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The Fastest Way to Build an Investor Network

The Real Estate Market Watch - current events through a real estate lens.

Release Date: 04/08/2025

The Crash You Won’t See Coming — Because It’s Already Started show art The Crash You Won’t See Coming — Because It’s Already Started

The Real Estate Market Watch - current events through a real estate lens.

The Real Estate Cycle: A Warning for 2026   Insights from Phil Anderson on the Coming Real Estate Market Crash In my conversation with renowned economist Phil Anderson, you will gain unprecedented insight into the mechanics of real estate cycles and why we are right on the precipice of the next major real estate market crash.   Anderson, author of "The Secret Life of Real Estate and Banking," presents a compelling case that combines economic theory with historical precedent to paint a picture of where we stand today – and where we’re headed tomorrow.   The...

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Real Estate's Margin for Error is Gone show art Real Estate's Margin for Error is Gone

The Real Estate Market Watch - current events through a real estate lens.

The Margin of Error Has Vanished: What CRE Investors Should Be Watching Now Commentary on a conversation with John Chang, Senior Vice President and National Director, Research and Advisory Services, Marcus & Millichap   The New CRE Investment Mandate: Survive First, Then Thrive “The margin of error has narrowed to virtually zero.” This was John Chang’s stark assessment of today’s commercial real estate environment – an era marked by fragile capital markets, rising Treasury yields, policy instability, and speculative hangovers from a decade of cheap money. According to...

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Real Estate's #1 Rule: Don't Lose Money! show art Real Estate's #1 Rule: Don't Lose Money!

The Real Estate Market Watch - current events through a real estate lens.

Leyla Kunimoto brings a rare and unfiltered perspective to today’s commercial real estate conversation: that of a full-time individual LP who writes publicly about her investment decisions. She’s not a sponsor, a capital raiser, or a fund manager; she’s an investor allocating her own capital and speaking candidly about what she sees in the market.   Through her newsletter Accredited Investor Insights, Leyla connects with hundreds of other LPs and GPs, giving her a uniquely well-informed view of how sentiment is shifting, how sponsors are adapting (or not), and why many individual...

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How to Survive the Coming Real Estate Storm show art How to Survive the Coming Real Estate Storm

The Real Estate Market Watch - current events through a real estate lens.

How to Survive the Coming Real Estate Storm – What Sean Kelly-Rand Learned at Lehman   For the experienced real estate investor or sponsor, this is a masterclass in what really matters.   When Lehman Brothers unraveled in 2008, it exposed a truth that many in the real estate world still prefer to ignore: even the most sophisticated capital structures can implode when the cost of capital and access to liquidity are misunderstood – or worse, taken for granted. My podcast/YouTube show guest today, Sean Kelly-Rand, didn’t just watch that collapse unfold; he lived through it...

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Navigating Multifamily CRE in a Volatile Environment show art Navigating Multifamily CRE in a Volatile Environment

The Real Estate Market Watch - current events through a real estate lens.

Navigating Multifamily CRE in a Volatile Environment Insights from Paul Fiorilla, Director of U.S. Research at Yardi Matrix   Paul Fiorilla offers a data-driven view of today’s commercial real estate (CRE) landscape using the vast resources he has at his disposal at Yardi.   While market sentiment may be growing more optimistic, Fiorilla acknowledges investors should separate short-term mood from long-term fundamentals. His perspective, rooted in close analysis of multifamily data and macro conditions, is both pragmatic and cautionary: yes, there’s capital on the sidelines...

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The Real Risk to Real Estate Today show art The Real Risk to Real Estate Today

The Real Estate Market Watch - current events through a real estate lens.

The Dollar Standard, Global Liquidity, and the Coming Economic Reckoning In my expansive and highly accessible conversation with renowned economist Richard Duncan, we discuss the logic behind his long-running critique of the international monetary system, a system Richard calls the Dollar Standard where he explains why current U.S. policy moves, the system could come crashing down.   The Origins of the Dollar Standard and America’s “Exorbitant Privilege” The Dollar Standard, Duncan explains, evolved out of the collapse of the Bretton Woods system (implemented after WWII) in...

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Where Are We in the Real Estate Cycle? show art Where Are We in the Real Estate Cycle?

The Real Estate Market Watch - current events through a real estate lens.

When it comes to understanding real estate cycles, few voices carry as much weight as Prof. Glenn Mueller, of Denver University. With over 40 years in the real estate industry and more than three decades of publishing the Market Cycle Monitor – used by institutional investors, developers, and academics alike – his data-driven framework is one of the most respected in commercial real estate.   In my conversation with Prof. Mueller, he shared where each property type stands today, what signals matter most, and how CRE professionals should be thinking about the road ahead.   ...

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The Illusion of Diversification show art The Illusion of Diversification

The Real Estate Market Watch - current events through a real estate lens.

Unlocking Private Market Potential: Key Insights from Jim Dowd of North Capital   Jim Dowd, CEO of North Capital, brings four decades of experience across the sell-side and buy-side to my discussion with him on a topic top of mind for commercial real estate sponsors and investors: how to navigate a rapidly shifting capital landscape where regulation, liquidity, investor behavior, and macro volatility collide.   Here are the key insights from our conversation – designed specifically to you make better, more informed investment decisions in today’s market.   1. Private...

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What the Debt Markets are Telling Us Now show art What the Debt Markets are Telling Us Now

The Real Estate Market Watch - current events through a real estate lens.

The Pulse of the Debt Markets — with Orest Mandzy, CRE Direct Capital market confidence is cautiously returning, but undercurrents of risk remain. In my wide-ranging conversation with Orest Mandzy, Managing Editor of Commercial Real Estate Direct, we discuss what recent CMBS issuance tells us about liquidity, why delinquency headlines may be misleading, and how sponsors can position themselves amid policy shocks and structural market shifts.   Liquidity Is Back — But Driven by Giants CMBS issuance jumped 110% in Q1 2025, totaling nearly $37 billion. While that headline suggests a...

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Rates, Risk, and the Return of Discipline show art Rates, Risk, and the Return of Discipline

The Real Estate Market Watch - current events through a real estate lens.

What the Debt Markets Are Telling Us — and Why Sponsors Should Listen Insights from Lisa Pendergast, Executive Director, CREFC   In today’s capital markets, where debt is more expensive, less available, and slower to move, understanding how credit flows work has become just as important as understanding your deal. That’s why I sat down with Lisa Pendergast, Executive Director of the Commercial Real Estate Finance Council (CREFC) – a central figure in the $5 trillion CRE debt markets – to ask what the institutions upstream are seeing, and what that means for those of us...

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More Episodes
Randy Smith, my guest this week, didn’t start out in real estate—he was a high-performing sales executive in the corporate world. But after seeing the potential of passive investing, he made pivoted, leaving behind the W-2 grind to become a full-time capital allocator.
Since then, Randy has raised over $13 million, partnering with sponsors to help investors secure better terms and stronger returns.
 
The Allocator Advantage: Negotiating Better Terms for Investors
Unlike a typical LP, Randy doesn’t just invest, he uses his position as an allocator to structure deals that benefit his investors. By pooling capital and leveraging his network, he’s able to negotiate better preferred returns, improved splits, and reduced fees - terms that individual investors couldn’t get on their own.
 
In our conversation, you’ll hear how he evaluates opportunities, why he prioritizes fixed over floating-rate debt, and the strategic moves he’s making to protect investor capital in an uncertain market.
 
Lessons from a Shifting Market
Starting out in real estate right before the market turned has given Randy a crash course (if you’ll forgive the pun) in what works and what doesn’t. With some deals pausing distributions and others facing capital calls, he’s had to navigate a rapidly changing landscape while keeping investor returns top of mind.
 
We talk about what he’s learned from deals that have struggled, why he’s more selective than ever about the sponsors he works with, and the red flags he watches for when evaluating a new opportunity.
 
Building a High-Performing Investor Network
Randy shares his approach to building an investor base, why he focuses on high-income sales professionals, and how he’s leveraged LinkedIn, masterminds, and podcast guest appearances to grow his network. He also talks about the common mistakes new allocators make and how he’s refining his outreach strategy to attract larger investors who are ready to deploy capital.
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If you want to get smarter about investing, learn how allocators negotiate better deals, or just hear some real talk about what’s working in today’s market, make sure to check out this episode.
 
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Explore the world of real estate capital allocators—a fresh approach to financing that’s reshaping the industry.
 
In this series, I talk with allocators, investors, sponsors, and service providers to give you an inside look at this fast-growing space.
 
PLUS, subscribe to my free newsletter for real estate investors and gain access to:
* Introductions to sponsors, allocators, and investment opportunities.
* Insights drawn from my 30+ years of experience in real estate investing.
* Hacks and tactics for raising capital to help you scale your real estate portfolio.
 
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