Cornell Program in Real Estate Job Board

Dan Lane is a graduate from Cornell’s Program in Real Estate (2010). His emphasis was in real estate investments and development.  While at Cornell, Mr. Lane worked in Career Services.  He was the driving force behind the creation and launch of the Keeping it Real website. He currently is an Associate with MetLife in their Agricultural Investments group out of Overland Park, Kansas.

Can you describe a typical workweek for yourself?

I spend the majority of my time in the office in Overland Park, KS.  There really is no typical workweek, as my responsibilities vary based on the level of activity at any given time.  If we are experiencing increased activity in loan submissions from our field associates, I’ll be focused exclusively on underwriting, land appraisals, and attending approval committee meetings.  Otherwise, I’ll work on additional projects that are not as time-sensitive.  I am focusing a considerable amount of my time analyzing the feasibility of further expansion into international markets.  In addition, I travel to meet with clients and to pursue marketing opportunities with bankers, brokers, etc.  I typically arrive at the office around 7:30am and leave at 5pm, unless I’m in the middle of working on something and want to get it finished.

Can you describe the dynamics of the workplace?

I have a fantastic work environment.  There are approx. 30 people who work in the Overland Park office, out of a total of 90 for all of Ag Investments.  In addition, I work closely with our directors and field associates responsible for the Central Region, which comprises investments in the Plains and Mountain West states, as well as Canada.  I currently report to the managing director of our field operations, who is responsible for all of the regions both domestically and internationally.

We have a very diverse group, and there is a tremendous amount of experience within our department - several co-workers have worked for more than 30 years with MetLife Ag Investments.  There are meetings taking place all the time, and I am involved in many of them pertaining to loan approvals, portfolio management, business development, etc.  We also plan activities outside of the office, including an upcoming tailgate for our customers and associates prior to the Kansas State-Nebraska football game.

As far as departmental objectives, goals and benchmarks are both quantitative and qualitative, and the objectives differ depending on your role within the department.  Whereas field associates have individual production goals, directors and others in management have regional/departmental goals based on total production, budgets, etc.  MetLife places a lot of emphasis on continual learning and development, so goals definitely include an educational component as well.

How do the responsibilities unique to your position contribute to the department’s (or company’s) larger goals?

Ag Investments has been operating for over 90 years, and we currently oversee an investment portfolio in excess of $12 billion.  We have a very well-known brand in the U.S., and we are constantly striving to grow and develop our portfolio.  I focus quite a bit of my time looking at further expansion into international markets, and this could play a large part in the future growth of our portfolio.  We currently have debt and equity investments in South America, and there will continue to be great opportunities as agriculture continues to evolve in this and other emerging markets.

As a recent graduate from Cornell’s Program in Real Estate, what classes do you feel best prepared you for your current position?

The prescribed curriculum does a great job at providing a very well-rounded education.  In addition to the required courses, I tried to take as many finance-related courses as my schedule would allow.  Because my job requires a significant focus on credit analysis, I am very glad that I took financial accounting as an elective.  Knowing what I know now, I would have also taken the fixed income and derivatives courses offered through the Johnson School, as I deal with swaps, duration, average life, etc.

In your opinion what was the most important factor in securing a position with MetLife (i.e. previous experience, degree, network, etc.)?

I feel that it was a combination of all of the above.  It can be difficult to understand the dynamics involved with production agriculture if you are not familiar with it.  Thus, my undergraduate degree in ag economics and the experience I have with my family’s real estate and farming operation back in Illinois are definitely valued for the position in Ag Investments for which I was hired.  Combining this education/experience with the real estate-focused education that the Program provides helped make me a well-rounded job candidate.  In addition, I spent a significant amount of time calling Cornell alumni, CREC members, and prospective employers to talk with them about the skills, education, and experience necessary to be successful.  Doing so helped me formulate my class schedule to ensure that I was taking the classes that would provide me with the knowledge and skills needed to be an attractive candidate for future employment.  Every person I spoke with was more than helpful, and I would not have received the guidance and advice they offered had I not picked up the phone and made the call.

Which personal and professional attributes or skill sets do you feel MetLife values the most?  MetLife definitely emphasizes teamwork, empowerment, and personal responsibility.  If you cannot work well with others, this is definitely not the work environment for you.  The ability to be a good communicator is a must, as is a strong understanding of the fundamentals of finance and accounting.  You are responsible for setting your own goals and then determining how best to accomplish those goals, so personal initiative and time management are also very important.

I can honestly say that MetLife is a great place to work.  We work hard, but we also have fun while we work and enjoy what we do.  MetLife places great importance on work/life balance, which is very important to me.  In addition, you are highly encouraged to propose new ideas, explore other divisions within the company, continue your education through our online learning & development system, and many other great aspects.  If you are looking for an exciting career with a great company, I encourage you to explore all that MetLife has to offer.

Ms. Romey is a Senior Principal with the Los Angeles office of Keyser Marston Associates (KMA).  Since rejoining KMA in 2000, Ms. Romey has provided public and private clients with real estate economic analysis, with expertise in market rate and affordable housing in Southern California.  Ms. Romey has had a role in structuring development agreements in the many cities including Long Beach, Pasadena, Anaheim, downtown Los Angeles, Glendale, Hollywood, Simi Valley, Brea, Fullerton and Rialto.  She has also assisted redevelopment agencies with developing affordable housing strategies and is currently advising CRA/LA and the City of Long Beach on transactions utilizing the New Issue Bonds Program.  In addition, Ms. Romey assisted Pasadena and Glendale with structuring transactions that utilize the New Markets Tax Credit program in financing residential ownership projects.

Ms. Romey has a B.S degree in Real Estate Finance from San Diego State University and a Masters in Professional Studies degree in Real Estate Finance from Cornell University.  Ms. Romey has also co-taught the “Planning and Economic Development Finance” class in the School of Policy, Planning and Development at the University of Southern California in 2005 and 2006 and has been a guest speaker for the class on housing issues in 2004, 2007 and 2010.  In 2005 she was a panel speaker about the complexities of mixed-use development at the California Redevelopment Association Legal Symposium and she was a panel speaker about the current financing environment for TOD projects at the Crocker Symposium in 2010.

On a day-to-day basis, what are some of the key responsibilities that you have to manage? And, in a more broad context, what trends do you follow as a Senior Principal at Keyser Marston Associates?

My key responsibilities as Senior Principal at KMA are to manage projects for my clients (predominantly public sector clients such as cities, redevelopment agencies and housing authorities), manage staff working on the projects, review client invoices for billing purposes and prepare proposals for future work opportunities.   However, each day is completely different from the one before and rarely go as expected.

I generally start the day out by returning emails and phone calls from clients and then move on to reviewing analyses prepared by KMA staff, reading legal documents with the financial transaction in mind, writing financial or policy analyses, and attending meetings with clients and/or developers.  When projects reach the decision making stage, I also attend public meetings to present projects to city councils or agency boards.  My specialty is affordable housing which includes assisting cities and redevelopment agencies in evaluating proposed transactions that need financial assistance from the local jurisdiction as well as develop housing policy such as putting together implementation plans for public agencies to establish how affordable housing obligations will be met.

There are several types of information that I follow in order to keep up with the markets and governmental trends.  I follow basic supply/demand market trends for the Southern California region as well as California as a whole.  I am also very tied into potential and actual changes in State law as it impacts many of the projects that I work on and redevelopment in general.  Finally, I keep track of financing trends on a national level and federal affordable housing programs, including the low income housing tax credit program and the new market tax credit program.

You have worked in multiple sectors within the industry. For candidates hoping to get into advisory/consulting services, what key skill-sets do you feel are necessary to be successful?

As a consultant, having excellent written and verbal communication skills are a must.  You may understand the most complicated transaction but if you cannot communicate it succinctly and in such a way that someone with no real estate or financial background can understand it, you will not be successful.  Financial modeling skills are also essential to working in the consulting field.

How has the recession affected Keyser Marston?

In late 2008, KMA laid off employees for the first time in over 30 years.  It was a difficult experience that I hope to never have to repeat.  However, it has proven to be the right decision and we have positioned ourselves well for the changing environment in which we work.

The biggest change in our work during this recession is that our clients are extremely price sensitive and are being squeezed by the State taking local funds.  As a result, we have had to make the decision to pass on some work as we aren’t willing to lower our quality standards in order to meet the budgets set by the clients.  Transaction work that we typically did in the past, such as large catalytic in-fill projects, is now non-existent and affordable housing projects are now the only game in California for new development.

Since we already cover most of the large redevelopment agencies and cities in California, KMA is looking to expand our client base to other states.  At this time, we are targeting western states that have Tax Increment Financing (TIF) legislation, which is our specialty.

Do you have any advice for our council members and students that have experienced volatility in employment over the past two years?

I graduated from San Diego State University with a BS in Real Estate Finance in 1991.  Needlesstosay, graduating during a very bad recession made for a bumpy ride during the beginning of my career.  I was laid-off once and then went through three rounds of lay-offs at my next job.  However, I learned that cash flows don’t always go up, which came in handy during the latest go-go years when the conventional wisdom was that the good times would last forever.  I also made a real effort to find ways to make myself invaluable by coming up with new ideas for analyses and being willing to take on any type of work even if it wasn’t terribly exciting.  It was at KMA in San Diego that I learned the affordable housing industry in which most of my colleagues were not interested and, at least in California, I should have complete job security for a long while.

Looking back over your career, what personal attributes do you feel have helped you have success?

The ability to communicate effectively has made the difference in my career.  However, going back to school in 1997 to better understand the changes in real estate finance enables me to speak with confidence when I am explaining a project with eight layers of financing in a 10-minute window of time.

My analytical skills and desire to learn have helped me keep abreast of the constantly changing real estate and financing markets.  Finally, my enthusiasm for my work definitely comes through to my clients.  It is extremely rewarding to drive through downtown San Diego, Hollywood or an inner-city area and identify projects that I have had a part in putting together and see how they are now making a difference in their community.