by Donald Davidoff | Dec 17, 2018 12:00:00 AM
Chad Greiwe is what you could call a jack of all trades. He’s the executive vice president of operations at the Gene B. Glick Company, one of the largest privately held real estate ownership, development and management firms in the country, with more than 20,000 units in 13 states. At Glick, Greiwe is responsible for strategic planning and oversight of the company’s operations vision. The Indiana native’s responsibilities in this role include the oversight of property management, maintenance, information technology, purchasing, training, financial and regulatory compliance, and marketing outreach. Before his time at Glick, Greiwe served as an advisor to the company while working with Katz, Sapper & Miller, where he specialized in serving clients in the real estate industry. Greiwe is a licensed real estate broker, a CPA and a member of both the Indiana Society of Certified Public Accountants and the American Institute of Certified Public Accountants. He is also an active board member at the Indiana Apartment Association and Connect2Help 211.
Like we said, he’s a jack of all trades.
Outside of work, Greiwe enjoys spending time with his family of five and is an avid fan of Hoosier basketball and Irish football.
Your background is in accounting. How do you think your accounting experience helped prepare you for the multifamily industry?
The fact that I started my career at the second largest firm in Indianapolis – based on the number of team members – has really helped me. During my years at Katz, Sapper & Miller, I was exposed to different business owners and their interests on a daily basis. I was fortunate to work with owners and executives at the beginning of my career.
My accounting experience taught me about company performance. I learned early in my career what made companies successful. Equally important, I learned why companies should’ve been performing better and weren’t.
Could you speak a little more about why some companies were successful vs. why others weren’t?
In the end, success really boiled down to company culture and how companies treated their team members. You could literally feel it walking into these companies and being around the staff. The companies that were successful and killing it from a profitability standpoint had a completely different vibe from the companies that were struggling or facing challenges that they shouldn't have been in the economic environment at the time. That was eye-opening to me. Culture is extremely important.
I think my accounting background also helped me as a manager when I got the opportunity to lead a team. I was able to lead and coach younger staff and I quickly learned effective ways to lead a team and get a project done.
As a multifamily person, how do you manage to make diverse constituents like your team and your residents happy?
To quote John DiJulius, “Your customers will never be happier than your employees.” I think you have to be intentional about making sure your team understands this. At Glick, I believe we have the tools and resources we need to execute – and deliver – the experience and service that our team members need and that our residents deserve.
What do you think is the most interesting thing about the multifamily industry?
I would say transferrable skills. Multifamily isn’t transactional like the hospitality or retail industries. People choose to live with us and, in turn, our team has to work to build and maintain relationships with them as residents. The housing industry is 24 hours a day, seven days a week, 365 days a year. You need a wide range of skills to navigate all the situations and dynamics that emerge as a result.
Conversely, what frustrates you most about the industry or where do you see the most potential for improvement?
There are many layers to this question. First, we have challenges just like any other industry but we provide a basic need. I do think we have a problem with workforce housing, where people like teachers and police officers struggle to live near their workplaces. I'm concerned about workforce housing in comparison to affordable housing. We also need to balance the investor return with corporate social responsibility. Finding that balance is key.
That's a great point. So, what are a few developments that you think are worth watching in the industry?
The labor market. The labor – and I hate to use that term to describe our team – that we need in order to return a profit to our investors is very similar to the labor in the hospitality or retail industries. But we also need people who have intangibles and soft skills that go beyond what's required in those other industries. As a result, I think it's going to be difficult to meet the demands of the labor force while ensuring investor returns. For instance, we're finding it increasingly difficult to find maintenance techs and professionals who choose our industry as a profession.
How do you think owners and operators resolve the dilemma between affordable/workforce housing and a return on investment?
You have to make a commitment to serving that market, which is often difficult because it can conflict with financial expectations. There's capital available for all the markets and if we don't have access to it, it’s more difficult for us to continue to provide housing. That's the dilemma.
Lastly, if you were talking to someone starting out in the industry today, what advice would you give?
The key to success is relationships and the best way to build relationships with your co-workers is to learn something from them. I’ve learned that there is nothing more gratifying than giving somebody the opportunity to teach you. It shows that you're willing to let your guard down and be a sponge. Don't be afraid to let somebody teach you. It’s also okay to not know the answer.
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