Deals don’t get done from behind a desk. Always be willing to go outside, shake hands, and complete the transaction.
Currently headquartered in Miami, FL, Parmenter has maintained a successful place within the industry since 1989. Parmenter has invested in several billion dollars’ worth of commercial real estate throughout the U.S. since it’s inception. The firm was founded by Darryl Parmenter, a former captain in the Marine Corps. With nearly 40 years in the industry, he has extensive experience in real estate development and management of high rises and multi-use properties.
Parmenter is well known for its real estate investments, development, and management with more than $1 billion in assets nationwide. The focus on improving their investments to suit the needs of the local market has helped drive their success. That success has enabled Parmenter to give back to charities, such as the Coast Guard Foundation.
Parmenter has been recognized for its sustainable energy efficiency. They have been on the leading edge of reducing energy output on several buildings, leading to multiple Energy Star and TOBY awards.
Darryl Parmenter, the Chairman, and CEO of Parmenter Real Estate continues to excel in pushing the company forward with his creative ingenuity. The future holds promise for a company as expansive and well led as Parmenter Corp.
Where did the idea for your company come from?
The idea for this business came from my drive to find value in areas that are growing and encourage that growth. Every purchase we make works to that end.
What does your typical day look like and how do you make it productive?
There is no typical day for real estate. With so many variables it would be difficult to pin down a regular routine. Many days involve conference calls, planning, and taking time to be on the road actively looking at real estate.
No deals are made sitting behind a desk.
How do you bring ideas to life?
My preference is to identify any opportunities within a given market that has potential, contacting the owner and discussing the possibility of an acquisition or perhaps a joint venture. The goal is to find a mutually beneficial resolution that allows growth in certain areas in the Southeast and Southwest.
What’s one trend that excites you?
The trend that’s most exciting is that real estate has become its own asset class. It’s previously been lumped into alternative investments, which might be private equity or venture capital. Globally, investors are investing 10-20% of their assets into real estate.
What is one habit of yours that makes you more productive as an entrepreneur?
Many times, I have been told I have an eye for real estate that others don’t. I can see potential where others may not. This has paved the way to critical purchases at the right time.
What advice would you give your younger self?
Honestly, the best advice I would give myself, and anyone is just starting out would be to work hard. You have to be willing to take risks. You have to be willing to work at least 12 hours a day to really establish yourself within the industry.
Tell us something that’s true that almost nobody agrees with you on.
For the last few years, I’ve been saying that technology, including AI and robotics, would play a preeminent role in the real estate industry. I believe more people are starting to see that now as well.
The most obvious of which is parking requirements in office and apartment buildings. I believe the parking requirements will begin a downturn due to autonomous vehicles in the future. Even Uber and Lyft today have relieved the need for some of the current requirements. Many people no longer feel the need to own a vehicle. Many parking garages are already trending to no longer being just a place to park a car but also include multi-family apartments or offices.
As an entrepreneur, what is the one thing you do over and over and recommend everyone else do?
I always cross check the computer model with common sense. Don’t just rely on the computer to make all the renderings. You’ve got to have human thought in the mix to really make a difference.
What is one strategy that has helped you grow your business?
Since day one, our strategy has been to buy real estate at a discounted rate and add value to it. That is how you grow. It is also how to become well known in any industry. We were one of the first in the commercial real estate industry to do this, and that is one of our core strategies even today.
What is one failure you had as an entrepreneur, and how did you overcome it?
There have been numerous failures of limited magnitude, but they have been overcome by bigger successes. There have been missed opportunities in some markets, while other markets we maybe should have moved away from sooner. The goal is to learn from setbacks and use them as an example of what not to do again.
What is one business idea that you’re willing to give away to our readers?
My knee-jerk reaction is to recommend getting out of the office and into the field where the action is. Deals don’t get done from behind a desk. Always be willing to go outside, shake hands, and complete the transaction. This would apply to every business, including real estate. You will find that making connections in the industry you’re working to develop yourself in will be the biggest asset you could have.
What is the best $100 you recently spent? What and why?
The best I can think of is to spend that kind of money is as a bonus for superior employees. It gives already driven employees more drive to continue to be successful. We appreciate the entrepreneurship within our people and strive to keep that alive.
What is one piece of software or a web service that helps you be productive? How do you use it?
I use Siri a great deal to schedule appointments, mostly verbally. This program helps to keep me organized and on schedule, without the need for a personal assistant. It has been so beneficial, especially when I am out in the field.
What is the one book that you recommend our community should read and why?
Leading the Charge by General Zinni. I believe leadership is paramount to the success in any company. The military teaches a level of leadership unlike any other. General Zinni exemplified that example better than anyone else I know.
What is your favorite quote?
“Imagination is more important than knowledge” Albert Einstein.
• Investors come before yourself
• Generate high-risk adjusted returns
• We don’t do deals from behind a desk