Real estate executives and firms today face markets, regulations, financial instruments, products, delivery systems, services and competition still in the throes of being restructured in fundamental ways whose outlines are not yet clearly defined and may not be clearly defined for several years to come. What is virtually certain to me is that the old ways of achieving success, wealth and career satisfaction will need to be reassessed down to their core. As one local industry leader succinctly put it in a recent meeting: "With all that's going on, how do I make myself relevant once again?"
For every individual and organization challenging themselves to remain relevant and successful, one key element in their assessment process must address the unique value proposition offered to the world by that individual or that firm. A unique value proposition answers questions as to why your firm, your product or services and your skills provide benefits that distinguish them favorably vs. those of your competitors and should induce customers to build business relationships with you and/or invest in you. In good times, refinement of one's unique value proposition is an ongoing challenge. However, in today's environment, with structures and practices undergoing fundamental transformation, what worked well in the past might not work as well — or at all — in the future. It is especially difficult to create and promote one's uniqueness when the overall competitive landscape is clouded by so much uncertainty.
Yet try you must. It is critical to identify those unique advantages that will distinguish and elevate you above your competitors in the next decade. In considering our own unique advantages at the Burnham-Moores Center for Real Estate, we looked at two illustrations. Each is designed to contribute to the overall perception of the BMC as the go-to place that real estate students, industry executives and benefactors recognize, respect, treasure and support.
As one example, the unique value proposition of the Center's 14th Annual Real Estate Conference addresses the question: Why invest time and money in this conference? The answer is that attendees, speakers and sponsors recognize that this program annually delivers a rare mix of local and nationally recognized industry leaders who seldom speak to San Diego audiences and, therefore, attract large numbers of senior real estate professionals across a broad spectrum of peer groups. In this vein, both the speakers and the audience are value-adding attractions.
The unique value proposition offered by the Center in USD's graduate real estate degree (MSRE) program addresses the question: Why do working professionals forego full-time employment and pay tuition to earn an MSRE degree at USD? The answer is that the hallmarks of this broadly based academic program are exceptional exposure to and interaction with real estate professionals both inside and outside the classroom in a caring, personalized learning environment that creates extraordinary advantages for career advancement.
If you haven't done so already, I urge you to determine your own unique value proposition — both for yourself and your firm — as you begin 2010. The clarity will undoubtedly help set you on the right course for the year that's ahead of us.
To see our conference line-up and to register, go here.
Beginning this month, the Burnham-Moores Center for Real Estate, in collaboration with USD's Office of Corporate and Professional Education, revamped the University's Real Estate Continuing Education program. The program will be structured similarly to what it has been since its launch in 2006, but with a few notable differences.
The Certificate in Land Use and Sustainable Community Development certificate program has been renamed as the Certificate in Real Estate Entitlement, Development and Design. The course names and content are virtually the same as the former program; however, the new name more accurately reflects the material covered.
Another change this year is that students may now earn certificates in both real estate certificate programs offered — the Certificate in Real Estate Finance, Investments and Development and the Certificate in Real Estate Entitlement, Development and Design — by taking just one additional course.
Other enhancements to the program include a new advanced real estate investment course, titled "Real Estate Investment and Income Analysis 102," which also is being offered to current Master of Science in Real Estate students. In addition, continuing education students may now earn one course credit by attending four three-hour training seminars offered throughout the year.
For more information on real estate continuing education and a course schedule, go to: www.sandiego.edu/rece.
Each year, the Burnham-Moores Center for Real Estate provides scholarships to reward academic achievement and encourage undergraduate and graduate students to pursue careers in the real estate profession. The Fall 2009 recipients and their generous benefactors are:
SIOR (Society of Industrial and Office Realtors)
Mickey Carhart Memorial/NAIOP San Diego
Fieldstone Foundation/CA Homebuilding Foundation
Marasco Family Scholarship Fund
USD Real Estate Alumni Association Scholarship
For more information on real estate scholarships, contact Lauren Lukens at (619) 260-7619.
On Dec. 10, members of USD's Real Estate Society wrapped up the fall semester by touring Ten Fifty B, a 23-story high-rise affordable housing project downtown located at 1050 B Street. The project is being developed by Affirmed Housing Partners and is one of the few real estate projects currently under development downtown. (From left to right) Micah Spano, director of construction at Affirmed Housing Partners gives his insight on the construction project to undergraduate student Shariar Monfared.
Assistant Professor Vivek Sah, PhD, recently had his paper, "Does Home Expertise Exist in Equity REITs?" accepted by the Journal of Real Estate Portfolio Management (JREPM) for publishing in a forthcoming issue. The study analyzes if REITs with geographic focus have abnormal returns after controlling for risk factors. This is Sah's third publication in the last two years, the second in JREPM and the first since he joined the University of San Diego faculty.
Sah also recently participated in the PhD Commencement and Hooding Ceremony at the J. Mack Robinson College of Business at Georgia State University. While he successfully defended his dissertation prior to joining the Burnham-Moores Center in Fall 2009, Sah had not yet been able to walk in a graduation ceremony. Congratulations to Dr. Sah on his accomplishments.
Mark J. Riedy, PhD, executive director, was the featured guest speaker at Cornerstone Wealth Management LLC's lunch meeting in San Diego Dec. 16. Riedy spoke to over 30 industry professionals including professional money managers, CPAs and some of the firm's clients. He discussed the causes of the residential and commercial mortgage meltdowns, changes necessary to restore stability to real estate markets and prospects for an economic recovery both nationally and in San Diego.
The Burnham-Moores Center is offering a 2½-day course at a discount to help members of the San Diego real estate community better understand green building and LEED core concepts and to help them prepare for the LEED Green Associate exam. At the end of the course, participants will receive a certificate of completion, which will make them eligible to sit for the exam. The course is scheduled for Feb. 26-27 and March 5, 2010. The cost is $250 per person, $200 for USD alumni or $1,000 for a company sponsoring five people. For more information, contact Ines Kraft at email@example.com or (619) 260-4150.
The Burnham-Moores Center for Real Estate's 10th Annual Residential Real Estate Conference: Outlook 2010, was reported on in a San Diego Union-Tribunearticle, the San Diego Business Journal's "SDBJ Insider" listing, "George Chamberlin's Money in the Morning" listing in The Daily Transcript and Dec. 10 and Dec. 14 blog entries. The event also was referenced in a Voice of San Diego interview with Alan Gin.
Norm Miller was quoted in a Dec. 10 article on FHA loans in The Motley Fool.
The Burnham-Moores Center for Real Estate's 14th Annual Real Estate Conference featuring Sam Zell was highlighted in a Dec. 11 story in The Daily Transcript.
Courtland Weisleder '09 (MSRE), made the San Diego News Network's Dec. 14 list of 35 San Diego "green" entrepreneurs under the age of 35.
Louis Galuppo was quoted in a Dec. 16 San Diego Union-Tribune article on distressed properties. The article also was mentioned in Dec. 16, Dec. 17 and Dec. 18 blog entries.
Norm Miller was quoted in a San Diego Union-Tribunearticle Dec. 30 on San Diego County's housing market.
Norm Miller was quoted in the January issue of Sierra, the national publication of the Sierra Club, on his green building productivity research.
Norm Miller's YouTube video on the importance of sustainable real estate appeared in a Jan. 4 blog posting.
Deadlines for Fall 2010 MSRE Program
Standard admission deadline on March 15, with decision notification by April 15.
Late admission deadline on June 1, with decision notification by July 1.
For more information, go here.
USD Real Estate Alumni Market Watch Event Jan. 14, 2010
6 p.m. (no RSVP required)
The Glass Door in the Porto Vista Hotel, 1835 Columbia St., San Diego, CA 92101
For questions, contact Lauren Lukens at (619) 260-7619 or firstname.lastname@example.org.
14th Annual Real Estate Conference featuring Sam Zell Jan. 29, 2010
7:30 a.m. - 12 p.m.
Hilton San Diego Bayfront, One Park Blvd., San Diego, Calif. 92101
Cost: $125 per individual or $1,000 for a table of 10, includes registration and breakfast
Other featured speaker: Stephen Roulac, CEO of Roulac Global Places LLC
For full conference agenda, go here.
To register, go here.
For questions, contact Diane Gustafson at (619) 260-2379 or email@example.com.
Building Greener Communities in the San Diego Region Feb. 9, 2010
7:30 - 10 a.m.
Joan B. Kroc Institute for Peace & Justice, University of San Diego campus
For questions or to register, contact Jeryldine Saville at (619) 260-4786 or firstname.lastname@example.org.
Breakfast at the BMC featuring Janet Yellen, President of the Federal Reserve Bank of San Francisco Feb. 22, 2010
7:30 - 9 a.m.
Joan B. Kroc Institute for Peace & Justice, University of San Diego campus
To register, go here.
For questions or sponsorship opportunities, contact Diane Gustafson at (619) 260-2379 or email@example.com.
Annual Real Estate Career Expo with speed networking format
Feb. 25, 2010
11 a.m. - 2 p.m.
Hahn University Center, Forums A & B, University of San Diego campus
For questions or to register, contact Lauren Lukens at (619) 260-7619 or firstname.lastname@example.org.