Inside Cover C — June 26 - July 16, 2020 — 30 Under 30 — M id A tlantic Real Estate Journal
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30 U nder 30
Mark Krantz Real Estate Advisor: Senior Associate Marcus & Millichap Years with company/firm: 5 Years Years in field: 5 Years Years in real estate industry: 5 Years Real estate organizations/affiliations: International Council of Shopping Center
Dan Bernard Senior Associate Marcus & Millichap Years with company/firm: 5 years Years in field: 5 years Years in real estate industry: 5 years Real estate organizations/affiliations: National Multi Housing Group
What is your most notable project, deal or transaction? We recently sold a 25K s/f shopping center in Philadelphia for a little under $12M. This is a fantastic deal story and one of my most notable transactions. The seller is a very well-respected developer in the Philadelphia MSA who took a chance on us to sell his shopping center. My business partners and I competed for the listing and ultimately, we won the business. We marketed the property on a national, regional, and local level. Ultimately the purchaser, was a regional client of mine from Westport, CT. He visited the site and fell in love with the real estate fundamentals. This transaction was the perfect example of the seller and buyer partnering up with an open line of communication to get the deal to the closing table. We were dealing with seasoned professionals on both sides of the transaction which made it a very enjoyable process. Who or what has been the strongest influence in your career? My father and mother have been my strongest influences in my career. Ever since I was a kid, my father has always encouraged me to be my own boss. He was an extremely successful attorney in Philadelphia where he ran his own law practice for 42 years. His winning personality, strong work ethic, and top-notch negotiating skills has made an everlasting impact on my life. My mother also had significant impact on my career. Growing up, she always made my education a top priority and was my biggest advocate. She has an ac- counting background and was the vice president of CoreStates Financial. Her attention to detail and analytical skillset has influenced the way I do business day in and day out. Tell us how and when you began your career in the profession you are in, about your current position and why you choose the field/ profession you are in today? I began my career right out of college in 2016 at Marcus & Millichap. I was fortunate enough to be mentored by Derrick Dougherty. He is a true professional, the ultimate teacher, and someone who always has my best interest at heart. With his mentorship and my hard-work we collectively were able to sell over $100M of shopping centers and net lease retail across 4 states. Currently I am a senior associate in the Philadelphia office at Marcus Mil - lichap. I focus primarily on retail investment advisory transactions through New Jersey, Pennsylvania, and Connecticut. I am one of four partners on the Dougherty Team. We recently have grown from 4 to 10 members including a marketing coordinator and financial analyst. I chose selling commercial real estate as my profession because it combines my warm personality with my understanding of numbers. What unique qualities and or personality do you feel makes you most successful in your profession? Time blocking and my work ethic has separated me from the rest of the competition. Commercial real estate brokerage is an all commission business where about 90% of agents fail. Agents that are successful meticulously create a schedule and stick to it. Over the last 5 years I have been able to successfully time block my days to generate business. Secondly, my consistent work ethic has helped catapult my career. I consistently get in the office early, leave late, and work on the weekends. What outside activities do you enjoy during you free time? In my free time – I love playing pick-up basketball with my friends. Basket- ball has always been my passion ever since I was kid playing with my father in the driveway. Outside of basketball you will find me with my girlfriend at the Jersey Shore and traveling around the country. What inspiring word of advice would you give to a young executive graduating from college? I encourage young executives to find your passion and ultimately become your own boss. Being an entrepreneur and creating a business is one of the most gratifying feelings. Ultimately you will have financial freedom and autonomy over your schedule. MAREJ
What is your greatest professional accomplishment? I believe my greatest professional accomplishment was earning my first listing, sourcing the buyer, and closing the entire transaction by myself. At M&M you are aligned with a team with mentors who have their own business obligations and I wanted to be seen not as a liability but as a value-add to the team being able to work independently without their constant input. Typically, an agent closes their first deal within 12 months of being at the firm, but I did it in the first seven months that I was there. After the first one, the rest of them are a little bit easier knowing that the hardest hurdle has been cleared. What is your most notable project, deal or transaction? My most notable project is a deal that I did last year in the Lehigh Valley. I am not at liberty to disclose the name or location of the project, but it was 68 units broken up into two apartment complexes. The owner had built the apartments in the past 20 years and the history behind the land they were on was fascinating. This is a relationship I had been growing since I started in the industry and to be able to deliver was all the more fulfilling. The marketing campaign generated numerous tours and offers, and we were able to secure a 1031 buyer, with who we had sold a few properties to in the past, to pay top dollar for the buildings. The buildings sold at a price and cap rate which were significantly higher than most class B properties in the area. The owner was very pleased with our performance and the buyer’s performance and the deal was a complete success for everyone. Tell us how and when you began your career in the profession you are in, about your current position and why you choose the field/ profession you are in today? Honestly, I did not know what I wanted to do after coming back from Wash- ington DC where I had worked for a Project Management Firm for a few years. I wanted a job that had a lot of flexibility in terms of salary and time off which was the opposite of my previous profession. I was interviewing for a local brokerage company and they kept mentioning Marcus & Millichap. I said to myself “why am I interviewing here instead of there” and then the next day I interviewed with M&M and from there I started my career in real estate. My current position is a Senior Associate within the firm, and I am on a team of 6 agents called Maclaren, Talone, Townsend Group of M&M. I have been with the team the whole time since I started at the firm and we have a very strong working relationship. What challenges and or obstacles do you feel you needed to overcome to become as successful as you are today? The biggest challenge is the adversity you face in the first few years in the business. Not only do you have to earn the trust from the client but you have to beat out all your competitors who have been in the industry much longer than you have, along with a much more elaborate track record. If you can stay positive and determined to succeed and follow it up with hard work, then you can make the important jump about 24 months into the business. This jump is where you move from doing a few deals a year for small income to many deals and really becoming a force in the marketplace. What outside activities do you enjoy during you free time? The activities I enjoy doing the most in my free time are golf, basketball, ski- ing and going to the shore. I play basketball downtown at the Bellevue and I play golf out of Aronimink Golf Club. What inspiring word of advice would you give to a young executive graduating from college? The main point I would try to get across to them is to not compare themselves to anyone or to think that their first job or two will define them. I had plenty of friends coming out of college who did the big internship in NY and had everything figured out, only to see it fall apart a few years later and their world seemingly crushed. I always thought my first job inferior to what they were doing, and it was not the correct way to think. Don’t get hung up trying to force a job situa- tion just because it may look good to others. Do what you believe best fits you but make sure you give a consistent, solid effort each and every day and even if the first job or two don’t work out, something will because I’ve always found the people that work the hardest were always the luckiest. MAREJ
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