Leading Voices In Real Estate

In today’s episode, Ron Terwilliger, a great influencer in the apartment sector and dedicated philanthropist, shares part one of his story: his leadership at Trammell Crow Residential and how he literally spawned the next generation of the business.A Strong FoundationRon TerwilligerRon Terwilliger grew up in Arlington, Virginia in the late forties and fifties. He played baseball and basketball at Wakefield High School, and despite a back defect which was thought to be the end of his playing career, he went on to play for the Naval Academy. There, he was named an Academic All American in basketball.Post-graduation, he spent five years in the Navy before getting his MBA at Harvard.“I had one real estate class and I really liked it. I have a fairly good feel for numbers and how they relate and how to think about the quantitative side of the business.”His first real estate job was at Sea Pines Company at Hilton Head Island, where he met colleagues who would go on to work with him closely over the years. When the

Chip Conley started one of the country’s first boutique hotel chains, Joie de Vivre, when he was just 26 years old. After selling the company, he joined the startup Airbnb at age 52, despite the fact that the young founders were primed to disrupt his industry.Read more about Chip’s leadershipRead more about Chip’s role at AirbnbPre-order Chip’s newest book, Wisdom @ Work: The Making of a Modern ElderLearn more about Chip’s other books*This is a rebroadcast of our previous interview with Chip Conley.

Clara Brenner is the Co-founder and Managing Partner of the Urban Innovation Fund, a venture capital firm that provides seed capital and regulatory support to the tech startups addressing the challenges facing urban dwellers. Clara and I had a wide-ranging discussion about her career, business, and the startups and technologies in which her firm has invested.Real Estate and GovernmentGrowing up in Washington, D.C., Clara was surrounded by real estate and government, and found herself drawn to both. Her undergrad thesis explored the historic relationship between real estate developers and local government in Lower Manhattan.“Ultimately, I decided to go down the real estate development path because it seemed like you were equally influential and you got to have more fun, be more creative, and make more money.”After four years of working in real estate, Clara realized she wanted to be her own boss. She returned to school at MIT Sloan with a vision to start her own real estate development firm.Shaping the Future

Karl Polen did not start out with his sights on real estate. He left his Midwest roots for Nashville at 19, eventually playing with the likes of Charlie Daniels and Johnny Cash.“One of the highlights of my life is that I actually met and chatted with Johnny Cash. He was an incredibly gracious guy.”Karl credits music for shaping his professional career by teaching him the type of discipline and focused effort it takes to become successful.Opening New DoorsWhen he needed a steadier paycheck, Karl went on to work in accounting and received his MBA at Vanderbilt. He was drawn to an entrepreneurial culture, worked with Ed Robson of Robson Communities in the 1980’s, and then joined Francis Najafi, Founder of Pivotal Group, as a partner in real estate investment. Working with these driven entrepreneurs was incredibly fulfilling, and Karl thrived in his role as he helped focus and implement the larger vision.Arizona State Retirement SystemKarl had long intended to work in public service after being inspired by his wo

Note from the host- In this episode, you will actually hear me being interviewed, rather than me doing the interview. Jeff Large is the editor of Season 2 of Leading Voices. He interviewed me on his podcast, The Jeff Large Podcast, where he talks about tech, podcasting, and running a business. I get to discuss how this relates to real estate from both a recruiting and leadership standpoint. Enjoy!Terra Search PartnersI founded Terra Search Partners in 2006, a highly consultative executive search firm specializing in the real estate industry. Clients hire Terra as an advisor and consultant to help them understand and hire leaders for their firm.True LeadersCuriosity, humility, a deep understanding of others and their industry, and people who talk about mentors and teams are traits that I consistently see in true leaders. All of them come from some depth of knowledge in the industry that they grew up in.“They don’t just land on the moon and become a leader. They grow up in the industry and they grow up by being

Joe Fraiman and Andrew Kitchell, the Co-Founders of Lyric, While it is tempting to compare their startup business to Airbnb, it is actually quite different. Lyric is a highly curated, highly designed, professionally-operated version of rentals where they have total control over the supply, design, and experience of their guests.The Connection:With a background in software and finance, Joe moved West and started Tastemaker, a company created to help people find the right interior designer. At this time, Andrew was managing Beyond Stays and reached out to Joe at Tastemaker to remodel their properties.They had lunch and quickly realized they shared a passion for the possibilities at the intersection of technology, data, and real estate. They saw that people want to live and travel in a more flexible, experience-driven way and they decided to learn: what does this transition look like, what are the challenges, and how can they solve them?Building Trust:Bridging the trust gap with apartments and short-term rentals

Ken grew up in Northern California’s Bay Area, eventually receiving his M.B.A. and Ph.D. from Stanford in Business. Simultaneously, he obtained a California Brokers License because he was drawn to real estate. He was aware of the self-storage industry in California, but when he moved out to Boston after college he saw that there was a gap in the market on the East Coast. This piqued his interest in the industry.After opening up the first Extra Space Storage in Billings, MT in 1977 in a partnership with his boss at the time, Ken went on to teach at Brigham Young University (BYU) in Utah. There, he continued growing Extra Space, until sky-high interest rates slowed down development in the early 1980s and again in the early 1990’s.“I didn’t think it through very well… but you know, sometimes when you’re an entrepreneur you don’t have a good long-term strategy. You’re just trying to survive.”The Modern Extra SpaceInspired by the corporate strategy class he was teaching, Ken realized in 1998 he was serious about g

Jane Graf is the President and CEO of Mercy Housing based in Denver and operating nationally, one of the country’s largest nonprofit affordable housing organizations.Jane’s work in affordable housing began early, as she founded the nonprofit Specialized Housing that built affordable housing for those with disabilities before she was 30. When her husband was relocated to San Francisco for his job, she began working for Catholic Charities, which eventually led to her joining Mercy Housing during a merger.Jane credits Mercy Housing’s resilient structure to the Sisters of Mercy’s entrepreneurial approach and understanding that to do good work, you need to put money behind it and take risks.25:40 “They built these institutional responses to need… They know how to not only start something but then really create an institution that can carry on the work way beyond their capability. And they’re really good at it… they’re completely fearless.”She likens Mercy Housing to NPR, a national organization with local branches

John Rahaim grew up in Detroit. His high school day of community service inspired him to understand the city more, and he went on to receive his B.S. in Architecture from the University of Michigan and a Masters in Architecture with an emphasis on Urban Design from the University of Wisconsin-Milwaukee.The Urban Design program focused on man-environment systems which especially fascinated John."It’s all about the interaction of human behavior and the environment and how each one affects the other."Pittsburgh’s Second Renaissance:After graduating from Wisconsin, he headed to Pittsburgh in the early 80’s, at which point it had the third largest number of corporate headquarters in the country. However, over the 15 years that he was there, most of them left, along with the 27 steel mills.Despite this traumatic change to the city’s makeup, John credits Pittsburgh’s strong ethnic neighborhoods for maintaining their stability, low crime rates, and cohesion in a way that Detroit did not.As a young planner, working wi

A Technology FoundationFred Tuomi was born in Minnesota, and went on to attend high school and college in Georgia, receiving a B.A. in Business Information Systems and a Masters in Business Administration from Georgia State University. While working for the Computer Sciences Corporation doing consulting, Fred connected with John Lie-Nelsen of Consolidated Capital and Johnstown Properties. This opportunity led to Fred creating the very first automated, apartment management system.“The idea was, let’s use these things called computers that make everything more efficient and increase productivity… Let’s put it where we have most of our people. To really get the benefits of productivity enhancement, you have to make as many employees as possible productive, not just a few back at the home office.”When the Tax Reform Act of 1986 killed the real estate limited partnership business, Fred connected with John Williams and John Glover of Post Properties, and then eventually was invited to join Equity Residential by Dou

Gerald Hines founded his business in 1957 as a developer of office properties. His namesake company now has a presence in 201 cities and 24 countries, and manages over $110 billion in property. Hines is renowned for not only creating the highest quality buildings in the market, but for partnering with the world’s best architects.The Beginning:Born in Gary, IN in 1925, Hines was the child of parents who came on a boat from Nova Scotia. Growing up, he ran cross country and track and is proud to share that his team won the city championships. He entered college at Purdue early, completing 3 semesters of studies before joining the Army at 18.While in the service, he was part of the Army Corps of Engineers, and his travels introduced him to the inspiring architecture in Seattle and Tacoma.After the Army, Hines returned to school to complete his Mechanical Engineering degree and spent some time selling engineering equipment.He made the leap to development when his neighbor needed a building for 5,000 square feet an

Community BuildingMusic was everywhere. We played music, we were encouraged to play music, we sang in the car. But that was also the 70’s.Dar grew up in Chappaqua, NY during the 70’s. It was developing and becoming more progressive as a commuter city to New York City. Her parents were involved in city politics but also enjoyed art, gardening, and music.Through volunteering and fundraising, her parents exemplified community building, her father specifically holding an instrumental role in bringing their local library to life. Dar emphasizes the importance and beauty of libraries as community gathering spaces.Growing up, she has a clear memory of listening to Judy Collins and connecting with the seriousness and poetry of the songwriting. She pursued playwriting and theater until she moved to Boston where she began doing open mics and writing songs in its supportive, vibrant music community.Taking OffAs Dar began traveling and performing, she shares how she fell in love with watching the small towns evolve with

Jim was born and raised in the Detroit suburbs. He has positive memories of the dynamic neighborhood full of families raising their kids and a strong public school environment. Also clear in his memory is a downtown visited on special occasions or to shop at Hudson’s, once America’s largest department store.Transit:Jim attributes Detroit’s early lack of public transportation to the fact that it was the hub for automotive companies, making car ownership king. He wonders how different things might have been, had public transportation been implemented.Many companies have maintained their presence in downtown Detroit through thick and thin, however, during this time of new investment, attracting and retaining top talent is the priority. Bedrock’s success has sparked competition and investment by others in downtown Detroit, helping bring young people and new businesses to the Central Business District.Roots:Jim went to Michigan State College of Law and laughs about how many of his work colleagues now, were old nei

Creating and Building:Born in McComb, MS, Keith says he could have written the book “Hillbilly Elegy,” about his own life. Since his parents weren’t really in the picture, his grandmother raised him from a young age in Pasadena, TX. He went on to graduate from the University of Texas, receiving his MBA with a concentration in real estate shortly thereafter.“I was just intrigued always with the idea of creating and building things.”After working as a management consultant at Deloitte, he interviewed at Century Development and joined the team. This is where he met Ric Campo, who became his long-time business partner.During that time, they realized that considering Houston’s economic recovery status, short-term leases were going to do the best, so they focused their business on apartments.From there, Keith and Ric began buying apartments in Houston and working with investors, until the RTC came along and the one-off asset game didn’t work anymore. They struck a deal with investor Louis Ranieri, which allowed the

Sam Zell, one of the most storied names in real estate, describes his riveting journey from his parents’ escape from Poland in 1939 as Hitler invaded to how he built his real estate empire at Equity International, created the modern REIT, and lead the industry public.More about Equity Group InvestmentsForbes Magazine on Sam Zell’s successAm I Being Too Subtle?: Straight Talk From a Business Rebel

A-P Hurd was not planning on going into the real estate industry. After working in journalism and on the trading floor, she then landed a leadership role at Touchstone. Her unique perspective on business encourages people to use their skillsets to allow them to do their best work.Executive Q+A: A-P Hurd’s Urban ExpressionRead more about AP’s book The Carbon Efficient City

After growing up in Israel and serving in the army, Gadi Kaufmann came to the U.S. on a scholarship to Brigham Young University. His drive led him to an interview with RCLCO during college; and now, after 38 years and four careers at RCLCO, he has transitioned to the current managing director and CEO.Read Gadi’s biography

Ellen Winkler became an accidental developer when she moved her video production firm to Denver and failed to find a fun, yet collaborative work environment. Now she is creating coworking spaces all around the city.Read more about Ellen’s backgroundRead more about Drumbeat

Jonathan Rose left his family’s multigenerational real estate company to start his own for-profit mission-driven development firm. His passion for creating communities of opportunity is strengthened through the belief that we all share a compassion that makes the world a better place.More information on the Rose CompaniesMore information on the Well Tempered City

Leaving a legacy is easy for Phil Freelon, who founded one of the largest African American–owned architecture firms. With numerous cultural institutions under his belt, including the newest Smithsonian museum, he is motivated to design places where the public can convene.Phil Freelon’s bioRead more about the Smithsonian National Museum of African American History and CultureRead more about Phil Freelon