2016 was an historic year for the JLL Boston Multifamily sales team, who eclipsed the $1 billion sales mark for the first time ever. The record-breaking success was driven in large part by the $215 million sale of Hanover CambridgePark, the largest single apartment sale in Boston’s history, and the $187 million sale of The Victor. We recently sat down with the leaders of the team, Travis D’Amato and Mike Coyne, to dive deeper into their recent string of success.
You guys have been on fire lately, what’s been driving this momentum?
Mike: For one, it’s a good market and there’s a lot of business to go around. But also, a lot of it is just having been here for four years now. We’ve been a team for a while and we’ve built credibility. We needed a few cycles to get momentum.
Travis: It’s definitely a momentum game. A couple of big deals lead to more big deals and we’ve just been capturing that momentum as the market grows.
You mention you’ve been building to this point for the last four years, why is it all clicking now?
Travis: Mike and I have been building the business on a foundation of being smarter, working harder and being honest. We’ve been preaching that to prospective clients, and when people started seeing the closings to support it, I think that’s why it’s all clicking now.
Mike: It’s a long uphill climb to get to where we’ve gotten. It seems like it should take a year or two, but it doesn’t. I think they liked what we were saying, but there wasn’t enough of a track record behind it. To feel comfortable hiring us, to Travis’ point, they needed to see a lot of closings. We now have that to back us up.
What distinguishes the JLL Multifamily team from other teams in the market?
Travis: Energy. We definitely have a different approach to the business.
Mike: We run a tighter, more honest process and buyers and sellers respect that. But it takes them a while to see it and believe it. People are used to not trusting brokers, so when you tell them something whether it’s a whisper price on deal or whether they’re in or out of the running or how they should look at taxes, their initial impression is to not believe you. I think over all the years and all the deals we’ve built enough trust that they believe it now.
With so much recent success, where do you go from here?
Travis: We capitalize on the success of our recent closings and get more, ideally another listing like Hanover. We want to expand our markets into Connecticut, Rhode Island, New Hampshire, and Maine, and expand our product type offering to include affordable housing and senior housing. We also want to source more debt as that’s a definite growth area for us. Once you’re #1 is the time to step on the gas. We can’t get complacent and we’re not working any less hard than we were before.
In addition to Travis and Mike, JLL’s multifamily sales team includes Vice Presidents Kevin Gleason and Brendan Shields and Design Manager Jennie Boylan, who have all been instrumental in the team’s growth and success.