By Yvette Armendariz.
Arizona State Universityis betting on real estate to further build a reputation as a top business education destination.
The W. P. Carey School of Business last year attracted Crocker Liu from New York University to lead a new real estate program. Liu is well-respected in real estate-finance circles, and is co-editor of the Journal of Real Estate Economics.
ASU long has taught real estate classes, but it now boasts an MBA with a real estate concentration and a doctorate in business administration/real estate finance. The business school is working with the College of Design, Del E. Webb School of Construction and Sandra Day O'Conner College of Law to provide curriculum.
Liu recently spent some time with bizAZ magazine talking about the program.
Question: What's your vision for the program?
Answer: I got my bachelor's at the University of Wisconsin under (the instruction of James) Graaskamp. My plan is to make this school as well known in the future as the Wisconsin program during the days of James Graaskamp ... where we have the best academics, best forward-looking research and students who are renaissance students ... (who upon graduation are offered) five to seven jobs. If that comes to pass, then I think I'd have done my job. And then they will regard us as the bellwether for the nation.
Q: You need great Instructors, What's the competition like?
A:A lot of schools are chasing after the same people. ... There are only about 15 good people (professors) in real estate, and only a handful are movable. You don't need all five fingers (to count them).
Q: What distinguishes this program?
A:We have a three-pronged emphasis ... First is our teachers ... (they) have to win teaching awards so that we attract the best students. ...
Also, the (professors) in our program have to have real-world experience ... which is an oddity because most professors are in an ivory tower; they've never done a deal in their entire lives.
The third thing is they have to be good researchers, so they have to, academically speaking, be well-respected. ...
In terms of students we want to produce, we want people to become the equivalent of an Iron Chef ... so basically they should be able to think on their feet.
Q: What are students going to get here that they are not going to get anywhere else?
A:We're trying to create renaissance people. The program is going to feature securitization of real estate, which has not been a big part of other real estate programs. (That covers) real estate investment trusts (and) private equity real estate because that's the way the big deals are done now. They are all in securitization. Also, (we'll get into) commercial debt obligation and ... the interface of real estate and finance.
We'll also have courses set out in the field ... And there will be apprenticeships. I did an apprenticeship with Graaskamp, long before Donald Trump had The Apprentice (television show). But it's not, 'You're fired,' it's just you're not hired.
I'm also developing an international component.
Q: How will this program benefit and Phoenix?
A:We will benefit the city and state through producing newly minted graduates who are very knowledgeable to work in the local industry with the ability to adapt to change and anticipate change. Moreover, they will be the future real estate decision-makers.
Q: Will there be some resources available to the business community?
A:Through the real estate center we plan to offer courses, seminars, publications and other activities that will help keep the business community on the cutting edge. We also will undertake studies on issues that are hot-button issues regarding real estate, such as affordable housing and eminent domain.
Q: How will the real estate program interact with the Realty Studies program (formerly the Real Estate Center) run by Jay Butler?
A:My understanding from speaking with Jay is that he plans to continue the activities of his real estate center (focused on housing) ... We plan to create a new real estate center, which will be more encompassing and include all real estate-related disciplines, such as the school of design, the law school and our engineering school, as well. Our center will focus on commercial real estate as well as housing with a broader focus.Q:
Q: Any last thoughts?
A:This is the first school I've ever been associated ... where the president, Michael Crow, is proactive about real estate, our dean, Robert Mittelstaedt, is proactive about real estate and our (finance) department chair, Jeff Coles, is proactive about real estate. And that's why I'm here, because everybody is on the same page.
