(Want to read more?  Click here.)

CHICAGO-Tired of being funded on a deal-by-deal basis? And under-funded to boot? Tired of spending all your time chasing new investment sources?

Timothy Kessler, principal of locally based FPL Associates Consulting, says many of his clients are embracing the switch from owner/operator to third-party manager, or at the very least, broadening their base of expertise to include this harried service.

“It may seem like a challenging task,” he says, “but it's not necessarily insurmountable.” Of course, it ain't easy, he acknowledges, and it won't happen overnight.

One of the challenges is organizational, says Kessler. “You have to be organized in such a way that'll give comfort to investors. New hires might be required, or if there are “major gaps” in your expertise, the acquisition of an existing platform might be called for.

“This option is particularly attractive today,” he tells GlobeSt.com, “since there are a significant number of mid-size investment managers with teams that are either looking to move onto a stronger platform or believe a restructuring can broaden the skill sets and strategies of their firm.” Whether you buy or build is a function of your current circumstances.

In terms of your specific capital strategy, Kessler says up-and-coming investment managers have to choose who your targets are, whether you want to go after institutional money, high-net worth players or “retail” channels. And you can drill down within each of those categories.

While there's no one right answer, Kessler notes, the one crucial thing is to ensure “that the capital strategy is aligned in terms of risk, return, timeframe and structure with the real estate strategy, as well as with the objectives of the firm's owners and management team.”

Even if your platform has gaps, track record does play a major part. “With such a dramatic imbalance between supply and demand,” he says, “an aspiring manager has to prove how and why he stands out from the pack.” A sustained track record is a great confidence builder.