Real estate development certainly isn't an industry for the faint of heart. While foundational knowledge is always a must, real estate requires hands-on expertise, connections, and sometimes pure luck to see tangible results.
Rob Walters and Mike Liyeos, the co-founders of the national build-to-suit real estate development company Quattro Development, used their network to get into real estate development, but it was far from a straightforward journey.
With well over 150 projects under their belt at Quattro Development, Walters and Liyeos are nationally renowned real estate development thought leaders and sector experts - and they'believe they still have a lot more to accomplish. The duo shares how they got into real estate development, as well as how they use that experience to run Quattro Development like a well-oiled machine.
Founding Quattro Development: Walters and Liyeos' 4 Tips
In spite of their success in commercial real estate development, Rob Walters and Mike Liyeos acknowledge that the journey hasn't always been easy. "Unfortunately for the real estate development business, it's a really hard one to break into," Walters observes.
Although it was difficult for the duo to break into real estate development, they acknowledge that they had it easier than some professionals in the industry. As white men, Walters believes it was easier for him and Liyeos to break into real estate development, where there are still barriers for women and people of color. "Whether it's being a female or a minority, there's just not a lot of people that look like yourself in the industry. It's very slowly changing," Walters adds.
Despite systemic challenges, Liyeos and Walters share that there are a few ways aspiring real estate development professionals can break into the industry.
So, what's the secret to starting a career in real estate development? Walters and Liyeos credit Quattro Development's success to these four guiding principles.
1. Find Real Estate Development Professionals To Look Up To
Walters and Liyeos founded Quattro Development because they aspired to follow in the footsteps of other real estate development professionals. If you want to get into real estate development, the pair recommends you find successful people in the industry to look up to. But you'll need to do the legwork to connect with these professionals. "You have to be willing to look for other people who you look up to, whether it's their lifestyle, their personality, what they seem to do for work, and just not be afraid to reach out and talk to them," Rob Walters says.
2. Build Your Network Early and Often
If you want to carve out a career in real estate development, it's not as simple as applying online or connecting with a recruiter. "It's just not going to come to you at your job fair," Walters points out. More often than not, real estate development jobs materialize because of personal relationships.
"A big part of this business is just taking those chances and building networks and learning from people that have done it before you. It's basic, but it's effective," Mike Liyeos adds.
Aspiring real estate development professionals need to put in the time to attend industry events, network regularly, and use their network to find opportunities.
This isn't just about finding a job - these associates could become a lifeline later in your career. It's something that Walters and Liyeos leveraged in Quattro Development's early days.
Walters and Liyeos were excited to sign their first client, a dental group in upstate New York. But things quickly went sideways. "Unfortunately, they ended up going bankrupt in the financial crisis and we were back to square one. But we had, by that point, made quite a few connections in the industry," Walters recalls.
Even when deals don't work out, you can lean on your contacts to find your next opportunity, so never forget the importance of human connection.
3. Develop an Outgoing Personality
It's possible for introverts to do well in real estate development, but it's certainly easier if you have an outgoing personality. This makes it much easier to forge affiliations with a lot of people, quickly.
For Rob Walters and Mike Liyeos, it comes down to becoming a person who people want to talk to. "Develop your personality - because at the end of the day, I think that goes further than anything else in our business. If you're interesting and people like you and you're kind and empathetic, it'll go a long way in the business," Walters says. "Good things will come around when you're a decent human being to other people."
4. Experiment With Different Real Estate Jobs
The real estate industry covers everything from flipping homes to purchasing land for commercial development. Where do you see yourself?
It's hard to map out a career in real estate if you don't know what you want to do, which is why Quattro Development's co-founders urge young professionals to try a little bit of everything first.
"One of the things that we've initiated is hiring interns and letting people that have expressed an interest in our field give it a try. They do it for a few months as an intern, see if they like it and have an aptitude for it," Mike Liyeos says. "This provides both the intern and us the chance to see if we're a good match to work together or, more fundamentally, if a profession in real estate is a match for the intern. We've had interns who loved their experience and became full-time real estate professionals and others who learned that their passion was in a different field. Our goal is to expose quality people to opportunities to grow."
Quattro Development's Co-Founders Carry the Torch in Real Estate
To date, Quattro Development has worked on over 150 projects across 31 states. Walters and Liyeos admit it was a challenge to get their company through some tough times, but their struggles strengthened the company. "We've all worked very hard to be really good at what we do and to follow through and do the things that we say that we're going to do. That goes a long way in our industry and in life," Liyeos says.
If you've been bitten by the real estate bug, professionals like Walters and Liyeos are always happy to offer words of encouragement for the next generation of real estate experts.
