Times have changed and with it so have the rules of engagement in the real estate industry. No longer will originators who gave developers all the money they needed at little cost rule the industry; in fact, they may soon find themselves out of a job. Developers with poor implementation skills will no longer get bailed out by ever increasing market prices or rescued by the next more aggressive lender to finance their over runs because they are not out there. With the market in turmoil and numerous projects in trouble, high-ranking executives will now get intimately acquainted with their asset managers.

Long overlooked in the past decade when a developer could do no wrong, asset managers are now the most important part of the firm, and the best strategy for an owner, to get their money back.

Thankfully, sanity seems to have returned to the real estate industry. Before a more rationale market takes over, the industry must focus on completing what’s in the pipeline and moving that product. Therefore, developers must face the reality, and lenders and investors must be ready to step in.

This period will require asset managers to rise to the occasion. And rise they must, out of their office and into the battlefield. If you’re an asset manager who has had to deal with the complexities of a weak market or you’re an undercapitalized developer with a project in mid-construction here are a few tips:

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