Main Responsibilities of a Vice President at Catalyst
As Vice President at Catalyst Commercial Real Estate, a large portion of responsibilities involve operating the existing portfolio by leading construction developments and ensuring properties are well-maintained, with an emphasis on tenant satisfaction because creating "a good experience for your residents" creates a competitive advantage. Responsibilities also include spending time underwriting new acquisitions, which involves a lot of work to find viable deals, and then pitching those promising deals to investors to raise capital.
Commercial Real Estate, Property Management, Acquisitions, Underwriting, Investor Relations
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Sean Willett
Vice President
Catalyst Commercial Real Estate
San Diego State University
Business Management & Admin, Marketing
Real Estate
Business Strategy
None Applicable
Video Highlights
1. Operating existing portfolio: This involves leading construction developments, hiring vendors, envisioning project returns, and underwriting for investors. It also includes routine checks on stabilized properties, focusing on improvements like facade enhancements and tenant experience to maximize returns.
2. Acquisitions: Approximately 20% of the time is spent underwriting new deals, running through metrics, and identifying opportunities. The process involves extensive analysis using Excel spreadsheets, with a high rate of unsuccessful deals, especially in the current market.
3. Investor Relations: Pitching viable deals with multiple success avenues to investors, creating joint venture agreements, raising capital for building acquisitions, and managing the operation of the acquired properties.
Transcript
What are your main responsibilities within your role?
In my current role as Vice President of Catalyst, I have three main functions. Roughly 60% of my time is dedicated to operating our existing portfolio, which includes numerous deals in different stages.
Some deals are undergoing full renovations. I lead the construction developments and the teams on those projects, hiring specific vendors for each task. I envision how the project will yield the greatest returns and underwrite to investors, assessing the building's position in the current market.
We also have completely stabilized buildings that require routine checks. I ensure the property manager is doing their job and that the building looks clean, always looking for areas to improve. For example, a rusted front fence, while not directly impacting rentability, is the first thing a tenant sees. A fresh facade on every building is important, and then we can maximize returns even on the interior of the units.
It's about focusing on tenants and creating the best environment in our buildings. This can create a massive advantage, especially in San Diego where many building owners don't know how to care for their properties. If you go out of your way to create a good resident experience, it's a significant competitive advantage.
The next set of my responsibilities is acquisitions, which takes up about 20% of my time. I underwrite new deals to acquire and run through the metrics. Underwriting acquisitions is fun but not always successful; about 90% of deals you underwrite won't pan out, especially in the current market. It involves diligently working on the same Excel spreadsheet repeatedly, looking for the one that stands out.
The third function is pitching a deal to investors once I've found one with multiple avenues to success. I would never buy a deal that only has one method to succeed; it needs multiple exit or hold strategies. Then, I raise capital for the building, create a joint venture agreement with an equity partner, purchase the deal, and operate it, returning to my original function.