(This is a sponsored post...)
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Matthew Luedecke - Commerical Real Estate Manager at Trimark Properties |
I’ve learned a lot about real estate investment in the last
few years, but it’s always helpful to speak with other people who are working
in the field. I recently sat down with Matthew Luedecke, Commercial Real Estate
Manager at Trimark Properties, and spoke with him about his real estate career
and how he got started in the business. He also shared some important advice
that I thought would be helpful for my readers.
Thank you for doing this, Matthew.
Thank you! I’ve been looking forward to this interview for
weeks.
Well, let’s jump right in. How did you get into the real estate business?
I started as a leasing agent in the multifamily division at
Trimark Properties in Gainesville, Florida. I worked part-time while I was in
college, primarily renting luxury apartments in Gainesville like Sabal Palms
and Estates at Sorority Row to students attending the University of Florida.
Working with students to find housing was fast paced, and at Trimark, I had the
advantage of working directly with the development team and the marketing team,
so I was exposed to multiple sides of the business. The owners took me under
their wing and taught me about the financial side of the business as well. It
was a great start for my career.
Do you think that leasing is a good way for someone to
learn about the real estate development and investment?
I don’t think that it would be helpful for everyone, since most leasing offices
aren’t set up the way that Trimark is. Most leasing agents work for a single
apartment complex that is separate from the company’s corporate office. In that
way, they are really limited. They aren’t trained on development or marketing,
they don’t develop strong sales tools, they aren’t given a lot of training on
the finance side. But at companies like Trimark, which works as both a real
estate developer and property management company, you really get a robust
training on all aspects of the industry, from conception and prospecting
through design and building, into marketing and launch, through sales and renewal.
You learn the investment side. I would certainly recommend others to try to
work for a company like Trimark, if they can find a similar set up.
What was your favorite part of working in the apartment
leasing side?
I really enjoyed leasing
Trimark’s
apartments near UF. Trimark
owns 22 apartment complexes that are within 2 blocks of UF, and there’s a lot
of demand for these apartments. They are very upscale, so I really liked the
apartments themselves, and it was easy to lease them, since I really believed
in the product. Obviously, it’s really easy to enjoy renting something that is
top of class: best location, best amenities, best floorplans, biggest
apartments. I also liked working with the development team for the
apartments
near UF Sorority Row. I worked at Trimark while they developed Solaria and
Tuscana, and those apartment complexes were steps from UF Sorority Row and catered
to students who wanted the absolute best. The apartments at Tuscana were
inspired by the architecture and landscaping found in the Italian countryside,
and the exterior of the apartment complex is really amazing. It certainly
doesn’t feel like other apartment complexes near UF—it has a formal lawn, two
large fountains, an entry arbor with grapes for making wine. It’s really in a
class of it’s own. Inside, the apartments had luxury amenities like granite
countertops in the kitchen, electric wine chillers, and oversized living rooms.
These aren’t standard apartments in Gainesville at all!
How has your career grown over the years at Trimark?
I started working in the multifamily division, leasing
student apartments and then working with Trimark’s off campus
luxury dorms for UF
students. Trimark owns two luxury dorms, Windsor Hall and Ivy House. The
luxury dorms are very unique. They were the only private residence halls for
University of Florida students, and they were located very close to UF classes
and dining halls and Sorority Row. In many cases, Windsor Hall and Ivy House
are located closer to UF classes than the traditional on-campus dorms like
Beaty Hall and Broward Hall. After several years, I was promoted to Leasing
Manager for that division. It was very exciting and fast paced, in part because
we had so many rental units.
I understand that you left Trimark for a little while and
then came back.
Yes, I left for around a year. Trimark reached out to me
about an opening in their
Gainesville
Commercial Real Estate division, and they recruited me back from another
real estate broker in Gainesville, where I was mainly working with condo sales
and rental apartments. When Trimark recruited me back, it gave me the
opportunity to work with business owners who were looking to relocate their
companies. In that first year, I primarily worked with startups who wanted to
rent office space near the Florida Innovation Hub and small companies looking
for tech space in Innovation Square. Trimark was working on redeveloping a lot
of the commercial buildings around the Innovation Square Hub, within the
Innovation District. They had purchased several small office buildings near the
Hub, and they were renovating them and building Class A office space near
downtown, too. It was a busy time for the division.
What made you come back?
I had always had a great interest in commercial real estate.
I was pursuing my license so that I could work as a commercial real estate
broker, so it seemed like a perfect fit. I knew that Trimark Properties built
the absolute nicest apartment in Gainesville, and they shared their vision for
building the nicest office space in Gainesville FL. I liked their team. I knew
that they had the capital to excel in the Gainesville real estate market.
It sounds like you doubled down in Gainesville.
I did. I really felt like my knowledge of the Gainesville
rental market was something that made me stand out from other brokers and
realtors. I knew all aspects of the real estate market in Gainesville, from
dorms to apartments to office space to restaurant space. I understood the
different benefits and tradeoffs for commercial space near Archer Road as
opposed to commercial space near downtown Gainesville. I understood the foot
traffic and drive by traffic. Also, because I worked in the Trimark multifamily
side, I have gained experience not only with commercial tenants, but with the
commercial tenants’ clients as well. I understand the end users that are
targeted by the commercial businesses that we work with. I felt that my
knowledge could really be an asset to clients and to Trimark Properties, when
they recruited me back.
What tips would you give to someone who wanted to get
into real estate investment, knowing what you know about student housing and
commercial real estate?
Well, I can’t give away all of Trimark’s secrets. (chuckles)
But I would certainly recommend that they work for a leading development
company first, before they start investing, if they have a chance, and I would
definitely recommend working with a company like Trimark, where they have
leasing services and property management in the same building as their
corporate office, so that you can get training on all aspects of the work.
Personally, I felt that getting my foot in the door by renting apartments in
Gainesville was really helpful, but I have to admit that I prefer the
commercial aspect of my job now. I really enjoy working in commercial real
estate. So I think that my best advice to people beginning their real estate
careers would be to get experience in all areas—rentals, apartments, marketing,
sales, commercial—and see what fits for you. If you can find a company that is
willing to invest in you and teach you about all aspects, like I found in
Trimark, that’s definitely going to yield some great returns for your personal
real estate investments later.