RISMEDIA, January 25, 2010—Stan Ross, chair of the University of Southern California Lusk Center for Real Estate, has been through 10 real estate cycles in his career and says there are many benefits to be gained from the current downturn if companies take the right steps to stay in business. In fact, he believes the survivors will become highly productive, more efficient, stronger teams operating with increased transparency for the good of the industry.
“We’re going to wind up with some really solid companies by the end of 2010,” forecasts Ross, who helped create the federal government’s Resolution Trust Corporation 20 years ago to sell off non-performing real estate loans owned by troubled savings and loans.
Among the advice he gives to developers, homebuilders, property managers, investors and lenders:
Centralize to gain control - Successful managements understand what is happening everywhere in their organization. Reorganize, restructure and flatten your organization and take a hands-on approach to decision-making.
Rely more on technology and less on people – Use information technology, software and automation to better understand and control your business. Learn how to handle activities with fewer people.
Talk with your lenders and investors - They
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