PORTLAND, OREGON -- Five members of NAI Elliott attended the CCIM CI 101 course, “Financial Analysis for Commercial Investment Real Estate” during the last week of February. CCIM describes this course as “a bedrock” for real estate practitioners as it introduces attendees to key financial concepts including Internal Rate of Return, Net Present Value, Cap Rate, and Capital Accumulation.
Reflecting on the experience, Julie Fuhrman, Real Estate Manager at NAI Elliott, said, “The CCIM 101 course gave me a greater perspective on how our clients view their investments and how important we as real estate managers are in that process.” Nancy McGoodwin, also a Real Estate Manager, agreed saying, “I enjoyed the class, have a better understanding of ‘financial language’, and see a different perspective (management vs ownership) on buildings.”
Mike Larkin, Asset Manager at NAI Elliott, went on to say,
In property management, we have intimate knowledge of business operations, tenant’s personal lives, community and municipal impacts on neighborhoods and commerce. All these factors inform cap rates, market rate rents and realistic operating expenses. There are so many variables in deal making, and through all the calculations and case studies, the “It Depends” variable that couldn’t be quantified is the human factor. Institutional buyers may buy at rates no local person would accept. A local buyer may see long distance value or emotional capital in a property no one will touch, yet. These “gut” reactions are the things we don’t yet know. The only way to understand them is to understand your client, come alongside them and provide analysis to support or challenge their gut. It takes trust and time to get to that end goal of providing the client the distilled information that they want, but may not know to ask for.
“I am proud of our team for taking the time and putting in the effort to attend and benefit from this rigorous course” said Jordan Elliott, Vice President, who also took the course. “We are a company that focuses on growth of our employees in order to provide excellent service and wise counsel to our clients. The CCIM 101 course both opened our managers’ minds to the investment side of the business and will elevate their daily work as property managers.”
Sarah Voyles, Real Estate Manager, summarized her experience saying she would recommend it to others and would gladly encourage other members of the NAI Elliott team by sharing her positive takeaways. As NAI Elliott continues its ongoing commitment to professional growth, we anticipate more of our team taking CCIM and other proven education in the real estate world.