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Cushman & Wakefield recruits 6 Marcus & Millichap hospitality brokers

The team will be led by David Greenberg, whose last team closed on $1.2 billion in sales......»»

Category: topSource: bizjournalsJan 25th, 2023

29 must-read books to be successful in real estate at a young age, according to industry visionaries under 35 years old

Rising stars in the real-estate industry draw inspiration from tales of self-exploration, interpersonal communication, and even Wall Street hijinks. From left, "The Design of Everyday Things" by Don Norman, "Principles" by Ray Dalio, and "Radical Candor" by Kim Scott.Amazon Insider's rising stars of real estate span roles in leasing, affordable housing, and urban planning. We asked the young achievers about the books that influenced their careers or personal growth. Here are their recommendations, along with some introspection on titles spiritual and practical. Careers in real estate vary from brokers and lenders to investors, developers, and architects. Equally as varied are the types of people that take those jobs.One thing that shapes these people is what they read. For some of Insider's rising stars of 2022, the subject matter might surprise you.There's a lot of soul-searching going on among the young professionals, and it's not just about how to be a better communicator to get your way. It's about how to be a better — and, in at least one case, more-spiritual — person.Other rising stars told Insider they wanted to learn from the trials and tribulations of successful people, like the Nike cofounder Phil Knight. And some of the most notable tell-alls of Wall Street real-estate players, like Michael Lewis' "Liar's Poker," inform our stars of the laudable and reprehensible behavior that has shaped the industry.Below, find the selection of 29 books that influenced the rising stars, along with their musings of what they learned or how they applied the lessons to their practices.Read the full list of rising stars, along with their backstories or dreams of what they hope to accomplish in residential and commercial real estate, including tacking the home-affordability issue and improving technology.'City of Quartz' by Mike DavisMaya Abood.Maya Abood/Amazon.Rising star: Maya Abood, 34, housing, planning, and economic analyst at the City of Los Angeles Housing DepartmentWhat Abood said about her recommendation:"I read it in undergrad, and it completely changed how I think about LA and cities in general."'The Design of Everyday Things' by Don NormanSam Stone.Opendoor/AmazonRising star: Sam Stone, 34, director of product management, pricing, and data products at OpendoorWhat Stone said about his recommendation:"The principles that Norman lays out for human-centered design are a terrific guide to help shape new product ideas."'Four Seasons: The Story of a Business Philosophy' by Isadore SharpKanaai Shah.Blackstone/AmazonRising star: Kanaai Shah, 23, senior associate at BlackstoneWhat Shah said about his recommendation:"The founder of 'Four Seasons' outlines his journey building a world-class hotel company. It inspired me to pursue my interests in hospitality and real estate."'The Alchemist' by Paulo CoelhoSean Kia.Sean Kia/AmazonRising star: Sean Kia, 31, cofounder of the commercial-real-estate investor Tides EquitiesWhat Kia said about his recommendation:"That's always stuck with me. I read it in school in seventh grade. Follow your personal destiny — that's what propels people forward to what the universe thinks is best for them. It's about pushing people towards their true path, their true identity." 'Empowering Yourself,' by Harvey J. ColemanSayo Kamara.Sayo Kamara/AmazonRising star: Sayo Kamara, 31, senior associate at Cushman & WakefieldWhat Kamara said about his recommendation:"It teaches you a lot of unspoken rules in corporate America, and navigating different socioeconomic classes, and what tools you need to be an effective executive."'Antifragile: Things That Gain From Disorder' by Nassim Nicholas Taleb and 'Wanting: The Power of Mimetic Desire in Everyday Life' by Luke BurgisRaja Ghawi.Raja Ghawi/AmazonRising star: Raja Ghawi, 29, partner at Era VenturesWhat Ghawi said about his recommendations: "Just because something is working now doesn't mean that unlikely events won't hit and shake the system," he said about the Taleb book. "This book, which came after his earlier 'The Black Swan,' teaches one how to benefit from high-impact, low-probability events."Of the Burgis book, he said it "talks about desire and why we want what we want."He added: "It helps explain the difference between innate desire and mimetic desires, or desires that are based on what people around you or people you respect desire."It helps with investing because many would argue that alpha comes from contrarian thinking. If everybody likes one deal, the alpha will be beat out of it as everyone bids it up."'No Rules Rules: Netflix and the Culture of Reinvention' by Reed Hastings and Erin Meyer and 'Love You Forever' by Robert Munsch and Sheila McGrawYaakov Zar.Lev/AmazonRising star: Yaakov Zar, 30, CEO and cofounder of LevWhat Zar said about his recommendation: "'No Rules Rules' is about the culture at Netflix and the importance of empowering employees and maintaining top-tier talent that can deliver creatively on the goals of the business. It's an impactful book to help build our own corporate culture."He said about the Munsch and McGraw book: "My mom used to read this book to me, and every time she'd read it, she'd cry like crazy. Now that I have kids, it makes me cry. You can never imagine the love you feel for your kid until you actually have that love."'The Big Short,' 'Flash Boys,' and 'Liar's Poker' by Michael Lewis and anything by Hunter S. Thompson, Jack Kerouac, or Allen GinsbergSam Kroll.Sam Kroll/AmazonRising star: Sam Kroll, 27, vice president at RET VenturesWhat Kroll said about his recommendations:  "For anyone who is excited about a career in finance, Michael Lewis is a must-read," he said. "'Liar's Poker' gives you a first-person, no-bullshit perspective about what it's like to be a junior person in finance, while 'Flash Boys' explains how the market works to people who joined the workforce post-global financial crisis and how the market, regulators, and tech factor in." Kroll said he otherwise preferred reading history and literature from the mid-20th century, especially the pre-hippie Beat Generation."The Beats took a truth-based approach to what is happening in the world, but they're not afraid to buck the prevailing norm in the world," he said. "They remind me of the value of being a contrarian when you're an investor."'The Art of Happiness' by the Dalai Lama and Howard C. Cutler and 'The Intelligent Investor' by Benjamin GrahamJohn Andrew Entwistle.John Andrew Entwistle/AmazonRising star: John Andrew Entwistle, 24, founder and CEO at WanderWhat Entwistle said about his recommendations:"This is going to be a little bit of a corny answer, but I would probably say 'The Art of Happiness' is really one of my favorite books," he said. "As you go through life, having a great toolbox of mental frameworks — in terms of how you see the world and how you see others, and the good that you do, the type of person you are, and the business that you run — especially as a young person, is super important. It's actually a requirement for people at Wander to read."Of "The Intelligent Investor," he said it offered "a lot of really incredible frameworks in the world of investing and deploying capital." He added: "A lot of those basic principles apply not just to equities but to real estate as well."'The Real Estate Game: The Intelligent Guide to Decision-making and Investment' by William J. PoorvuMarina Malomud.Marina Malomud/AmazonRising star: Marina Malomud, 34, partner and chief operating officer at SubtextWhat Malomud said about her recommendation:"I read it when I was just starting to really figure out how I was going to get into real-estate development. I would certainly recommend reading that one."'Superforecasting: The Art and Science of Prediction' by Philip E. Tetlock and Dan Gardner and 'Competing Against Luck: The Story of Innovation and Customer Choice' by Clayton M. Christensen, Taddy Hall, Karen Dillon, and David S. DuncanAustin Lo.Austin Lo/AmazonRising star: Austin Lo, 32, cofounder and CEO of the virtual-tour platform PeekWhat Lo said about his recommendations:Of "Superforecasting," he said: "This is a book I read in my finance days. The Good Judgment Project took a bunch of normal or slightly above-normal people and asked them to forecast world events."They were able to, through sound decision-making processes, beat intelligence analysts who have access to classified information. So it's a lot about how to view the future, how to forecast the future, and how to intake information in which you can come up with good judgment."Of "Competing Against Luck," he said "as we think about the product process at Peek, a lot of it is inspired and driven by" principles in the book.'Fixer-Upper: How to Repair America's Broken Housing Systems' by Jenny SchuetzOdeta Kushi.Odeta Kushi/AmazonRising star: Odeta Kushi, 31, deputy chief economist of the title-insurance company First AmericanWhat Kushi said about her recommendation:"I was really interested in trying to better understand how to fix the housing-supply issue in the United States. The book talks about land-use restrictions and gives some practical advice on what we can do in the housing industry to ease the housing-supply shortage."It's very well-written, and even someone who's not a housing economist can understand it."'Game Theory and Animal Behavior' by Lee Alan DugatkinDaryl Fairweather.Redfin/AmazonRising star: Daryl Fairweather, 34, chief economist at the real-estate brokerage RedfinWhat Fairweather said about her recommendation:"I feel like it was one of the books that made me really believe in the power of economics because you can even see economics in the animal world. It makes me feel better to see that the decisions that people make are natural — people respond to their emotions and to their environment. I find it fascinating."'Nonviolent Communication: A Language of Life' by Marshall B. RosenbergKristina Modares.Open House Austin/AmazonRising star: Kristina Modares, 33, cofounder of the real-estate brokerage Open House AustinWhat Modares said about her recommendation:"You would not really associate the book with real estate, but in real estate and the way we teach it, you really have to know yourself and be a good communicator."'Traction: Get A Grip on Your Business' by Gino WickmanChristian Lawrence.Rise Modular/AmazonRising star: Christian Lawrence, 29, CEO of Rise ModularWhat Lawrence said about his recommendation:"While we don't strictly follow the traction system, the concepts in this book are useful and important to any entrepreneurial company at any stage."'Never Split the Difference: Negotiating as If Your Life Depended on It' by Chris VossDavid Marlow/AmazonRising star: Riley Warwick, 30, cofounder of the Aspen, Colorado, brokerage team at Saslove & WarwickWhat Warwick said about his recommendation:"It's a book about negotiation. It helps you understand that it's not based on confrontation. Most people think business is aggressive and business is confrontation. But it's really more about collaborating with people and teaming up. The person sitting across the table is really just trying to figure it out just as well as you are."'Give and Take: A Revolutionary Approach to Success' by Adam GrantChristie Chen.Oxford Properties/AmazonRising star: Christie Chen, 30, director of investments at Oxford Properties Group What Chen said about her recommendation:"It is a very interesting read that provides great perspectives on how the way you interact with others help shape your career."Through his research and engaging storytelling, Grant turned the conventional wisdom upside down and made a compelling case for a new pillar of success in life, which is our interactions with others. That's in addition to the traditional three pillars of success — motivation, ability, and opportunity. It changed the way I think about success in work and life early on in my career."'Start With Why: How Great Leaders Inspire Everyone to Take Action' by Simon SinekSanjana Sidhra.Sanjana Sidhra/AmazonRising star: Sanjana Sidhra, 29, senior analyst at the Affordable Housing InstituteWhat Sidhra said about her recommendation:"The clarity of 'Why' is really what drives authenticity, which, in turn, drives innovation and disruptive thinking. Quoting a rather overused line from the book but one that really sticks with me, 'People don't buy what you do; they buy why you do it.'"'The Rise of the Community Builders' by Marc A. WeissMinjee Kim.Minjee Kim/AmazonRising star: Minjee Kim, 35, assistant professor at Florida State UniversityWhat Kim said about her recommendation: "It's such a classic that reveals the origins of the intimate relationship between planning and real-estate development and how real-estate developers played an instrumental role in shaping public policies and planning regulations."'Radical Candor' by Kim ScottMegan LeMense.Megan LeMense/AmazonRising star: Megan LeMense, 34, senior director of marketing at Raise Commercial Real EstateWhat LeMense said about her recommendation: "It essentially sets the framework for building strong teams. There are two main themes: caring personally and challenging directly."So it's this idea that you can live at the intersection of caring personally and being human in the workplace, while being professional, by making a space where you can develop those relationships. At the same time, it's your job to stand up and challenge and discuss problems and push towards a greater goal or solution."'Shoe Dog' by Phil KnightGaurav Dhume.Gaurav Dhume/AmazonRising star: Gaurav Dhume, 27, finance lead for Darwin HomesWhat Dhume said about his recommendation: "'Shoe Dog'" is the autobiography of Phil Knight, who is the cofounder of Nike. It's a brutally honest story of how he built Nike from nothing into what it is today. A lot of times we'll see people leave out the super hard stuff or make it sound very rosy — he left nothing out."He talked about every struggle he faced, the personal challenges, every difficult decision he had to make. It's really helpful to see that even people who we think have made it, they're kings of the world, all started out just like us. Reading that brutally honest take makes it feel like those things are more achievable. It changed my life, and I think it's very useful to anyone who's trying to make their way in the world of business."'Who' by Geoff Smart and Randy StreetDemi Horvat.AirDNA/AmazonRising star: Demi Horvat, 30, the CEO of AirDNA, which analyzes the domestic and international short-term-rental marketWhat Horvat said about her recommendation:"It's really a book about how to get the right people into your business and then achieve success through having the best team."'Principles' by Ray DalioMaggie Wu and Adir Levitas.Maggie Wu/Faropoint/AmazonRising stars: Maggie Wu, 27, founder of the W Team at the luxury-real-estate broker Serhant, and Adir Levitas, 35, founder and CEO of FaropointWhat Wu said about her recommendation: "I think that man is a genius," she said of Dalio.His idea of "radical transparency is something I've always practiced," she said, adding: "Whenever my team has an issue, they know they can voice it to me. It doesn't matter that I'm their boss. Our team culture is just very focused on openness." What Levitas said:"The idea of creating meaningful relationships and doing work in an honest and transparent environment is something that I have embraced."Read the original article on Business Insider.....»»

Category: personnelSource: nytDec 25th, 2022

CBRE recruits trio of top Seattle life sciences brokers

Over the last five years, the three new CBRE brokers completed around 85% of all life sciences activity in the region, the company said......»»

Category: topSource: bizjournalsDec 8th, 2022

CL Hotels Acquires Coachman Hotel in South Lake Tahoe

CL Hotels, a sponsor of hospitality investments, recently announced that it has closed the acquisition of Coachman Hotel, a 104-room boutique property, located in South Lake Tahoe – California, a year-round ski and lake-side beach destination that attracts more than 15 million tourists every year. “The acquisition of Coachman in such a challenging... The post CL Hotels Acquires Coachman Hotel in South Lake Tahoe appeared first on Real Estate Weekly. CL Hotels, a sponsor of hospitality investments, recently announced that it has closed the acquisition of Coachman Hotel, a 104-room boutique property, located in South Lake Tahoe – California, a year-round ski and lake-side beach destination that attracts more than 15 million tourists every year. “The acquisition of Coachman in such a challenging financial market demonstrates the strength of CL Hotels and our permanent commitment to curate properties that will bring excellent results to our investors,” explains Joao Woiler, CL Hotels managing partner. “The purchase comes along with a multi-million investment plan that is focused on expanding room offer, meeting space and Food & Beverage options,” said Bruno Piacentini, CL Hotels managing partner. The first investments that CL Hotels plans to do in the Coachman include the remodeling of 22 rooms to be added to the 82 recently renovated and the expansion of the meeting space, adding 900 sf to the actual 800 sf available – boosting property capacity to host larger groups for companies off-sites and retreats. Besides, CL Hotels also plans to open an F&B outlet that will offer a variety of contemporary options, and grab-and-go. “The Coachman will continue to be an independent hotel and for the management we have retained our long-term partner Evolution Hospitality, the lifestyle and boutique arm of Aimbridge Hospitality, a leading, global hotel management company,” said Woiler. “We believe we can deliver exceptional returns by finding unique assets in desired destinations that can benefit from institutional management and planning,” explains Piacentini. The Coachman is a charming boutique hotel, newly renovated, located only a 5-minutes’ walk from the Heavenly Mountain ski gondola, where winter visitors can access 97 trails and 4,800 skiable acres. During summer, guests can enjoy a wide variety of outdoor activities like hiking, biking, gliding, climbing walls, rope courses, among others. There is also a private lakeside beach that is a short walk from the hotel, where guests can relax or enjoy water sports. Coachman has a cozy atmosphere with a nice outdoor area, where visitors can relax and have drinks & smores by the fire pit. Nick Pappas and Greg Morgan with Newmark and Scott Fair with NAI Tahoe Sierra were the brokers for the transaction. Terms of transaction were not disclosed. The post CL Hotels Acquires Coachman Hotel in South Lake Tahoe appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyDec 5th, 2022

Retail by Mona"s CEO calls new hire "the Michael Jordan of F&B"

Retail by Mona's CEO said that Alex Turboff and her food and beverage brokerage team are on the "Mount Rushmore of F&B and hospitality brokers.".....»»

Category: topSource: bizjournalsAug 11th, 2022

Woke Airline Policies Threaten Safety, Workers Say

Woke Airline Policies Threaten Safety, Workers Say Authored by Janice Hisle via The Epoch Times (emphasis ours), Southwest Airlines Co. is basking in accolades for its “diversity, equity, and inclusion” (DEI) efforts, award-winning customer service, and record-breaking quarterly revenues. A traveler walks past a Southwest Airlines airplane as it taxies from a gate at Baltimore Washington International Thurgood Marshall Airport on October 11, 2021 in Baltimore, Maryland. (Kevin Dietsch/Getty Images) Behind the scenes of that rosy picture, heartaches are afflicting Southwest, called “the airline with Heart” because of its heart-shaped logo and a corporate culture steeped in “The Golden Rule,” treating others the same way they’d like to be treated. But eight current Southwest employees, including three minorities, told The Epoch Times that “woke, leftist” DEI policies, as implemented, have tarnished the cherished Golden Rule principle, fractured a once-cohesive workforce, and, ultimately, may put safety at risk. Faced with pandemic-related staffing shortages and pressure to add minorities, the company has changed the way it hires, trains, and disciplines workers—mostly to benefit less-qualified new hires representing the diversity rainbow, the employees say. One Southwest flight attendant, a Hispanic female, said: “They are compromising safety for the sake of race, gender identity, and sexual preference … They’re risking people’s lives because of agendas.” Southwest, one of America’s largest air carriers, didn’t respond to messages seeking comment. Similar issues have spread industry-wide, according to 10 airline employees who agreed to be interviewed. Four are pilots and six are flight attendants; most have 20 or more years of experience. All of them, including two American Airlines pilots, spoke on condition of anonymity to protect their jobs. While no one thinks the policies are causing an imminent threat of a plane falling out of the sky tomorrow, all of the interviewees agreed that each time a standard is lowered, or a less-qualified employee is hired, the risk that something can go horribly wrong inches forward a notch or two. In an industry that depends on a near-miracle integration of people, machinery, and computers, even a few deviations can culminate in catastrophe. Still, some employees worry about what could happen if current trends continue to stress out and distract safety professionals. Said one flight attendant: “It’s a recipe for disaster. I just hope I’m not at work when it happens.” Us-Versus-Them Mentality While promoting diversity sounds like a great idea, the inclusionary policies have actually become exclusionary at Southwest, employees say. Disparate treatment has divided their ranks into two distinct camps: those with “desirable” or “approved” personal, social, or political characteristics—and those without. Minorities or people with leftist political views, varying gender identities, and alternative sexual orientations appear to be given wide latitude. This “protected class” is allowed to bend or break rules, and new hires in these classifications may be given extra chances to pass required skills tests, the employees said. At the same time, veteran workers—especially those who are white, heterosexual, and conservative—find themselves in the crosshairs for almost anything, including making a personal statement of religious or political beliefs, the Southwest workers said. Even minorities can be shifted into this targeted group if they espouse personal beliefs running counter to causes that the company supports. “There are two sets of standards: One for us and one for them,” said an experienced flight attendant. One of her colleagues said: “The company is trying to eliminate anybody who does not agree with their agenda. The last few years, anybody who speaks up against them, they want gone.” That flight attendant said she had no problems at work until she posted her Christian religious beliefs on her personal Facebook page, along with her support of President Donald Trump. A coworker reported the posts to Southwest, and the flight attendant said she has faced repercussions ever since. She and others say the targeting of conservatives is common—and they point to the recently publicized case of fired Southwest flight attendant Charlene Carter as a prime example. ‘Targeted Assassinations’ of Conservatives Last month, a federal jury in Texas awarded Carter more than $5 million after finding that Southwest wrongfully terminated her and that her union didn’t live up to its duty to represent her. The company fired Carter after she expressed her pro-life views to a union leader via social media and opposed the union’s pro-abortion activism. The company supported the union’s political activism, Carter’s suit says, by accommodating work-shift changes for union members so they could participate in the Women’s March on Washington, D.C., in January 2017. Marchers were protesting Trump’s inauguration; one of the primary sponsors of the event was Planned Parenthood. Southwest also showed “solidarity” with the protesters by bathing its airplane cabins in pink lights on some D.C.-bound flights, Carter’s lawsuit says. Documents in the case revealed that some union officials and political activists were singling out dissenting Southwest employees for “targeted assassinations,” meaning that they would try to get the company to fire them, using the company’s social media policy as a bludgeon. In an interview with The Epoch Times on Aug. 8, Carter, who lives near Denver, Colorado, said she can’t believe that some leaders of Transport Workers Union of America Local 556, who helped set her up to be fired, are still working for Southwest. Carter also validated her coworkers’ concerns about the disparate treatment of employees who dare to oppose leftist agendas. “I think there are a ton of cases out there just like mine,” she said. Terminated employees from Southwest and other airlines have been continuously contacting Carter for help after learning about the July 14 verdict in her case. Carter spent five years fighting in court; she thinks she was one of the first casualties of the erosion of Southwest’s unique corporate culture, which she witnessed during the latter part of her 20-plus years at the airline. “We all loved our jobs; we all loved each other—our CoHearts, that’s what we called each other,” Carter said, pointing out that the airline’s stock ticker is LUV, a nod to its birthplace at Love Field, Texas. Corporate Culture Shift But corporate leadership and philosophy shifted. Carter said, her former coworkers tell her the culture is now one where people are fired on a whim, and they’re encouraged to file complaints against each other over perceived insults, such as failure to use the “preferred pronoun” of a person asserting an alternative gender identity. Employees who face such accusations are presumed guilty, a current flight attendant said, and they risk suspension or termination. “That is how we are treated now,” she said. “It’s gotten ridiculous,” Carter said. She was astounded to learn that lapel pins, designating preferred pronouns, are being offered to staff. A fellow flight attendant says the company’s priorities are misplaced. “We used to be focused on hiring ‘the best of the best,’” she said. “So why is it now that we feel at Southwest Airlines that we have to use the right pronouns and we have to acquiesce to someone’s gender-fluid mentality?” The DEI Effect The interviewed employees blame DEI policies for sowing the seeds of division. Ironically, before DEI was implemented, “people were never labeled,” a flight attendant said. “I find it very divisive,” she said, “because now everyone is labeled, divided by race, gender sexual orientation … whatever.” “This is wrong—all the way wrong,” she said. The company’s annual report, in its DEI section, says, “Southwest Airlines recognizes, respects, and values differences. … At Southwest, DEI is and always has been a part of our DNA.” All four major airlines—and many other American companies—publicly disclose DEI-related information, such as data on minority recruitment and the racial makeup of their workforce. “Every airline is trying to push forward with minority hiring because they want to ‘show that they care,’” aviation analyst Jay Ratliff said. “They’re being asked, ‘How many women are within your pilot ranks? … How many pilots of color?’” If an airline’s diversity metrics seem low in comparison to their competitors’ numbers, the company’s reputation and bottom line can suffer, Ratliff said. That’s not necessarily fair, he said, because few people have the ability, interest, and financial means to qualify as a commercial airline pilot. Amassing the FAA-required 1,500 hours of flight time with an instructor can cost $75,000 or more, pilots said. Last year, United Airlines announced its goals: to train 5,000 new pilots by 2030 at its new flight school, with “at least half of those students to be women or people of color.” The first class of new recruits “exceeded that goal,” with 80 percent of the 30 students fitting that category, the airline said in a report. Considering that white males make up about one-third of the American population, a Southwest pilot said that composing a class with 80 percent minorities and women looks like “DEI special-status hiring on steroids.” Scoring Systems Push Diversity DEI data play a significant role in corporate ESG scores—ratings of a company’s “environmental, social, and governance” performance. It’s a complex—and controversial—way to assess which companies are considered “good corporate citizens.” Most of the interviewed airline employees believe that the pursuit of ESG scores is driving corporate personnel practices, including ignoring well-qualified male applicants while eagerly hiring less-experienced female and minority candidates. Increasingly, ESG scores can help determine whether a company sinks or swims. A good ESG score can attract investors, government contracts, and favorable loan-interest rates—benefits that are especially important for the airline industry, in which lucrative U.S. Department of Defense contracts are at stake and profit margins are razor-thin because of astronomical costs for equipment and personnel. ESG ratings have existed in some form for decades, yet they barely registered a blip on internet searches until a few months ago, amid the Biden administration’s continued push for businesses to address environmental concerns and to institute “green” policies, which weigh heavily in ESG scores and DEI metrics. Florida Gov. Ron DeSantis recently announced his intent to push back against ESG, calling it “leveraging corporate power to impose an ideological agenda on society.” Refinitiv, a company that produces ESG scores, says its process for calculating the ratings starts with collecting more than 630 ESG measures from each company’s public disclosures. Other ESG assessors have their own rating systems, which means results can vary depending on which assessment method is being used. ESG advocates are now working on standardizing how these scores are calculated. Several airline employees said it would benefit their company, their industry, and society in general if ESG scores and DEI programs were abolished. One Southwest pilot with decades of experience said such measures create unnecessary complications with no positive effect on the airline’s core mission. “Why do we need DEI programs? Why do we need ESG? A lot of the public isn’t even aware these things exist,” he said. “The passengers just want people like me to get them, and their bags, to the same place at the same time, safely … DEI and ESG do nothing to support that—zero.” “I need these DEI programs and ESG scores to go out the back of the airplane like the jet fuel that we burn.” Non-Pilots Hiring Pilots Southwest’s annual report says it has been “evolving hiring and development practices to support diversity goals.” Those changes are troubling to the interviewed employees and to the pilots’ union. In a letter to members last month, the Southwest Airlines Pilots Association pointed out that, for the first time in the company’s 51-year history, a non-pilot is in charge of hiring pilots. The “system chief pilot” used to have that responsibility. “We are just a single step away” from hiring pilots based upon mere reviews of their resumes, association president Casey Murray wrote to union members. Southwest has about 9,600 pilots, the letter said. Putting a non-pilot in charge of hiring pilots most likely will affect the quality of the pilots who are being hired, Southwest interviewees said. People who lack specific knowledge of this specialized job would have a hard time telling the difference between a good hire and a bad one, pilots said. One of the interviewed pilots said that the chief pilot told him: “The diversity department has a very strong voice in who gets hired.” Southwest wants to hire more than 2,000 pilots in the next year, the union’s letter said, questioning whether those new hires will be required to meet Southwest’s traditionally high standards. “Across the entire commercial aviation industry, employers are fighting for an ever-shrinking pool of qualified pilots,” yet Southwest may be at a disadvantage to compete for those pilots. Contract negotiations with Southwest’s pilots are lagging, compared to progress with other airlines’ pilot unions, Murray said. “Pilots are the fuel that powers Southwest Airlines, and right now Southwest’s supply of fuel is running low. Time is growing critical, and options are becoming limited,” Murray wrote. Seeking the Best (Non-White) Pilots? Current pilots also say they have learned that hiring decisions are being driven by a job candidate scoring system; they’re unsure how long it has been in place, how it works, or whether it unfairly elevates minorities. The company controls all of that information. Still, the employees feel confident in anecdotal evidence suggesting that the scoring system, coupled with other hiring practices, could be producing a pattern of discrimination against men, especially white men who come from military backgrounds—previously highly sought-after job candidates. “We could be wrong, but I don’t think we are,” said one pilot who has military experience. That pilot said he thinks the vast majority of his colleagues have heard accounts of possible discrimination similar to the following: When a well-qualified former military pilot applied for a job, Southwest never contacted him for an interview. But the applicant learned that a woman was hired as a pilot, despite having half as much experience in the airline industry. Further, the man had experience as a captain while the woman had only been a first officer, who sits next to the captain in the cockpit. “It’s a completely different world” when a person shifts into the captain’s chair, said the pilot. “We’re leaving a lot of people behind who are better-qualified, just because they’re the wrong color, or they’re identified the wrong way. That’s concerning. We’re not putting the best up-front,” he said. “We have people’s lives in our hands. It’s just like with doctors. If you go to a doctor, you want to go to the best doctor you can.” An American Airlines pilot with decades of experience said he was less troubled than some of the Southwest interviewees who worried about the effects of reduced standards as a result of the increased emphasis on diversity hiring. However, that pilot said he would become very concerned if standards are lowered “to the point where people aren’t flying as confidently.” A second American Airlines pilot said he has observed that “training is not nearly as comprehensive as it used to be,” he said. “But these people who are starting out are flying with people who are supremely qualified to be flying airplanes—so mistakes can be covered.” He thinks the reduced standards could eventually cause problems if the hyperfocus on diversity continues: “If you’re looking for a diverse workforce and not a qualified workforce, you’ve got issues. … You haven’t seen any accidents because of ‘diversity,’ but the potential is there.” All 11 people who were interviewed for this story, including Carter, the ex-flight attendant, said personal traits such as gender and race shouldn’t be part of the equation at all. “From the cockpit door forward, guys and gals of all ethnicities are after the same thing—and that’s a safe flight,” said one of the American Airlines pilots. “They don’t care who sits next to them as long as they can do the job.” More Than Snack Servers Most air passengers think of flight attendants as hospitality ambassadors who make them comfortable with beverages, snacks, blankets, and pillows. But their main purpose is to assist in the rare event of an in-flight emergency. Six Southwest flight attendants, along with Carter, say they feel less able to perform crucial duties because of the climate in which they’re now operating—and new hires appear to be less equipped to shoulder those responsibilities. “They have just made it such a hostile work environment. Southwest has made it that way, and flight attendants are afraid to do their jobs,” a flight attendant said. “But you’re supposed to put a smile on your face and pretend that everything is grand.” The flight attendants describe feeling as though a backstabber is always ready to pounce, to report any action or statement that doesn’t fit the corporate ideology. They’re being held to strict conduct and uniform standards while “accommodations” are extended to people in protected classes, such as a minority woman who was allowed to wear a nose ring—which got a white female in trouble—and a male flight attendant who described himself as “nonbinary”—neither totally male nor totally female—being allowed to wear a skirt that appeared to be shorter than regulations allowed. The nonbinary employee seemed to be using his position at the airline as a platform for LGBTQ activism and self-promotion, rather than focusing on benefiting the company or its customers, fellow flight attendants said. They shared screenshots of the nonbinary employee’s social media posts. One is a selfie of the mustached man posing in his Southwest uniform, with the comment, “My dress looks better on me than most chicks.” That employee no longer works for Southwest, flight attendants said. Yet they said they were aware that a couple of employees faced disciplinary action for referring to the nonbinary employee as “he” in a members-only Facebook group for flight attendants. Antics Embarrass Fellow Flight Attendants One flight attendant perceives that the company is making skewed, unfair hiring decisions, and creating a level of absurdity that’s hard to stomach. She knows of people who are related to Southwest employees and have college degrees—which go beyond the high-school education requirement for flight attendants—“and they don’t get hired, and yet we have this guy, with a mustache, in a skirt, distracting us all because the company wants to fight over his pronouns.” Being a flight attendant used to be considered prestigious and classy; Southwest was viewed as “Mount Rushmore,” a pinnacle for flight attendants, who felt proud just to be hired. “Now the pride is not about the brand of Southwest Airlines,” a flight attendant said. “It’s about how different I can be as an employee of Southwest Airlines—like, ‘Y’all need me more than I need you.’” Public perception of the role has diminished, not just at Southwest, but across the industry. Airlines grant diversity-based exceptions to people who don’t want to look or act professional, the flight attendants said. It used to be unusual to see flight attendants behave in ways that brought embarrassment to their coworkers. Now, quite a few of the new hires who were prized for their diversity “are rather risqué,” a flight attendant said. “They become very emboldened; they feel they can get away with this because they are in a protected class.” Still, Southwest has had to fire employees who pushed the envelope too far, including one minority flight attendant who solicited sex in a social media video and another who videoed herself twerking. In both instances, the videos, provided to the Epoch Times, show the employees in Southwest uniforms. Such conduct disgusts the flight attendants, and their concern is more than superficial. “If we relax the appearance standards and we’re letting people lower their professional standards, then they obviously are not equipped to handle any type of safety issue that can happen on that plane,” a flight attendant said. “Where do you draw the line and say enough is enough?” Commitment, Skills Insufficient One of the flight attendants who has been targeted for religious and political views said her commitment to her job boils down to this: “I will give my life for my passengers and my crew, if that’s what I need to do. My last words will be, ‘Let’s roll,’” she said, referencing the famous words spoken by a passenger on one of the U.S. airplanes that were hijacked on Sept. 11, 2001. She doesn’t see that same level of grit from the new hires. “They don’t have the same tough mentality,” she said. Nor do they have the same work ethic, which might be attributable to differences between the younger and older generations. The older flight attendant described being busy from the beginning to the end of each flight while many of the new hires tend to just serve one round of drink orders, “then they go back to the back (of the airplane) and sit down for the rest of the flight.” The new employees aren’t demonstrating mastery of the skills they were supposed to have been taught, or willingness to perform them. A passenger was having a medical emergency but the flight attendant in charge of that section “wouldn’t even come out of the galley to assist,” said one flight attendant. Instead, she and a second colleague had to take care of the ailing passenger. Such an incident stokes her worst fear: “Somebody’s gonna die. With the lack of training that we’re seeing in the new hires that are coming out … there’s going to be somebody who’s not trained, facing an emergency.” Read more here... Tyler Durden Thu, 08/11/2022 - 06:30.....»»

Category: worldSource: nytAug 11th, 2022

3 Stocks to Watch From the Mortgage & Related Services Industry

Despite a rise in mortgage rates and fading origination volumes, WD, VEL, OCN are set to hold ground on robust servicing opportunities and focus on improving operating leverage. The Zacks Mortgage & Related Services industry continues to suffer from the receding mortgage origination tide. Rising mortgage rates continue to affect mortgage volumes, particularly refinancing. Housing shortages and price appreciation are near-term headwinds for purchase origination.Despite these, robust servicing opportunities and a focus on improving operating leverage will be saving grace for the mortgage industry players. The focus on investments in mortgage service rights (MSR) and technological enhancements are anticipated to drive Walker & Dunlop, Inc. WD, Velocity Financial, Inc. VEL and Ocwen Financial Corporation OCN.Industry DescriptionThe Zacks Mortgage & Related Services industry comprises providers of mortgage-related loans, refinancing and other loan-servicing facilities. Numerous banks have been retreating from the mortgage business due to higher compliance and capital requirements. This provided an opportunity for non-banks to increase the capacity to gain market share in the mortgage loans business, which accounts for the largest class of U.S. consumer debt. Players in the industry are somewhat dependent on the interest rates determined by the Federal Reserve, as prevailing rates influence customers' decisions to apply for mortgages. The companies also generate investment income from several financial assets such as residential or commercial mortgage-backed securities, and asset-backed securities. Further, the firms make equity investments in mortgage-related entities, among others.3 Mortgage & Related Services Industry Trends to WatchRising Rates to Hinder Origination Volume: Amid the tight labor markets and all-time high inflation level, the Federal Reserve is in the midst of a shift from quantitative easing to tightening, with a reduction in asset purchases and hiking short-term interest rates. Since the yield curve impacts the path of mortgage rates, the macroeconomic backdrop indicates that mortgage rates will continue to witness an uptick in the upcoming period. This, combined with supply issues and robust home price appreciation over the past two years, has challenged housing affordability. These factors are likely to lead to lower purchase origination volumes and refinancing, as incentives for borrowers to refinance loans are likely to fade. This might impede revenue growth for the industry participants.Servicing Segment Performance to Improve With Rising Rates: Amidthesignificant declines in gain-on-sale margins and lower loan origination volume, industry players are likely to increase reliance on the service segment for profitability. In a rising rate environment, the servicing segment offers a natural operational hedge to the origination business. We expect MSR tailwinds to accelerate, with companies anticipating significant mark-ups and reduced amortization expenses. With the primary-secondary mortgage spread compression, mortgage originator profitability has declined. This has been incentivizing MSR sales to generate cash returns. Hence, MSR investments are poised to deliver significant value appreciation and offer attractive unlevered yield. Such MSR appreciation can drive the book value.Operational Enhancements to Provide Respite: Amid the ongoing mortgage market deterioration, industry players have been rationalizing and improving operations. Specifically, companies have resorted to cutting down workforces, and are enhancing technology platforms and user experience for longer-term origination expansions. Moreover, digitization has been helping the industry participants to enhance customer experience, lower costs by saving compensation expenses and reduce the possibility of fraud. Such automation and process enhancements will continue to drive cost savings, productivity and operating leverage amid the industry challenges.Zacks Industry Rank Reflects Rosy ProspectsThe Zacks Mortgage & Related Services industry, housed within the broader Zacks Finance sector, currently carries a Zacks Industry Rank #78, which places it in the top 31% of more than 250 Zacks industries.The group's Zacks Industry Rank, which is basically the average of the Zacks Rank of all the member stocks, indicates bleak prospects in the near term. Our research shows that the top 50% of the Zacks-ranked industries outperforms the bottom 50% by a factor of more than 2 to 1.However, looking at the aggregate earnings estimate revisions, it appears that analysts are gradually losing confidence in this group's earnings growth potential. Over the past year, the industry's earnings estimates for the current year have been revised 46.3% downward.Before we present a few stocks that you may want to consider for your portfolio, let's take a look at the industry's recent stock market performance and the valuation picture.Industry Underperforms Sector and S&P 500The Zacks Mortgage & Related Services industry has underperformed the broader Zacks Finance sector and the S&P 500 composite over the past year.The industry has declined 28.9% in this period, wider than the broader sector's fall of 8.6%. The S&P 500 composite has dipped 7.6% in the past year.One-Year Price PerformanceImage Source: Zacks Investment ResearchIndustry's Current ValuationOn the basis of the price-to-book ratio (P/B), which is commonly used for valuing mortgage loan providers, the industry currently trades at 1.48X compared with the S&P 500's 5.81X.Over the last five years, the industry has traded as high as 2.43X, as low as 0.78X, and at the median of 1.48X, as the chart below shows.Price-to-Book Ratio (TTM)Image Source: Zacks Investment ResearchAs finance stocks typically have a lower P/B ratio, comparing mortgage loan providers with the S&P 500 may not make sense to many investors. But a comparison of the group's P/B ratio with that of its broader sector ensures that the group is trading at a decent discount. The Zacks Finance sector's trailing 12-month P/B of 3.06X for the same period is above the Zacks Mortgage & Related Services industry's ratio, as the chart shows below.Price-to-Book Ratio (TTM)Image Source: Zacks Investment Research3 Mortgage & Related Services Stocks to Keep a Close Eye onOcwen Financial: The company is a preeminent non-bank mortgage servicer and originator that provides solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. The company’s balanced and diversified business model -- diversified originations sources and servicing business -- provides a competitive advantage against peers.The company’s servicing financial performance is poised to improve with rising interest rates. The company has also been driving expense reduction and making right-sizing actions. Also, favorable demographics and home price appreciation expected to drive continued growth in reverse mortgage market.The Zacks Consensus Estimate for OCN is $6.50 and $5.22 for 2022 and 2023 earnings. Earnings estimates have been unchanged over the past month. Also, for the ongoing and the next year, its revenues are expected to increase 4.6% and 1.04%, respectively. The company carries a Zacks Rank of 2 (Buy) at present.You can see the complete list of today's Zacks #1 (Strong Buy) Rank stocks here. Price and Consensus: OCNImage Source: Zacks Investment ResearchVelocity Financial: Based in Westlake Village, CA, Velocity Financial is a vertically integrated real estate finance firm, which offers and manages investor loans for 1-4 unit residential rental and small commercial properties. VEL originates loans across the United States through its extensive network of independent mortgage brokers.Considering the increased economic activity, supported by market normalization and the reopening of the economy, the demand for investor properties is anticipated to remain robust. This is expected to drive investor loan demand. Given Velocity Financial's expanded liquidity capacity, it is well-poised to capitalize on growth in the addressable market and, thereby, fund loan volume in the upcoming period.The Zacks Consensus Estimate for VEL's 2022 and 2023 earnings has been unchanged over the past month. Also, for the ongoing and the next year, its revenues are expected to increase 20.4% and 33.4%, respectively. The company carries a Zacks Rank of 3 (Hold) at present.Price and Consensus: VELImage Source: Zacks Investment ResearchWalker & Dunlop: Based in Bethesda, MD, Walker & Dunlop is one of the largest U.S.  providers of capital to the multifamily industry and the fourth-largest lender for all commercial real estate, including industrial, office, retail and hospitality. The company's expansion strategies, and strengthening of the online lending platform through acquisitions are likely to drive the top line. Further, Walker & Dunlop's commitment to capturing market share on the back of heavy investments in artificial intelligence and machine-learning capabilities is commendable.Of late, the company has been making expansion moves, including acquisitions and additional hirings. Last month, WD expanded its property sales team, Walker & Dunlop Investment Sales, with the buyout of Avalon Real Estate Partners, a boutique commercial real estate brokerage firm. The latter specializes in land brokerage, investment consultation and capital sources services. The buyout is in line with WD’s efforts to expand and become a preeminent property sales practice in the United States.The Zacks Rank #3 company’s earnings estimates has been unchanged over the past month to $9.38 and $10.54, respectively. Walker & Dunlop's earnings for the ongoing and the following year are projected to witness year-over-year growth of 15.1% and 12.3%, respectively. Revenues for 2022 and 2023 are projected to increase 17.5% and 9.9% year over year.Price and Consensus: WDImage Source: Zacks Investment Research Zacks' Top Picks to Cash in on Electric Vehicles Big money has already been made in the Electric Vehicle (EV) industry. But, the EV revolution has not hit full throttle yet. There is a lot of money to be made as the next push for future technologies ramps up. Zacks’ Special Report reveals 5 picks investorsSee 5 EV Stocks With Extreme Upside Potential >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Walker & Dunlop, Inc. (WD): Free Stock Analysis Report Ocwen Financial Corporation (OCN): Free Stock Analysis Report Velocity Financial, Inc. (VEL): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksAug 2nd, 2022

Matterport Acquires VHT Studios

Matterport, Inc., a software company specializing in real estate digital twins, has announced its acquisition of VHT Studios, a U.S.-based real estate marketing company. With VHT Studios’ visual media services now at their disposal, Matterport aims to expand further into the real estate industry. The company’s goals include increasing the adoption of digital twin technology… The post Matterport Acquires VHT Studios appeared first on RISMedia. Matterport, Inc., a software company specializing in real estate digital twins, has announced its acquisition of VHT Studios, a U.S.-based real estate marketing company. With VHT Studios’ visual media services now at their disposal, Matterport aims to expand further into the real estate industry. The company’s goals include increasing the adoption of digital twin technology and adding marketing services for commercial real estate, travel and hospitality, and the retail sector. “We’re thrilled to welcome the VHT Studios team to Matterport along with the talent and industry expertise they bring,” said RJ Pittman, CEO of Matterport. “When we looked at VHT Studios and the work they do, it was a natural fit to unite our efforts to reimagine the fragmented process that was in place for brokers and agents to list properties, and prospective buyers to view them. We are not only excited for how we can transform the customer experience in the real estate industry, but also how we can apply VHT Studios’ expertise to our growing enterprise business as demand for digital twin technology continues to surge.” Terms of the transaction were not disclosed. Canaccord Genuity served as the exclusive financial advisor to VHT Studios. “We are excited to welcome VHT Studios, a market leader in real estate digital marketing technologies, to Matterport today,” added JD Fay, chief financial officer of Matterport. “Having integrated the Enview acquisition earlier this year, our team is looking forward to what we expect will be another successful integration.” VHT’s marketing services include high-end photography, drone imagery, floor plans, virtual tours, and more. When combined with Matterport digital twins and collaboration tools, this expanded solution will offer brokerages and agents a comprehensive source for their digital marketing needs. “What makes this acquisition unique is how complementary our services are to one another,” said Brian Balduf, CEO of VHT Studios. “In today’s market, buyers need to move quickly on a property and often only have one opportunity, or less, to view it in person. A listing that features high-quality digital content and immersive 3D technology is a transformative experience that empowers buyers to make more confident decisions, faster. Together, we believe our services can help move more purchase decisions online by combining rich property information and the ability to virtually inspect, measure and experience a space from anywhere, anytime, as many times as needed.” The marketing solution is expected to be available through Matterport’s Capture Services during Q3 2022. The acquisition will enable more data to be trained on the machine learning systems acquired through Enview and whose data insights will be incorporated into Matterport’s Cortex Artificial Intelligence engine, the company says. For more information, visit matterport.com and vht.com. The post Matterport Acquires VHT Studios appeared first on RISMedia......»»

Category: realestateSource: rismediaJul 12th, 2022

The Tower of London is hiring for a $40,000 Beefeater to help defend the $4 billion Crown Jewels. But you"ll need 22 years of military experience.

The Tower, which houses the Crown Jewels, has 32 Beefeaters who act as tour guides. But you need an esteemed military past to get hired. Yeoman Warders of the Tower of London, nicknamed Beefeaters.AP Photo/Matt Dunham The Tower of London is hiring for a Beefeater, offering $40,000 for the role.  The Tower holds the Crown Jewels, which have an estimated value of $4 billion. Perks include a birthday gin, while the successful candidate will drink port at a welcome ceremony. The Tower of London is hiring a Beefeater for $40,000 to help defend the Crown Jewels. But applicants will need a long military career to have a chance at the job. The position of Yeoman Warder is being advertised by the Tower of London's parent group Historic Royal Palaces, which also manages Kensington Palace, occupied by Prince William and his wife, Kate. However, lucky candidates will be few. Applicants must have served 22 years in the military, be a former warrant officer, hold the Long Service and Good Conduct Medal, and have a "suitable level of fitness."The successful candidate will be part of a group of 32 men and women who originally served as the Queen's de facto bodyguards. According to their website, Henry VII was the first to suggest some move to the Tower.  While the job is largely a ceremonial and hospitality-focused position, with Warders showing tourists around the tower, the job specification does indicate that Beefeaters must "prevent damage to, or theft of, articles or other property within the Tower of London," which would feasibly include the Crown Jewels.A Historic Royal Palaces spokesperson declined to comment on the security of the Crown Jewels and whether the position would involve their defense, but said the successful candidate "will be required to lead the Tower's popular daily tours, welcome and assist visitors on site and bring the history and stories of the Tower to life."According to Readers' Digest, the Crown Jewels - which are housed in the Jewel House of the Tower - are not insured so they have never been appraised, but estimates put their value at $4 billion. Only one attempt has been made to steal them, by Thomas Blood in 1671 before they were moved to the Tower.   Yeoman Warders are "sworn in" during a centuries-old ceremony, before drinking a toast of port served in an 18th-century pewter bowl. Tradition requires the Chief Yeoman Warder to toast all new recruits with the words "may you never die a Yeoman Warder."According to their website, Yeoman Warders can look forward to a free bottle of Beefeater Gin on their birthdays.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJun 25th, 2022

RIPCO Acquires BCD, a Restaurant Real Estate Brokerage and Expands its F&B Offering

 RIPCO Real Estate (RIPCO), a leading independent full-service brokerage with services including leasing, investment sales, property management and debt and structured finance, announced that they have acquired BCD (Branded Concept Development), a restaurant real estate brokerage firm specializing in the expansion of food and beverage brands. Founded by Andrew Moger over 20 years ago, BCD... The post RIPCO Acquires BCD, a Restaurant Real Estate Brokerage and Expands its F&B Offering appeared first on Real Estate Weekly.  RIPCO Real Estate (RIPCO), a leading independent full-service brokerage with services including leasing, investment sales, property management and debt and structured finance, announced that they have acquired BCD (Branded Concept Development), a restaurant real estate brokerage firm specializing in the expansion of food and beverage brands. Founded by Andrew Moger over 20 years ago, BCD has focused on project management, tenant representation and strategic investment. RIPCO will be acquiring the real estate brokerage of BCD. While at BCD, Moger focused on tenant representation and food and beverage clients. Some current and previous clients represented by the company include Burger & Lobster, The Smith, Ani Ramen, La Pecora Bianca, Melt Shop, Made Nice, Boqueria, Dinosaur BBQ, Union Square Hospitality and more. “The acquisition of BCD, a food and beverage powerhouse, improves our ability to service both current and future F&B clients.  Andrew had built a great business, representing some of the top restaurant brands in the country.  I’m proud he felt RIPCO was the best firm to handle his impressive client roster,” said Mark Kaplan, RIPCO’s Chief Operating Officer. “Andrew is a highly respected voice in hospitality and I expect his client roster will grow exponentially with our resources behind him.”  Moger, who will be based out of Manhattan and serve as Vice Chairman, will be focusing on business development and tenant representation, and working to further grow the company’s national expansion in food and beverage brands. He will also help recruit F&B specialists throughout each of RIPCO’s current respective markets in New York City, New Jersey, Connecticut, Long Island, Miami and Tampa. “I was drawn to RIPCO because of their strong company culture and expansive resources across all eight offices,” said Moger. “With over 100 brokers at RIPCO, I am confident that my national food and beverage clients will have the ability to expand their business beyond the New York area and into cities such as Miami, Tampa and more. The combination of my close-knit relationships, and the firm’s wide range of geographical coverage, will offer a large area of growth for my clients and me.” Moger’s investment and advisory arm, BCD Strategic Investments, will continue to be a separate entity and not part of the acquisition. BCD’s project management arm was sold to Watchdog Project Managers last year. Moger graduated from Washington University in St. Louis with a Bachelor of Arts in Political Science. Prior to founding BCD in September 2001, Moger was the President and COO of Two Boots. Prior to that, he served at Vice President of Development for Crunch Fitness International. Moger is a member of the board of advisors for Givz, Mise, Next Gen Foods, ResQ, SevenRooms and Sunboy. He is currently also on the board of directors of Metro Dount Holding Company, one of the largest Dunkin’ franchisees in the United States, Naya and Mighty Quinn’s BBQ. Moger is also a co-founder of Melt Shop. For more information about RIPCO, please visit www.ripcony.com.  If interested in joining the team, please contact Erica Detorie at EDetorie@ripcony.com. The post RIPCO Acquires BCD, a Restaurant Real Estate Brokerage and Expands its F&B Offering appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyJun 16th, 2022

Wall Street: Musk goes "yeah, nah," and quants

In today's 10 Things on Wall Street: Elon Musk flips on Twitter, and "quantrepreneurs" are ditching Wall Street's bulging paychecks for startups. G'Day, Wall Streeters! I'm Aaron Weinman. If you hadn't guessed, I'm Australian, and one of our favorite responses when we don't want something is, "Yeah, nah." It's essentially, "Yes, maybe, but no, we'll pass."I can't help but think Elon Musk is a "yeah, nah" kinda guy.The enigmatic Musk said Twitter is breaching its $44 billion deal with the billionaire because the social-media company isn't giving him the info he needs around bots.This isn't entirely surprising. Musk has tweeted about this before. But this time, he's backed up tweets by putting it in a shiny SEC filing and appointing lawyers from Skadden to argue his case. Twitter, meanwhile, has its own legal firepower.It's the latest in the "will-he-won't-he" buy Twitter saga.With that out of the way, let's get to today's news.If this was forwarded to you, sign up here. Download Insider's app here.Kresimir Penavic1. Wall Street quants are cashing in their checks for innovative start-up opportunities. Take Krešimir Penavić. He joined hedge fund Renaissance Technologies in 1993 as a math programmer, and later became a research scientist.Penavić left RenTech in 2016 with a parachute he described as "quite golden."Since then, he's started a hospitality business in Croatia, which includes a winery, a villa, and a yacht. He also raced Ferraris in the Ferrari Challenge before selling his Prancing Horses.But perhaps most importantly, Penavić in 2017 got an opportunity to put his mathematical wizardry to work on creating a cheaper alternative to LASIK eye surgery.Krešimir Penavić is the first "quantrepreneur" to be profiled in a new series by Insider's Wall Street correspondent Alex Morrell. The series highlights innovative quant traders who ditched the Street to apply their skills to real-life problems.Read the full feature here.In other news:USA Today Network/Reuters; Rachel Mendelson/Insider2. First Trust rivals Vanguard when it comes to ETF-generated revenues. The firm's ETFs amassed $103 billion over the last 10 years. All while Brian Wesbury, its chief economist, tweets like a disgruntled fella on 4chan. Here's a look inside the burgeoning fund manager.3. Bank of America is letting its vaccine holdout-ers back in its offices. BofA is allowing business lines to determine how often staff should frequent One Bryant Park, leading to a rather random sprinkling of staff around the office.4. Tiger Global has been burned by depressed tech stocks. The fund bet on more startups than any other US investor last year, but it told investors last week that its hedge fund has dipped 52% this year.5. Wall Street giants are all in on public-cloud tech. The software now touches many parts of the business from investment banking to risk management. Here are 14 execs leading that revolution from Bank of America to Blackstone.6. Citi, meanwhile, plans to hire some 4,000 tech staff to help its institutional clients move online. More than 1,000 recruits will join the bank's markets tech team to help upgrade some archaic systems for both Citi's clients and staff.7. Another day, another SoftBank-backed company comes under duress. Gifting startup Sendoso just announced layoffs as the tech world comes to grips with lower valuations. Here is the latest from the startup that raised $100 million last September.8. Winter's coming for the crypto talent market. Fintech headhunters told crypto companies that they've got to get creative when it comes to landing talent as the market cools. Here are the key risks when it comes to these interviews.9. JetBlue is channeling its inner Vito Corleone in its battle with Frontier to buy rival airline Spirit. The low-cost carrier improved its proposal to Spirit's board, and increased the reverse break-up fee by $200 million to $350 million.10. Come get your fintech pitch decks (including Fundid). Capital for these upstart financiers more than doubled last year to $132 billion globally. Here's 41 (yep, 41!) decks from fintechs disrupting trading, investing, and banking.Done deals:Bain Capital Private Equity has acquired cloud software provider LeanTaaS from Insight Partners.Middle-market investor Compass Diversified bought R&D company PrimaLoft from Victor Capital Partners.Capital Dynamics' private-credit business led financing for eatery WOWorks' acquisition of Barberitos Southwestern Grille and Zoup! The debt included a nifty metric that ensures the borrower's interest-rate will lower if it meets targets that encourage growth for minority-owned store locations.Keep updated with the latest business news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief. Listen here.Curated by Aaron Weinman in New York. Tips? Email aweinman@insider.com or tweet @aweinman11. Edited by Hallam Bullock (tweet @hallam_bullock) in London.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderJun 7th, 2022

May Payrolls Drop To 13 Month Low But Come In Hotter Than Expected; Wage Growth Eases

May Payrolls Drop To 13 Month Low But Come In Hotter Than Expected; Wage Growth Eases Heading into today's key payrolls print, we had a feeling that contrary to Wall Street's generally cheerful expectations, the jobs number would be bad based on dismal real-time indicators (as described in "We Could See A Million Layoffs Or More" - Here Comes The Job Market Shock), and the latest Goldman macro data, and we... were off, because moments ago the BLS reported that in May the US added 390K jobs, which was a drop from last month's upward revised 436K and the lowest since April 2021, but was well above the 320K expected (and once again made a mockery of the recent dismal ADP prints, which suggests that there was another political component here in the BLS data where someone likely made a phone call or two). Here is a summary of the latest data: Nonfarm payrolls 390K, est. 318k (220k to 450k), vs prior 436k in prior month; net revisions -22k from prior two months Nonfarm private payrolls rose 333k vs prior 405k; est. 301k (200k to 388k); 30 economists surveyed Manufacturing payrolls rose 18k after rising 61k in the prior month; economists estimated 39k (20k to 62k); 15 economists surveyed Avg. hourly earnings: 0.3% m/m, est. 0.4%; prior 0.3% 5.2% Y/Y; est. 5.2% Unemployment rate 3.6% vs prior 3.6%; est. 3.5% (3.4%-3.7%); 69 economists surveyed Participation rate 62.3% vs prior 62.2% Change in household employment 321k vs prior -353k And visually: More details: The change in total nonfarm payroll employment for March was revised down by 30,000, from +428,000 to +398,000, and the change for April was revised up by 8,000, from +428,000 to +436,000. With these revisions, employment in March and April combined is 22,000 lower than previously reported. Breaking down the jobs, we see that in May, lower-paying 175K service jobs were added, down notably from 273K a month earlier, while higher-paying service jobs were unchanged at 99K; manufacturing jobs collapsed to 18K from 61K, offset by a surge in minind and logging jobs to 41K. 57K government jobs rounded out the picture. The unemployment rate was unchanged at 3.6%, and missed expectations of a drop to 3.5%, which would have been the lowest print since the covid crisis. Among the major worker groups, the unemployment rate for Asians declined to 2.4 percent in May. The jobless rates for adult men (3.4 percent), adult women (3.4 percent), teenagers (10.4 percent), Whites (3.2 percent), Blacks (6.2 percent), and Hispanics (4.3 percent) showed little or no change over the month. Some more details on the composition of unemployed workers: Among the unemployed, the number of permanent job losers remained at 1.4 million in May. The number of persons on temporary layoff was little changed at 810,000. Both measures are little different from their values in February 2020 The number of long-term unemployed (those jobless for 27 weeks or more) edged down to 1.4 million. This measure is 235,000 higher than in February 2020. The long-term unemployed accounted for 23.2 percent of all unemployed persons in May The number of persons employed part time for economic reasons increased by 295,000 to 4.3 million in May, reflecting an increase in the number of persons whose hours were cut due to slack work or business conditions. The number of persons employed part time for economic reasons is little different from its February 2020 level. These individuals, who would have preferred full-time employment, were working part time because their hours had been reduced or they were unable to find full-time jobs. The number of persons not in the labor force who currently want a job was little changed at 5.7 million in May. This measure remains above its February 2020 level of 5.0 million. These individuals were not counted as unemployed because they were not actively looking for work during the 4 weeks preceding the survey or were unavailable to take a job Among those not in the labor force who wanted a job, the number of persons marginally attached to the labor force, at 1.5 million, changed little in May. These individuals wanted and were available for work and had looked for a job sometime in the prior 12 months but had not looked for work in the 4 weeks preceding the survey. Discouraged workers, a subset of the marginally attached who believed that no jobs were available for them, numbered 415,000 in May, also little changed from the prior month. The participation rate ticked up a notch, from 62.2% to 62.3%, in line with consensus estimates. Strong wage growth persisted, even if at an increase of 0.3% in May, and the same as last month, it missed expectations of 0.4%. Meanwhile, on an annual basis, average hourly earnings rose 5.2%, in line with expectations and down from 5.5% last month. Earnings growth by industry is shown below: That said, as Obama's chief economist Jason Furman writes, average hourly earnings growth remains moderate relative to last year, shifting from a ~6% pace to a ~4.5% pace, writing that "that's the most important number in this release for inflation and it's mostly reassuring." Judging by the slump in stocks, the market does not exactly share his optimism. Average hourly earnings growth remains moderate relative to last year, shifting from a ~6% pace to a ~4.5% pace. That's the most important number in this release for inflation and it's mostly reassuring. (Note these numbers adjusted to hold industry-level composition constant.) pic.twitter.com/vnUMtGA6Gx — Jason Furman (@jasonfurman) June 3, 2022 Average hourly earnings for all employees on private nonfarm payrolls rose by 10 cents, or 0.3 percent, to $31.95 in May. Over the past 12 months, average hourly earnings have increased by 5.2 percent. In May, average hourly earnings of private-sector production and nonsupervisory employees rose by 15 cents, or 0.6 percent, to $27.33. In May, the average workweek for all employees on private nonfarm payrolls was 34.6 hours for the third month in a row. In manufacturing, the average workweek for all employees was little changed at 40.4 hours, and overtime fell by 0.1 hour to 3.2 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls remained unchanged at 34.1 hours Reading down the report we find that the aftermath of covid will haunts the US labor market as follows: 7.4% of employed persons teleworked because of the coronavirus pandemic, down from 7.7% in the prior month. 1.8 million persons reported that they had been unable to work because their employer closed or lost business due to the pandemic--that is, they did not work at all or worked fewer hours at some point in the 4 weeks preceding the survey due to the pandemic. Among those who reported in May that they were unable to work because of pandemic-related closures or lost business, 19.9 percent received at least some pay from their employer for the hours not worked, also little different from the prior month. Among those not in the labor force in May, 455,000 persons were prevented from looking for work due to the pandemic, down from 586,000 in the prior month Turning to the establishment survey and a breakdown of jobs by sector, we find that notable job gains occurred in leisure and hospitality, in professional and business services, and in transportation and warehousing. Employment in retail trade declined over the month. Nonfarm employment is down by 822,000, or 0.5 percent, from its pre-pandemic level in February 2020. Some more details: Employment in leisure and hospitality increased by 84,000 in May, as job growth continued in food services and drinking places (+46,000) and accommodation (+21,000). Employment in leisure and hospitality is down by 1.3 million, or 7.9 percent, compared with February 2020. Employment in professional and business services rose by 75,000 in May. Within the industry, job gains occurred in accounting and bookkeeping services (+16,000), computer systems design and related services (+13,000), and scientific research and development services (+6,000). Employment in professional and business services is 821,000 higher than in February 2020. In May, transportation and warehousing added 47,000 jobs. Employment rose in warehousing and storage (+18,000), truck transportation (+13,000), and air transportation (+6,000). Employment in transportation and warehousing is 709,000 above its February 2020 level. Employment in construction increased by 36,000 in May, following no change in April. In May, job gains occurred in specialty trade contractors (+17,000) and heavy and civil engineering construction (+11,000). Construction employment is 40,000 higher than in February 2020. In May, employment increased by 36,000 in state government education and by 33,000 in private education. Employment changed little in local government education (+14,000). Compared with February 2020, employment in state government education is up by 27,000, while employment in private education has essentially recovered. Employment in local government education is down by 308,000, or 3.8 percent, compared with February 2020. Employment in health care rose by 28,000 in May, including a gain in hospitals (+16,000). Employment in health care overall is 223,000, or 1.3 percent, lower than in February 2020. Manufacturing employment continued to trend up in May (+18,000). Job gains occurred in fabricated metal products (+7,000), wood products (+4,000), and electronic instruments (+3,000). Employment in manufacturing overall is slightly below (-17,000 or -0.1 percent) its February 2020 level. Wholesale trade added 14,000 jobs in May, including gains in durable goods (+10,000) and electronic markets and agents and brokers (+6,000). Employment in wholesale trade is down by 41,000, or 0.7 percent, compared with February 2020. Mining employment increased by 6,000 in May and is 80,000 higher than a recent low in February 2021. Employment in retail trade declined by 61,000 in May but is 159,000 above its February 2020 level. Over the month, job losses occurred in general merchandise stores (-33,000), clothing and clothing accessories stores (-9,000), food and beverage stores (-8,000), building material and garden supply stores (-7,000), and health and personal care stores (-5,000). The bottom line is simple: this wasn't the collapse that so many were quietly expecting (certainly Elon Musk), and the lack of a negative shock, means that the Fed remains on a rate hiking autopilot. As Bloomberg writes, “for the Fed, this is stay-the-course data, in our view. The 50-bp hikes in June and July remain likely, while September will remain a close call for 25 bps or 50 bps. Data over the next three months will determine if the Fed decides to adjust the pace of hikes.” Tyler Durden Fri, 06/03/2022 - 08:36.....»»

Category: blogSource: zerohedgeJun 3rd, 2022

May Payrolls Drop To 13 Month Low But Come In Hotter Than Expected

May Payrolls Drop To 13 Month Low But Come In Hotter Than Expected Heading into today's key payrolls print, we had a feeling that contrary to Wall Street's generally cheerful expectations, the jobs number would be bad based on dismal real-time indicators (as described in "We Could See A Million Layoffs Or More" - Here Comes The Job Market Shock), and the latest Goldman macro data, and we... were off, because moments ago the BLS reported that in May the US added 390K jobs, which was a drop from last month's upward revised 436K and the lowest since April 2021, but was well above the 320K expected (and once again made a mockery of the recent dismal ADP prints, which suggests that there was another political component here in the BLS data where someone likely made a phone call or two). The change in total nonfarm payroll employment for March was revised down by 30,000, from +428,000 to +398,000, and the change for April was revised up by 8,000, from +428,000 to +436,000. With these revisions, employment in March and April combined is 22,000 lower than previously reported. Breaking down the jobs, we see that in May, lower-paying 175K service jobs were added, down notably from 273K a month earlier, while higher-paying service jobs were unchanged at 99K; manufacturing jobs collapsed to 18K from 61K, offset by a surge in minind and logging jobs to 41K. 57K government jobs rounded out the picture. The unemployment rate was unchanged at 3.6%, and missed expectations of a drop to 3.5%, which would have been the lowest print since the covid crisis. Among the major worker groups, the unemployment rate for Asians declined to 2.4 percent in May. The jobless rates for adult men (3.4 percent), adult women (3.4 percent), teenagers (10.4 percent), Whites (3.2 percent), Blacks (6.2 percent), and Hispanics (4.3 percent) showed little or no change over the month. Some more details on the composition of unemployed workers: Among the unemployed, the number of permanent job losers remained at 1.4 million in May. The number of persons on temporary layoff was little changed at 810,000. Both measures are little different from their values in February 2020 The number of long-term unemployed (those jobless for 27 weeks or more) edged down to 1.4 million. This measure is 235,000 higher than in February 2020. The long-term unemployed accounted for 23.2 percent of all unemployed persons in May The number of persons employed part time for economic reasons increased by 295,000 to 4.3 million in May, reflecting an increase in the number of persons whose hours were cut due to slack work or business conditions. The number of persons employed part time for economic reasons is little different from its February 2020 level. These individuals, who would have preferred full-time employment, were working part time because their hours had been reduced or they were unable to find full-time jobs. The number of persons not in the labor force who currently want a job was little changed at 5.7 million in May. This measure remains above its February 2020 level of 5.0 million. These individuals were not counted as unemployed because they were not actively looking for work during the 4 weeks preceding the survey or were unavailable to take a job Among those not in the labor force who wanted a job, the number of persons marginally attached to the labor force, at 1.5 million, changed little in May. These individuals wanted and were available for work and had looked for a job sometime in the prior 12 months but had not looked for work in the 4 weeks preceding the survey. Discouraged workers, a subset of the marginally attached who believed that no jobs were available for them, numbered 415,000 in May, also little changed from the prior month. The participation rate ticked up a notch, from 62.2% to 62.3%, in line with consensus estimates. Red hot wage growth persisted, even if at an increase of 0.3% in May, and the same as last month, it missed expectations of 0.4%. Meanwhile, on an annual basis, average hourly earnings rose 5.2%, in line with expectations and down from 5.5% last month. Average hourly earnings for all employees on private nonfarm payrolls rose by 10 cents, or 0.3 percent, to $31.95 in May. Over the past 12 months, average hourly earnings have increased by 5.2 percent. In May, average hourly earnings of private-sector production and nonsupervisory employees rose by 15 cents, or 0.6 percent, to $27.33. In May, the average workweek for all employees on private nonfarm payrolls was 34.6 hours for the third month in a row. In manufacturing, the average workweek for all employees was little changed at 40.4 hours, and overtime fell by 0.1 hour to 3.2 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls remained unchanged at 34.1 hours Reading down the report we find that the aftermath of covid will haunts the US labor market as follows: 7.4% of employed persons teleworked because of the coronavirus pandemic, down from 7.7% in the prior month. 1.8 million persons reported that they had been unable to work because their employer closed or lost business due to the pandemic--that is, they did not work at all or worked fewer hours at some point in the 4 weeks preceding the survey due to the pandemic. Among those who reported in May that they were unable to work because of pandemic-related closures or lost business, 19.9 percent received at least some pay from their employer for the hours not worked, also little different from the prior month. Among those not in the labor force in May, 455,000 persons were prevented from looking for work due to the pandemic, down from 586,000 in the prior month Turning to the establishment survey and a breakdown of jobs by sector, we find that notable job gains occurred in leisure and hospitality, in professional and business services, and in transportation and warehousing. Employment in retail trade declined over the month. Nonfarm employment is down by 822,000, or 0.5 percent, from its pre-pandemic level in February 2020. Some more details: Employment in leisure and hospitality increased by 84,000 in May, as job growth continued in food services and drinking places (+46,000) and accommodation (+21,000). Employment in leisure and hospitality is down by 1.3 million, or 7.9 percent, compared with February 2020. Employment in professional and business services rose by 75,000 in May. Within the industry, job gains occurred in accounting and bookkeeping services (+16,000), computer systems design and related services (+13,000), and scientific research and development services (+6,000). Employment in professional and business services is 821,000 higher than in February 2020. In May, transportation and warehousing added 47,000 jobs. Employment rose in warehousing and storage (+18,000), truck transportation (+13,000), and air transportation (+6,000). Employment in transportation and warehousing is 709,000 above its February 2020 level. Employment in construction increased by 36,000 in May, following no change in April. In May, job gains occurred in specialty trade contractors (+17,000) and heavy and civil engineering construction (+11,000). Construction employment is 40,000 higher than in February 2020. In May, employment increased by 36,000 in state government education and by 33,000 in private education. Employment changed little in local government education (+14,000). Compared with February 2020, employment in state government education is up by 27,000, while employment in private education has essentially recovered. Employment in local government education is down by 308,000, or 3.8 percent, compared with February 2020. Employment in health care rose by 28,000 in May, including a gain in hospitals (+16,000). Employment in health care overall is 223,000, or 1.3 percent, lower than in February 2020. Manufacturing employment continued to trend up in May (+18,000). Job gains occurred in fabricated metal products (+7,000), wood products (+4,000), and electronic instruments (+3,000). Employment in manufacturing overall is slightly below (-17,000 or -0.1 percent) its February 2020 level. Wholesale trade added 14,000 jobs in May, including gains in durable goods (+10,000) and electronic markets and agents and brokers (+6,000). Employment in wholesale trade is down by 41,000, or 0.7 percent, compared with February 2020. Mining employment increased by 6,000 in May and is 80,000 higher than a recent low in February 2021. Employment in retail trade declined by 61,000 in May but is 159,000 above its February 2020 level. Over the month, job losses occurred in general merchandise stores (-33,000), clothing and clothing accessories stores (-9,000), food and beverage stores (-8,000), building material and garden supply stores (-7,000), and health and personal care stores (-5,000). The bottom line is simple: this wasn't the collapse that so many were quietly expecting (certainly Elon Musk), and the lack of a negative shock, means that the Fed remains on a rate hiking autopilot. As Bloomberg writes, “for the Fed, this is stay-the-course data, in our view. The 50-bp hikes in June and July remain likely, while September will remain a close call for 25 bps or 50 bps. Data over the next three months will determine if the Fed decides to adjust the pace of hikes.” Tyler Durden Fri, 06/03/2022 - 08:36.....»»

Category: blogSource: zerohedgeJun 3rd, 2022

Becoming the Broker of Choice

Elm Street’s 3sixtyfive.agency is a full-service consulting and marketing agency working with brokerages and tech companies across real estate and beyond. Over the past year, 3sixtyfive.agency has worked with South Florida-based The Keyes Company/Illustrated Properties on numerous growth initiatives, assisting with the creation, execution and analysis of high-end, comprehensive marketing campaigns focused on brand awareness… The post Becoming the Broker of Choice appeared first on RISMedia. Elm Street’s 3sixtyfive.agency is a full-service consulting and marketing agency working with brokerages and tech companies across real estate and beyond. Over the past year, 3sixtyfive.agency has worked with South Florida-based The Keyes Company/Illustrated Properties on numerous growth initiatives, assisting with the creation, execution and analysis of high-end, comprehensive marketing campaigns focused on brand awareness and business growth, including recruiting, mergers and acquisitions, and referral and relocation. “The broker’s fundamental role is to recruit, develop and retain agents,” says Mike Pappas, CEO of The Keyes Company/Illustrated Properties. “To be successful, a brokerage needs a multi-faceted, long-term strategy focused on building brand awareness, establishing rapport and trust, and aligning business principles with the right prospect. 3sixtyfive.agency provides a full-service creative strategy that markets our brand to targeted recruits through a multitude of channels like email, text, social, landing pages and more. A carefully curated list of prospects receive consistent messaging on our unique selling points, which drives them to an interactive website that engages and captures recruitment leads. The campaigns are personalized to individuals based on engagement and known data.” The partnership has worked. With 3sixtyfive.agency’s targeted approach—zeroing in on $2 – $10 million producers—things run smoother for The Keyes Company, and has empowered them to strategically increase their target audiences and grow their agent pool. “When your list of prospective agents is thousands long, you need a marketing approach that allows you to use more behavioral information to gauge interest and then drill down into more personalized conversations as you learn more about a prospect,” says Steven Reibel, the firm’s senior vice president. “With 3sixtyfive.agency, we have found a voice and strategy that feels personal and resonates with our customers.” Expanding beyond just recruitment, The Keyes Company/Illustrated Properties next engaged 3sixtyfive.agency to work with them on a robust mergers and acquisitions campaign. “We wanted to leverage our past experience of having closed over 100 deals to show that we have a solution for the individual, not a solution for Keyes,” says Pappas, who explains that the campaign immediately produced results with multiple exploratory meetings and deals on the table. 3sixtyfive.agency also worked with The Keyes Company to outline and curate strategic prospect lists and develop marketing campaigns for referral and relocation, focusing on expanding the brand’s name and reputation across markets throughout the U.S. “Being in the day-to-day of a brand, you sometimes make your own assumptions about what its most important features are, which aren’t always right,” says Aaron Fisk, chief marketing officer. “Having an objective group weigh in and give their professional viewpoint on what will help position the company in the eyes of recruits and other brokers has really helped us refine our value proposition.” “The Keyes Family of Companies is hyper-focused on providing meaningful, white-glove service in every facet of their business model,” says Bondilyn Jolly, chief marketing officer of Elm Street. “Honoring the legacy of the organization, building and broadening their storyline to encompass a larger audience and evolving growth strategy required a thoughtful deep dive across the company. Carefully curated prospect lists, entertaining and insightful messaging, and intelligent workflows and analysis have helped us build a successful story that continues to grow and expand the Keyes network.” “3sixtyfive.agency has really helped us stand out from our competitors,” says Reibel. “While recruiting successful, producing agents is a long-term play, the key is being there at the right time with the right message.” “In an industry that has become very tech driven, we constantly remind ourselves that this business is about relationships and showing the value you bring,” concludes Pappas. “3sixtyfive.agency has helped us leverage technology in unique ways while maintaining a people-centric focus on fostering relationships. The secret is in the balance between the two.” If you’re seeking assistance with agent recruitment, mergers and acquisitions, referral and relocation programs, and other growth initiatives, visit 3sixtyfive.agency, call 833-938-2023 or schedule a one-on-one with Denis Pepin, vice president of business development: calendly.com/denispepin. The post Becoming the Broker of Choice appeared first on RISMedia......»»

Category: realestateSource: rismediaMay 26th, 2022

See the 25 pitch decks that some of the hottest property-technology startups used to raise millions from top VCs like SoftBank and a16z

Property technology, or proptech, companies have boomed as home-buying and building management move online. Here's how 25 founders raised money. Cove.tool cofounders (from left) Daniel Chopson, Sandeep Ahuja, and Patrick Chopson built a platform that drastically cuts down the amount of time it takes to analyze a building's energy efficiency. They raised $5.7 million.Cove.tool Proptech firms were already hot, but the pandemic lured more VCs to invest in them than ever before. Real estate and construction tech tools became essential to many businesses once they went remote. These pitch decks reveal how 25 different startups pitched their visions and products to investors. See more stories on Insider's business page. The real estate and construction industries are undergoing a major tech transformation, as startups touting everything from online home-buying to interactive office management software attract millions of dollars in venture funding.While the property technology space, known as proptech, grew in size and dollars raised year over year, it has exploded during the pandemic. Stragglers who hadn't yet adopted digital workflows were forced to, and venture capitalists have been pouring money into the firms offering compelling new products in residential real estate, commercial real estate, construction tech, and short-term rentals and hospitality.Insider has collected 25 pitch decks that the most successful firms have used to raise funding from VCs and private equity firms.Check out the full collection below. And bookmark this page, because we will continue to update it with new pitch decks.Residential real estateAndrew Luong (left) and Justin Kasad, who raised a $39 million Series A for their single-family rental startup Doorvest.DoorvestResidential real estate, more than any other segment of the market, has been on fire during the pandemic, with home prices and rents in almost every corner of the country skyrocketing. Venture investment into the tech that powers the industry — and helps take it online and streamline formerly tedious processes — has followed. Startups that help investors purchase and manage homes from afar, tools for residential brokers and leasing agents, and digital closing companies that digitize paper-heavy real estate transactions have all raised impressive sums.Individual real-estate investors now have a way to compete with the big guys. Here's the 12-page deck one startup used to raise $39 million to make that happen.See the pitch deck a real-estate startup used to raise $27 million from SoftBank to build the world's largest housing company — without owning any homesHere's the investor deck that helped the real-estate startup Divvy raise a $30 million series A led by Andreessen HorowitzThe online mortgage broker Morty used this pitch deck to raise a $25 million Series B and enable more homebuyers to skip the traditional mortgage process.  Here's the pitch deck New York startup Uptop used to raise $5.5 million to expand its apartment-rental serviceHere's the pitch deck used to raise a $4.4 million seed round for an AI chatbot looking to transform how people find apartmentsCheck out the pitch deck real estate startup Offr used to raise $3.6 million in seed funding during COVIDCheck out the pitch deck camera subscription startup Giraffe360 used to raise $4.5 million to disrupt property photographyHere's the presentation digital closing startup Endpoint used to nab $40 million from its parent company, title giant First AmericanA real-estate listings startup trying to rival Zillow used this pitch deck to raise $25 million for its super-powered home search websiteRead the full pitch deck an NYC apartment-rental startup that's looking to disrupt brokers' fees used to raise $5.7 million from VCs and landlordsCommercial real estate Nick Gayeski, cofounder and CEO of Clockwork Analytics, which raised $8 million for its platform that monitors building ventilation.Clockwork AnalyticsEven though COVID-19 left many offices partially filled and retail stores vacant for months, startups that help companies make their spaces virus-safe — by, say, keeping track of social distancing or monitoring building ventilation — became extremely important. Firms that promised to reduce friction (and costs) in day-to-day operations by digitizing them also attracted venture investment.As building costs rise, this startup says real-estate developers can save millions by ditching spreadsheets. Here's the 12-slide pitch deck it used to raise $25 million.Software startup UtilizeCore raised $5.3 million off this sleek pitch deck to help property managers with mundane tasks like hiring janitors and plumbersSee the pitch deck the air-purification startup Wynd used to raise $10 million to help Marriott guests breathe easierVergeSense, an office-sensor startup that tracks employees' movements, just nabbed $9 million. From social distancing scores to real-time occupancy alerts, here's its pitch deck.See the pitch deck a startup that monitors building ventilation used to raise $8 million during the pandemicConstruction techMosaic cofounder and CEO Salman Ahmad works on ways to build homes faster and cheaper. He raised $14 million last year.MosaicThe pandemic boosted traditional construction companies' interest in the high-tech corner of the sector. Startups that make digital tools to manage worksites from afar suddenly became indispensable, while the current housing shortage brought even more attention to companies that are developing ways to build faster and more cheaply.A construction-tech startup that's developed a faster way to model a building's energy efficiency used this 13-page pitch deck to nab $5.7 millionOpenSpace, a startup that wants to be the telemedicine of construction, used this 24-page pitch deck to nab $15 million from investors including Menlo VenturesRead the 19-page pitch deck an online construction-parts marketplace trying to compete with Amazon used to raise millionsSee the pitch deck that lured investing powerhouse Tiger Global to lead a $30 million round for a startup trying to revolutionize construction spendingHere's the 21-slide pitch deck construction-tech startup Mosaic used to lay out its vision for the future of homebuilding and nab $14 million from backers including Andreessen HorowitzShort-term rentals and hospitalityFounder and CEO Roman Pedan raised $30 million for his short-term rental startup Kasa.KasaEarly in the pandemic, hospitality businesses stalled as travel halted across the globe. Once things opened back up, short-term rental companies with rural locations or a presence in smaller cities started to see the reservations — and funding — pour in. Tech-enabled companies rivaling Airbnb that enable flexible tourism, digital nomadism, and remote work have benefitted from the resulting boom in travel.A Latin American short-term rental startup just raised $48 million in a Series A led by a16z. Here's the deck it uses to pitch institutional landlords it looks to partner with.See the 26-page pitch deck Kasa Living used to raise $30 million while other short-term rental startups were foldingSee the pitch deck software startup Stayflexi used to raise $1.6 million helping hotels profit from guests willing to pay for late checkoutsHere's the pitch deck that Koala, a startup bringing an Airbnb-style marketplace to the wonky timeshare industry, used to raise $3.4 millionRead the original article on Business Insider.....»»

Category: topSource: businessinsiderMay 20th, 2022

Exploring eXp: Splits, Caps, Commissions and Everything You Wanted to Know About the Virtual Brokerage

Maybe it is the company’s sleek, 21st century branding and focus on virtual rather than physical space. Maybe it is a recent meteoric rise (from 1,000 agents in March of 2016 to 70,000 at the end of last year). Maybe it is a ubiquitous marketing and recruitment strategy, driven by internal incentives that pay agents […] The post Exploring eXp: Splits, Caps, Commissions and Everything You Wanted to Know About the Virtual Brokerage appeared first on RISMedia. Maybe it is the company’s sleek, 21st century branding and focus on virtual rather than physical space. Maybe it is a recent meteoric rise (from 1,000 agents in March of 2016 to 70,000 at the end of last year). Maybe it is a ubiquitous marketing and recruitment strategy, driven by internal incentives that pay agents for bringing in other agents. Most likely, it is a combination of these things that has made eXp Realty a target of both scrutiny, imitation and questions within the industry, as real estate professionals have sought to understand a company explicitly designed to upend the “traditional brokerage.” But what is eXp, really, behind and beyond the sharp marketing? Is the model revolutionary, and does the company’s commitment to a non-physical, multi-national brokerage sacrifice other important supports and tools for agents? The company Founded in 2009 by entrepreneur Glenn Sanford and going public in 2015, eXp has rejected several preconceptions of the real estate industry—most notably, the need for any sort of physical office where agents work and meet clients. eXp says “a few” brick-and-mortar locations exist, while most agents use shared offices or work from home. John Yen Wong, an eXp associate broker in the San Francisco Bay area, tells RISMedia that while that decision appeared fraught a decade ago, it looks prescient now. “All of a sudden, the story about not having a giant office was no longer the giant hurdle that it once was,” he says. eXp agents, brokers, trainers and employees mostly meet in a persistent, virtual world—not a science-fiction photorealistic CGI hub, but something with the look of a videogame from the mid-2000s. Both formal and less formal interactions can happen in this space, all using relatively accessible technology—mid-range laptops or tablets, with a microphone. While this might be enough to draw in (or turn away) some people, depending on their comfort with technology and level of independence, the first questions most agents and brokers ask when looking at a new company are likely going to be based on money. That was the case with one former eXp agent interviewed by RISMedia, who asked that their name be withheld so they could speak candidly about their time at the company. Relatively new to the industry, they were drawn in by eXp’s very affordable $85 monthly brokerage fee ($149 due at sign up, which includes the first month). “That’s one of the reasons why I chose eXp,” they said. “That $85 a month was really a big plus for me.” eXp operates with an 80/20 commission split for agents with a $16,000 annual cap, though even after reaching it they continue to pay a handful of other fees to the company, starting with $250 per transaction until the agent reaches another annual cap ($5,000), after which that fee drops to $75 per transaction. Agents also pay a minimum of 25% commission to their team leader, which goes toward the team leader’s annual cap. The former agent says they were not aware of most of the fees until they witnessed the conclusion of a transaction after joining eXp and felt disappointed seeing the final take-home check for an agent. “That’s my bad, I guess,” they laugh. eXp CEO Jason Gesing, in an emailed statement to RISMedia, referred to a presentation on the company’s website that includes all the specific transaction fees—thought it does not make mention of team-related splits. Prospective agents are also told “in multiple written and verbal ways” about the fees, he says. There are no franchises at eXp—the company operates as one large, connected entity. Wong says this is another area where eXp initially took some criticism, but which later turned out to be a positive in the evolving industry. “There was a fear at the time of being perceived as one giant company taking over everything,” he remembers. “The perception in general around anti-trust seems a little bit different .” Huge multinational companies and brands like Google, Amazon and Facebook have allowed consumers to just become generally more comfortable around behemoth corporations (though some of that goodwill has waned in recent years, Wong points out). Instead of franchises, eXp currently offers three different types of team structures, with one serving smaller groups, one for larger groups and one flexible option. The company also runs a program called “ICON” for those who meet incentive goals, which offers stock bonuses and recognition for top-performing agents. The “Traditional Team,” which the company describes as its most common format, has less than 10 agents and needs to have closed either 30+ transactions or $6 million in volume during a calendar year. Agents only must pay $8,000 to meet their cap and get to 100% commission, though they will not be eligible for the ICON Program if they do. The “Mega ICON Team,” as its name implies, is for larger groups—ten or more, specifically. Agent’s $16,000 cap is reduced to $4,000, but the team must reach $56,000 in annual commission paid (and if they don’t, the team leader pays the difference and they become a Traditional Team for the next year). These teams must also close 175 homes or $40 million annually, and all agents must be based within 100 miles of their team leader (or have a satellite team leader with a higher cap). Finally, a “Self-Organized Team” allows a team to join without any of these requirements or benchmarks—any commission split is fine, though there is no reduction to the $16,000 cap. Another part of the company that has been scrutinized by outsiders, eXp’s “revenue sharing” program has sometimes been compared to multi-level marketing programs, as agents receive residual compensation for recruiting other agents to the company. Seemingly aware of this perception, Google searches for things like “eXp pyramid scheme” turn up a handful of long-form articles and blogs by eXp agents or employees explaining the details of the program and pushing back against these labels. The way the system works is complicated and eXp has dedicated a good amount of time and energy to explain the specifics. On the most basic level, agents get a small percentage of the adjusted gross commission income (AGCI) of other agents they “sponsor” to join the company and anyone that person sponsors (and so on). They can earn larger percentages if they have enough recruits in any of these “tiers” (meaning degrees of separation from the original agent). Sponsored agents must be active—earning $5,000 or closing two transactions every six months—to be part of another agent’s downline. In reality, the revenue sharing does not appear to be a significant proportion of most agents’ compensation. Numbers released by the brokerage show that the average payout an agent received through the program in 2020 was somewhere around $2,000, though theoretically it could be much larger. Gesing says the company gives back 50% of annual revenue through the program, a total of $220 million in 2021. Another eXp offering is the opportunity to be paid in company stock, bought at a 10% discount, with up to 5% of an agent’s total compensation available this way. Wong says this program, which launched right after the company went public, not only serves to keep agents involved in the company’s success but is simply a more lucrative compensation plan from the get-go based on the discount. “You’ve already made 10% off your money,” he says. There is no vesting period for this stock, according to Gesing (some stock disbursed through the ICON program does have a multi-year vesting period) and about a quarter of all eXp agents have opted into the program. eXp stock has been up and down recently, rocketing almost 2,000% during the first year of the pandemic before falling precipitously over the last year. The experience Of course, a brokerage is more than what it pays and what perks it offers. Wong says that eliminating all physical spaces and building a virtual world will necessarily require adjustment and come with tradeoffs to some degree. “It’s not a problem that’s unique to ,” he claims. “The virtual environment, I had some skepticism.” Like any new space—virtual or physical—it takes some getting used to, but Wong says that learning the layout and simply practicing moving around in it was enough to show just how much the platform could offer. “I found that to get an answer when I needed it, it was immediate. But I had to have the initiative to kind of find out where to go,” he says. “Same as if you were a new agent at the old traditional model.” While Wong admits the current build of the meta-world is “cartoony,” he sees the underlying function of it as having incredible power to eliminate inefficiencies and connect people, adding that eXp has the ability and desire to upgrade its platform (the company owns the developer of “eXp World” and has plenty of cash on hand). For the former agent, some of their struggles were at least partially attributable to the isolation of virtual space, they said. Hoping for a quick start and training on eXp’s systems, they described being essentially left to their own devices almost from day one. “I didn’t think there was enough support for me,” they say. “My mentor, he said he was going to have enough time for us—I don’t think he thought realistically about what it was like to bring on a new agent.” Getting even basic questions answered was hard, and the mentor became less responsive as time went on, they say.  Another person who ran trainings also oversaw a huge number of agents in the region and was hard to reach as well, they add. The virtual eXp world can accommodate 1,000 agents or more at a time for a lecture, Gesing says—though it is also used regularly for small teams. What the former agent says they wanted, being new to the brokerage and relatively new to the industry, was to “shadow” more experienced people at the company—directly observing every single step of their process, from their presentations to their staging to how they pitched FSBOs. That just didn’t happen, they said. Gesing says that the mentorship program has had a “great response” overall at the company. Mentors need to have a certain amount of experience at eXp and are self-selected, he explains, and are paired with agents based on MLS and location to walk them through their first three transactions. “The mentor’s objective is to provide guidance in a practical, hands-on way and to lead new eXp agents through each step of the process,” Gesing says. “It provides valuable one-on-one learning opportunities to further ensure our agents’ success.” RISMedia was recently taken on a guided tour of eXp World (a shared Zoom screen of an eXp employee exploring the virtual world). Though it was hard to determine performance in this format, the world offered some incredibly granular options for customization, from accessing internet browsers on virtual workstations within the virtual world, to setting up sound-proof chat rooms in offices that could project video footage on walls. eXp Senior Marketing Director Jennifer Van Burkleo, who led the tour, says that new agents have their names highlighted in a certain color so others can help them out when they first join. They are also dropped off right near an info desk (staffed 24/7) and a map. Most virtual rooms seemed like they were accessed through a series of drop-down menus—teleporting user’s avatars instantly—though other spaces could be accessed just by walking. Interviews for staff positions are conducted in the virtual world, Van Burkleo says, and the software receives regular updates—recently giving avatars a passive blinking animation. Right now, the main eXp World requires downloaded software—that is, the program must be installed on a specific device rather than accessed anywhere through a browser or app. But a beta version of the world that can accommodate 200 people at a time is already available through any web browser, allowing smaller groups of agents or staff to use the space for their own purposes (separate from the persistent, main world). For the former agent, their first experiences in eXp World felt odd, clunky and off-putting, with technical issues on one device tablet while not running at all on another. The former agent compares the program to “The Sims,” a popular open-world video game series where players follow simulated people through their daily lives. Training within the virtual world felt like a big online college lecture, with little interaction or energy. “It took a while to find out specific destinations,” they say. “It wasn’t personal.” Wong says he believes there are ways that eXp can better help agents understand the model, and understand the functions of the company—both the specifics of the virtual world and the reasoning behind why it operates the way it does. With 40 years of experience in the real estate industry, he knows that he has a different perspective, having spent decades consulting with various companies on how to structure a real estate business. “That’s me—you’re going to find that the majority of real estate agents in the world don’t get as granular as me; that’s just my nature. But what I am doing is helping the people on my team and others,” he says. The big picture According to Wong, eXp has created a structure that fulfilled many of the important innovations he explored when consulting with and studying real estate businesses, specifically concerning compensation structures and expenses. Physical space in particular has been “a giant burden” for decades, he claims. “You have nice offices—it’s wonderful for getting somebody to come to your company but once they’re in, they’re rarely there,” he explains. “So it was an expense that was okay when the market was strong, but when the market turned, it was a burden that was killing .” For the former eXp agent, the most important thing was the smaller support structures that they felt were lacking from the get-go—a friendly face to interact with and a clear path to learning and success within the company. “Training is so important, there’s such a learning curve in real estate,” they say. “There’s so much to it…all these steps, and not just for as an agent, but for their buyers and sellers—they should be trained really, really well.” Despite the less than stellar experience, the agent says they aren’t ruling out eXp in the future or cautioning others to avoid the company, only urging other agents to research other companies and make sure it is a good fit before signing on. “I would definitely tell them to be careful,” they say. “Just as a newer agent, they should be cautious.” Wong claims he spent two years researching eXp before he “made the jump,” when he was assured that the model was sound. He also lauds the revenue and stock sharing programs as thoughtful and an improvement of other companies that have tried profit-sharing incentives. “The way eXp does it, it’s pure. A dollar of GCI comes in, you get a percentage of that,” he says. As someone who is later in his career, Wong also points to the ability for brokers and agents to continue receiving their revenue share income after retirement and pass it on to family following their death or if they become disabled. He says that broadly, people understanding these benefits and opportunities is a great way to build a team and bring more real estate professionals together, particularly those who have the same sorts of goals and perspective on the industry. “Does everyone at eXp understand it to this level? No. I tend to be geeky,” he laughs. “But if I can see this and I can message it properly, then I can say this is the place to be.” Jesse Williams is RISMedia’s associate online editor. Email him your real estate news ideas, jwilliams@rismedia.com. The post Exploring eXp: Splits, Caps, Commissions and Everything You Wanted to Know About the Virtual Brokerage appeared first on RISMedia......»»

Category: realestateSource: rismediaApr 7th, 2022

Eastern Union names Jack Charlap Chief Revenue Officer

Jack Charlap has been named chief revenue officer of Eastern Union, one of America’s largest commercial real estate mortgage brokerages. In his capacity as chief revenue officer, Mr. Charlap’s primary responsibility is to carry forward his existing work of facilitating the professional development and productivity of the company’s senior brokerage... The post Eastern Union names Jack Charlap Chief Revenue Officer appeared first on Real Estate Weekly. Jack Charlap Jack Charlap has been named chief revenue officer of Eastern Union, one of America’s largest commercial real estate mortgage brokerages. In his capacity as chief revenue officer, Mr. Charlap’s primary responsibility is to carry forward his existing work of facilitating the professional development and productivity of the company’s senior brokerage team. He helps them develop their teams, manage their callers, and generate a strong and steadily growing deal flow. He also works with experienced brokers to develop their networking capabilities and broaden their marketing platforms. Mr. Charlap also supports Eastern Union’s recruitment program by attracting qualified, senior-level brokers to join the company. He then supports these newly arrived, experienced brokers by supplying them with a business development infrastructure that includes caller teams of young, front-line brokers.  He also works with brokers across the board to promote deal origination, enable smooth execution, and ensure closings.  In addition, Mr. Charlap assists with the onboarding and training of newly hired brokers, ensuring that they are maximizing their potential for success within the firm.  He has worked with Eastern Union for nearly eight years. He began as a loan consultant, and in January — shortly after Abraham Bergman assumed the presidency of the firm — took the position of head of origination. In this expanded role, he assumed the various responsibilities enumerated above.  In his first quarter fulfilling his new duties, Mr. Charlap played a valuable role in helping to trigger an increase in the number of new transactions brought into the company’s deal pipeline and in the number of transactions closed. He is being elevated to the position of chief revenue officer in recognition of the contribution he has been making to boost productivity among the company’s most-seasoned brokers. “Jack Charlap has quickly proven that he’s well-qualified to help boost the productivity of Eastern Union’s senior brokerage staff,” said Abraham Bergman, the company’s president and CEO. “He has a solid record as a broker and a strong record of success in sales, and he knows how to motivate brokers to elevate their level of performance.   “Jack is always ready with fresh ideas and has the kind of people skills that enable him to help individual brokers tailor their own individual formulas for professional success. I’m confident he’ll exert a positive influence on our entire brokerage team.”  “I’m gratified to take on this exciting new position with Eastern Union,” said Mr. Charlap. “Eastern Union is a lot more than just an employer to me. I feel like it’s family. I’m committed to maximizing the success of the senior broker team.” About Eastern Union Founded in 2001, Eastern Union is a leading, national commercial mortgage brokerage firm. It employs more than 90 real estate professionals and closes an average of $4 billion in transactions annually. Eastern Union leverages its relationships with lenders and its marketplace knowledge to secure the best available rates and terms. Headquartered in New York, Eastern Union secures financing for transactions of all sizes across the United States. Transactions — which can include multi-state and multi-site portfolios  — encompass conventional commercial mortgages, structured debt, healthcare, hospitality, mobile home parks, self-storage, single-family rentals, investment sales, and — handled in conjunction with company affiliate Eastern Equity Advisors — equity placement.   For more information, visit www.easternunion.com The post Eastern Union names Jack Charlap Chief Revenue Officer appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyApr 5th, 2022

Transcript: Bill Gross

     The transcript from this week’s, MiB: Bill Gross is Still Standing, is below. You can stream and download our full conversation, including the podcast extras on iTunes, Spotify, Stitcher, Google, Bloomberg, and Acast. All of our earlier podcasts on your favorite pod hosts can be found here. ~~~ RITHOLTZ: This week on the… Read More The post Transcript: Bill Gross appeared first on The Big Picture.      The transcript from this week’s, MiB: Bill Gross is Still Standing, is below. You can stream and download our full conversation, including the podcast extras on iTunes, Spotify, Stitcher, Google, Bloomberg, and Acast. All of our earlier podcasts on your favorite pod hosts can be found here. ~~~ RITHOLTZ: This week on the podcast we have an extra special guest. I’m trying to — to maintain low tones and I’m trying to keep my insane enthusiasm down. But holy cow, Bill Gross, the Bond King, spent three hours talking with us literally about everything. This is a pretty amazing conversation. He does not hold anything back. He names names. He calls people out. He — I don’t even want to say he has scores to settle because he did that in his book. He explains what made PIMCO such a — a unique place, how they accumulated trillion dollars, essentially creating the concept of institutional bond trading before PIMCO bond trading was by appointment only. This didn’t exist before then. We cover everything from card counting to inflation, to the Fed, to his book. It’s a Mary Childs book, “The Bond King,” about him. Really, there were no comments left unturned. And we also revealed what his thoughts were about when his bonus was revealed by a certain podcast host about eight years ago, and — and how that came about. His and Mohamed El-Erian’s multibillion bonus pool, how that thing could even exist, Allianz allowed them to do it, and — and how after almost being a parlor game of speculation, how those billions of dollars in who got what bonus pool was finally revealed. This was an absolutely fascinating conversation and an extra special guest. So, with no further ado, my conversation with PIMCO Co-founder Bill Gross. ANNOUNCER: This is Masters in Business with Barry Ritholtz on Bloomberg Radio. RITHOLTZ: My extra special guest this week is the Bond King, Bill Gross, the Co-founder of PIMCO. At one time, Bill’s total return fund was nearly $300 billion. It was the world’s largest mutual fund. Gross controlled more bond money than anybody else in the world. He advised the U.S. Treasury on the role of subprime mortgage bonds in the ’08-’09 crisis. He was named Morningstar’s Fund Manager of the Decade in 2010. They observed no other fund manager made more money for more people than Bill Gross. He is the author of several books, including “Bill Gross on Investing” and most recently, his book “I’m Still Standing: Bill Gross and the PIMCO Express.” Bill Gross, welcome back to Masters in Business. GROSS: Thank you, Barry. Actually, I’m — I’m sitting talking to you, but I’m standing in life, so that’s what the — the title applies, I think, but it’s good to be here. RITHOLTZ: It’s good to have you back. And, in fact, I owe you a debt of gratitude because when you came on the show, you know, it’s got to be six, seven years ago. You were really the first big name that said that I – let’s try this podcast thing out, and you opened the floodgates. So, if I’m lacking in any objectivity, let me disclose that right up front. But — but let’s talk about your career starting with Pacific Life. You’re — you’re a junior guy there, literally, going into the vaults, taking bond certificates and clipping coupons off of that. How — how do you get from that sort of junior intern menial labor to launching a standalone active bond shop? GROSS: We’ll, let me add to that quickly. I — I could only clip coupons for half of the day, I guess. The other half I was off making private placements of loans to fledgling companies such as Berkshire Hathaway and Wal-Mart. I — I visited Sam Walton with his two kids with a dog I struck. They had two Wal-Marts in Bentonville, Arkansas. And same thing with Buffett and Charlie Munger. So, I — I was doing some of that. But to — to — to make the transition, I guess, to managing money, I — I — I did a master’s thesis at UCLA, I just graduated, and it was about convertible bonds, but also about warrants and — and option-related vehicle. So, I was interested in the bond market even though I wanted to get in the stocks. And Pacific Mutual in downtown LA had a $1 billion worth of bonds. And a broker from Weeden & Company, Howard Raykoff, decided to visit and tell me that somebody else in town was trading some bonds from boxes. And — and that was as — as you know, there weren’t any computers or IBM 360s, but we only had one. You couldn’t really buy and sell on the wire, and so it was very difficult to trade. But I convinced him to, you know, let me use $5 million of their bonds and set-up an active trading account. That was the beginning of PIMCO. RITHOLTZ: And before PIMCO, I’ve heard bond trading described as by appointment only. Is it fair to say you and your team invented fixed income trading? Am I — am I overstating that? GROSS: Probably just a little. There was this gentleman, I forget his name in Occidental Life Insurance in L.A. that was doing some of that. There was Jim guy from Lehman who later died that was doing some of that. But I was certainly one of the first, and I was certainly one that pursued it and convinced at least the executives of Pacific Mutual that this could be turned into a business. RITHOLTZ: So maybe I should say PIMCO helped to bring about institutional trading on a level that just didn’t exist before. You guys helped to systematize it. Is that — is that more accurate? GROSS: Yeah, I think that’s true because back then, you know, stocks were the vehicle to trade, and even then, they weren’t traded that actively. Bonds were basically bought and ultimately matured, I guess that — the big banks in the East, the New York, and Boston, and Chicago. And so, yeah, bond trading was — was an afterthought. No one thought that you could sell one bond, buy another, and make some money. And so, it was innovative, and I was glad to be part of it. RITHOLTZ: So, in the book, you describe how PIMCO grew in the 1980’s and 1990’s, but we’ll talk about the latter years later. But that period, following everything that Chairman Paul Volcker had done with the bond market, that really was a — a perfect storm to — to plow into the fixed income space. Tell us about the growth of PIMCO in the 1980’s and 1990’s. GROSS: OK. And — and so you’re right, we started at a great time not in the 70’s because the bear market didn’t really end until ’81, ’82, ’83 depending upon, you know, the maturities of bond. But you — you know, it’s — it’s set-up the premise for total return in bonds where you could not only get a coupon, get an interest payment, but get a capital gain. And when you’re starting at close to 15 percent for a 30-year treasury, you know, it was — it was fairly easy ultimately to get a capital gain, and so that — that helped us. We were also helped by a legislation from the Congress a bill that legislated ERISA, which basically mandated that pension managers had to diversify and not just diversify between, you know, the obvious, but also diversify between East Coast and West Coast. And so, this little company called AT&T, the biggest in the world team according late in the 70’s and liked what they saw, and they hired PIMCO. And that really was the beginning of it all. I mean, who — who wouldn’t open the door to a person or to a company that had just been hired by AT&T. RITHOLTZ: But this is more than just lucky timing for a couple of reasons that I want to go into. We’ll talk a little later about some of the technical aspects that PIMCO really figured out to generate fixed income alpha. We’ll — we’ll circle back to that. I want to talk a little bit about your investment outlooks. These were — were highly regarded. People thought they were both insightful and well-written. And this is at a time when, you know, we kind of take it for granted today that so many people write about financial investing and strategies. When you started doing the investment outlooks each month, that was somewhat unusual, wasn’t it? Tell us about that. GROSS: Yeah, it was very unusual, and I thought about it from a business context. And I said, you know, if I want to be successful at PIMCO, if we want to grow as a company, you’ve got to say hello. And the best way to say hello is to write these investment outlooks. I mean, there were a few. There was a famous guy you know, Barton Biggs from … RITHOLTZ: Sure. GROSS: … Morgan Stanley that was a real good writer. And — and I don’t think Jim Grant had started yet, but he was a excellent writer in the time. So, I wasn’t the only one. But I — I thought that if I’m going to inject some personal vignettes into my forecast for the bond market, the people would read it because they didn’t really read these things that came out of First Boston, and Solomon Brothers, and so on. And so, I — I decided to take a little risk. You know, one of the things that I wrote at the beginning of my book, a quote, it said that, “Talent is helpful in writing, but guts are absolutely necessary.” And so, I — I decided to have a few guts and opened myself up to people. And some like that and some didn’t but, you know, the — the reputation grew. RITHOLTZ: Well, I want to point out first, you were the — the O.G., the original gangster when it came to financial writing because, of course, there were lots of professional writers and journalists running about it. But as far as I recall you might be one of the earliest people who were managing money to describe what you were doing. I — I want to say it was Howard Marks and you. Pretty much, you were the guys that were putting out regular commentary before, you know, anybody could — could go online and find letters from Warren Buffett or — or things that Ray Dalio wrote or anyone of thousands of other professional money managers. When you began, I don’t think there were many other money managers putting out written commentary the way you guys were. You, Buffett, and Marks are kind of the three that — that blazed this trail. GROSS: I — I think so. And, you know, one of my positive attributes is that I — I wasn’t afraid to take risk and to — to take chances. And so, you know, there were those that, you know, PIMCO and marketing and so on that would suggest that you can’t do that because people would just jump on your ideas and front-run. But, you know, I’m — I’m paranoid in a lot of things, but I wasn’t paranoid in that in terms of thinking that no one really cared. And so, — so why not? Why not tell people what I thought? And I — I think it worked. RITHOLTZ: So, no doubt I remember worked because the firm did well in the 80’s and 90’s. At what point did you come to the realization, “Hey, this is kind of a one of a kind company and it’s going to be special.” Did you ever imagine you would have a trillion dollars in assets under management? GROSS: Well, of course not, but at some point, I did when we were $990 billion. RITHOLTZ: Right. GROSS: But — no, my — my objective was to — was to grow the company to, you know, have a fiduciary responsibility to clients in terms of products and not — not charging them too much or inventing products that ripped them off. But I also want to or wanted to be famous. I mean, that’s — that’s in my book and — and the — the Childs book as well. And, you know, growing into $1 trillion and ultimately ended $2 trillion was — was very productive in terms of being famous and I guess, ultimately, infamous. RITHOLTZ: So now that you look back, which is more important in hindsight, money, power or fame? Greg Dardis: Well, I — I never enjoyed power and I’ve enjoyed some of the money, but after a certain point, it’s not that productive unless you give it away. And so, I — I think ultimately, if those are the three choices and I did offer those to potential recruits who, by the way, would never answer the question because they were afraid that any of the answers would be — be negatively. But I — I — I — I’m certain, you know, I would choose fame again. And I — I was — I was cognizant at the time that fame can turn into infamy that you could fly too close to the sun, et cetera , et cetera from an objective standpoint. But I must say I didn’t think it could happen to me because I was always on the up and up, always honest, always open, and — and why would anybody. And I — I think ultimately, that was eye-opening to me, but I — I do it again. RITHOLTZ: Really interesting. (COMMERCIAL BREAK) RITHOLTZ: Let’s talk a little bit about the way he PIMCO grew and generated profits for clients. You — you describe a lot of very technical aspects to bond management and trading, which all contributed to fixed income alpha, which I think a lot of people reading your latest book might not have realized all the ways that — that you guys generated outperformance. The — the question I — I ask is how is it possible with all this money laying around nobody thought of this before. Why didn’t anybody else try and systematize total return of fixed income portfolios? GROSS: Well, I think, I mean, a lot of bond managers were and probably still are very conservative. That’s their job to protect principal. And therefore, on the sales side, on the Wall Street side, they were facing the clientele that didn’t really want to accept any of their suggestions, whatever they were, you know, well, just the other way for me and for PIMCO. And, you know, we were very innovative from the standpoint of new products. We were one of the first to — to buy financial futures. We were one of the first to — to fund mortgages — Fannie Mae mortgage. I mean, most — most bond managers didn’t want to go through the problem of segregating principal and interest, and determining performance. It took a long time and a separate staff, and so we did that. And then, of course, in the — later in the global and tips. And — and so — and so the innovation was key, I think, to help with generation. The biggest key was the thrust of what we called secular forecasting, secular outlooks. And I — I — I read a book early on just after I joined PIMCO called “Investing for the Long-Term.” I forget who wrote it. But, you know, you’re focused maybe on the dangers of trading for the short-term because fear and greed on the others that get involved and you tend to make bad decisions. And so, we approached it from the standpoint of three to five years. In terms of the — an outlook, we brought in speakers that spoke to that, many of them, you know, Fed officials or ex-Fed officials, et cetera. And so, I think that really helped us to avoid, you know, the bad — the bad months and the bad quarter by looking at three to five years. So those were several of the case. RITHOLTZ: And when you say investing for the long run, you’re not talking about Jeremy Siegel’s stocks for the long run, you’re talking about something more specific. GROSS: Yeah, and basically it involved forecasting interest rates. And — and to be fair, you know, throughout the period of time that the secular outlook for interest rates was down, down, down. And, you know, during our annual secular forums that we had where we brought in outside speakers and basically set the tone for the next 12 months, you know, for the most part, it was a bullish forecast, which turned out to be true. If we had a forecast, it went the other way for the long-term for the next three to five years and obviously, the company would have disappeared. But — but focusing on that, forgetting about the day or the week or the month, I think it became very successful in terms of position in a portfolio duration-wise, and volatility-wise, and credit-wide. RITHOLTZ: Really intriguing. So — so let’s talk a little bit about, you know, you as a investor and trader. I’m — I’m kind of entranced by the way I’ve heard the PIMCO trading floor describe your desk was a horseshoe, and the traders and the analysts were arranged in a really specific manner. Tell us a little bit about — about the thinking there. GROSS: Well, I — I thought it was pretty simple, and I don’t really remember the horseshoe. But, you know, I was positioned in the middle certainly, and the traders of which they eventually grew to 20, 30, 40, 50 were, you know, basically positioned in pods: the mortgage people, the high-yield people, the global people, et cetera. And, you know, they would work together and almost independently day-to-day, but I would check and — and others would check in terms of what they were doing, make suggestions, and so on as — as we walked around the floor. So, it — it made a lot of sense. It was a big trading room with — I don’t know how many square feet, but I think functionally it really worked for us. RITHOLTZ: So — so who got to sit close to you and who sat further away? Was that a function of how accurate — how active those markets were or was it, you know, just seniority basis? GROSS: You know, well, it was both. You know, I remember that Scott Simon sat to the left to me, and — and Bill Powers, and I don’t think Chris Dialynas ever sat next to me. He was — he was content to be on the wing, so to speak, and do his own thing. But — but usually, I would be determined as well by who would — who would be quiet as opposed to loud. You know, I — I liked quiet to be able to think myself, and somebody with a loud voice talking to brokers are calling up their spouse, you know, just wasn’t working for me in terms of a trading day. So, you know, the quiet, and function, and seniority all sort of fit in. And I — I didn’t think somebody else picked and I just went along with it until the noise got too loud, and then they were out and somebody else is in. RITHOLTZ: So — so you mentioned the number of your colleagues. In the book, which we’ll talk about in a little bit, you’re very generous in giving lots of credit to your colleagues for being major drivers of — of the firm’s success. Tell us about some of these colleagues and — and how they contributed to PIMCO’s growth. GROSS: Well, they were, you know, we hired some really smart people and really aggressive people, obsessive people that really love to do what they’re doing. Chris Dialynas was one of the first who was my co-portfolio manager so to speak from the early 80’s. He wanted to be a baseball player for the Angels, but decided to take our $20,000 offer. And he came and he — he had gone to the University of Chicago and, you know, studied there about options and so on, and ultimately became instrumental in terms of bringing financial futures to — to the portfolios and suggesting some very creative ideas in terms of Ginnie Mae futures which, you know, some say we — we broke the market, but he was one. And then there was another gentleman Changhong Zhu that came to us from Wells Fargo in San Francisco. He ultimately left after 10 years to go back to China with his family and head up, you know, a key position in the Chinese Central Bank, I think. But he — he would make lots of suggestions and Investment Committee in terms of the convexity and yield curve strategies, euro dollar futures, et cetera. He was perhaps the smartest guy in the floor, including me. And, you know, so I think a lot of the strategies are due to his suggestions. You know, there was a high-yield gentleman, Ben Trosky, who was really a master that all of our mortgage people Bill Powers and John Hague, and Scott Simon that I mentioned were really smart. And their performance and mortgages through the years in terms of their own portfolios, you know, just flowed over into the total return fund. So, all of these people and there are a lot of other ones. You know, we were a team and, you know, the — the term “Bond King” was, I guess, more of a P.R. acceptance than anything else. I — I — I don’t think there was a king, I was a leader and certainly a leader of the Investment Committee. And — and in terms of accepting a standard portfolio for those to manage, but not the smart people. And I think it bared acknowledgement in my book. RITHOLTZ: So, lots of these colleagues eventually became successful, they became very wealthy, and they, you know, hit the eject button and retired. You stuck around for 43 years. That’s a long time. What led to that longevity? That’s pretty unusual these days. GROSS: I — I think it — it was because I loved it. And, you know, the — the standard — the standard idea that you should do what you love is fine. It — it can’t really apply to — to billions of people, you know, throughout the world that they all can’t find jobs that they love. They can’t all paint. They can’t all write music, but this was an area that I loved in terms of buying, and selling, and competing, and making money, and becoming famous, of course. And so, I — I think I stuck around for that long until I was 72 at PIMCO or 71 simply because I love coming in. It — it just — it made my week. And, you know, at PIMCO we would have an Investment Committee until — from 12 to three every day, but after three and certainly in the summertime, I — I could just go across the street and hit some balls and play golf, too. So, I — I wasn’t a — a one-way horse rider, I — I guess, I — I could do a lot of things, but managing money and investing and — and talking about it, writing about it was something I truly enjoyed. RITHOLTZ: So, let’s talk a little bit about the two thousands. You guys really, because the way you were positioned, got a very early warning look at what was going on in the bond market and the housing market. You were pretty well-positioned before, during, and after the financial crisis of ’08-’09. How did you manage to — to accomplish that? GROSS: Well, I — I — I give most of the credit, in this case, to Paul McCauley, and Paul is still around. He’s on TV. He’s got that long hair and that southern (inaudible). But — but … RITHOLTZ: At least he got rid of the beard finally. GROSS: Yes. But he was a — an economist at — at heart, and he was a prominent member of Investment Committee. And he — he would speak about Hyman Minsky and his theory about stability turning into instability. And — and as the housing market roared and dipped, we became sensitive to the potential for instability. I — I had a brother-in-law who was a mortgage banker on kind of small scale, and we would have dinner sometimes. He would tell me about no dots and liar loans, and so on before anyone at the Fed knew anything about that. And so, I — I decided to take 10 of our credit analysts and send them out to — throughout the country and pretend that they were buying houses and to see what was going on. They came back and said hey, that this stuff is dangerous, these subprime mortgages, et cetera, et cetera. And so, we (inaudible) to this early on. We voided portfolios of subprime mortgages and high-yield bonds in general anticipating a crisis at some point. So, I — I — I think our Investment Committee, and again Paul McCauley was the leader in this regard. Grant (ph) really helped in terms of anticipating what might happen at some point, that did happen. RITHOLTZ: To say the least. Full disclosure, I know McCauley really well. We’ve gone fishing together in Maine. I’ve had him on the show before, and full credit to him for giving Minsky’s work a wider modern audience. So, given that you were positioned so well during the financial crisis, how did the relationship with the U.S. Treasury develop? Tell us a little bit about that. GROSS: Well, I guess this sounds delicate, but it shouldn’t be. You know, almost all of us were in touch with the Treasury. I mean, I — I talked to Timothy Geithner once over the phone on a Sunday evening when he called me up after it had a few beers and wanted to know what was happening in the economy. But that — that’s the only time I can ever remember talking to the Treasury. We weren’t — unlike BlackRock and Larry Fink, nothing wrong with that, but we were a company on the West Coast that basically did our own research and weren’t in touch with Treasury officials unless they were Fed officials that had retired like, you know, Bernanke and Paul Volcker, and — and others. And so, I don’t really know how to go up. It certainly wasn’t a phone call. They called us and — and said can we help manage a portfolio of mortgages for them, and we said sure. And so, that was basically it. And, you know, there was a rumor that we badgered them into guaranteeing Fannie and Freddie mortgages. Nothing could be further from the truth. Nobody made a phone call to — to badger or to — to influence in any way. What we did see is that of all the mortgages that Fannie and Freddie were the highest quality and that they were yielding astronomical yields relative to treasuries and — and much wider spreads and — had ever occurred. And so, that was the fascination with Fannie and Freddie. We did well with mortgages, and we did well during the crisis. And after the crisis, PIMCO went from $1 trillion to $2 trillion because we had protected their money. RITHOLTZ: So, we mentioned earlier the — the new book by Mary Childs, “The Bond King” is out. And I know you participated in — in responding to some questions about at least validating certain things are not factually. But it’s pretty easy to read that book and see that she is trying to make the case that PIMCO was the largest holder of Fannie and Freddie bonds, and that you guys bullied the government into guaranteeing them. Make your case. Rebut that premise. Was it simply, hey, we never sp.....»»

Category: blogSource: TheBigPictureApr 4th, 2022

3 Mortgage & Related Services Players Set to Brave Industry Woes

Despite a rise in mortgage rates and fading origination volumes, WD, ESNT and VEL are set to hold ground on expectations of higher housing demand and portfolio diversity. The Zacks Mortgage & Related Services industry continues to suffer from the receding mortgage origination tide. Rising mortgage rates continue to affect mortgage volumes, particularly refinancing. While purchase origination is expected to drive overall volumes in the future, housing shortages and market volatility are near-term headwinds. The macro-economic scenario has also been unhelpful for the industry. The central bank is expected to increase rates amid rising inflation. However, uncertainties arising from the Russia-Ukraine war continue to drive market volatility in the near term.Nonetheless, expectations of higher housing demand on growth in consumer spending should help mortgage-related stocks to generate higher returns in the near future. This, along with portfolio diversity and technological enhancements, is anticipated to keep Essent Group Ltd. ESNT, Walker & Dunlop, Inc. WD and Velocity Financial, Inc. VEL afloat.Industry DescriptionThe Zacks Mortgage & Related Services industry comprises providers of mortgage-related loans, refinancing and other loan-servicing facilities. Numerous banks have been retreating from the mortgage business due to higher compliance and capital requirements. This provided an opportunity for non-banks to shore up the capacity to increase market share in the mortgage loans business, which accounts for the largest class of U.S. consumer debt. Players in the industry are somewhat dependent on the interest rates determined by the Federal Reserve, as prevailing rates influence customers' decisions to apply for mortgages. The companies also generate investment income from several financial assets such as residential or commercial mortgage-backed securities, and asset-backed securities. Further, the firms make equity investments in mortgage-related entities, among others.3 Mortgage & Related Services Industry Trends to WatchRising Rates to Hinder Origination Volume: Amid the tight labor markets and all-time high inflation level, the Federal Reserve is in the midst of a shift from quantitative easing to tightening, with a reduction in asset purchases and rising short-term interest rates. These are likely to result in yield curve flattening, with a rise in short and intermediate-term rates. Also, the Russian invasion of Ukraine might influence Fed’s monetary policy decisions for the ongoing year. Since the yield curve impacts the path of mortgage rates, the macro-economic backdrop indicates that mortgage rates will witness an uptick in the upcoming period. These factors are likely to lead to lower origination volumes, especially refinancing, as incentives for borrowers to refinance loans are likely to fade. This might impede revenue growth.Competition to Affect Pricing: House price appreciation, rebound in the economy, and continued GDP growth are likely to drive U.S. single-family mortgage debt outstanding in the upcoming years, underlining growth of the industry players’ single-family mortgage portfolios. Yet, customer acquisition for the mortgage services industry is becoming more competitive due to housing shortages. Notably, numerous companies have witnessed significant declines in gain-on-sale margins and lower weighted average rate on loans originated. With tighter margins, many originators might struggle to remain profitable in the upcoming period, especially with trending mortgage rates.Regulatory Changes Might Limit Origination Capacity: Mortgage originators are significantly dependent on the government-sponsored enterprises' (GSEs) programs for the origination of a majority of loans for sale. Hence, any change to the conservatorship of Freddie Mac and related actions, or a revamp in regulations (affecting the relationship between Freddie Mac, other GSEs and the federal government) might affect the mortgage service providers. Further, since a significant chunk of the substantial majority of the industry players' servicing portfolios represents loans serviced through the GSEs' programs, changes in the business charters, structure, or the existence of Freddie Mac or other GSEs could reduce the number of loans that originators can produce with the GSEs. This might reduce revenues from loan originations and servicing fees, affecting business and financial performance.Zacks Industry Rank Reflects Dismal ProspectsThe Zacks Mortgage & Related Services industry, housed within the broader Zacks Finance sector, currently carries a Zacks Industry Rank #207, which places it in the bottom 17% of more than 250 Zacks industries.The group's Zacks Industry Rank, which is basically the average of the Zacks Rank of all the member stocks, indicates bleak prospects in the near term. Our research shows that the top 50% of the Zacks-ranked industries outperforms the bottom 50% by a factor of more than 2 to 1.The industry's positioning in the bottom 50% of the Zacks-ranked industries is a result of a negative earnings outlook for the constituent companies in aggregate. Looking at the aggregate earnings estimate revisions, it appears that analysts are gradually losing confidence in this group's earnings growth potential. Over the past year, the industry's earnings estimates for the current year have been revised 37.6% downward.Before we present a few stocks that you may want to consider for your portfolio, let's take a look at the industry's recent stock market performance and the valuation picture.Industry Underperforms Sector and S&P 500The Zacks Mortgage & Related Services industry has underperformed the broader Zacks Finance sector and Zacks S&P 500 composite over the past year.The industry has declined 49.4% during this period against the broader sector's rise of 3.5%. The S&P 500 composite has grown 6.2%.One-Year Price PerformanceImage Source: Zacks Investment ResearchIndustry'' Current ValuationOn the basis of the price-to-book ratio (P/B), which is commonly used for valuing mortgage loan providers, the industry currently trades at 1.35X compared with the S&P 500's 6.35X.Over the last five years, the industry has traded as high as 2.43X, as low as 0.78X, and at the median of 1.84X, as the chart below shows.Price-to-Book Ratio (TTM)Image Source: Zacks Investment ResearchAs finance stocks typically have a lower P/B ratio, comparing mortgage loan providers with the S&P 500 may not make sense to many investors. But a comparison of the group's P/B ratio with that of its broader sector ensures that the group is trading at a decent discount. The Zacks Finance sector's trailing 12-month P/B of 3.19X for the same period is above the Zacks Mortgage & Related Services industry's ratio, as the chart shows below.Price-to-Book Ratio (TTM)Image Source: Zacks Investment Research3 Mortgage & Related Services Stocks to Keep a Close Eye onEssent Group is engaged in providing private mortgage insurance for single-family mortgage loans in the United States. The company offers private capital to mitigate mortgage credit risk, facilitating lenders to make additional mortgage financing available to prospective homeowners.Last month, the company cheered investors with a 5.3% sequential dividend hike. By leveraging programmatic reinsurance, the company has transformed its business model from “Buy and Hold” to “Buy, Manage & Distribute.” This helps shape the portfolio risk profile and mitigate return volatility during down cycles. Also, macro tailwinds like a rebound in homeownership rates and encouraging first-time buyer activity are aiding ESNT.Zacks Consensus Estimate for ESNT’s 2022 earnings has been revised marginally upward over the past month. Also, its earnings for the ongoing and the following year are projected to witness year-over-year growth of 7% and 0.7%, respectively. The company currently carries a Zacks Rank of 2 (Buy).Price and Consensus: ESNTImage Source: Zacks Investment ResearchVelocity Financial: Based in Westlake Village, CA, Velocity Financial is a vertically integrated real estate finance firm, which offers and manages investor loans for 1-4 unit residential rental and small commercial properties. VEL originates loans across the United States through its extensive network of independent mortgage brokers.Considering the increased economic activity, supported by market normalization and the reopening of the economy, the demand for investor properties is anticipated to remain robust. This is expected to drive investor loan demand. Given Velocity Financial's expanded liquidity capacity, it is well-poised to capitalize on growth in the addressable market and, thereby, fund loan volume in the upcoming period.The Zacks Consensus Estimate for VEL's 2022 and 2023 earnings has been unchanged over the past month. Also, for the ongoing and the next year, its revenues are expected to increase 12.8% and 26.4%, respectively. The company carries a Zacks Rank of 3 (Hold) at present.You can see the complete list of today's Zacks #1 (Strong Buy) Rank stocks here. Price and Consensus: VELImage Source: Zacks Investment ResearchWalker & Dunlop: Based in Bethesda, MD, Walker & Dunlop is one of the largest U.S.  providers of capital to the multifamily industry and the fourth-largest lender for all commercial real estate, including industrial, office, retail and hospitality. The company's expansion strategies, and strengthening of the online lending platform through acquisitions are likely to drive the top line. Further, Walker & Dunlop's commitment to capturing market share on the back of heavy investments in artificial intelligence and machine-learning capabilities is commendable.Of late, the company has been making expansion moves, including acquisitions and additional hirings. Last month, WD closed a deal to acquire GeoPhy, a commercial real estate technology company.Walker & Dunlop paid $85 million in cash in addition to $205 million in cash earn-out potential. The cash earn-out potential is structured to directly align with the company’s Drive to '25 goals of growth in appraisal revenues, loan volumes and mortgage banking gains.The Zacks Rank #3 company’s earnings estimates have been revised upward 7.9% and 10% for 2022 and 2023, respectively, over the past month. Walker & Dunlop's earnings for the ongoing and the following year are projected to witness year-over-year growth of 25% and 16.4%, respectively.Price and Consensus: WDImage Source: Zacks Investment Research Just Released: Zacks Top 10 Stocks for 2022 In addition to the investment ideas discussed above, would you like to know about our 10 top picks for the entirety of 2022? From inception in 2012 through 2021, the Zacks Top 10 Stocks portfolios gained an impressive +1,001.2% versus the S&P 500’s +348.7%. Now our Director of Research has combed through 4,000 companies covered by the Zacks Rank and has handpicked the best 10 tickers to buy and hold. Don’t miss your chance to get in…because the sooner you do, the more upside you stand to grab.See Stocks Now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Essent Group Ltd. (ESNT): Free Stock Analysis Report Walker & Dunlop, Inc. (WD): Free Stock Analysis Report Velocity Financial, Inc. (VEL): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksMar 11th, 2022

The owners of a New Orleans caterer are said to be washing dishes themselves because workers aren"t showing up to events

"We'll order 30 dishwashers, servers, and bartenders, hoping to get 20 and we might get 15," co-owner Dean Pigéon told Fox Business. Hospitality staff are in short supply.Courtesy of Winona Grey New Orleans caterer Pigéon Catering told Fox Business it's struggling to find staff. Its owners often have to wash dishes themselves, an employee said. Hospitality is one of the industries worst affected by the labor crunch.  The holiday season is in full swing but the labor shortage appears to have left at least one catering company struggling to find enough workers to staff festive events.In an interview with Fox Business, Dean Pigéon, co-owner of New Orleans-based Pigéon Catering, said he often wouldn't know if he had enough staff until an event was about to begin. Recently, as many as 50% of his recruits wouldn't show up to work, he said."We'll order 30 dishwashers, servers, and bartenders, hoping to get 20 and we might get 15," Pigéon said. "It's a big-time struggle. It's like, 'where did everybody go?'" Leah Berhaneo, director of sales and marketing at Pigéon Catering, told Fox Business that management often had to step in to plug staff shortages."If a carver doesn't show up, somebody has to put a chef's coat on and go out and carve for the night," she said. "Or if a dishwasher is missing, I can't tell you how many times an owner has had to become a dishwasher themselves."Hospitality is one of the sectors worst affected by the labor crunch, and has reported the highest quit rate of all industries over the past few months. Experts say workers are quitting hospitality jobs at higher rates because they are generally frontline service jobs that are more sensitive to COVID-19. Hospitality jobs often offer lower wages, a lack of benefits, and limited job security – so some workers have taken advantage of a tight job market to switch to better-paying jobs with more stability.Some businesses are finding it tough to woo back former workers and are raising pay or offering new benefits to make these jobs more attractive."That's a reflection of the fact that employers are also recognizing that it's going to be difficult to hire for the foreseeable future," Daniel Zhao, senior economist at Glassdoor, told Insider. "They are switching more towards permanent pay increases because they perceive a long-term structural challenge to hiring. "Read the original article on Business Insider.....»»

Category: topSource: businessinsiderDec 13th, 2021

Stephen B. Jacobs renews 14,000 s/f lease with ATCO

 ATCO Properties & Management announced that Manhattan-based architectural and interior design firm Stephen B. Jacobs Group, PC has completed a three-year, 14,000 s/f lease renewal at 381 Park Avenue South in the Flatiron District. The firm, which specializes in historic preservation, adaptive reuse, residential projects, and hospitality design, is known for its work... The post Stephen B. Jacobs renews 14,000 s/f lease with ATCO appeared first on Real Estate Weekly.  ATCO Properties & Management announced that Manhattan-based architectural and interior design firm Stephen B. Jacobs Group, PC has completed a three-year, 14,000 s/f lease renewal at 381 Park Avenue South in the Flatiron District. The firm, which specializes in historic preservation, adaptive reuse, residential projects, and hospitality design, is known for its work on high-profile projects such as the Hotel Gansevoort, 456 Greenwich Street, 70 Pine Street, and more. A tenant at 381 Park Avenue South since 2007, Stephen B. Jacobs will continue to occupy the entire second floor of the property. “Over the years, Stephen B. Jacobs has benefitted from 381 Park Avenue South’s outstanding location, which is centrally located near their clients, projects and talented employee base,” said Kate Hemmerdinger-Goodman, Co-President of ATCO Properties & Management. “It is a positive indicator for our building, and we look forward to accommodating their office space needs for years to come.” 381 PARK AVENUE SOUTH With the new transaction for Stephen B. Jacobs, it is the fifth lease renewal at 381 Park Avenue South this year. Other recent lease renewals include: social media analytics firm ListenFirst Media (10,439 square feet) on the 4th  floor; consulting firm Secretariat Advisors LLC (3,974 square feet) on the 8th floor; literary scouting company Maria B. Campbell, Inc. (2,957 square feet on the 13th floor; and intercultural training organization RW3 CultureWizard (2,303 square feet) on the 10th floor. ATCO has also recently completed leases for new arrivals at 381 Park Avenue South such as investment advisor Industrial Development Funding (1,279 square feet) on the 11th floor, and Two Sticks, Inc. (1,521 square feet) on the 13th floor. 381 Park Avenue South is a 17-story, 210,000 square-foot boutique office property situated at East 27th Street. Other major tenants in the building include Goldstein, Rikon, Rikon & Houghton, P.C., Fuze Inc., and Superfly Productions. The building is also home to famed bakery and restaurant Sarabeth’s Kitchen. Asking rent was $65 per square foot in the Stephen B. Jacobs transaction. The deal was completed directly by building ownership; there were no brokers involved. The post Stephen B. Jacobs renews 14,000 s/f lease with ATCO appeared first on Real Estate Weekly......»»

Category: realestateSource: realestateweeklyDec 3rd, 2021