Western Rim Properties: Anticipating Property Trends
Western Rim Properties Founder, Marcus Hiles has watched his company grow from a fledgling start up to the multi-million dollar business it has become today. He had the determination, fortitude and skills required to build one of the most successful property development firms in Texas today. It all started with a idea Marcus had in his twenties, at the age of 28 Marcus took the leap of faith and launched his business. It wasn’t easy, Marcus struggled at times to meet payroll but he lived on next to nothing, persevered and reinvested everything back into the business. Today, Western Rim Properties and its affiliates owns over 10400 existing units with an additional 5200 units in the pipeline. In 2012 and 2013 Western Rim was ranked #3 in the “Top 5” company score out of many companies reviewed by Satisfacts, a apartment industry authority on resident surveys, satisfaction, retention and reputation management.
You might ask what enabled Marcus to create this success? How did he know that his strategy would work? Marcus completed his MBA at Pepperdine University in California. It was here that Marcus Hiles gained the skills and ideas that allowed him to achieve his dreams. It also gave him the worldly knowledge that allowed him to anticipate the future. It was here that he would realise that the American Dream of Homeownership was changing, that American attitudes and values were changing. This enabled him to see the patterns and property trends and create a business plan that would fill the gap in the market.
He realised that Echo Boomers may only ever rent and never buy a home. Successful young people simply rent and do not own. The number of renters will grow every year by 500,000 between now and 2023 and yet the maximum apartment construction net of demolitions is 300,000 per year. With taxes and going up and the amount of disposable income going down, renting is becoming a more attractive and economically efficient option. Economists and developers expect to see the percentage of renters to continue to rise in most cities.
Marcus Hiles created a business that provided luxury housing options in the best locations with the best schools at half the price you would find for a similar place in the inner city. He created a point of difference by ensuring the best lifestyle amenities were included, such as parks, lakes, streams and golf courses. The developments were always low density but generally designed for single family size and middle class demographics. These strategies helped to build the success of Western Rim properties.