Jim Postell brings an unusual background to the commercial real estate industry – with a passion for acting and communications, he thought he might work as a journalist or producer. But when he graduated from Florida State University with a degree in Communications/Directing, no companies in his field were hiring. So, he made a decision that would shape the future of his career. “My dad worked in commercial real estate for a company called Cross & Brown in New Jersey. He was a huge influence and encouraged me to make the shift to the industry, which he saw as a more stable and practical field.” More than 20 years later, Postell has built two regional commercial real estate offices from the ground up in his home state of New Jersey. The first was for Trammel Crow and the second was Transwestern’s New Jersey branch, an operation he grew from “me, on a laptop in my kitchen,” to a thriving office with 30 employees. Throughout his career, Postell has persevered through hardships – both professional and personal, such as raising his two young daughters after losing his wife to cancer. A turning point in his career, one that has stayed with him to this day, was his direct involvement in quickly finding new office space for 2,000 American Express employees in a span of just 10 days, immediately following the 9/11 terrorist attacks. Under Postell’s leadership, Transwestern was recently recognized as New Jersey’s No. 1 “Best Place to Work” by NJBIZ, an honor that Postell considers his greatest career achievement to date. Read on for excerpts from our interview with Jim Postell.  After making such a major industry shift, have you found happiness in real estate? Postell: I enjoy it a tremendous amount and think...

Not all costs are spelled out in a lease agreement, according to Dylan Pichulik, CEO of Yardi client XL Real Property Management. We recently interviewed Pichulik about hidden costs associated with rental units. Tell me about XL Real Property Management. Pichulik: I created XL Real Property Management as a way to better serve offsite owners and their property management needs as more and more NYC property buyers from overseas were scooping up investment properties here in the City. Since many of these foreign investors do not necessarily understand the work and many different intricacies that go into owning property here, my team helps provide a local resource that handles daily operations, like rent collection or property renovations, that many these offsite owners are unable to do from thousands of miles away. We currently have a roster of clients based both across the United States, as well in countries such as China, Australia, Russia, Venezuela and more. What are some hidden costs of rentals? How can these be avoided? Pichulik: There are quite a few additional expenses that come attached to many rental units, both in New York City and elsewhere in the country, that many people are generally not aware of. If an apartment has floor-to-ceiling windows or high ceilings, it is harder to maintain a consistent temperature, especially during the summer and winter months, causing energy bills to increase drastically. Tenants should utilize heavier curtains for the apartments with floor-to-ceiling windows, in order to maintain a consistent temperature, depending on the season. Backyards, especially in cities, are not something that renters typically factor in as an additional cost. However, unless a landlord specifies in the lease that they will maintain the backyard for a tenant, the tenant is responsible for maintaining the space,...

It has been over 10 years since The Marjorie Luke Theatre reopened its doors to the public. The performance venue, established in 1933, had passed through the hands of several owners before falling into a state of disrepair. It’s beautiful architecture, history, and Santa Barbarans’ notorious local pride triggered the restoration of the property. Now, the revitalized Luke Theatre is home to over 140 arts and educational organizations and countless visiting performers. Rick Villa, General Manager at The Luke Theatre has been helping dreams take stage since 2003. He became involved in the arts as a child, though when he entered college he took the sage advice to “have something you can fall back on” and majored in marketing and communications. That path led to an assistant position with the theater and ultimately to management. Since then, Villa has devoted his efforts to securing affordable access to the arts for Santa Barbarans and providing artists with a beautiful space in which to present their craft. The Luke Theatre does not produce its own shows. “We’re here to serve our community, offering an affordable house theater for anyone in our community to rent,” says Villa. Competitive pricing and an attractive space has enticed a wide range of performance troupes, school groups, local organizations, and bands to bring their talents to Santa Barbara. “[The pricing] attracts a lot of people to us and we get such a wide range of events coming through our doors, everything from operas to surf movies to plays and mariachi music,” says Villa. Though everyone is welcomed to rent the space, the theater has a special place in the hearts of youth organizations, many of which use the performing and visual arts as a tool for education. “Arts education is important...

Reach Out and Read is an evidence-based nonprofit organization of medical providers who promote early literacy and reading aloud. The organization operates in all 50 states, serving 4 million kids each year. Medical providers distribute 6.5 million books to children and supply parents with literacy advice to help families obtain the longer term benefits of reading aloud from birth. It’s never too early to promote literacy and language development, which is why the partnership between Reach Out and Read and physicians is so important.  “96 percent of kids see a pediatrician,” explains Judith Forman, Reach Out and Read’s Public Awareness Manager. “The pediatrician is the most common person outside of a home that a child sees in their first five years. We incorporate early literacy guidance into checkups since children are already going to the doctor, and parents view the pediatrician as a trusted figure.” Reading to babies and toddlers fills their word banks at an early age, establishing the foundation for academic success before they start kindergarten. By 18 months, children who are read to show greater intellectual processing skills than children whose parents did not read to them; by the age of three, the word gap–the number of words kids know—is already more than 30 million. From this stage, children are walking the path to failure or success as students. To proactively adress the word gap, the American Academy of Pediatrics recently issued a policy statement officially recommending literacy promotion via pediatricians. The announcement was made at the Clinton Global Initiative meeting as part of a partnership between the AAP, Reach Out and Read, Scholastic, and Hillary Clinton’s Too Small to Fail Organization of a partnership to raise awareness among parents about the importance of early language development. The news was feature...

FirstService Residential is the largest third-party manager of homeowner’s associations in the United States, with more than 6,000 properties – and another 600 or so in Canada. So it makes sense that the Dania Beach, Florida-based company would be think big about how to deliver technology solutions specifically for the HOA lifestyle. Whether you’re a resident or owner of a home in a master planned community, a community manager of an HOA or a member of a community board of directors, FirstService is thinking about how to improve your experience, and give you mobile applications to obtain information and complete neighborhood-related tasks. “Whatever we can do to make the community manager’s life easier, and do that in an effective way, translates into a better experience for the resident,” said Alan Missen, recently appointed CIO for FirstService. “That’s such a big part of our culture, making a difference in every resident’s life every day.” Missen talked about the various apps FirstService is developing and how they hope to make the HOA experience more mobile-friendly for everyone involved. Tell us about your existing resident service portal. Missen: FSRConnect is our core property management solution. It’s focused on helping the associates to service the property and has a lot of information around the residents, the properties, and it aids in managing much of the activity around amenities. In the HOA world, there’s lots of documents that need to be put in the hands of residents, so we handle document management with this solution. We manage work orders, violations, architectural modifications, and we also provide some financial data that residents can touch. We’re generally more cautious around that, the financial data being more sensitive, so we keep a lot of that back in our accounting solutions. But we...

Competition can be empowering. It doesn’t matter whether the competition takes place on a field, court or office. Knowing that you will go head-to-head with a worthy competitor encourages you to set goals, hone your skills, and believe that you are capable of emerging from the competition as a victor. You alone can forge the path to victory. Michelle Duke, Manager of Special Events and Volunteers at Special Olympics Santa Barbara, has seen the empowerment of competition at work in the athletes that she serves. From weekly practices to grueling four hour tournaments, Special Olympics athletes first challenge themselves before challenging their opponents. Their personal victories give them the confidence needed to tackle larger challenges in life. “We have an athlete who was incredibly shy. He really didn’t have any friends,” says Duke. “He got into our program and soon became a leader to other athletes. He took part in Global Youth Activation Summit where he was able to travel to Korea for the World Games. He served as an ambassador for Special Olympics. He really never would have been able to do it without the confidence that he gained with Special Olympics.” The experience empowered him with the skills needed to step out in other areas and live his life to the fullest. “Participation in the programs changes athletes’ outlook, social skills, and impacts their lives,” Duke says. Through Special Olympics, athletes also gain a support system that provides encouragement and camaraderie. Without such programing, many adults living with developmental disabilities can lead solitary lives; it can be challenging to relate to others. “Being in Special Olympics helps [athletes] connect with people of their same background, people who understand them,” says Duke.  The social aspect of the games strengthens self-esteem, builds character, and...

Editor’s note: Last fall, we introduced you to Kyle Kazan, CEO of Beach Front Property Management and a former law enforcement officer. Kazan’s stories of dealing with problem tenants and difficult situations at his properties stood out – he is upfront and honest about real-world situations that other executives might not want to talk about. As a result, we interviewed Kazan for Multi-Housing News Magazine. Here’s a follow-up to his story. “A good B or C quality building, like a nice quality used car, doesn’t lose value. It’s in high demand, and if the majority of people are your target market, I think you’re in the safe spot,” said Kazan, whose firm has been recognized regionally for their efforts to turn around troubled units. A former policeman and inner city school teacher turned successful owner-manager, Kazan operates in real world property management. “With all due respect to my friends out there in some of the big REITs that like to stick to Class A and sinking to Class B is not where they want to be, I feel like I am right in the sweet spot of society,” he said. His company, Beach Front Property Management, is based in Long Beach, but Kazan travels the globe to oversee assets on behalf of his investors. Back in LA, he can slip back into police officer mode and lead a team to throw out drug dealers or other troublesome tenants. It’s that skill that prompted recent calls from brokers about a very troubled apartment building in Anaheim, not far from Disneyland. “The previous owner had a stroke and had been overseeing the property himself. He had six units not paying rent, and a police shooting had killed a gang member on the corner of the property....

Technical analyst turned Q&A specialist, Edith Pojum is a dedicated member of Yardi’s CSD team in Cluj and a freelance illustrator whose playful e-cards are slowly paving her way towards taking over the world, one heart flutter at a time. Even though that’s not the way she’d go about world domination: “I’d start by helping people in need, because I have huge empathy for those who are abused, or homeless, or somehow disenfranchised.” A member of the Yardi Cluj family since November 2011, Edith Pojum previously worked as a technical analyst but switched to a Q&A specialist position three months ago. She spends her workdays testing the system, creating system enhancement and trouble requests and checking if previously reported bugs and errors have been resolved. A graduate of the University of Babeş-Bolyai’s Faculty of Economic Sciences and Business Administration, her college studies come in handy in her day-to-day tasks, as many of Yardi Voyager’s functionalities have an accounting and finance base. Edith enjoys all that her job implies, but her favorite part of working at Yardi is the atmosphere and her colleagues. Catching up with the Milton Keynes and Yardi Amsterdam office colleagues was her favorite part of the recent European CSD Conference. The conference took place in Cluj on June 11 and 12 and was attended by more than 60 Yardi staff members from Milton Keynes, Amsterdam and Cluj. “It’s always nice to meet our colleagues from other offices, we work with them on an almost daily basis.” Learning more about Voyager functionalities such as Orion Business Intelligence, Rent Café/Residential, Advanced Budgeting, Commercial Leasing Pad, Payscan App, etc. also proved exciting to the dedicated Q&A specialist. When Edith leaves the office however, is when her true passion surfaces: drawing and illustrating. Her current...

The needs of our neighbors aren’t always evident.  When Sharon Johnston served as the president of Irving Women’s Network (IWN) from 2004-2006, the organization was shocked to discover that there were over 1,000 homeless teenagers in their town. Johnston immediately called the  school district’s homeless liaison to figure out how such a need could be overlooked. “I discovered that most of them were couch surfing or  doubling up – multiple families living in one small home or apartment,” says Johnston. While many families avoid life on the streets, they are still unable to make ends meet. Among other things, the growing children lack adequate clothing.   Johnston, a resourceful leader, quickly gathered a budget from IWN and purchased one hundred pairs of jeans, one hundred T-Shirts and one hundred hoodies. “That’s the unisex thing that everyone is wearing, kind of a uniform for teens,” Johnston laughs. She contacted Project PASS and had the clothing distributed to local teens. A similar system continued for several years. In 2009, Johnston joined forces with four other women to form Advocates for Homeless Teens. Through a triad partnership with IWN, Stein Mart- Las Colinas and Dignity U Wear (a national charity founded by an Auschwitz survivor) they received 16 commercial-sized boxes of clothing but they had no place to store or distribute the apparel. The fledgling organization rallied support from local leaders, getting their major breakthrough with the Mayor. Johnston would have been happy with a climate controlled storage unit but through the Mayor’s connections she was given access to a 6,090 square-foot building that was formerly an antiques mall. “It was a hot mess,” Johnston admits. The hole-pocked walls were covered in multicolored paint, capped off with a retro border. AllState Insurance Corporate office supplied 45 volunteers on Martin...

Josh Champion considers himself a student of the real estate business, and since joining the Carroll Organization three years ago, his learning has kicked into a higher gear. Diving headfirst into the task of growing Carroll’s multifamily investment portfolio at a fast and furious pace, Champion oversaw 22 transactions in 2013, valued at over $1 billion. The acquisitions included the largest single-asset apartment purchase in Florida history, with $225 million paid by Carroll for The Resort at Pembroke Pines. Thus far in 2014, Carroll is off to a great start, with four multifamily deals closed as of the end of May, and several others under contract . The growing company has been focused on expanding its portfolio in Florida, where all four purchases are located. Champion told us that they’ll next set out to acquire in Dallas, Phoenix, Las Vegas and Denver. We talked to Champion about his success as a young executive – he’s just 30 – at a growing firm. He started his career as an intern at CBRE, then spent five years at Prudential Mortgage Capital. He’s been with the Carroll Organization since 2011. The Carroll Organization changed its focus to multifamily ownership and management in 2011. What differentiates the company? Champion:  Carroll Organization is a high-energy, younger company with a lot of strategic and smart growth. We’re striving to be one of the premiere owner-operators in the multifamily business. Our market is primarily in the Southeast – including Texas and Florida, and we currently own 40 assets. Our company and our employees have a tremendous work ethic and drive for success. That directly correlates to the quality and performance of our investments. We’re a relatively young company, so we’re always looking to grow our reputation and brand. What do you...

Candlelight Ranch provides nature-based camps for children with special needs. By customizing experiences to accommodate each group, children receive the care that they deserve as well as the challenges and opportunities that they crave. Public Relations and Marketing Chair, Adrienne Hagler, has served Candlelight Ranch for four years. The joy of working with a nonprofit was the supplement she needed in the routine of her everyday life. “To feel good when you wake up every day makes a difference,” says Hagler. “It’s not just happiness in your own life but in many lives, the majority of those who are children, some who have special needs and some who are at risk. It feels good be involved in something that promotes development and wellness in a natural environment.” Personal development and wellness is a focal point for Candlelight Ranch. Camp programs foster a sense of independence, self-confidence, and exploration. “A lot of kids who have special needs don’t serve their own plates at breakfast or wash up on their own or brush their own teeth,” begins Hagler. “A day at camp at Candlelight Ranch, these kids are encouraged to do it on their own.” Activities start first thing in the morning: outdoor excursions, soaring over the canyon on zip lines, hiking down to fresh water springs, or testing their bravery on a suspended ropes course. All activities are made accessible for participants. An all-terrain wheelchair offers kids the opportunity to tackle rugged terrain with their peers. Even the tree house is wheelchair accessible, providing a rare opportunity for kids with mobility issues to fulfill a typical childhood dream. Each activity instills self-confidence and opens a world of possibilities for the children. While the physical activities strengthen their bodies and their sense of personal accomplishment, Candlelight Ranch’s...

2014 has experienced notable growth in mid-sized markets with an expected rent growth of 3-5 percent by year’s end. Yardi client, Trade Street Residential, has capitalized on this market, flourishing in developing markets throughout the southern United States. To achieve its success, the company became proactive about its new wave of renters and their metropolitan aestheticism. Though renters in mid-sized markets are traditionally “more sleepy” and less demanding, Caren Cohen, Director of Accounting, has noticed a shift in renter expectations. Suburban and rural Millennials aren’t respecters of city limits. Their tastes have become just as sophisticated as their urban neighbors. “Some of the young renters expect the same as they do in an urban environment. So we, depending on our location, have to cater accordingly,” says Cohen. Accommodating suburban renters with rural tastes is a two-step process. Trade Street Residential improved operations at community clubhouses to include more activities and nicer amenities. Additionally, onsite personnel reexamined their event calendars, hosting engaging events for tenants and finding new ways to promote resident retention. Talison Row in the Charleston suburbs is a prime example of the company’s approach. Modeled after luxury resorts, the community promotes a fun atmosphere with engaging entertainment. Talison Row offers both indoor and outdoor entertainment spaces: the outdoor space is the uncontested favorite, providing the backdrop of the community’s summer cooking classes, fall Oyster Roasts, and residents’ private parties. The indoor game room is often the venue for wine tastings, cigar and bourbon tastings, and themed parties where residents can explore international cuisine. To enhance the metropolitan appeal, Talison Row offers services such as valet dry cleaning delivery and pick-up. Residents don’t have to worry about gym memberships, either. The community fitness center offers the same equipment as larger gyms in addition...

Yardi client Corvias Military Living, an affiliate of the Corvias Group, has opened Reece Crossings, the Army’s first-ever on-post apartments for junior unaccompanied service members in Fort Meade, Md. Reece Crossings consists of 432 apartments and will house 1,000 junior unaccompanied service members, allowing them to live on the installation, closer to their work and support systems, for the first time. “It’s the first of it’s kind and our vision of what barracks privatization could be and should be for the single solider and service member,” Mike Steiner, Corvias Military Living’s managing director, tells MHN. “The current design for on-post barracks is something called one-plus-one, which is like a college dorm room: two individual rooms with a common bathroom and maybe a microwave. Reece Crossings is well beyond that.” Reece Crossings 1,200-square-foot apartments feature large kitchens with a breakfast bar and full-size appliances, spacious living rooms, a laundry room with washer and dryer as well as free cable, high-speed Internet and utilities. They are all private master suites, which include individual bathrooms, walk-in closets, personal climate controls and private climate-controlled secure storage for military gear. Apartments come fully furnished with a sofa, media cabinet, barstools and coffee table, as well as a queen-size bed, desk and night stand in each bedroom. Amenities include weight lifting and fitness rooms, a state-of-the-art clubroom with multiple flat-screen TVs, pool tables, a sports ticker and video gaming, a cyber café with charging stations and Internet access, basketball and sand volleyball courts. The development also includes gathering spaces, including a 6,233-square-foot community clubhouse, resort-style lap pool and outdoor grilling and picnic pavilions. “It’s nothing like they had before so the appeal is epic,” Steiner says. “We’re trying to help the soldiers get out of their rooms and eliminate the...

Urban Innovations, an owner/manager of commercial real estate in Chicago, takes a unique viewpoint of their portfolio. The company thinks of the 770,000 square feet of space under their management – most of which is located in Chicago’s River North – as one big building. “We like to focus on geographic synergies where we can use our resources across buildings in ways that keep costs down for ownership and for tenants,” said Mike Scilingo, President. Owned by Howard R. Conant Jr., the company also holds a 3,700 unit portfolio of affordable housing and has a construction division. With office space in Chicago a hot commodity thanks to an influx of small to mid-size tech companies, Urban Innovations, a Yardi client,  continues to look to acquire new space. In the last two years, the company reacquired two buildings on the City’s near West Side that it had sold off in 2005. They haven’t added other properties to their portfolio, mainly because the kind of properties they would like – usually those needing slight improvements — are not available. “Typically, there is some kind of physical redevelopment that needs to happen to improve the property and make it more appealing for tenants (for us to be interested). Those opportunities in River North have been harder to find at the price point we can make work,” Scilingo said. The near West Side is more promising, however, and they are in talks with owners there. Scilingo said that robust occupancy – around 98 percent – and rents that are up as much as 20 percent over the last five years have been indicators that the company’s hands-on management style is effective. Read on for more insight from our interview with Mike Scilingo: You worked at UI from 2000-2009,...

Yardi’s former Vice President of Client Services, Michelle Howard, now serves as Development Director at Wilderness Youth Project (WYP). Her passion for the environment prompted the career change. Yet after nine years of service, she has realized that the nonprofit’s scope extends beyond Mother Nature: WYP prepares children for a future in environmental stewardship while simultaneously closing the achievement gap. “Our nature programs are a tool to accomplish so much more,” says Howard. The Wilderness Youth Project uses educational outdoor excursions to improve children’s chances for academic and social success. Programs enrich the lives of students in three areas. Reversing Nature-Deficit Disorder Children spend 90 percent of their time indoors. This disconnect with nature, or nature-deficit disorder as many now call it, can result in higher stress levels, hyperactivity, depression, anxiety, mental and physical fatigue. Research demonstrates that children’s propensity for stress and symptoms of ADD/ADHD decreases when they spend time in nature. A study by the University of Illinois suggests that exposure to nature improves mood, cognitive functioning, and self-discipline. WYP offers programs throughout the year to help families reconnect with the natural environment, paving the way for improved mental and physical health. Activities range from calming hikes and wildlife studies to more rigorous lessons in survival skills and team sports. Fighting the Summer Slide Once the school year ends, children are faced with a gap in their education. Howard explains, “If you take kids from middle income families that have access to resources and compare them to similar kids living in poverty—both can have the same education at the end of the semester with the same grades—but when they come back together in the fall the kids who have access to summer enrichment resources are significantly ahead of the kids who don’t.” The difference is called the summer slide....

DENVER –A member of his staff at the Urban Land Conservancy of Denver described CEO Aaron Miripol as “the most passionate person I have ever worked with” — talk with him for just a few seconds and you’ll understand why. Miripol heads up a non-profit real estate company that is working in unique ways to improve struggling neighborhoods around Denver, and simultaneously having a big impact on regional, transit-oriented affordable housing. Engaging community stakeholders, working collaboratively with government, non-profit, philanthropic and private partners, and thinking out of the box are among the organization’s strengths. It draws from a wellspring of energy and enthusiasm from its CEO. Here are a few highlights from our interview with Aaron Miripol. ** You grew up on the South Side of Chicago in the late 1960’s and early 1970’s. How did that experience influence you? Miripol:  South Shore was a very accepting community.  I now recognize the issues that were going on which at the time I didn’t understand. This was the early seventies and Chicago, like a lot of urban communities, was going through a major transition. The neighborhood was redlined by banks and block busted by realtors.  A lot of African American families living in South Shore were buying homes at inflated prices, and unable to get traditional financing because the Federal Housing Administration (FHA) would not lend in our community. Then you ended up as a tenant organizer in Chicago right out of college. What was that like? Miripol:  As tenant organizers, our job was to work in buildings that were owned by slumlords on Chicago’s Northside. It could be a utility shutoff or any other major problem for those living in the property. We would work with the residents to get the buildings put into...

With a strong track record in affordable housing development, San Francisco-based BRIDGE Housing decided to take it up a notch. In its 30th year in existence, the Bay Area non-profit announced that it would aim to double the size of its portfolio by 2017. One year into the effort, CEO Cynthia Parker reports that things are going swimmingly. “Last year we delivered 1,000 units of housing, and we have 1,800 in some phase of construction or development right now, and we have a pretty huge pipeline. We are working on all cylinders at this point,” Parker told us in a recent interview. With a regional focus in the Pacific Northwest that’s expanded the reach out of the BRIDGE portfolio beyond California, and multiple involvements in public housing revitalization projects, the company has plenty on its plate. They’re also incorporating green technology into their new and remodeled buildings, and pushing innovative mixed-demographic residential models. Read on for more of our interview with Cynthia Parker. What does this big growth spurt say about BRIDGE’s health as a non-profit housing developer? Parker: Over a 30 year span, we have been working to get to this stage, where we are a very high functioning organization. With the help of others, we’ve built out our platform so that we have the infrastructure in place to do this kind of development. It’s really important to do that first. What are some of the components of that platform? Parker:  I would say our affiliation with IT, our ability to use software programs from Yardi, and our build-out of SharePoint for database management. We’re doing enhancements this year on our payments and receivables. We’re looking to do everything we can to have the best tools we need to be efficient developers. Tell...

The list of what children need for school seems to be growing. What’s more challenging is that the materials aren’t affordable for everyone. The National Retail Federation reported that on average, parents will spend $688.62 on preparing a single child for school. For most of us, we simply cough up the extra cash so that our kids, nieces, and nephews can be fully prepared for whatever the school year brings. With new shoes and fully-stocked backpacks, we rest confident that they have what they need to succeed. But that’s not a reality for all children. Many hardworking parents are struggling to provide the basic clothing their kids need for school, much less are they able to furnish the growing list of required supplies. That’s where Cradles to Crayons steps in. The nonprofit organization reaches out to homeless and low-income families, providing children from birth through age 12 with the essentials that they need to thrive at school, at home and at play. Items are provided through monetary contributions and through the donations of gently used clothing and shoes. The simply yet effective model has drawn admiration. Elizabeth Farley, Cradles to Crayon’s Communications Consultant in Boston, was attracted to the organization as an AmeriCorps volunteer. After her service, she decided to stay on board. “The model is so efficient and effective. It just makes so much sense,” says Farley. “There are children who have so many things, so much excess of clothing, toys, and books—sometimes things they never use—and on the other hand there are children in the same states, sometimes in the same neighborhood, who don’t have any of those things and they need them. It’s affecting their lives that they don’t have those things. It’s a very simple model with a strong impact.”...