We've reached the final episode of season one of the ‘Reinventing Real Estate’ podcast by Harris Associates! This week hosts Jenna Harris and Alex Matthews had the privilege of speaking with Michael Old, Head of Corporate Finance at Moda.
With over 30 years of diverse experience spanning real estate, banking, and investment, Michael brought a wealth of perspective to the conversation. He shared game-changing insights on injecting fresh thinking into real estate, the soft skills crucial for leadership, the potential of multi-use developments, and getting back to investment fundamentals.
The Power of Diverse Perspectives
Michael emphasised the need to draw from diverse experiences, inside and outside of work, to stimulate creativity and prevent "formulaic" thinking. Travel, sports, and other pursuits outside the office context can bring new inspiration.
Leading with Interpersonal Intelligence
Effective leadership and management are founded on emotional skills - listening, understanding people's strengths, and enabling them to excel. It's about bringing out the best in people, not just telling them what to do.
Multi-Use Developments – Is This the Future?
Combining different residential models, such as Build-to-Rent and PBSA into single developments creates efficiencies whilst also fostering diverse, multi-generational communities.
Back to Basics on Real Estate Fundamentals
Michael critiqued overreliance on financial modelling, arguing the foundations of real estate have to come first - location, purpose, demand, and ability to operate successfully long-term. You cannot solely rely on IRR to quantify the success of an asset.
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This episode was pre-recorded in September 2023. Consequently, certain discussions regarding market conditions and interest rates may no longer reflect current circumstances. We appreciate your understanding.