Bramble, Daughrity, Riley Of SoCal Premier Property Management On 5 Things You Need to Create a Successful Career in Commercial Real Estate

An interview with Aron Weiner

The commercial real estate industry is a dynamic and challenging landscape that offers enormous potential for success. However, it requires a unique blend of skills, knowledge, and aptitude to truly excel. How does one establish themselves in such a competitive field? What does it take to consistently rise to the top in commercial real estate? How does one rise above the headwinds that are challenging the commercial real estate industry today? In this interview series, we are talking to commercial real estate professionals, brokers, investors, leaders of Real Estate Firms and Real Estate Investment Trusts (REITs), as well as anyone who’s found significant success in this industry. As part of this series, we had the pleasure of interviewing Alicia Bramble, James Daughrity, and Odest Riley Jr.

Founded by real estate professionals Alicia Bramble, James Daughrity, and Odest Riley Jr., the newly formed, 100% minority-owned firm SoCal Premier Property Management offers full services and protection to property owners and tenants across Southern California. The trio collectively brings an impressive 60 years of experience in real estate investment and finance. They have completed over $1B in sale, lease, and finance transactions.

Thank you so much for joining us in this interview series! Before we dive in, our readers would like to learn a bit about your origin story. Can you share with us the ‘backstory’ of how you all came together to form SoCal PPM?

We each initially ran individual asset property management firms before coming together to form SoCal Premier Property Management (SoCal PPM). When the opportunity came to submit a proposal to manage a well-known property in Los Angeles, we realized that we were the only minorities in the running. Instead of running against each other, we sought the opportunity to combine our many years of experience and relationships.

What began as an introductory meeting at a Chili’s restaurant soon became our mission to join forces to pursue contracts as a winning team.

Can you tell us about your company and what makes it stand out?

SoCal PPM is uniquely known for turning properties into assets. As three top commercial real estate brokers, we bring an impressive 60 years of experience in CRE investment and finance. We have collectively completed over $1B in sale, lease, and finance transactions.

Central to SoCal PPM’s ethos is optimizing properties into high-performing assets and preserving generational wealth in the heart of local communities in need.

We are committed to providing exceptional services to both property owners and tenants.

Can you tell our readers about the most exciting new projects you are working on now?

Our latest project is the Vermont & Slauson Shopping Center, a 160,000 sq ft. property located at the busiest intersections in Los Angeles. We’re excited to partner with the Vermont Slauson Economic Development Corporation (VSEDC) and are currently working on efforts that benefit the local community.

Ok, let’s now move to the main part of our interview about commercial real estate. What are the 3 things that most excite you about the industry now? Why?

1. The Opportunity For Change — There’s a new wave of entrepreneurs bringing fresh, innovative ideas and perspectives to the CRE industry. It’s a great time to pursue a career in CRE, especially if you’re someone driven to make a difference.
2. The Shift In The Narrative — With the office industry facing empty vacancies, the demand to repurpose properties is on the rise. The most desirable office properties in the most active locations will likely survive, which is why it’s important for commercial real estate investors to evaluate risks and opportunities. Shifting the narrative can lead to a better outcome and new revenue streams.
3. The Work Being Done In Our Communities — Providing the same level of service in overlooked and underserved communities have slowly become a main priority in the CRE industry today. The positive outlook is there and work is being done to improve the landscape in which we live and work. It will take empowering more diverse individuals to invest in rebuilding areas in need.

What are the 3 things that concern you about it? Why? What should be done to address and alleviate those concerns?

1. The Need For More Diversity — Although the CRE and property asset management industries are thriving, its foundation remains outdated. The diversity gap still exists and there’s a high need for more minority leaders.
2. The Shift In New Laws & Regulations — Since the pandemic there have been several new bills and legislative reform focused on promoting housing policies, tenant rights, and environmental protections. Property asset managers and CRE professionals must track and understand these new regulations to avoid dangerous penalties.
3. Office Space Challenges — Office properties have been hit the hardest out of all asset classes since the pandemic. The demand for traditional office spaces is declining, but new opportunities exist for these properties to be repurposed to improve and benefit the community.

If you had the power to put in place 3 changes to improve or reform the industry, what would you suggest? Please share stories or examples, if possible.

1. Remove Nepotism — Highly educated individuals who have a successful track record of excellence should get hired in top executive and decision-making roles. It shouldn’t be about who you know but more on who can do the job and perform well.
2. Improve Training — We need more uniquely skilled and trained professionals. It’s important for companies to invest in their associates and provide mentorship opportunities to grow individuals into thought leaders.
3. Lead Innovation & Technology — Excellent software solutions and tools are available for property managers and owners, such as tenant portals for payments and requests, mobile apps, automated reporting, and analytics using AI. At SoCal PPM, we bring value and innovation to our clients and set them up with efficient practices.

How has technology changed the commercial real estate industry, and how do you foresee it shaping the future of the sector?”

Technology has dramatically improved the securities that we utilize. Some programs and apps make day-to-day operations streamlined and more efficient. The more technology advances, the more it saves managers time, reduces costs, and enhances communication and oversight across their property portfolio.

I am hearing the phrase “Stay alive until 2025” a lot. What is your plan to survive in the current market?

Our main motto for these coming years is to ‘stay thriving.’ The Property Management and Asset Management industries are recession-proof. We see new developments and growth on the horizon.

For a young person who would like to eventually make a career in commercial real estate, which skills and subjects do they need to learn?

If you’re beginning your career or are considering entering, the first step is to connect with like-minded individuals who share your passion. Building long-lasting relationships early on will help foster new opportunities and collaborations. Also, you should sharpen your skills and take classes to learn basic accounting, business administration, and project management. These are some of the top skills that will make you valuable in the industry.

Do you have three things you would advise a new real estate professional to avoid?

1. Avoid Being Inconsistent — The industry is small, and your relationships and network are everything. Showing up as your best self and staying true to your word will help you stand out as a viable professional.
2. If You Don’t Know The Answer, Look It Up — Sometimes, we may not know the answer to what is being asked. Instead of panicking or saying something that could be incorrect, a simple response on the spot could be, ‘I do not know the answer at this moment, but I can look into it and follow up with the correct information.’
3. Don’t Ignore the Importance of Networking — Your relationships are your network. Forming partnerships and lasting friendships with industry professionals can lead to new career opportunities.

When evaluating deals or opportunities in real estate, what are the most important factors you look for and why? Can you provide some examples?

In commercial real estate, the two important things we look at are cash flow and cap rates. Also, location, location, location is very important in how you do business. And make sure to have a long-term and exit plan.

Can you share a story with us about the hardest deal you made, that ended successfully for you?

We obtained a lead on a large office building in Orange County, CA, and worked for months with the board of directors. We spent countless hours conducting walkthroughs, devising a budget, and sourcing vendors and bids to assist the ownership with a long term plan. Only to be told that the owner golfs every Saturday with the current PM company owner, and that their contract will not be terminated. We were left highly disappointed. However, we didn’t let this failed transaction break our spirit. Within the next year, we closed on over 200,000 sq ft of retail and still have deals in the pipeline.

Based on your personal experience and success, can you please share “Five Things You Need To Create A Highly Successful Career In The Commercial Real Estate Industry”?

1 . Know that it takes time to build your presence — We all started as students and aspiring professionals. The goal is to start somewhere, no matter how complex or challenging it is to get into the industry. There’s a place for everyone to thrive and grow.

2 . It takes hard work and consistency — Becoming a CRE leader won’t happen overnight. It’s about consistently pursuing projects, attending industry events, networking with other professionals, and showing up to work every day willing to navigate the hurdles.

3 . The ability to say ‘no’ — As humans, we tend to take on many projects at once. There’s power in saying the word ‘no’ and working on projects that excite you.

4 . Build Relationships — As mentioned in our previous statements, build relationships and follow up. Your relationships are your network.

5 . This Is A Numbers Business — The CRE and property management industries are based on market trends and key performance indicators, metrics, etc. Decision-making and business deals should be based on the ‘win’ in numbers.

What advice would you give to another real estate professional about improving the work culture, building team morale, and helping each employee thrive?

We advise professionals to seek out various programs and get a mentor. Always show up as your best self and be prepared for opportunities.

You are people of great influence. If you could start a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger. :-)

At SoCal PPM, we are committed to making people feel like they are a part of the community. We are embarking on a program for minority and women-led business owners to provide one-on-one consulting and technical training and to help entrepreneurs source capital for their businesses. We want to focus on and empower minority and women-owned real estate owners with the tools and knowledge to devise a long-term plan to drive their property cash flow and thrive.

How can our readers further follow your work online?

To learn more about SoCal PPM and our services, visit www.socalppm.com.

This was very inspiring. Thank you so much for joining us!