Committed to the Vision
“Once you’re in, it’s hard to break out.”
“What a long, strange trip it’s been.”
Those two phrases have stuck with me throughout my career. Granted, one is more of a cliché and the other is a lyric from the famous Grateful Dead song “Truckin’.” But they are both relevant as I reflect on my default mortgage and distressed real estate journey, which began when I was about 7 years old.
Real estate has been a theme throughout my life. As the son of a contractor and a real estate agent who focused on selling properties for banks and GSEs, real estate was a livelihood.
I have early memories of sitting in the car during inspections or walking through older vacant properties. And my chores and/or punishment for misdeeds were to file or scan BPOs, documents and pictures into the office computer or pick up nails and shingles at a construction site.
Hindsight being 20/20, these activities taught me about project and task management as well as the personal value of building something tangible, whether a business operation or a remodel.
Deciding to Bite
My interest in creative problem-solving and number patterns led me to learn about business and analytics in high-school. Given my early ties to the industry, this is also when I learned that Fannie Mae—a name I’d heard often growing up—is not a person but rather a government conservatorship.
After graduating college, I was at a crossroads of wanting to pursue a business venture or continue my education, perhaps earning an MBA and teaching at the high school or college level.
While I was exploring graduate programs around the Philadelphia area, a former Keystone Asset Management manager contacted me, seeking assistance in expanding vendor management practices. My initial response was to decline because I wanted to dive into other areas. After several back-and-forth correspondences, I agreed to assist in vendor management—cementing the “no looking back” hold this industry has on you.
As I dove into asset management and valuation, we worked to ensure stronger oversight of the third-party industry partners (e.g., real estate brokers and agents) we engaged. The initial “hook” for me was leveraging the analytical side of aggregating performance data, building stronger evaluation reports on industry partners, exploring the logistics of contractual agreements and aiding in creating and holding various trainings.
The “reel” that brought me in was engaging and presenting developments with current and prospective clients and business partners. In true trial-by-fire fashion, I gained exposure to this part of the industry by participating in industry events and traveling to client and affiliate offices.
Opportunity Everywhere
I am beyond fortunate to have had this exposure at an early point through an established firm such as Keystone Asset Management. They expected a level of professional maturity from me and I worked hard to meet that expectation.
As I worked my way through the company, I gained experience coordinating and integrating business and product lines for new projections and contracts, collaborating on industry patterns and trends for corporate development and positioning, and identifying and procuring various growth opportunities.
Beyond what any classroom environment could teach, these opportunities provided a wealth of education and a concrete foundation to understand business, entity structures, legalese and the key administrative and leadership requirements needed to maintain a successful foundation, regardless of the ebbs and flows of the industry.
We are part of a very cyclical industry. We’ve seen waves of consolidations and expansions in both mortgage and real estate. These have ranged from the housing
bubble burst, which yielded a drastic regulatory influence on compliance, to investors looking to leverage enhanced technology, resources, government first-look programs and a combination of debt and equity to expand their investment footprint. We’ve also seen increased influence from large-scale purchases of loan and asset pools engaging special and subservicers to mitigate debt or implement a strategic disposition alternative that maximizes return and/or mitigates loss.
Navigating these cycles as well as facing other challenges and pivotal growth points require you to constantly evaluate where your services fit within the industry.
Keystone Asset Management was one of the first national firms to support asset management and disposition, as well as valuation alternatives to appraisals. It also has a history of working with top-tier banks and regional institutions by helping to conceptualize Fannie Mae’s AMP program.
Although Keystone built its reputation and foundation on these early opportunities, they also provide leverage for proactively identifying and seizing additional opportunities amid industry fluctuations. For example, we have adjusted to the market and migrated into acting more as real estate strategists that determine optimal disposition avenues based on value and key inputs.
The Benefits of Being “All In”
The experience I’ve gained at Keystone has provided professional growth I’ll forever be grateful for. The networks I’ve been able to build have produced some great friendships and growth opportunities. Likewise, I’ve been able to build and maintain a core team of trusted colleagues and partners that drive our business. I’ve developed the confidence to be flexible, even if it requires reinvention, yet remain true to the initial purpose of my journey: maintaining focus and ensuring adaptability to new opportunities. Finally, what I struggle with the most is continuously listening to colleagues—there is definitely more to learn than to share.
In addition to affording me professional growth and advancement, this industry has offered personal growth. I entered it at a young age and was often referred to as “the baby.” I was introduced to the woman who is now my wife on a business trip tied to this industry. I’ve also had the good fortune to diversify into related businesses and projects. As I continue my journey, I make a point to remember that operating in real estate means that I am working with one of the few tangible investment opportunities that everyone shares a common interest in. And there is opportunity for all of us.
