An Interview with Doug MacFaddin
Doug MacFaddin is an experienced business professional based in New York, NY. His decades-long resume extends into many fields and industries and clearly demonstrates MacFaddin’s versatility and capability. Few leaders can transition to new markets, demands and experiences as well as Doug. From his work in finance to his time spent in software development, Doug has time and time again proven that he is a natural born leader with an adept skill in adapting quickly and excelling even faster.
Currently, Doug MacFaddin is the director of the Meier Team at the Corcoran Group. In this position, Doug is responsible for several day-to-day activities, which we will delve into later. In this position, Doug has worked tirelessly to ensure that each and everyone of his team’s needs are met.
Prior to his time at the Corcoran Group, Doug held a variety of executive-level positions in several different industries. One of Doug’s earliest jobs was working for Salomon Brothers as an analyst. This was his first foray into the world of finance and he excelled. After four years at Salomon Brothers, Doug left and took a position at Dean Witter Reynolds (now simply Morgan Stanley) as the vice president. This was his first executive-level position, and from there, Doug had nowhere to go but up.
After working as VP at Prudential Securities, Doug MacFaddin decided it was time to humor his entrepreneurial interests and so he founded PhotoOne Software. As CEO, Doug was responsible for overseeing all aspects of the company, which developed a photo manipulation software specifically designed for professional photographers. The company was later purchased by StudioPlus Software. Afterwards, Doug tried his hand at business development and consulting, becoming a consultant for DWM Consulting and later Laureate Biopharmaceutical Services. Doug then decided to merge two of his strengths (software and business development) and became the director of business development for Pando Networks, and later the vice president of corporate development for Reloaded Games, Inc. After a few more years as a business developer and consultant, Doug settled into the role he has now.
Although this website deals exclusively with philanthropy and charitable organizations, Doug wants each and every person who visits his websites to know what he does and why he is so passionate about it. Here is a small interview with Doug on his current role and the real estate market in general:
Q: What is it that got you interested in real estate?
Doug MacFaddin: New York real estate is a major economic driver for both the city and state. On the one hand, it is an asset class that has seen significant appreciation since the recession of 2008 while at the same time providing tremendous utility to so many New Yorkers in the form of daily housing. With a financial background, I find this a very intriguing combination.
The value of the real estate is driven by so many economic factors that create positive and negative pricing pressures as a result of supply and demand. I find this market dynamic very interesting and worth the exploration.
On the other hand, there is a significant human aspect to the real estate business. Unlike investing in a bond, real estate is very emotional and personal. It is often times the largest monetary purchase an individual will make and as a result, it tends to be emotional and stressful. The people aspect is something I enjoy. Therefore, combining the financial with the people aspect got me interested in real estate in the largest market in the United States.
Q: What specifically are your responsibilities as Director of the Meier Team at the Corcoran Group?
Doug MacFaddin: I spend a good amount of my time coordinating the lead generation apps for the group. In this digital world, a sales organization is centered around software and centralizing the software through a client relationship tool. Our team uses Contactually and then integrates all of our other apps using APIs. Once we decide on a new app/software for the team, I design and roll out a use model for the sales team.
I also spend time with high-end clients serving in a client management role. This can be new business calls, day-to-day client management, market assessment, data analysis or document negotiations.
Q: What areas of New York do you service for real estate? Is it strictly New York City or does your reach expand outside of the city?
Doug MacFaddin: As a Team, we cover the five boroughs of New York City. Our most significant footprint is in Manhattan with our second largest market being Brooklyn. We work with buyers and sellers in the condo, co-op and townhouse markets. The Team is 14 professionals selling over $200 million in real estate annually.
Q: Is there anything you find particularly rewarding about real estate?
Doug MacFaddin: I view real estate as another asset class. The most important thing about investing is understanding the value of an asset. I find it rewarding to know and understand markets from the Upper West Side in Manhattan to Bushwick in Brooklyn. Walking the sidewalks of New York and looking at a building and understanding its current value is very rewarding.
Q: What challenges are facing your industry, either directly in New York City or as a whole?
Doug MacFaddin: With the significant appreciation in property values since 2008, real estate developers have been busy. In 2017 alone, there will be approximately 4,800 new units in Manhattan, 2,400 new units in Brooklyn and 850 new units in Long Island City. This significant supply has put pressure on pricing. The industry is fortunate that 30-year fixed rate mortgages are still below 4%. If funding trends higher and the supply of new developments continues to swell, prices will significantly drop in Manhattan and Brooklyn.
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