Commercial Investment Real Estate is the magazine of the CCIM Institute, the leading provider of commercial real estate education. CIRE covers market trends, current developments, and business strategies within the commercial real estate field.
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gram. Levine, who earned the designation in 1978, educated colleagues about real estate tax implications during the CCIM "super sessions" in the 1980s. These specialized courses off ered unique insights into relevant and timely topics in the industry, similar to the Institute's Ward Center for Real Estate Studies courses today. Levine later helped to rewrite CI 103 to refl ect changes brought about from the Tax Reform Act of 1986. T e Tax Reform Act pushed Dove and many other CCIMs to apply their skills in new and diff erent ways. "Everything we had learned in real estate taxes got turned upside down in 1986," Dove says. However, the skills gleaned through the Institute's courses gave designees confidence and adaptability in the marketplace. "CCIMs had the skills they needed to adapt and not be stuck in a mold when the market shiſt ed. In every area — fi nancing, taxation, ownership, investment parameters — CCIMs know how to adjust, adapt, and stay sharp," he says. Other key concepts CCIMs cited as being instrumental to their success include calcu- lation of internal rate of return, discounted cash flow, lease analysis, application of fi nancing to an investment, market analysis, capitalization rates, and time value of money/ net present value, among many others. "T e No. 1 concept for me is net present value. Of all the tools in my CCIM toolbox, this is the one I fi nd most valuable," Canna- riato says. "Whether it is comparative lease analysis, lease versus own analysis, or sub- leasing and buyouts, I use NPV on almost every transaction." In addition to adding value for clients, learning how to apply fi nancing to invest- ments has helped Cannariato build his own net worth. "Being able to speak the language of lenders, understanding loan underwriting, calculating potential loan amounts, and evaluating various mortgage fi nancing alternatives has been invaluable for projects I have developed and purchased for my own account." Professional Advantages While many CCIMs shared stories of how CCIM's professional network provided them with business opportunities, Radine Coopersmith, CCIM, of Consultants at Real Estate in Pagosa Springs, Colo., says it helped her gain credibility in a largely male- dominated industry. "In the early 1980s, there were few women in the commercial investment end of the business and it was hard to gain access to the larger commercial real estate deals," says Coopersmith, who earned the designation in 1980. "I called my pin my red badge of courage!" For most of her career, Coopersmith served clients as a consultant and buyer's agent, specializing in 1031s to help clients build wealth. "I still use the basic concepts I learned way back in the 1980s as well as work to keep up with industry changes," she says. "I just completed work on a suc- cessful Chapter 11 reorganization plan for a rural hotel property. Without the CCIM educational background, this property would have been lost. I fi nd it much easier to deal with lawyers, accountants, and fi nancial planners because I can relate to returns and risks in terms they are used to dealing in." T e designation has also given CCIMs who were relocating or advancing their careers an immediate "in" with potential employers. "In 1983 I moved to Sarasota, Fla., and within four weeks I was hired as a commercial man- ager for Merrill Lynch Realty," says Daniel J. Page, CCIM, of Michael Saunders & Co., in Osprey, Fla. "T is never would have hap- pened without the CCIM designation." Cannariato, who also serves as a cur- CCIM RELEASES FINANCIAL ANALYSIS SPREADSHEETS Whether you earned the CCIM designation 30 years ago or just received your pin, you can now download Microsoft Excel spreadsheets of the most recent versions of the CCIM Institute's Excel Financial Calculator and the Discounted Cash Flow Work- book, which are available exclusively to CCIM designees. These essential analysis tools are invaluable in today's marketplace, says 2013 President-Elect Karl Landreneau, CCIM, director of commercial sales and leasing for NAI/Latter & Blum in Baton Rouge, La. "The spreadsheets speed up the analysis process, help CCIMs organize data in a clear and concise manner for presentations, and allow you to examine the 'what ifs' by conducting sensitivity analyses," says Landreneau, who uses the Excel calculator and DCF tools to develop client presen- tations and to train new agents. Designees can log in to download these tools at http://www.ccim.com/designee/ membership-designees-only. CCIM.com rent CCIM instructor, agrees. "Having the designation behind my name has opened doors, provided me with assignments, and given me credibility," he says. For example, a former student whose fi rm was disposing of excess land in Cannariato's market reached out because of their networking experience during a CCIM course. Cannariato won the assignment and successfully marketed and sold the property. "T e opportunity to do business with other CCIMs is a very positive benefi t of the designation," he adds. T is survey conclusively revealed that the CCIM education has had a positive infl uence on nearly every designee's career, allowing them to weather even the worst market cycles. "Everything we learned 30 years ago is still relevant," Dove says. Yet in the current climate, the onus is on each designee to stay sharp and remain viable in the marketplace. "The foundation provided by the CCIM courses is strong enough to get you started," Dove adds. "But it's up to you to build on that foundation over time with continuing educa- tion, specialty courses, and other experiences to stay relevant." Jennifer Norbut is senior editor of Commercial Investment Real Estate. November | December | 2012 41