Exclusive Video Interview with Larry Connor
Larry has ventured to the deepest parts of the ocean and into space, taken a hot air balloon up to 38,139 feet, and set a world record by jumping off while raising over $1 million for charity. He has also indulged in mountain climbing, rafting, and various forms of racing. In my recent interview with Larry, we didn’t dig to much into these adventures, but I loved the interview. His dynamic nature and insightful advice kept me engaged throughout.
Here are my top 6 takeaways that I noted, but please stream the whole video above to see why I found it so valuable.
- You have to be innovative – disrupt the industry – be wildly different and focus on what others say is impossible.
- Hire for values and personality – do not hire people in your industry; expect 2-3x what others expect from your staff.
- Only do what is safe and successful – be willing to take calculated risk, not stupid risk.
- Do not ever compromise on team members, no B players – surround yourself only with people who are excellent, innovative, proactive and whose values align with yours.
- Do exciting, adventurous things – be willing to expand your brain, body, and health to grow professionally and personally.
- There is so much opportunity due to poorly run assets – The Connor Group runs real estate like it is a business, and it pays people on results/profit not on revenue; the company can’t find experienced real estate people who fit the demands of his company and culture.
Richard C. Wilson: Hello, everybody. Richard C. Wilson here. Today, we have an exciting interview with Larry Connor, founder of the Connor Group, known for building billions of dollars in real estate assets, particularly in apartment buildings and multifamily real estate. Larry, welcome to the interview!
Larry Connor: Thank you, Richard. It’s great to be here.
Richard C. Wilson: To start, could you give us some background on how you founded the Connor Group and a bit about your personal journey?
Larry Connor: Sure. We started the Connor Group in 1992. Before that, I was involved in the computer industry and had some investing experience on the side. Unfortunately, our computer company failed after nine years, which was a tough but valuable learning experience. We decided to enter the real estate industry with a new perspective, focusing on luxury apartment communities. Currently, we have properties in 18 cities across the U.S. and about $5 billion in assets. Our approach is to treat these apartment communities as operating businesses rather than passive investments, which has been our core strategy for over 30 years.
Richard C. Wilson: That’s impressive. Competing with institutional buyers at your scale must be challenging. How does your operational expertise give you an edge?
Larry Connor: Institutional owners typically maintain properties well but outsource management. They get paid based on the top line, whereas we focus on improving the bottom line through exceptional resident service. Our approach allows us to capitalize on the operational inefficiencies left by these institutional owners, providing us with significant opportunities to enhance performance.
Richard C. Wilson: What was a turning point in your career?
Larry Connor: In 1990, we had a computer company based in Orlando, Florida. We became the second-largest reseller of local area networks in the state but eventually went out of business due to margin pressures and capital constraints. At 40, with a family to support, we had to start over. We took the lessons from that failure and applied them to real estate, focusing on hiring for cultural fit and adopting a fresh perspective.
Richard C. Wilson: For someone just starting in real estate today, what advice would you offer?
Larry Connor: Success relies on the four P’s: getting the right people, having a plan, building processes, and maintaining perseverance. Financial resources are secondary to these foundational elements. Whether you’re entering real estate or any other industry, these principles are crucial.
Richard C. Wilson: What’s a common mistake you see people making that they could easily avoid?
Larry Connor: A common mistake is focusing on short-term gains rather than long-term strategy. Managing for immediate results without a comprehensive plan is not a winning approach. A long-term vision is essential for sustained success.
Richard C. Wilson: You mentioned not hiring from within the real estate industry. Why is that?
Larry Connor: We find that industry veterans often have different expectations and productivity standards that don’t align with our approach. To be exceptional, we need to be dramatically different. Hiring from outside the industry brings a fresh perspective and better aligns with our values and standards.
Richard C. Wilson: How do you build and manage a high-performance team?
Larry Connor: People work for people, not companies. Leaders must inspire and motivate their teams, set high expectations, measure accountability, and invest in their development. Talented individuals thrive when challenged and supported. We don’t tolerate mediocrity; we strive for excellence and continuous improvement.
Richard C. Wilson: If an employee isn’t meeting expectations, do you focus on improving them or consider letting them go?
Larry Connor: We invest in coaching and development, but we maintain high standards. If someone doesn’t meet those standards despite thorough evaluation and support, we don’t compromise on performance. It’s about ensuring that everyone on the team is aligned with our goals and values.
Richard C. Wilson: You’ve achieved remarkable things, including space travel and deep-sea exploration. How do these personal adventures influence your business?
Larry Connor: These adventures require rigorous preparation and perseverance, qualities that are essential in business as well. Stretching your limits and challenging yourself helps develop resilience and innovation. It’s about pushing boundaries and learning from those experiences, which in turn benefits your professional endeavors.
Richard C. Wilson: If you were mentoring someone on building a high-performance business, what additional advice would you offer?
Larry Connor: Focus on passion and purpose rather than just financial gain. If you find something you’re passionate about and align it with your values, success is more likely to follow. Purpose-driven work provides an edge that others can’t easily compete with.
Richard C. Wilson: Thank you, Larry. This has been a fantastic conversation. I’m sure our audience will find your insights incredibly valuable.
Larry Connor: Thank you, Richard. It’s been a pleasure.