Real Estate Developer Grows in Flips and Bounds
November 1, 2007
By Jeff Weis
According to Stephen Siegel, president and CEO of the Siegel Group, his firm’s rapid growth rate is a natural extension of his on-the-go personality.
“I think fast and I move fast, the company operates at a faster pace than most companies. People have to learn and run with our speed and that certainly contributes to fast growth,” Siegel said.
Indeed only two local companies have grown faster than Siegel’s Studio City-based commercial real estate firm which specializes in buying distressed commercial properties, rehabbing them and then flipping them to the tune of hefty profits. Founded in just 2001, The Siegel Group posted a staggering 116.6 percent growth rate over 2005 and 2006, with revenues leaping from $3.6 million to $7.8 million, respectively. But 2007 has seen the company turn the corner once again, as it grossed $15 million in the year’s first six months.
Siegel believes that much of his firm’s success stems from his ultra-competitive take-no-prisoner’s approach to the business world.
“We’re precise at going after what we want. We never take no for an answer. My motto is that when you’re sleeping, I’m out there finding the deal. I’m always knocking on doors, meeting people and establishing relationships,” Siegel said. “I go at my competition, whether it’s trying to get employees from a competitor, going after their business or trying to find something that grows my company.”
Most recently, Siegel pointed to the success of Siegel Suites, a flexible housing apartment building in Nevada, where the Siegel Group has come up against a competitor that has been in the market for three decades.
“We look at them as the competitor. We look at business as a war and go at them strongly, whether through marketing and advertising, or taking their employees and their clients. Our competition is the enemy.”
As for the future, Siegel has bold ideas for Las Vegas, where the company has become entrenched over the past three years.
“We’re trying to corner the market and become the largest multi-housing company in Las Vegas,” Siegel said. “There’s nothing like Vegas. There’s so much excitement, low unemployment and no sales tax. We’ve been doing great over there. We had one Vegas building in 2004 and now we have 15. Our next move is our first hotel/casino project over there. It feels like the right place to be.”