Cushman & Wakefield’s Jeremy Edmiston in Connect Texas Multifamily 2022 Spotlight
Connect Texas Multifamily 2022 is only a week away. As a preview to the August 16 event we are rounding up some industry leaders to give a preview of what you might expect during the panel discussions. Our second industry leader is Jeremy Edmiston of Cushman & Wakefield. Jeremy is the Senior Managing Director, Single Family for Rent Asset Services, Americas.
In these turbulent economic circumstances, getting a deal done may not be as easy as it was a year ago. Having expertise in a certain niche, or having a large number of LinkedIn connections, may not be enough to close a transaction today. I read a “D” magazine article from last year where you were quoted as saying, “In business, deals are the currency, but relationships are the gold standard.” Might this be the time for folks in your business to polish up on their one-on-one skills? If so, what sort of skills are the most crucial for success?
Relationships are certainly the gold standard and the great ones endure, even through economic uncertainty. I believe that having a genuine desire to help others win is crucial. You win some and you lose some. However, putting the needs of your client partners ahead of your own tends to yield profitable outcomes in the end. This is a marathon filled with a series of sprints. At Cushman & Wakefield, we’re an experience provider. And part of that experience is taking the time to have a clear understanding of what is most important to our clients and level setting on that from day one with a focus on what we call “a plus one”, that being what extra acts of service can we do in every situation to create a better experience for those we are serving. Every client. Every time. Always. Purpose drives our creativity in developing solutions that drive the most value. We’re striving to be the leader in the art of neighboring. And great neighboring applies to our residents, guests, clients, and team members.
The Build-to-Rent sector has exploded of late. It seems to be gaining ground on the traditional multifamily garden-style apartment sector. With housing affordability becoming a more pressing issue, do you see this sector continuing to grow, or is it time to tamp the brakes?
The BTR sector continues to pick up steam, especially given that we have a housing shortage in addition to the rising costs of buying a home, especially the modern version of the starter home. I believe we experiencing a fundamental shift in the American housing experience. We’re going from a mentality of “I want to own a home” to “I just want to live in a home.” It’s not only about the numbers, that being an affordable mortgage or rent check, it’s about a sense of place that is very different from high density multifamily communities. It’s about the backyard and having your own green space as well as the two-car garage and extra bedrooms for offices, video gaming, etc. It’s go-time and definitely not the time to pull back.
I reported on a story last week where a new property just started with pre-lease agreements. Its package of amenities included a penthouse level that offers a canopy club with private dining, wine and whiskey bar, and wine storage. Residents also have access to digital package lockers, loaner bikes, dedicated bike storage, and a hotel-inspired lobby with co-working spaces. Is there a space-race of sorts with amenity offerings from developers? Do grandiose amenities attract tenants?
Amenities and resident programming absolutely drive competition in the market. In multifamily, we’re leading with location, high-quality apartment home finishes, amenities, and experiences to attract residents. At the end of the day, you could have two luxury multifamily buildings across the street from each other, but one will be more valuable than the other. The difference is going to be how the amenities, tech, and experience are positioned by the property manager to the residents and guests. This goes back to having a deep understanding of who the resident is and what makes them tick. When all these pieces come together, our residents are loyal, engaged, and will ultimately pay a premium year over year to live in the building.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.
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