- Trion real estate management how to#
- Trion real estate management software#
- Trion real estate management professional#
This is a challenging question because it depends on the personality profile of the individual.
Trion real estate management professional#
What advice would you give to a college kid just beginning his real estate career? What about a young professional aiming to go off on his own? It’s a thermostat that costs two hundred bucks!! If I would have told a multifamily investor 15 years ago, that a thermostat would be the difference between a prospective tenant deciding to lease versus continuing to search, I am confident that I would have been laughed out of the room.
I recently visited one of our properties in West LA and one of the tenants ran up to me to tell me how excited he was about the Nest Thermostat and that was the amenity that sealed the deal for his lease. The demand lies in more interactive and functional amenities such as Nest Thermostats, common area recreational space, dog runs, and bike sharing a stark difference from the past where the value was created through improving finishes such as upgrading kitchen countertops from formica to granite and berber carpets. The amenities that appeal to our primarily millennial tenant base are significantly different than the amenities that appealed to Gen X’ers when we started in the business 15 years ago. We are incredibly excited about the changing habits of consumers (renters) and our ability to maximize the value of our assets by capturing that market. What has you the most excited about the real estate industry today? You can save yourself a lot of time, money and anguish – and possibly stay out of bankruptcy, by asking someone the answers to a few of those questions. Unfortunately, there are no magic bullets but my best advice would be to establish a relationship with a mentor who can guide you through the start-up process, and hopefully many years thereafter.
Trion real estate management software#
The vast majority of real estate investors striking out on their own are not thinking about leasing office space in a central or strategic location, what type of accounting software to use, or who should be their first senior-level hires.
Trion real estate management how to#
One of the biggest challenges is learning how to become an effective executive while growing your skills as a real estate investor. What are some of the unexpected challenges you’ve encountered in running your own shop? How have you creatively overcome them? Since the recovery, we have built a portfolio of assets located in urban-infill markets throughout California and Oregon with a value-add strategy executed through our vertically integrated management structure. The sale gave us the flexibility and the capital to execute on the strategy throughout the downturn. We continued buying through the cycle and were fortunate enough to time the peak fortuitously by selling our small portfolio and shifting our acquisition strategy from targeting mismanaged assets from passive owners to targeting distressed assets from lenders and servicers. In less than one year we decided to leave our firms and start Trion Properties. Our business plan of renovate, reposition, lease-up and sell was a success and outperformed even our “best-case” projections. By 2005, we were among a group of twenty-somethings who were strong producers in their firms, and being too young for marriage and a mortgage, we had capital on hand to buy our first two value-add multifamily properties in LA. We both knew from the outset that being intermediaries wasn’t going to be our careers, but rather a means to an end. My partner, Mitch Paskover, and I had been friends since we were teenagers and during college both decided to go into the real estate business, Mitch into finance and I went into investment sales at Marcus & Millichap. Why did you decide to go off on your own?
I was inspired by Max and wanted to share the Trion story, some of the toughest challenges he’s faced, what has him excited, and advice he’d have for those just starting their career. I met up with Max a few weeks back in NYC and was incredibly impressed with his approach to investing, the company culture he’s created at Trion, and the portfolio he’s built since starting the firm in 2005. I recently published an eBook detailing what 20 real estate operators wish they knew when starting their firms, which is chalk-full of great tips for aspiring real estate entrepreneurs. One of the contributors was Max Sharkansky of Trion Properties, an owner/operator based out of LA.
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