Do Asset Managers get wine and dined?
Tittle says it all. Does it happen frequently? Feel free to share any stories. Could be from vendors, consultants, brokers.
Tittle says it all. Does it happen frequently? Feel free to share any stories. Could be from vendors, consultants, brokers.
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I could be in the minority here, but based on my experience - no. For reference, I've worked in acquisitions, development and asset management. Been wined and dined plenty in the first two, but almost never in the latter. Unless there's a service provider (broker, lender, etc..) who wants your business, I find it to be a rarity..
Yes - brokers should want to be on asset managers’ radars so they can get hired for dispositions. Bankers would be wise to cozy up as well because situations arise where we will want to quickly refi a property without paying for a broker to run a process. Lawyers cozy up because AMs oversee leasing (lots of contracts).
GP’s will also wine and dine asset managers on the LP side when they come into town to check in on things
Yes. I'm working in asset management and get taken out frequently by brokers, property management companies, etc. Would average a few dinners a month before Covid. Mix of existing relationships and new brokers/companies who want our business. Handle dispositions as well, so pretty much every broker will come in for a closing dinner.
I haven’t necessarily been wined and dined, but I was getting a consistent stream of corporate suite tix from lenders we did refis with. I’m glad I took advantage of it while I could.
At most you can expect a dinner when you visit a market and your brokers/PM's. Maybe a loan closing dinner if you're involved with it.
Maybe more dinners in AM but my acquisition dinners are more opulent.
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