Each year, Midwest Real Estate News runs its annual Commercial Real Estate Hall of Fame issue, highlighting the careers of the most successful CRE pros in our region. This year, we are running these profiles online, too. Today, we look at the busy career of Gregory Coulter, founder and managing member of Income Property Organization in Bloomfield Hills, Michigan.
Years in the business: 28
Strong leadership: It’s an understatement to say that Gregory Coulter’s leadership has been inspired. He has helped generate double-digit revenue growth during the last three years at Bloomfield Hills-based Income Property Organization. In 2017, the company’s income grew by 11 percent. In 2016, it soared by 26 percent. And in 2015? It increased by an impressive 37 percent.
In 2017 alone, Income Property Organization closed a record 70 multifamily transactions in Michigan and Ohio for about $150 million in sales volume. Coulter and his team of 11 brokers close more deals by volume than any of their competitors. The company, thanks in large part to Coulter’s leadership, has become the largest privately held multifamily brokerage in Michigan.
Experience matters: Coulter now boasts more than 28 years of apartment brokerage experience. He has sold more than 325 apartment complexes and nearly 16,000 units while amassing more than $800 million in transactional volume.
And Coulter has done this by selling the gamut of apartment types, everything from market-rate communities to subsidized, seniors and student housing. He also has extensive experience selling distressed assets on behalf of lenders through a variety of structures, including REO, short sales, receivership sales, bankruptcy sales and note sales.
Passion: Coulter said that he never views the commercial real estate business as work.
“It’s not work, it’s my passion,” Coulter said. “Every day is different from the previous.”
Enjoying what he does: “I truly enjoy what I do,” Coulter said. “I look forward to Mondays the same as most look forward to Fridays. Even when I’m not at the office I’m still open 24/7, whether it’s reading, searching property websites or speaking with clients or my brokers at all times of the day or night.”
Plenty of awards: Coulter has earned several key industry awards during his career. He was named to Midwest Real Estate News’ 2018 Best of the Best list of top commercial brokers and helped his company earn a Top Sales Firm Award from CoStar in 2011, 2013, 2015, 2016 and 2017.
Coulter has also personally been awarded the CoStar Power Broker Top Broker Award in 2013, 2015 and 2016. And in 2016 and 2017, he was the winner of Corp! Magazine’s Michigan Economic Bright Spot Award.
Teamwork: “At my firm, we have built everything around the team aspect,” Coulter said. “It’s always about tomorrow and not just about today. The brokers at IPO have been with us for an average of 10 years. That is because we treat all of our agents and brokers with respect and give them the opportunity to succeed.”
Out-of-office hours: Outside of work, Coulter enjoys traveling with his wife and children, attending his children’s athletic events and spending time at his cabin in Northern Michigan.