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

Colin Wiel is Co-Founder Chairman, and CTO of Mynd, a full stack, tech-enabled, property management company focused on small residential (single family rentals plus small multi-family buildings).AI and JavaColin grew up in Washington D.C., went to high school in Reno, Nevada, and went to UC Berkeley where he got his BA in mechanical engineering. Straight out of college, he landed a dream job at Boeing, where he wrote algorithms for automatic control systems and developed groundbreaking new software.He had a strong entrepreneurial spirit and soon struck out on his own as an independent software consultant working with giants like Hewlett Packard, Oracle, and Netscape, where he became one of the very first Java programmers in the world.He began developing and teaching the Java curriculum for UC Berkeley and while continuing his consulting with a new focus on Java. Eventually, his consulting grew into a full-fledged firm and he brought on many students he had taught. One of their big projects was transitioning Charles Schwab’s website from C to Java, which at the time it was the largest e-commerce website in the world.When he sold his business, a friend sparked his interest in the mobile home park marketplace, and he started investing in that corner of real estate.“If that idea is counter to what most people think, all the better because that’s where the opportunity lies.”WaypointAs he continued investing in mobile home parks and researching the single-family home market, he realized he could make more profit there. He connected with Doug Brien who had a similar idea, and they started buying homes and renting them out, with a long-term selling strategy.People thought they were going to cap out because of the sheer amount of management and upkeep, but their profits and vision said otherwise.17:00 “We said, ‘With all due respect, we think we can build a cloud-computing, mobile computing, infrastructure. A single system of record that our people use, but also the residents use, our vendors, we’re all connected… and then we can build systems on top of that to automate a lot of the functionality or just systematize what happens so that it all runs smoothly so that we’re not dropping balls.’”They raised a series of funds and continued to grow Waypoint (now Invitation Homes) as the pioneers in the space. Eventually, Colony Starwood and Blackstone entered the arena, and that’s when it really became a new industry. After 5 years, they went public as a REIT in a partnership with Starwood called Starwood Waypoint.“So when the big conservative, institutional investors saw that single-family rental is generating the same NOI margins as multi-family, then it was sort of ordained to be a legitimate asset class.”MyndAfter going public as Starwood Waypoint, Colin knew he wanted to strike out on his own again and be in an innovative, start-up environment.He saw how massive and fragmented it was, and how nobody was leveraging technology in the way that had revolutionized other industries. This reflection is what led him to start Mynd, and he quickly asked Doug to partner with him again.“It tends to be a full stack company that’s providing a complete end to end service that’s competing with the incumbents that disrupts an industry.”Property management is complex. From collecting rent, managing repairs and maintenance, to leasing vacant units, Colin saw that accounting and the flow of money were integral to the solution he wanted to create. With these priorities in mind, they began creating a software with an accounting platform from scratch, that gives a property owner a real-time transparent view of what’s going on at their property in a revolutionary way.Their strategy is focused on expanding into new markets like San Diego and Seattle, by acquiring property management principals and then shifting them into their own software. This streamlines the property managers job and improves their service while giving Mynd a spokesperson in that community.Looking forward, Colin is excited to use their data to offer new products and services, like owners insurance, vacancy insurance, and financing products to renters in a much more efficient way.For Colin, giving renters a better experience isn’t just about good business, it’s about human dignity. He is confident that by helping renters have a better experience, Mynd is helping society transition from a renters society to an owners society.When he’s not thinking of innovative new ideas, Colin has a philanthropic partnership with Wildlife Works Carbon to protect the Panama Rainforest.AdviceReal estate is known for being a slow-moving industry. However, if you are young, nimble, and willing to take a chance, there is a huge opportunity to innovate the space.

Art GenslerWhen Art Gensler started his firm in 1965, Gensler solely did interiors. Today, it is not just an interior or a design firm; rather, Gensler thinks of itself as a full-scale, client-focused design firm with a team of 6,000 in 48 offices around the world.He remembers knowing he wanted to be an architect from since he was 5 years old, and credits his ability to visualize things and communicate that vision well to his skill as a planner.After working in the service, he went on to work for a Shreve, Lamb and Harmon in NYC, spent time in the British West Indies, and created the entire architectural standards guide for Wurster, Bernardi & Emmons. At 30, he struck out on his own.EvolvingArt says that when he founded Gensler, it started slowly by focusing on producing high-quality work. The recognition Gensler received for these early projects led him into the consulting field, and soon Gensler was being tapped by Pennzoil to do more than just interior design. Now, their workload is about 50% architecture and 50% interiors, branding, graphics, product design, and consulting.“You’re designing space for people that they’re going to use, not just look at, but actually physically use which is the most important space that we’re going to do. So I’ve always felt that the interior is as important as the outside.”Creating an Excellent TeamArt emphasizes that at Gensler, it’s not just about the designer. The receptionist and the accounting department get just as much recognition as the designer. And ultimately, their clients are the priority.“Success for designers and people in our industry is not how big the pile of chips is in front of you. Success is a happy client and a successful project.”When Apple asked Gensler to create a brand new retail experience, Art was up for the challenge. While he says it was hard work and wasn’t easy, it was a project he will always be proud of.Riki NishimuraWhen Riki Nishimura, Director of Urban Strategies, joined the Gensler team, he was nervous and wondered whether his ideas would get lost in the big firm. However, he soon found that it was an empowering culture where design solutions were discovered through natural collaboration.He cites their current project of Cisco Guangzhou Smart City Master Plan in China as an exemplary piece of work that embodies Gensler’s culture.“It creates a platform for innovation and enables people to achieve their maximum potential.”ChallengesThere’s a balance you have to strike in development. Art shares the example of how Steve Jobs never did focus groups because he said they didn’t know what was possible.You have to push things and people out of their comfort zone to a certain point.“We have to now really build frameworks which are adaptable and modifiable, and the inside is going to be more modifiable than the outside, but they’ve all got to be changeable because the world is changing and people have to recognize that.”AdviceArt: Get a good, broad education. You need a breadth of knowledge to be a future contributor to society. Also, learn how to speak in public.Riki: You might not be able to solve all of the issues, but always leave things better than when you found them.

Liz Holland is now CEO of her grandfather’s over 77-year-old real estate business, Abbell Associates. She never imagined she would end up there, but she says it was amazing creating a relationship with her grandfather and becoming his colleague for two years before he passed away and continuing his legacy.“It’s such a challenging time in retail real estate because things are transforming so quickly and certainly there have been big retail disruptors in the past and there will be bigger retail disruptors in the future, so it’s been quite exciting for us both in our real estate business and our software business to anticipate those disruptors and ride the wave.”Early CareerHer early career in bond trading, law school, her time at Sekadden Arps, and then working in government for a congressional commission gave her a thick skin and taught her how to take risks. She also was quick to learn that she had a strong desire to be an expert in whatever field she was in and make sure that what she was learning today would benefit her tomorrow.The Family BusinessWhen her grandfather called her to run his business in 1997, she said yes. She started updating it with the new technology necessary for lease management and bringing a new energy to the efficiency. Her grandfather was very open to every change she proposed and she learned many lessons from him, including:   You have to be patient.   You have to have the long view.   Sometimes the best deal you do is the one that isn’t done. Don’t chase it.   The right deal for you will come along.Understanding the MarketAt Abbell, their portfolio is 75% is retail, and 25% office. However, they are looking to grow the office percentage specifically in Chicago and are excited to have Liz’s new app LayerCake assisting in guiding their development decisions.LayerCake is changing the way developers and retailers choose their location. It allows a detailed look at the new developments going on in and around the site, as well as how customers behave at the surrounding locations.“What’s so exciting to us about kind of the big data introduction into this analysis is any market study from the past was driving down the road looking in the rearview mirror because you were always looking at what happened in the census 2 years ago, 5 years ago, 9 years ago… but the predictive analytics component to it of knowing that what people are doing there today likely predicts what they’re going to be doing there tomorrow… is really cool.”What’s NextLiz reminds us that shopping is behavior and people are creatures of habit. With technology, we have so much more access to information and data on customers that stores are able to tailor what they carry in store according to their customer’s needs and wants.People used to say retail was dead, but over the last two years, that narrative has changed (despite what the papers may say).Businesses are discovering that there is a very narrow margin between online and storefronts, and if you want to make money, you need the customer to come into your store.What they’ve learned is that certain retailers can change the shopper profile. For example, at one mall they added a Target, and that changed the mall from a monthly destination to a weekly destination. Now, they’re focused on creating more of hybrid assets rather than traditional malls, adding external entrances rather than the enclosed mall retailers of the past.Liz also foresees the convergence of big entertainment venues with shopping malls as something we will see a lot more of in the future.FulfillmentFor Liz, seeing members of the community at a mall getting all of their needs met in a clean, safe, welcoming space is what fulfills her.AdviceBe willing to do the job that nobody wants to do.

Lisa Picard is a woman with a vision. Thanks to technology, the office development space has evolved from a B2B market to B2C, and she’s on the front lines of in an industry resistant to change.“We’re really not producing products per say; we’re creating ideas. And so, … organizations’ access to ideas is really through collaboration, connection, of having really high-quality talent.”CuriosityLisa grew up in Southeast L.A. County with her twin sister and Depression-era parents who taught her to cherish and respect her resources. This instilled in her a fascination for her urban environment, and she went on to study Urban Planning at California State Polytechnic University.After graduation, she worked closely with the City of L.A., and she saw how developers had a different view book than she did. She wanted in and applied to MIT to dive deeper into development, planning, urban economics, and finance.Just before heading to MIT, at the age of 22 her father suddenly died and her mother the summer after, and Lisa had what she calls her mid-life crisis at 22. As painful as the grieving process was during her time at MIT, it taught her the importance of embracing each moment fully and staying true to herself.Navigating the Development FieldAfter MIT, Lisa moved back to San Francisco and began her journey with the Bristol Group where she had the freedom to grow and learn what a deal looked like and how to create one. From there, she joined the Hines team in Seattle and rode out the rollercoaster of the dot-com era. Next, she was approached by Canyon Ranch, where she learned the power of experience and brand.“Humanistically, there’s always got to be an invitation… when I say an invitation that’s the brand piece, that’s the promise of whatever it is, when I have that engagement with a piece of real estate.”When she was let go by Canyon Ranch, she felt like she had lost her sense of identity. She moved back to Seattle, and learned how to value herself as simply “Lisa Picard.” She started Muse Developments focused on multi-family development, and was soon approached by Skanska to expand their business in Seattle. She agreed and joined them in merchant building.Her vision for bringing humanity and experience-driven spaces into each of her projects made a big impact on Seattle, but she felt called to influence other cities. So when Equity Office approached her, she was ready to join them.TodayAs the CEO of Equity Office, Lisa is focused on the vision and positioning of projects, like the Willis Tower in Chicago, in a way that satisfies the desires of the market.She looks at it with the mindset that every worker needs a balanced diet of productivity: concentration space, collaboration space, and community space. This is what the modern workforce desires, and that is the value and level of service she is striving to deliver as she repositions assets.Being a WomanAt first, Lisa admits that she tried to fit in. But thanks to her mentors who instilled confidence in her and empowered her to believe in herself, she learned her worth. She hopes to do this for other women.AdviceWhen you work in the urban environment and real estate, what you put into the environment affects people. It changes the urban environment and you have to give a sh*t. You have an obligation to people and your surroundings.

Jon Geanakos grew up in Ipswich, Massachusetts, raised mainly by his Greek immigrant grandparents. They gave him a strong sense of ethnicity and hard work, speaking Greek predominantly in their home and running a local grocery store and ice cream parlor. He was recruited to play lacrosse at the University of Lowell and it was there that he found himself embracing leadership. As the captain of his lacrosse team, he excelled at helping the right people work together to achieve their goal.His lacrosse coach introduced him to the president of the local bank, Lowell Institution, and that set him on the trajectory to real estate.   “It’s fascinating how one person just at that pivot point in a young person’s life can guide you to what your life’s work is. You never understand the profoundness at the time when it happens, you obviously realize it when the years have passed.”Jon’s Leadership JourneyAfter a few years at the bank, he was approached by some of the bank’s investors to join them in starting The Tallard Group. This gave him his first entrepreneurial experience. When they closed their doors shortly after, he applied to join Copley Real Estate. There, he took a job as a portfolio manager of failing properties in Texas, and later in Ohio.At Copley, he remembers sitting at meetings amongst Ivy League executives and feeling like he didn’t belong or deserve to be there. However, each time he would make a successful decision, he felt his confidence slowly building.   “When somebody says, ‘This is a really difficult job, you might fail at it,’ I always tell people ‘You must take the tough job because that’s where the upside is… and you’ll learn something from it.’”When Copley and AEW merged, he faced a fork in the road: his mother was diagnosed with cancer and he was ready to move into a more brokerage-focused role. While she was in surgery, he contacted 150 names in the hopes of finding a position in New York, and this initiative landed him at Secured Capital.After gaining experience in brokerage, Trammell Crow approached him and he moved back into closing deals in capital markets. When CBRE merged with Trammell Crow in 2006, Jon trusted his gut and joined Houlihan Lokey where he discovered a new dimension of real estate. During his time at Houlihan Lokey, one of his clients who he was advising on capital raising opportunities, Anthony Westreich, invited him to join Monday Properties as a partner.At Monday Properties Jon began identifying emerging gateway markets like Nashville, Portland, and Denver, which had the potential for large profits. He had a vision for how this could become a viable business, and Cabot Street Capital Partners was born. While this new venture was exciting, it was also lonely. When JLL pursued him, Jon knew it was time to move on to the next step in his career and realized this was it – it was the perfect opportunity.In Jon’s position at JLL, he finds himself employing everything he has learned over the years, as he oversees all sales and financings for the firm’s Capital Markets platform in the U.S., Canada, Latin and South America. This involves everything surrounding investment baking and executing transactions on ownership. While he spends the majority of his time in the U.S. and Canada, his dashboard and longstanding relationships with investors bring him around the world to places like Europe, the Middle East and Asia.Jon identifies JLL’s technical proficiency and expertise, global connection, and wonderful client management as key differentiators among their competitors in the industry. An intentional and active focus on their communication and culture has also lead to huge growth, client satisfaction, and success.Jon’s Advice“You have to be as selfless as you possibly can. It really isn’t about you, it’s about them.”His tips for leadership and managing a team include:Be as selfless as possible and remember it is not about you, it’s about them.Be patient.Simplify things whenever possible.Be forthright and truthful, even when it is hard.Be consistent.Besides working hard and being competitive, Jon says that intellectual curiosity is key to success. You must be open to asking more than the obvious, linear questions. He also identifies increased diversity and ever-evolving technology as game-changers that will transform the future of real estate for the better.Additional LinksPlease check out our coverage from GlobeSt.com. You can read the article, “Eight Ways to Succeed in Real Estate” here.Real Estate Is For YouJon names real estate as a career that is only limited by your own imagination and work ethic. Outwork everyone around you, network aggressively, align yourself with mentors, and remember that you can always find new paths to learning.

Ron Terwilliger’s outstanding career and legacy didn’t end when he retired from Trammell Crow, it only grew.Coming from a low-income family with little expectations of wealth, he wanted to give back and affordable housing seemed to be the most natural place for his philanthropic interest to bloom.   “As I started to get wealthy in my late forties and fifties, I began thinking: what should I do with my time and wealth?”From his $100 million legacy gift to Habitat for Humanity, chairing Habitat’s international Board and the Enterprise Community Partners board to name a few, Ron gives generously of his money, time, and expertise.Public PolicyWhile he is very active in the private sector, his role in the public sector has made a serious impact. After being invited to give a lecture at Harvard on Housing Policy in America, he became inspired by the great Shortage of affordable housing in this country. He characterized this shortage as a housing crisis formed a foundation and started meeting with senators and congressman to change federal housing policies and transform the system.He shares how he has found that unfortunately, the time and resources that the government have devoted to this crisis have been scarce, and housing affordability has not been given the attention and effort it deserves and needs.   “The bottom line to me with this growing shortage of affordable workforce housing is the way we are going to address itis by providing more creative subsidies for construction and more income subsidy. I’m pleased to see that some of the state’s Governors as well as mayors of major cities are paying attention.”When people hear “low-income housing” or “affordable housing,” they often mistakenly think of people who are unemployed or aren’t working. Ron has opted to call it “affordable workforce housing,” however, as it is actually our nurses, firefighters, and policemen who fall into this category and often have to make a serious commute to work because they can’t afford to live close to their job.The Importance of LeadershipRon believes strongly in the importance of selfless, kind, generous leaders who people trust. These were the types of leaders he tried to attract at Trammell Crow, and he credits their ability to give honest feedback and work hard for creating a “utopia-like” work environment.Two great CEO’s who inspire him and who he works with closely today are Jonathan Reckford at Habitat for Humanity and Terri Ludwig at Enterprise.Ron serves on 11 boards and is actively engaged in offering advice, money, and time. He admits that initially as he entered philanthropy, he was embarrassed to talk about how much he gives away, but he has been encouraged that by telling others about his philanthropy it will inspire others to give generously of their time and talent.Ron’s Advice:Find something to do that you really love. Discover the breadth of real estate, see where you can fit, and don’t be afraid to change roles or direction as necessary to do what you want.

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 economy shut down and Sea Pines went bankrupt, he was almost frightened out of real estate. However, he also credits the intensity of the experience at Sea Pines, the recession, and their youth for creating such strong relationships between him and his co-workers.After Sea Pines, he joined the Henry C. Beck Company in Dallas as CFO where he helped grow the business. While in Dallas he was invited to join Trammell Crow Residential by Terry Golden (a business school classmate).Trammell CrowTrammell Crow’s offer required him to take a significant pay cut, but he would have a 40% share in the company. He remembered how his father never took a risk and realized that if he didn’t take this shot, he would never become an entrepreneur. Dick Michaux, a former Sea Pines associate, was his first partner. When Ron completed his first apartment project he made his first million.He credits Charlie Fraser of Sea Pines and Trammell Crow as his two mentors and emphasizes the importance of leaning on people who have a lot of experience in the business to teach you the ropes.He spent most of his time cultivating relationships with investors and lenders, managing core partner relationships, and hiring. Individuals who stood out to him were often MBA’s, smart, had a good feel for numbers, an engaging personality, a healthy balance of work and pay, with a strong commitment to support their families.At Trammell Crow, Ron shares that his vision was to get rich slowly by avoiding over-leveraging and to think of your partnership as lasting for a career.Overcoming the Savings & Loan Crisis and a Tanked EconomyIt was a desperate time for a lot of people in real estate. At Trammell Crow, they didn’t have any recurring income or assets other than a property management business that was cash flowing, so they had to make salary cuts and let people go which he says was incredibly difficult. These people didn’t deserve to lose their job, but it was just a fact of life and necessary to save the company.This challenging time however brought about growth in a new way.As the market got back on its feet, they began developing again. Ron attended a conference with his colleague Chuck Berman, where they met with Fred Cavan about doing a REIT in the Northeast.This series of events led to the creation of AvalonBay with Dick Michaux, Bryce Blair, and Tim Naughton serving as CEOs. Gables with Marc Bromley was formed six months later. Four years later Leonard Wood left to form Wood Partners and about that same time Bruce Ward started Alliance.As these tree branches from the family tree of Trammell Crow grew, Ron continued to build it back and strengthen the roots. After the recession in 2008, Ron retired and set his sights on philanthropy, which we will dive into on next week’s episode!

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 of CitiesClara and her friend Julie Lein crossed paths at MIT Sloan and realized they both had a fascination with companies that were tackling meaningful challenges in cities. After some in-depth research, they discovered that these companies were facing a lot of similar challenges, around issues such as fundraising challenges, physical space, and regulatory and political hurdles.This sparked the creation of their investment vehicle and accelerator Tumml.“I think real estate is a great career if you want to have an impact on the physical environment around you, which is I think is something so many people want now, they want to feel like and see the influence of their work every day.”Tumml paved the way for Clara and Julie to found the Urban Innovation Fund, a more sustainable, long-term investment vehicle that writes larger checks, is involved in multiple rounds of investing and takes board seats. This $24.5 million dollar fund has a diverse portfolio that Clara says aligns with their vision for creating scalable solutions that shape the future of cities. This looks like everything from Milk Stork, a breast milk shipping service for the traveling businesswoman, to Udelv, a driverless delivery service.Their set of investors are more traditional, financially motivated entities who they refer to as “impact curious.”Clara highlights the fact that today, people often look to technology as the changemaker; however, she points to politics and policy as the place where real, slow, painful change happens. Identifying transformative technology is very important, but you still need to vote and be politically engaged to create real change.