0 Thank you Tom Tognoli for joining the BRA Morning Zoom

Tom Tognoli, real estate industry legend, joined BRA for a Lunch & Learn on Zoom.  Mr. Tognoli was born and raised in Sunnyvale, CA.  He still resides there and is hunkering down in his vacation home, located in Northstar Mountain – Lake Tahoe, CA.

  • Tom began his 30-minute chat with a quick overview of his career.  He began in 1988 and during the 08’ crash, he recognized that real estate agents yearned for leadership, culture and a workplace that they felt good about.
  • He’s recruited and mentored thousands of brokers.  His recommendation for today, “Don’t be stoic. You should take the time to cultivate relationships, be personal and show that you care.  Being genuine is key – now more than ever.”
  • Tom also recommended to take the time to analyze the trends.  He said to watch what everyone else is doing – and do more to be different.
  • He told the exclusive BRA audience that when you speak with clients, do not downplay the situation.  Remind folks that there is never a bad time to buy real estate.  There are just better times than others.  He said that while the safe play is to sit tight and let the dust settle, he also said that today is still an excellent time to buy.  While he admitted that pricing might come down, interest rates are still at historic lows.  As the government dumps capital into the economy, Mr. Tognoli hinted that interest rates will ultimately rise again.  He said that with a 7-10 year outlook, you’re fiscally better off buying today with great borrowing rates.
  • Tom said that giving back is imperative.  He said that now would be a great time to start the BRA Foundation, raise money internally and identify a need that is important to the entire organization.
  • He concluded with telling the group that now is also a great time to reprioritize your life and recommended the following 5-point format.
  1. Faith
  2. Family
  3. Friends
  4. Diet & Exercise
  5. Money

0 Thank you Barry Sloane for joining the BRA Morning Zoom

Barry Sloane explained that like most, Century Bank has been extremely busy.  He said, “We’ve planned for redundancy and resilience. We’ve planned for numerous scenarios related to our facilities. However, we never planned for a pandemic and people not working. The safety of our staff has always been paramount.  As such, we proceeded accordingly and with caution.”

  • We were one of the first banks to close our lobbies.
  • At the start of this, 15 of our 28 locations had Drive Through Banking.  Not all locations are equipped with drive-throughs, but the ones that do have allowed us to close mortgages.
  • People are seeking safety and soundness.  As such, we’ve seen some retract from the equities market and place their money into the bank.
  • Bank Mortgages – Century Bank granted a 3-month forbearance for anyone that requested.  No questions and no qualifying paperwork.
  • “Triple P SBA Loans” – Mr. Sloane reviewed the current parameters of the PPP program and emphasized that at Century Bank, the process is humanized; while at the SBA, the process is automated.
    • We are fortunate to be very liquid and will likely arrange $250M of loans, with the ability to arrange over $1B.
    • To date, we’ve processed over 500 applications, prioritizing our customers and also helping new customers.
  • Barry reminded all on the zoom session that debt is the enemy and that people with cash on hand will be the big winners.
  • As it relates to real estate deals, the bank president said that banks will not consider deals with hair on them for the foreseeable future.
  • Barry was genuine saying that he does not want to be pessimistic, but will be realistic.  He said that for now, “We are in a grace period and our future has been pinned to holidays.”  He assessed those realities with the timing of getting back to business.
    • Memorial Day – We will deal with short-term loss, that will ultimately become a distant memory.
    • July 4th – Will become the largest recession of our collective lifetimes.
    • Labor Day – We will need a comprehensive societal reset.

0 Thank you Noam Kleinman for joining the BRA Morning Zoom

Thank you Noam Kleinman from Akelius Residential for joining the BRA Morning Zoom.  Key takeaways include.

  • We are flexible with tenants that need assistance.
  • A lesson learned from 2008 is that banks do not want real estate assets.
  • Just about every company is or will be dealing with cash flow issues.  All will have to proceed accordingly.
  1. Preserve liquidity
  2. Risk management
  3. Analyze opportunities

0 Thank you Bruce Percelay from The Mount Vernon Company for joining the BRA Morning Zoom. Key takeaways include.

Thank you Bruce Percelay from The Mount Vernon Company for joining the BRA Morning Zoom. Key takeaways include:
  • Because the last boom was so long, people lost their investment discipline.  For someone in the real estate investment business for only the last ten-years, you exclusively saw sunny skies.  The experience of the next few months will teach you more than any book.  Moving forward, cap rate should make sense.
  • Owner/operators should spend time on making their buildings healthier for tenants.  For example, individualized HVAC.
  • If you give up or don’t stay present, you will miss the opportunities.  Be clever.  Be nimble.

0 Thank you Paul Massey from B6 Real Estate Advisors for Joining the BRA Morning Zoom

Thank you Paul Massey from B6 Real Estate Advisors for Joining the BRA Morning Zoom. Key Takeaways Include. 
  • I found that the best way to be productive is to stick to routine and schedule.  I still wake up at the same time and work out at the same time.  My meetings are still scheduled and am trying to do as much as I can using Facetime and Zoom.
  • We continue to be aggressive with the industrial asset class and will further our business to service debt.
  • Most important for today is genuine communication.  Be a leader and display empathy.

0 How to Navigate This New Normal

A focus on engagement, productivity, and being a value-add player

By Wil Catlin | March 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

We are in the middle of the largest test of remote work in history. As such, most of the national workforce is going through many “first times” together. Some of us have enjoyed remote access for years, while others are figuring it on the fly. All of us are determining how to be productive in a new environment. Here are some tips to help you navigate this new normal.

Breathe

Many companies, including Boston Realty Advisors, are set up virtually and are open for business. Everyone has had a smartphone since the beginning of time. We answer emails in bed, on the toilet and during vacation. Now is not the time to be a deer caught in the headlights. It is a time to lead, advise and differentiate. Take a breath, keep your business hat on and forge ahead.

Communicate

In all scenarios – good, fun, challenging and daunting – communication is key to professional success. Today and for the next couple of months, we need to lead with empathy and be clear. In a world of an abundance of data, new technology and artificial intelligence – Emotional intelligence is a key skill that will serve you and your clients today and into the future.

Engage, Connect & Care

Speak with your clients. Everyone is in the need of some level of advisory or will simply need an ear. Be there. Ask about family. Discuss your business. Ask about their business . Plan forward and be direct, “How can I help?”

When in question, pick up the phone and ask. Do not overdo it and be authentic. Your authenticity and thoughtfulness will speak volumes and have a lasting impression.

Top of Mind

Be relevant and present. Stay on point and add value. If you’re already active on social media, you have some built in training. Do not share or post just to check the box. That’s the fastest route to being ignored. Share industry news to be relevant. Share what’s working for you during this temporary insanity. Share a list of neighborhood restaurants that are delivering. Be thoughtful and get beyond the echo chamber to stand apart.

Self Starter

So much of our daily fabric has already changed. Try not to change too much more of your workday. Wake up at the same time and get ready for work. Most of you are in a role where being a self-starter is a requirement. It’s time to find or refind that self-starter in you. Be ready to work and lead by example.

Dedicated Space

You will need to define a space to work within your home. This is a space for you to habitually go to and a place that’s understood and respected as your work area. If you’re tight on space, a dedicated chair at the kitchen table will suffice. Tips include – Identify space with natural light; consider a sturdy desk; invest in a comfortable office chair; provide yourself with a good mouse, keyboard, and headset; and pay for the strongest internet connection possible. Perhaps, now is the time to invest in that stand-up desk you’ve been talking about.

Munchies

Try not eating at your home workspace. It’s both a distraction and a bad habit. Think about it. Your kitchen is just a few steps away. When was the last time you sat down with your spouse or kids to have lunch? You’re home. Take the time to sit down with your kids – or not – and then get back to work. Your dedicated space to work is a place to be productive.

Attire

Be comfortable and don’t be lazy. If it helps putting on a button-down shirt every day, do it. If you’re more comfortable wearing your Sunday’s best, do that. You are your best judge. Be ready to work.

Exercise

Staying active will keep you fresh and sharp. When working from home, try not to get trapped in your workspace for long periods of time. It’s important to walk away from your computer. For example, a 10-minute walk is powerful. Do not look for distractions. If you have 10-minutes between calls, instead of mindless time online, do a load of laundry or wash the dishes – and then get back to work.

Brainstorm

Lack of time and not enough bandwidth are traditionally our worst friends. How many times have you said, “Great idea, but I don’t have the time”? Refresh those ideas. What will our new reality look like? Use this time to prepare. Those that are present and proactive will come out of this pandemic a step ahead.

Work/Life Balance

Welcome home. All chores and honey-do lists no longer have to be left exclusively for the weekend. Break your day up to help out. Accomplish a task at home and get back to work. When you effectively juggle work and life, you will find a new sense of accomplishment and discover new levels of productivity. Stay focused and on task.

A New Tomorrow

We are living in extraordinary times. Technology will bring new opportunities to our work life, but it will not replace the built environment. The office will always be a necessity. The questions are – what will it look like and what will each company be solving for.

Be Ready

When the economy normalizes, companies still value having people together in a physical space. Don’t let today’s challenges or the newness of working from home become a distraction. If you’re stuck, you will not be ready for when we get the green light.

 

0 Thank you Tom Sleeper for joining the BRA Morning Zoom

Thank you Tom Sleeper from InterContinental Insurance Brokers, LLC for joining the BRA Morning Zoom.  Key takeaways include.

  • It is key to start documenting your loss and identity your claim.
  • TIP – Your claim extends until your business returns to normal pace.
  • I believe the same insurance carriers that stepped up after 9/11 will step up again with COVID-19.

0 Thank you Josh Bowman from Sherin and Lodgen for joining the BRA Morning Zoom.

Thank you Josh Bowman from Sherin and Lodgen for joining the BRA Morning Zoom. Key takeaways include.
  • The government is not doing enough to help businesses in the CARES Act.
  • Landlords and tenants need to have open conversations sooner than later and work cooperatively to restructure their leases.
  • Be proactive.  Real estate owners should seek council for legal issues that are arising from COVID-19.