Posted: December 4, 2009

Re-Defining the American Dream: Part II

Following the speech at the MPF Research Apartment Markets Conference (see Re-Defining the American Dream: Part I below), I had a great chat with Sule Aygoren Carranza at GlobeSt.com for their UpClose with … feature. Sule’s comments are below or you can check it out here.

“As much as homeownership was pushed as vital to the ‘American Dream’ over the past several years, it’s becoming clear that owning a home has turned out to be more of a nightmare for some. Experts from a variety of fields concur that more attention needs to be given to rental housing, a smaller yet critical component of the US housing market. One of those voices is Bob Faith, chairman and CEO of Greystar Real Estate Partners … Given the economic, social and demographic shifts occurring in the country, he maintains that rental housing is increasingly becoming a more fundamental part of the American Dream. … Recently, Faith spoke with GlobeSt.com about this point, what needs to be done to bring the rental market back into the spotlight and what’s in store for the industry."

Re-Defining the American Dream: Part I

I recently had the opportunity to give the keynote presentation at the MPF Research Apartment Markets Conference Dallas, TX. I decided to address the idea of the “American Dream” and discuss how it has changed over the last few years. Here are some excerpts from the speech:

“For at least two decades our leaders have been aggressively equating homeownership with the American dream. So why is the dream of homeownership shifting? Because the population and the trends lead to a dream of a lifestyle that is more affordable, comfortable and less stressful.

“I believe that now, more than any other time, we as an industry have the opportunity to redefine apartment living as the new American dream. The former talking points and mindset should not really apply anymore - yet the public policies put in place to support this conventional wisdom continue. I am not anti-homeownership. I do, however, believe this thinking and these policies are out of place and have encouraged people to bite off more than they can chew and have saddled homeowners with responsibilities for which they are in many cases, ill prepared.”

During the speech, I highlighted trends that demonstrate a change in the profile of those who rent, an increase in the demographics of those historically defined as renters and demand for apartments that rarely goes negative yet spikes significantly when jobs recover. I also contrasted those trends with the rhetoric and policies of public policy leaders who continue to push the idea of homeownership as central to the “American Dream.”

The bottom line is this: You don’t have to buy a house to own the “American Dream” and public leaders should be quick to recognize and then accept significant the societal trends that demonstrate renting is a fundamental part of the “American Dream.”

Posted: October 5, 2009

Goal: Satisfaction

Our Talent Management team has just completed the first step in a massive undertaking with phenomenal results. The 2009 Team Member Satisfaction Survey garnered responses from 2,553 team members. That’s a 58 percent response rate which is impressive for a company with roughly 4,400 team members, especially when it is the first time we’ve attempted this with a group this large!

Now that we have collected all the responses, we are working to compile the results into a meaningful report that will help guide some specific actions that we can take to become an even better place to work. Our leadership team and I value the opinions and concerns of each of our team members – tools such as this are helpful in learning more about what people are thinking or feeling. Soon, we will be working with Regions, City Offices, and business departments to analyze and understand the findings and to incorporate actions into the 2010 business plans to address the results.

We will also provide all of our team members with a summary of the key findings, along with more details about action planning that will take place across the Company. Our purpose in doing the survey was to get feedback about ways we can continue to strengthen the Company, and we are committed to using team member input to help plan areas of focus for 2010. Additionally, I truly believe that as we make this survey a more routine part of our year, the response rate I mentioned earlier will increase dramatically. I’m looking forward to getting the feedback and executing on some of your great suggestions.

Posted: September 30, 2009

First Ever “Operation Home: Greystar Blitz” a Tremendous Success

Earlier this month, I blogged about an upcoming event called Operation Home: Greystar Blitz. Well, I am happy to report that The Blitz was a huge success thanks to volunteers who gave more than 1,500 hours of their time and the dozens of individuals and companies that donated more than $40,000 worth of funds, materials and/or expertise. Simply put, we’re thrilled that we were able to help Operation Home, a local Charleston non-profit, achieve their goals.

We have put together a video that recaps some of the more “picturesque” moments from the Blitz. Please take a minute and watch it here.

While this Blitz yielded fantastic results, it is not a done deal. One of the goals was to create an easily replicable system where other companies could partner with Operation Home for their own company’s Blitz. I look forward to hearing great stories about the other lives that are changed when other companies team with this fantastic organization.

You might also want to learn more about Operation Home — if so, I encourage you to visit their website at www.operationhome.org.

Posted: September 30, 2009

Recognition in the Midwest

I just wanted to pass along this great news from Jack Bonnette, our newly minted Director of Client Services in the Midwest region:

At the September 25th Multi housing Achievement in Design, Advertising & Community Support (MADACS) awards, Greystar was recognized for making “significant contributions to multi housing marketing and management though exemplary achievements.” Greystar was awarded the following MADACS:

Property Excellence Award: 151+ Units Built Prior to 1989
Hampshire Hill Apartments

Assistant Manager
Jonathan Wood/Hampshire Hill Apartments

Partial/Project Remodel
Regency Woods

We have a great team up in the Midwest and I’m proud of the progress they’re making.

Posted: September 25, 2009

Mile High Achievers!

Today has been a busy one in Denver with investor meetings and other various appointments. The most important and exciting stop of the day, however, was to visit Brandon Rich and our Denver office all-stars. Year after year Greystar is known as one the leading apartment managers in Denver, and that is due to the hard work of Brandon and his more-than-capable team. Our photo came out a little blurry, but rest assured those are all smiles!

Posted: September 22, 2009

Live from Downtown Minneapolis

It’s September 22nd around lunch time and Bill and I are in the Land of 10,000 lakes — a huge area of growth for Greystar (especially since the JPI acquisition).

We’re meeting with Jewel Dilworth, a Regional Property Manager in Minneapolis who knows this market like the back of her hand (the same hand you see showing us the downtown market in the photo below). We’re very fortunate to be outperforming the market thanks to the tremendous talent in our organization. We are excited about the prospects of growing here; we have a good foothold now and are getting after it.

Posted: September 18, 2009

Customer Satisfaction

Like many of you, part of my day is spent dialing in to listen to any number of voicemails. It is usually a fairly routine exercise – some personal messages, a few from Greystar team members, clients, investors – the usual stuff.

Today, however, I received a very kind message from someone I’ve never met before - a nice lady named Dorothy who is a resident in one of our communities. Instead of trying to relay her whole message, I asked her permission to just post it here. Briefly – she wanted me to know about three Greystar employees - Dayne Baker, Erin Vaughn and Helen Benjamin in Southern California who are doing a wonderful job. I was thrilled to get such a message and replayed it several times.

It might seem odd that with more than 150,000 units across the country under Greystar management, I would be so energized, but what it tells me is that our team is placing a priority on People and Customer Satisfaction – two of the Greystar Pillars of Excellence. Regardless of your industry or job it goes to show you – good customer relations are crucial and when your team “gets it” – it shows.

To listen to the call I received, click the play button!

Posted: September 10, 2009

A Pillar of Service

Bill Maddux, Greystar’s COO, and I were talking over the weekend about a number of things — work, family, community — and some very applicable words came up.

Albert Schweitzer, a man of many talents including theologian, musician, philosopher and doctor, once said, “I don't know what your destiny will be, but one thing I do know: the only ones among you who will be really happy are those who have sought and found how to serve. The other line was from a more recognizable name, Albert Einstein, who said, “Only a life lived for others is worth living … Try not to become a man of success but rather to become a man of value.”

I think Schweitzer’s and Einstein’s words are reflective of our motivation to have a community pillar that deals with outreach and service. We truly believe we have a responsibility to give back to the communities that make Greystar the successful industry leader and I’m proud of our team for answering that call.

Posted: September 4, 2009

Getting Ready for Operation Home: Greystar Blitz

One of the core business principles at Greystar is that our community matters. We are dedicated to community and neighborhood involvement throughout the country. With that in mind, I was excited to read about a new initiative being spearheaded by Wes Fuller, a member of our leadership team. Here’s an excerpt:

“It is my pleasure to announce a Community Initiative event for the entire Greystar Charleston team. The event, Greystar Blitz, is a partnership with Operation Home, a local organization focused on critical home repairs to the neediest families in Berkeley, Charleston and Dorchester Counties. Operation Home’s mission is similar to Habitat for Humanity’s except it focuses on renovating homes rather than building new homes. The first annual Blitz will utilize the Greystar Charleston team and our national renovation team to execute a series of renovation cases here in the Lowcountry. We will divide into 5 teams and, over the course of two days, renovate 5 homes for some of the neediest families in the area. If you’ve seen Extreme Makeover, then this is our little version of the TV show.”

I am incredibly excited about the Greystar Blitz that will take place later this month. As we move closer to the date, we will update the blog with more information, photos and progress.

Posted: September 4, 2009

Greystar Hits Europe!

Unlike what the headline may suggest, no one is getting a transfer to Paris … sorry. I would imagine we could do wonders for the management of the Eiffel Tower or the structural integrity of the Leaning Tower of Pisa, but I digress.

Posted: August 18, 2009

Congratulations to Cannonball X winners

Here at Greystar, a legendary competition has been playing out over the last few months. Simply called the Cannonball, this is a competition among Greystar Development Group’s leasing consultants to close as many leases as possible. We recently concluded Cannonball X and our team did a phenomenal job. With properties such as Seneca at Cypress Creek and Daniel Island Village opening to the public in recent months, it is no surprise that our team was able to add nearly 500 leases in just a few weeks.

Congratulations to the team members at Cypress Village, Beacon Lakes and Daniel Island Village for taking first, second and third place respectively.

Posted: June 29, 2009

Talking Greystar in Las Vegas at the NAA Education Conference

I was fortunate to have an opportunity to address the National Apartment Association Education Conference last week in Las Vegas. The theme of this year’s conference was “It’s a New Game … Knowledge is Power” which I found to be particularly appropriate since Greystar places such an emphasis on local market knowledge. Overall the conference was a great time to spread the word about the exciting things going on at Greystar and to “compare notes” with other industry leaders.

On Friday, I participated in a panel discussion with Ric Campo, Chairman and CEO of Camden and Chris Lee, President and CEO of Real Estate consulting firm CEL & Associates. This was a really cool interactive panel that allowed audience participation. The audience was polled on a number of related topics and they entered answers electronically. It was a fantastic way to really know who the audience was and how they view these same topics we were discussing.

The panel moderator was Jim VandeHei, a co-founder of Politico.com. Jim used to be a political reporter at the Washington Post. He brought an interesting perspective to the panel opening with a joke about how it was interesting to be in Las Vegas “because you have government essentially gambling in every single sector of the economy.” He went on to ask us several questions about how the economy is affecting business, what keeps us up at night and how we’re recruiting and retaining talent during this unsure time.

When discussing the impact of the economy on our company and our people, I pointed out several “real world” examples taking place at Greystar. I spoke of all the excellent team members that joined the company from JPI at the beginning of this year. I discussed the fact that everyone likes to be part of something bigger than themselves and how we foster that culture at Greystar. When a company is on solid footing and knows where it wants to go – what it wants to look like in 10 or 15 years – people step back and say, “Wow – now that’s something I want to be a part of.” I also discussed how the government’s actions are affecting the rental market and my optimism that we will come out of this downturn in a strong position.

When I was finished, I went back to the part about wanting to be part of folks wanting to be part of something bigger than themselves. I thought to myself about how that idea is a really a two-way street. For me, it’s not only Greystar leadership painting a vivid picture of where we want to go as a company, although that is clearly important. But so many times, I listen to Greystar team members tell ME their ideas about how to be better at what we do and I’m the one going, “Wow, now that’s something I’m proud to be part of.”

Posted: June 2, 2009

Operational Excellence in the Mile High City

One of the six “Pillars of Excellence” here at Greystar is Operational Excellence. This basically means “are you getting things done in a way that gets results?” Each and every Greystar team member can apply this to their position in one way or another. I recently came across a wonderful example of this pillar in the form of our Denver maintenance team. During this year’s “Maintenance Mania,” an event where every major Denver management company put their skills on display in a competition of timed maintenance repairs, the Greystar Denver team won the overall contest taking home a gold, two silver and three bronze medals. The Denver team members deserve a big congratulations and a big thanks for making the rest of us look good.

Posted: May 21, 2009

Our Name In Lights

It is not every day you look at a magazine and see your company (let alone, your face) on the cover, but that is exactly what happened recently. “Power Players” was the headline and I am glad they used the plural because there is no singular player that led to Greystar being ranked as the nation’s the No. 5 Multifamily Manager. Open the magazine to the article and you will see “4,200” in huge font at the top - the number of Greystar team members, the real “Power Players.” At Greystar, we have a lot to be proud of, but we are not finished yet. As I say in the article, “We have a ton of running room, and we think there is tremendous opportunity for immediate organic growth with leaders on the ground plugged-in day in and day out.”

To see this article online visit: A Certain Chemsitry

Posted: May 16, 2009

Deutsche Bank Conference

Recently, our own Director of Finance, Josh Carper, attended the Deutsche Bank conference in New York. The purpose of the conference was to provide an industry forum regarding what is currently going on in the market. After he got back, I asked if he would send over some observations that I could share on Greystar Insights. From Josh:

Posted: January 16, 2009

Remembering Trammell Crow

I am deeply saddened to be sharing news on the passing of Mr. Trammell Crow, the beloved founder of Trammell Crow Company and Trammell Crow Residential, who died earlier this week.

Trammell Crow was truly one of the most inspirational and influential men in our industry. He attained legendary status in real estate circles, from everyone who knew him or met him to those who merely heard the stories of his extraordinary career and personal life. Mr. Crow believed deeply in the power of a meritocracy and allowing people to grow as fast as they were capable. Many leaders in the real estate industry learned the business in a Crow business and many of the most famous real estate companies in existence were created by Trammell Crow alumni. A few of those companies are Lincoln Property Company, Gables, Riverstone, Wood Partners, Avalon Bay, BRE, Alliance, Transwestern, and, yes, Greystar is also on that list. All of these companies were founded by people who learned the business from Trammell Crow and all that he stood for.

Born in Dallas in 1914, the fifth of eight children, Trammell Crow grew up in modest surroundings. From these humble circumstances, he went on to create what eventually became one of the largest and most successful commercial real estate companies in the United States. Beginning with a single warehouse in Dallas in 1948, Trammell Crow reshaped the skylines of dozens of major cities domestically and abroad. His developments ranged from commercial buildings to merchandise marts, hotels, medical facilities, museums, parks and more. When we were looking for a place to hold our Company meeting this year, I immediately remembered the annual meetings and partner conferences Mr. Crow would hold at the Anatole Hotel, one of his most beloved properties. I can’t tell you what an honor it was to be able to gather our company in the same room some 20 years later – we wouldn’t have been there if it weren’t for Mr. Crow

Quite fittingly, Trammell Crow was recognized with countless personal and professional awards, tributes, and honors from around the globe. More than just a dynamic business man and master builder, he was also a devoted family man, renowned world traveler and art collector, charismatic civic leader and, to many of us, a partner and inspiration.

Many things have been and will be written about Trammell Crow. His remarkable life stands as a testament to hard work, visionary leadership, and the unlimited potential of the entrepreneurial spirit. Many of us here at Greystar were greatly influenced by this extraordinary man and everything he stood for. I could go on and on about his humility, his kindness, his genuineness, his passion, his friendliness, his integrity, his character..

We deeply mourn his passing. On behalf of all Greystar Team Members, Greystar will be making a memorial contribution to one of his many philanthropic efforts, The Margaret and Trammell Crow Chair in Alzheimers and Geriatric Research at the Southwestern Medical Foundation in Dallas.

Exciting Announcement

Recently, you may have heard that Greystar acquired JPI Management Services. I felt that this announcement was a perfect excuse to try and become a little more “hip” – so. . . here’s my first foray into the YouTube world. We announced the acquisition to our team members on a conference call and the followed up the call by sending out this video-welcome to all 4,200 folks in email.

READY OR NOT, HERE GOES!

I’d like to take a second to welcome you not only to the new Greystar.com, but more specifically to our Blog – Greystar Insights.

Our Internet presence and savvy is rapidly growing, and I know I can speak at least for Bill and Derek when I say that our executives are trying our best to keep up with this technological learning curve! Blogging is a new concept for us, and for the multifamily industry. As this project begins, our analytical genes tell us that we should explain to everyone the point of this blog and lay out how it is going to work…

Why a blog?

It is my hope that over time, you will come to appreciate this outlet as a way to receive unsolicited insight into the multifamily industry, the real estate business, news and updates from industry events, and commentary from special guests.

As our industry becomes more and more institutional in nature, the network of influence becomes smaller and smaller. Quite often, we look to and provide for friends and peers in the industry for up-to-date trends, thoughts, and insights. Blogging we think will provide a new medium for the exchange of ideas and concepts, and for discussions on the state of our industry and the markets as a whole.

How will this work?

It is our goal to put several different kinds of information on this blog, and to keep that information as up-to-date and relevant as possible. We will regularly post on here and you will hear not only from our executives, but from capital partners, property employees, family members, and others.

As we travel the country for work, we will be able to give you our take on the markets we are visiting in real time. I’ve already taken the liberty of posting a few things in the archives that I think you might find interesting. We will also try to have some fun along the way as well!

Do we know how to blog?

Not really…but, we truly believe that we have the best people at Greystar, and therefore, I’m happy to report that we have some of the best web-savvy folks helping us do this!

Well, for now, on behalf of all of us at Greystar, thanks for taking a look at Greystar Insights! We look forward to getting to know you better as time goes on.