Ritter on Real Estate Understanding Supply And Demand In Your Market With Scott Krone
Today's Ritter On Real Estate guest is Scott Krone. Scott is a Chicago native whose career in architecture began in 1991 by pursuing his Masters of Architecture from the Illinois Institute of Technology. While obtaining his degree, he also worked as a Project Manager for Optima, Inc. During his time at Optima, Krone’s responsibilities included notable projects such as the 400-unit Cormandel in Deerfield, IL, the 40-unit HedgeRow in Winnetka, IL, and the 51-unit Optima Center Wilmette in Wilmette, IL.
In 2012, Krone founded Coda Management Group – a firm that specializes in managing real estate assets. Since its inception, Coda manages a wide range of real estate including single and multi-family homes, retail, commercial warehouse and self-storage and multi-use flex athletic spaces. Currently, the platform of investments is in excess of $55 million.
Krone has authored High Performance Homes – Navigating the Green Road to Your
Dream Home, a book for homeowner’s seeking to incorporate green technology into
their home.
Most recently, Scott also founded a revolutionary storage business The One Stop
Self Storage. It’s committed to make its members’ time of transition rewarding and
strives to remove challenges and hurdles commonly found in the industry. The One
Stop brand is built upon the premise of providing the best in storage solutions
contained in sustainable, renewable construction and it’s located in WI, OH, KY and
ME (Milwaukee, Toledo, Dayton, Ellsworth, and soon to Louisville and Chicago).
Key Points From The Episode:
- From being an architecture graduate to understanding the roles of a developer.
- Appreciating the impact of structuring a deal.
- Understanding supply and demand in your market.
- Self Storage and why it’s so predictable.
- Beating the competition by cutting prices safely.
- Comparing capital splits in competitive rate of returns.
- Evaluating deals through understanding structures and risks.
- Importance of having mentors in your career.
- Listening to what your gut tells you and avoid second-guessing your decisions.
- Drivers for self-storage.
- Due diligence and the lack thereof can make or break a deal.
- Taking the leap and moving forward.
Books mentioned:
- The Road Back To You by Ian Morgan Krohn
Check us out on socials:
Production by Outlier Audio