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When I was more on the Asset Management side (lending), we were required to do inspections of our properties yearly. I covered the SE (NC, TX, FL, GA) and spent about 1 out of every 6ish weeks touring properties/the market.

I switched to acquisitions in March and am now traveling every other week or so because I'm covering a completely different territory (NE) and I'm learning the markets. It will probably slow down in the future though. However, we do have a rule that you can't buy anything you haven't seen with your own two eyes, so i will definitely be doing some traveling.

 
Best Response

I'm enjoying it right now because I haven't repeated a metro yet. But I could see it getting old if I was just going back to one place over and over again. I'm sure I'll drop down to annual market trips + trips before we put in final bids soon. I do know one development AM that hates the travel though. He is managing three office projects and all he gets to do until they are complete is go back and forth to his sites. He spends one week a month at each - same hotel, same cities. One of the projects is in TX, so I met up with him late last year when I was inspecting properties and the people at the hotel actually know him by name because for the 18 months or so he has had a room booked there 5-7 nights a month. There are some perks to that, because they are super nice to him (they give him the same suite everytime and they leave snacks and stuff in his room for him), but that freaks me out a little.

 

Damn I need to get out more. I can go 3 or 4 months not visiting a property that isn't in the major market that we office out of. So flying to like Denver only happens maybe once a year. Anyone else want to chime in? Maybe I should be pressing on the higher ups to travel more? Our shop is unbelievable cheap but if every competitor is in the markets that much, we might as well not even bid.

 
"PF_CRE"

Damn I need to get out more. I can go 3 or 4 months not visiting a property that isn't in the major market that we office out of. So flying to like Denver only happens maybe once a year. Anyone else want to chime in? Maybe I should be pressing on the higher ups to travel more? Our shop is unbelievable cheap but if every competitor is in the markets that much, we might as well not even bid.

If you have solid market knowledge you don't need to travel unless if you are inspecting a building. Even then we sometimes use consultants that we know well to take a look at the properties for us.

 

At the analyst/entry level, it depends on whether your boss wants to take you to tour property/site visit. I know some analysts with 2-3 year of experience who rarely travel to visit properties, unless those properties are within 1-2 hr drive from their office. On the other hand, I know a guy who was just an intern but he was traveling every 3-4 weeks with his boss because his boss wanted to give him a full time offer, and his boss thought it was nice to introduce him to people and let him see some real stuff rather than just excel.

 

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