The FORT Podcast: Ari Firoozabadi
Ari Firoozabadi has a simple philosophy: clients are best served by a tightly-integrated, collaborative, and conflict-free platform. This philosophy defines Greysteel and ensures all interests are aligned so full resources and relationships of the firm and its professionals are leveraged on each engagement. As President and Chief Executive Officer, Mr. Firoozabadi is responsible for defining and implementing Greysteel’s strategic vision as well as overseeing the company’s operations.
Listen on:
Spotify
Apple Podcasts
01:40 – Life Before Greysteel
08:34 – What makes Greysteel different from your competition?
13:24 – How long did you spend building the Greysteel platform?
15:41 – How did you handle another company trying to ruin you?
21:05 – What advice were you given that prepared you for “going up against Goliath” in this litigation?
24:41 – What does it take to be a top producer in the industry for a young person just starting out?
28:19 – Did you have a mentor to teach you about working to be this knowledgeable or was it your natural instinct?
29:19 – What was your first deal?
32:19 – How do you think about going into a new market? How do you get culture from a place like Washington D.C. to Fort Worth if the office has never visited?
40:00 – How did you build everything you needed for Greysteel?
42:05 – How do you think technology will impact the brokerage industry over the next ten years?
44:20 – What does your job consist of today?
46:00 – Do you have a favorite interview question?
48:25 – Do you have an in-house content development team?
48:25 – Is there someone that comes to mind when you think about the beginnings of Greysteel?
50:30 – Are there certain qualities that make the best real estate investors?
53:09 – What are some of the biggest reasons deals fall apart?
56:17 – If you had to bet on one asset type for the next five years, what would it be?
Episode Summary
Firoozabadi commenced the dialogue by debunking common misconceptions about experience in real estate, emphasizing that tenure does not always translate to expertise. He highlighted the essence of continuous learning, underscoring the importance of staying updated and adapting to the ever-evolving landscape of the industry. He shared his personal journey, shedding light on the strategic risks and meticulous planning involved in starting his own venture, illustrating the complexities and challenges of transitioning from a well-established company to setting up his own firm.
Delving into his initial days in real estate straight out of college, Firoozabadi painted a vivid picture of the hurdles he faced, from feelings of neglect to the pressure of proving himself in a competitive environment. He underscored the importance of resilience and determination, attributes he deemed crucial for anyone aspiring to carve a niche in the real estate sector. Firoozabadi’s narrative underscored that success in real estate demands more than just a strong academic background; it requires tenacity, a willingness to learn, and an unwavering commitment to excellence.
The conversation took a turn towards the growth and development of certain companies within the real estate domain, with Firoozabadi expressing admiration for entities that have showcased substantial progress and have established a strong reputation in the industry. He highlighted the role of networking, mentorship, and a “pay it forward” ethos in fostering professional relationships and contributing to the cultivation of success in real estate.
Firoozabadi also provided a nuanced perspective on the varied strategies and outcomes within the real estate industry, distinguishing between different types of players in the market. He described certain operators who excel in acquisition and capital raising but may not perform as well in the operational aspects of real estate, labeling them as “momentum players.” He elucidated how these players thrive in rising markets but can face significant challenges during downturns, offering a holistic view of the market dynamics and the importance of adopting a balanced and strategic approach in real estate operations.