Inspiring Leaders in Our Changing Industry: Bob Faith, Greystar

This summer, Connect CRE is producing a series titled, “Inspiring Leaders in Our Changing Industry” as a follow-up to last summer’s “Leading in Tough Times” series. We’ve selected leaders around the U.S. and across the commercial real estate spectrum to discuss significant changes in the industry and their organizations. In this installment, you’ll hear from Bob Faith, founder, chairman and CEO of Greystar.

A Triumph to Celebrate: What recent organizational accomplishment brings you the most satisfaction? What specific challenges did it overcome, and what key factors led to its success? 

I couldn’t be more excited about the upcoming completion of our first US-based modular asset outside of Pittsburgh. This wasn’t just about constructing a building, but being innovative in our business in a way that will help increase housing supply in the U.S. We built a dedicated modular construction business, called Modern Living Solutions, which is vertically integrated, combining development, construction, and manufacturing to focus on essential housing.

While the completion of this asset is a big win for the team, what it represents is Greystar’s longer-term commitment to a private market solution addressing the ongoing shortage of housing globally. Through modular construction, we can turn projects into products in a factory setting, focusing highly on quality control, the reduction of waste, quality of materials used, and speed to market.

Anytime you take a new approach, integrating it into a business with high-standards and established processes can be a challenge, but the team’s dedication, adaptability, and collaborative spirit were key factors in overcoming this challenge and achieving the first of what we hope will be many successes with modular construction.

The Road Ahead: Looking forward, what critical changes do you foresee for the industry in the coming years? What advancements do you hope for? 

Like most industries today, I’m excited to see how AI will revolutionize the real estate business. For Greystar, I believe the key to success will be in balance. We are effectively in the people business, and the role our team members play in the lives of our residents, working with our partners, and collaborating with each other will never be replaced by AI. However, we’ve already seen how AI can help our team streamline operations, improve data analysis, and personalize resident experiences.

Looking ahead, I can’t wait to see how advancements in AI can further integrate technology with our human perspective, making everything more efficient while still keeping that personal touch that defines Greystar.

Guiding the Next Generation: As we acknowledge the industry’s rising stars, what guidance can you offer them to become catalysts for positive change? 

It is very rare to have a significantly impactful or earth-shattering ‘new’ idea that is going to change any industry overnight. Greystar wasn’t based on a revolutionary idea. We never set out to be the biggest. However, I’ve always felt that by striving to be the best in everything we do, our scale would naturally follow. That’s why I like to encourage our team to focus on making existing processes and systems significantly better.

My advice is to commit to excellence in every aspect of your work. Understand the fundamentals of the industry deeply and look for ways to improve them. Innovation doesn’t always mean creating something entirely new – it can also mean refining or enhancing what already exists. Apartments weren’t new when I started Greystar, but the approach we took to the apartment business was different. I like to think that contributed to our organization’s success while also driving positive change in our overall industry.

The bottom line is to stay curious, embrace challenges, and maintain a relentless pursuit of improvement.

Click here to see the full Inspiring Leaders in Our Changing Industry series.