April 26, 2021

Digital Connections – Relationships & Reputation Matter

Relationships & Reputation Matter by Ari Abramson, Vice President, Acquisitions

In my role leading Multifamily Acquisitions, I focus on developing and maintaining relationships with a range of stakeholders every day. These relationships both external and internal to our company are essential to the work I do. I’d like to share why relationships are so important in my work and how I develop and maintain them.

Relationships are important
First, why relationships are important. My relationships with professionals outside of CRC allow me to source opportunities for acquisitions, gain market insights, and learn new strategies. I work to build and maintain relationships and each relationship provides a different level of information which is critical for evaluating investments and creating business plans.

External & Internal Relationships
External relationships are essential for sourcing opportunities; but, how do we know if we can move forward with those opportunities? For that, I rely on internal relationships. I know not to move forward with a deal before I’ve reviewed the assumptions, capital budget or initial sources & uses with each of our integrated departments. I do this because the individuals with whom I work, make my work better. Our relationships help us all do better. I believe this level of firm wide expertise and input allows us to make better decisions.

Team Work
CRC has an all-hands-in approach. This core value of relationships is essential to how we work together as a team. We have an exceptional 60+year track record of teamwork, which has solidified our reputation and, in turn, allows us to attract talent and potential investments.

Next, I’d like to share how I work to develop and maintain relationships. These insights may help grow your own professional network.

Attention
Relationships require attention. After an initial meeting, you need to follow-up to establish a more stable connection and, thereafter, continue to check-in. A follow-up may be a note highlighting the conversation you had, a connection request
on LinkedIn or a handwritten note sent by snail mail.

Authenticity
I am genuinely an inquisitive, extroverted person. I love meeting new people and learning about them, and so, for me, asking questions and remembering details of what people share are things I enjoy. I am authentically me when I ask and when I share.

Honesty
Cultivating relationships requires mutual trust and transparency. The acquisition process is competitive. I try to set expectations, be a straight shooter, and put CRC in the best negotiating position.

Respect
The institutional multifamily marketplace is large, but at the upper level where we often compete, the community is tightly knit. This is a long-term business for all participants and relationships matter to continuing to do business. In negotiating, we often take a long-term approach – meaning that we want to do a fair deal today but want to ensure our reputation allows us to do repeat business with our counterpart. Acting out of respect for our firm and our colleagues helps ensure our reputation is paramount.

At CRC, we aim to do the right thing. I hope these insights assist in your approach to developing and maintaining relationships.