value to the industry, but need your help and ideas for creative new ways to generate revenues without relying on donors funding us forever. For more information on ways to benefit the BMC and our academic programs through endowments―our long-term solution for generating earnings for operations―please contact me at: (619) 260-4872 or e-mail.
In September I will begin a series of Pipeline letters related to my retirement next January 15, formally announced today in this press release.
Mark J. Riedy, PhD
|CoreLogic’s Mark Fleming presents at the Mid-Year Economic and Financial Update conference at USD on July 24
Back by popular demand, the Burnham-Moores Center hosted its Mid-Year Economic and Financial Update at USD on July 24. Mark Fleming, PhD, chief economist of CoreLogic, kicked off the event with his presentation titled “Gauging the Housing Recovery-Normality and Impediments to Growth.” Fleming admitted that the audience would be used as guinea pigs, his way of conveying to attendees that their money for registration was well spent as his data were brand new and had not yet been presented to any audience previously. Fleming jumped right into analyzing the shortage of housing supply and how this scarcity affects gross domestic product (GDP). Additionally, Fleming joked about millennials becoming “a pain in [his] side,” putting off life decisions, including getting married later in life, resulting in the slowing of household formations.
Following Fleming’s keynote, Alan Gin, PhD, associate professor of economics at USD presented his mid-year update titled “National and Local Economic Outlook.” Gin’s discussion included an analysis of the job market, noting the effects of streamlining during the Great Recession. “Businesses are profitable but hiring is slow, mainly due to the fact that operations for most businesses were streamlined during the Great Recession,” said Gin. His outlook for the local economy was favorable, noting that the San Diego economy will outpace the national economy with job growth of 30,000 expected in 2014. Main areas included in this increase are health care, professional and technical services, leisure and hospitality and construction positions.
The event wrapped up with a Q&A session, moderated by Alan Nevin, director of economic and market research of Xpera Group. Fleming, Gin and Nevin fielded audience questions, many of which were about student debt and it’s effect on the housing market. In an interview with The Daily Transcript immediately following the event, Fleming dispelled student loans as a problem.
“While the common misconception is that student debt is a problem and a burden, digging deeper into the data reveals that it is not a burden on homeownership,” said Fleming.
The Burnham-Moores Center and all of our conference attendees recognize and appreciate the support of all of our event sponsors, especially our presenting sponsor, Union Bank.
View additional photos from the conference.
|Norm Miller at the University of Cincinnati’s real estate program’s 25th Anniversary Dinner
Professor Norm Miller, PhD, was a guest speaker at the University of Cincinnati’s 25th Anniversary Dinner at the Hyatt Regency Cincinnati on June 4. Miller founded the university’s real estate program in 1989 and received their annual Distinguished Real Estate Service Award in 1999 when he was director of the real estate program. Over 700 people attended the dinner, which included past Distinguished Real Estate Service Award recipients.
In 2014, social media are being strategically used to find and recruit new employees at companies and organizations everywhere. According to a survey conducted by social recruiting company JobVite, 94 percent of surveyed recruiters say they use social media to find job candidates. Additionally, a hefty 93 percent report they use LinkedIn not only to search for candidates, but to keep tabs on them during the hiring process.
With such high percentages, job seekers are encouraged to take the appropriate steps to ensure they have a positive online presence. What is an online presence? It is your reputation, your brand and your credibility that represents who you are. Further, because social media create first impressions of you, you want to be sure your presence is easy to find, affirmative and speaks to who you are and what you do.
Tips for using social media during a job search and how to establish a positive online presence:
- Always be professional: Only share content that is appropriate to be seen and read. Never criticize your workplace or boss on social media sites. When you post comments online, assume your mother, your current boss (if you have a job) and a recruiter for your ‘ideal’ employer are looking over your shoulder and reading what you write.
- Build professional, relevant profiles: Include your job history, strengths and accomplishments to show future employers what you can offer their company. Take advantage of the obvious: LinkedIn, but also use Facebook, Twitter and Google+ to create your online presence. Also maintain your professionalism by using correct spelling and grammar in your posts. According to Jobvite’s 2012 survey, 54 percent of recruiters had a negative reaction to grammar and spelling mistakes.
- Search for yourself: Enter your name in Google and see what comes up in the search. Any pictures or material that come up for you can come up for the rest of the world, so be aware and monitor your online branding and image.
- Network and make yourself a resource: Use LinkedIn’s Groups to network within your industry. Make your presence known by introducing yourself to other group members and attend industry-related events. Use social media sites to build your social capital and create connections. Only post credible information and links that are beneficial to others.
- Maintain privacy and security: Job seekers should use stronger security settings to limit access and maintain a professional image and reputation. Best advice is to be very cautious and judicious about what you post.
- Stay informed and connected: Take the initiative to follow companies in your industry on LinkedIn, Facebook and Twitter so that you are connected and up-to-date on recent news, new hires and company developments. Be sure to “like” companies you are interested in on Facebook to join discussions about trends and innovations in your industry.
- Don’t ask for a job: Use your time and effort to help your career by keeping your name in people’s minds. Let recruiters and employers see you are a worthy and knowledgeable candidate through your professional profile and insightful posts on social media.
- Searching in all the social places: Enhance the odds of finding your dream job by searching for opportunities on LinkedIn, Facebook and Twitter. Job searching has moved beyond sites like Indeed, Simply Hired, CareerBuilder or Monster to company networks created on social media sites.
- Plan your strategy: Using social media wisely requires an investment of time and energy. Always keep in mind that most of what is posted online is visible to the world, so carefully think through the target audience of each social medium and the message you want to relay.
Each month the Burnham-Moores Center for Real Estate offers career advice and tips for students, alumni and job seekers in the real estate industry.
|Tyler Hanson ’14 (BBA)
|Molly Jones ’11 (BBA)
|Tony O’Neill ’07 (MSRE)
|Justin Shifrin ’11 (MSRE), ’13 (MBA)
Tyler Hanson’s ’14 (BBA) passion for real estate kick-started after reading Robert Kiyosaki’s book “Rich Dad Poor Dad” the summer upon completing his high school education. During his freshman year at the University of Montana, Hanson learned about USD’s real estate program and quickly transferred. During the fall semester of his junior year, Hanson and three of his classmates eager to gain hands-on experience in real estate, took a leave of absence. Without any external support, they pooled funds they had and purchased a distressed residential property in Tacoma, Wash. Hanson led his team in obtaining a loan, negotiating acquisition/disposition, creating financials, managing rehabilitations and eventually selling the home for a profit in 85 days. Hanson then returned to San Diego to complete his degree. He was selected to participate on the USD team in the 2013 NAIOP University Challenge. Hanson currently works at Cushman & Wakefield where he is involved in a six month training program with his sights set on tenant representation beginning in 2015.
Molly Jones ’11 (BBA) has made a shift from management and commercial real estate into the residential world as a real estate agent with Coldwell Banker Residential Brokerage in Salt Lake City, Utah. Jones graduated Magna Cum Laude from the undergraduate business program at USD with a double major in real estate and business. She was a Presidential Scholar and a recipient of the California Homebuilding Foundation/Ernest Hahn Scholarship and the Woodruff Scholarship. During her tenure at USD, Jones was actively involved in real estate activities, including the USC International Real Estate Competition and the NAIOP University Challenge. She is currently enrolled in Coldwell Banker’s Journey to Mastery program, an opportunity that is only available at two Coldwell office locations, which offers a comprehensive perspective of the transaction process and provides a myriad of unique tools for agents in creating the best experience possible for their clients.
Tony O’Neill ’07 (MSRE) has been actively involved in the distressed/opportunistic real estate-investing space for over seven years. Recently, he and current MSRE candidate Jon Mesa partnered up under O’Neill’s “Wolverine Ventures, Inc.” to continue the pursuit of opportunistic and value-add note and property acquisitions throughout the Western U.S. O’Neill and Mesa recently closed on a joint-venture note acquisition involving a multifamily property in the Sacramento area. Wolverine Ventures pursues multi-family, retail and hospitality-related notes and REO assets with plans to continue acquiring unique real estate opportunities through channels not typically mined by mainstream real estate investors. In his current role, O’Neill oversees the organization’s asset management, acquisition and business development activities. Thanks in large part to strong real estate law and finance components of his MSRE training, O’Neill is able to analyze and price risk in situations not often embraced by traditional investors.
Justin Shifrin ’11 (MSRE), ’13 (MBA) recently joined Strata Equity Group, Inc. as an acquisition manager. Strata is a privately held real estate investment firm specializing in land development and multifamily acquisitions. As a key member of the acquisition team, Shifrin is tasked with sourcing, underwriting and conducting due diligence on future investments. While earning his MBA at USD, Shifrin worked for Interwest Capital Corporation and directly interfaced with investors and institutional capital providers, sourced investments and managed the due diligence process. Shifrin has also worked for two local real estate companies, Fairfield Residential and JMI Realty.
If you are a USD alum working in the real estate industry, we would like to hear from you. Please e-mail Diane Ice with recent and significant career-related achievements and initiatives. All submissions will be considered for publication.
|SBA Dean David Pyke in the winner’s circle after the “University of San Diego Alumni” race
USD’s Alumni Association and the School of Business Administration’s (SBA) Alumni Association hosted the annual Alumni Day at the Races Aug. 3 in the il Palio restaurant at the Del Mar Racetrack. Over 150 USD alumni and their guests attended the event. The first race was particularly special as it was named “University of San Diego Alumni.” SBA Dean David Pyke, PhD, and USD College of Arts and Sciences Dean, Noelle Norton, PhD, were invited to the winner’s circle after the race to take pictures with the trainer of the winning horse.