Listen to Our BlogsIUPUI Kelley School of Business holds a Discussion panel for young entrepreneurs at the Real Estate and Entrepreneurship week.
Date 28th Feb 2024On February 10th, our Managing Director, Adam Stephenson, participated in a discussion panel at IUPUI focusing on young entrepreneurs at the Kelley School of Business. The panel addressed topics critical to recent graduates embarking on commercial real estate ventures.
During the panel, Adam and the other panelists, shared valuable insights of their entrepreneurial journeys, emphasizing the importance of mentorship and collaboration.
At Allies, we embrace these principles and are eager to connect with new talent. If you’re considering a career as a commercial real estate broker, we invite you to reach out to us and join us for a coffee at our office.
IUPUI Q&A with the Commercial Real Estate Panelists.
IUPUI Moderator: Please share your entrepreneurial story: what was the inspiration for starting your venture/company?
Adam Stephenson: My entrepreneurial journey was greatly inspired by my father, who I’ve always looked up to as a role model. He was a seasoned entrepreneur himself, co-owning a successful commercial printing company with his brother. Their story began back in 1988, starting the business from scratch in my uncle’s basement. Over the years, they expanded their enterprise, venturing into commercial and industrial properties. Interestingly, my father used to joke that he made more money from real estate than from the printing business, despite his substantial success in both. His passion for real estate was infectious, and I learned invaluable lessons from him in that arena. Following my studies at IUPUI’s IU Kelly School of Business, where I graduated with a degree in business management in 2002, I immediately joined a health insurance company. My role there was as an inside sales representative, tasked with selling health savings account plans. It was an unconventional approach in the insurance market, so I had to get creative in my sales tactics. This experience taught me the fundamentals of salesmanship, from asking the right questions to understanding customer pain points. After three years, feeling ready for a new challenge, I decided to transition into the commercial real estate business.
I’ve dedicated 12 years of my career to the commercial real estate industry, during which I’ve had the privilege of working with some of the larger firms in the field. However, it became apparent to me that there was a gap within our industry that needed to be addressed. This realization led to the founding of Allies Commercial Realty. Our company is built upon the core principle of unity within our team. We believe in treating our internal team members as valuable allies, working together towards common goals. Moreover, our approach to client relationships is deeply rooted in personalization and client-centricity. We strive to offer our clients a tailored experience, providing not only expertise but also education to empower them in their decisions. Our ultimate goal is to deliver a superior level of service, ensuring our clients’ needs are met and exceeded every step of the way.
IUPUI Moderator: What are some challenges you faced as you started your business?
Adam Stephenson: One of the primary challenges we faced was in recruiting. Allies is a growing company and we made a conscious decision not to bring in brokers who were already entrenched in the industry, potentially carrying with them habits that didn’t align with our company culture. Instead, we focused on mentoring and training young talent, ensuring they embodied our team-oriented, client-centric approach. We consider ourselves innovators in the market, so it was crucial that our team reflected and upheld our core values.
IUPUI Moderator: What were your keys to success and skills that are important for all entrepreneurs to have?
Adam Stephenson: One key to success was dedicating ample time to thoroughly understand the business and the nuances of the transaction process. Each deal presents unique challenges and learning opportunities. For those venturing into the brokerage aspect of commercial real estate, prioritizing learning over immediate financial gains, especially early in one’s career, is essential.
Learning to delegate effectively and establishing scalable processes were instrumental skills. Additionally, embracing the wisdom of those with more experience and being unafraid to seek guidance were crucial for growth and success.
IUPUI Moderator: What are the different jobs/areas of focus in commercial real estate?
Adam Stephenson: Commercial real estate offers a diverse range of roles, including brokerage, development, commercial lending, business development, and property management. My advice is to choose a focus area and commit to it long-term, striving to become an expert in that niche.
IUPUI Moderator: Is now a good time to get into the real estate business with the economy, interest rates where they are?
Adam Stephenson: The timing to enter the real estate business depends on market conditions, which are subject to fluctuations. In 2021, the market was buoyant, presenting numerous transaction opportunities. However, with the current slower market, there’s a chance to revisit and reinforce the fundamentals of the business.
IUPUI Moderator: What makes real estate fun?
Adam Stephenson: The enjoyment derived from real estate largely hinges on personal perspective and approach. Making the job enjoyable involves cultivating a positive attitude, nurturing professional relationships, and continuously learning and growing within the field.
IUPUI Moderator: Why become an entrepreneur vs. an employee?
Adam Stephenson: The decision to become an entrepreneur versus an employee hinges on personal inclination and professional aspirations. While entrepreneurship offers autonomy and potential rewards, it also demands significant sacrifices and multifaceted responsibilities. Success can be achieved in both paths through hard work, integrity, and aligning with one’s values.
IUPUI Moderator: What are some common mistakes entrepreneurs make? What was your biggest mistake and how did you recover from it?
Adam Stephenson: A common mistake entrepreneurs make is attempting to handle every aspect of their business independently. Recognizing and leveraging individual strengths while delegating tasks outside one’s expertise is vital.
Personally, my biggest mistake was delaying the delegation of mechanical tasks, which impeded my ability to focus on strategic priorities. Rectifying this involved trusting capable team members and reallocating my focus to higher-level objectives.
IUPUI Moderator: What advice would you give students right now considering entrepreneurship or real estate careers?
Adam Stephenson: Seek out mentors who can impart valuable skills and guide you along your professional journey. Look for a supportive team and company culture that aligns with your values, fostering a sense of belonging and growth opportunities within the organization.
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