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The
Hoyt Institute for Real Estate (HIRE) is dedicated to career development
of practitioners and professionals in real estate and closely
related industries, directly as well as through the relevant trade
and professional organizations. HIRE is an information and publication
organization. HIRE's constituency is industry in contrast to academia.
We invite you to explore the information that we have assembled to help you identify the opportunities and resources available when determining the best career path for you in commercial real estate.
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"You need to have both persistence and perseverance. You must work hard continually to be successful." |
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Daniel L. Goodwin is Chairman and CEO of The Inland Real Estate Group of Companies, Inc. The Inland Real Estate Group of Companies, Inc. is comprised of independent real estate investment and financial companies, with managed assets in excess of $10 billion, doing business nationwide with a strong presence in over 41 states with corporate headquarters in Illinois. Inland is one of the nation's largest commercial real estate companies with over 35 years experience in real estate investment, commercial real estate brokerage, land development, construction, and mortgage
lending. Inland is regarded as: fifth largest property manager in the United States, third fastest acquirer of retail property in the United States, the top retail owner in Atlanta, sixteenth biggest financial intermediary in the United States, fifth largest shopping center owner in the United States, sponsored three real estate investment trust (REITS), one is the second largest in Chicagoland and recognized for affordable housing developmentsMr. Goodwin obtained his Bachelor's Degree from Northeastern Illinois University in 1966, and his Master's Degree at Northern Illinois in education in 1971.Growing up, Goodwin was always fascinated by both education and real estate. Goodwin first chose to be a teacher. Goodwin explains. "In high school, I decided that I wanted to be a teacher. After I earned my BA, I continued at night school to receive two state certified qualifications in teaching. I taught school for five years, primarily 7th and 8th grade science for May School in the Chicago Public School System, and I really enjoyed it."
Mr. Goodwin has been in the housing industry for over 35 years. He describes how he entered real estate, "n 1967, I suggested to three teachers that I had known from teaching, two of them went to school with me at Northeastern and one of them I met when I began teaching, that we should put our money together and buy an apartment building. And the only thing we could afford was a three flat not far from May School. Next, I got other teachers to invest their money with us. Our business continued to grow as many other teachers heard about what we were doing. In 1968, we were making money; so we decided to incorporate Inland Real Estate Corporation. And at that time, I was teaching during the day, working real estate at nights and on weekends and going to graduate school the other nights. By the time I had finished my master's degree, we had built up so much equity in the real estate, and we had hired people, so it became a point where I had to devote more and more time to real estate, which meant I eventually had to make a hard choice to leave teaching to work full-time in the real estate business."
Goodwin's companies continued to expand its operations in Florida, Arizona, and New England. Goodwin says, "As we expanded nationally, there were three major obstacles that we faced; in our early years, our main obstacle was really a question of financial survival until the business became profitable. The second biggest challenge was to deal with changes in the business such as tax reform in the 80’s, and still remain profitable. We gained an outstanding reputation in the industry because of our ability to make money. Our third challenge was learning how to deal with different types of investors. Our early investors were teachers at May School who were very hands on; they would look at the properties. Because of our reputation for making money, by the mid-70s, we were attracting more and more passive investors." Today, Daniel Goodwin heads over twelve major corporations as part of the Inland Group of Companies. In 2004, Inland sponsored three Real Estate Investment Trusts (REITs): Inland Real Estate Corp., which owns and manages 140 retail properties in eight states and more than $1.2 billion in assets; Inland Retail Real Estate Trust Inc., which oversees more than 270 retail properties primarily
east of the Mississippi River and more than $4.4 billion in assets; and Inland Western Retail Real Estate Trust Inc. which began acquiring retail properties west of the Mississippi River in October 2003 and has a portfolio of more than 60 properties. Goodwin adds, "When we offered the first of three REITs that Inland has sponsored, the biggest change was the significant amount of time executives had to take away from running the business to focus on setting up guidelines and procedures to document everything in order to eliminate opportunities for fraud. But ultimately, it will be extremely beneficial not just for the shareholders of these companies, but also for the people in the companies, because they have better control, and we have been very profitable."Goodwin believes that to stay healthy to do the business, he must exercise, eat correctly, and pace himself. He enjoys fishing, hiking and boating, and occasionally bowling and playing golf.
Goodwin adds, "I use many of my real estate skills to help with many educational pursuits." Mr. Goodwin is currently Vice Chairman of the Board of Trustees of Benedictine University and Springfield College and Chairman of the Board of Northeastern Illinois University. Goodwin instituted a program to educate disabled students about the workplace. Most of those original students are employed at Inland today, and Inland continues as one of the largest employers of the disabled in DuPage County. He has won numerous awards including: Outstanding Trustee of
the Decade Award Northeastern Illinois University -- Honorary Doctorate and President's Meritorious Service Award. He is also the coauthor of a nationally recognized real estate reference book for the management of residential properties titled: The Landlord's Handbook published by Dearborn Trade Publishing. Goodwin attributes much of his success to his educational background, love of learning, understanding financial aspects of the business, and most importantly, his leadership qualities of inspiring others to succeed. "I believe as a leader in being positive and talking health, happiness and prosperity to every person I meet. I spend a lot of my day working with the young executives and employees to help them succeed in my organization."Goodwin says, "I believe to be successful in real estate, you need four things:"
Get a Good Education "If you want a career in the commercial real estate business, it really is important to have a good educational background. Our recruiters concentrate on hiring educated people at job fairs in their local markets."
Have Passion for the Field "When you start in the business, you should quickly determine if you love the real estate business and try to find your niche in it.
Be Persistent "You need to have both persistence and perseverance. You must work hard continually to be successful."
Have Patience "If you follow the guidelines above, and you are moderately talented and you are patient, you have a very good chance of success. I have found by experience that rarely do people get rich quickly. Your wealthy real estate people generally have built their success gradually after many years in the business."Goodwin plans to continue to expand the Inland Group of Companies. He also spends a great deal of his time meeting with heads of each company regularly. Goodwin adds, "Inland has been an incubator of real estate companies for more than 30 years. We have developed and nurtured companies following our own unique business model. We are proud of our accomplishments and we believe our best years lie ahead."
Education & Resource Guide
Professional Profiles & Career Advice
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Glossary of Real Estate Terms
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