GLB Properties' Real Estate Journey | Story by J.P. Morgan – Transcript

Ivana:

So, when the pandemic hit, people couldn't look at properties in person, they weren’t driving around.

Gene:

And our vacancy rate started to escalate and it got the highest it's ever been in decades.

[chipper music]

There is no shortage of people coming to L.A. looking for a place. But there's some people who want more than just a roof over their head. And they notice some of the details and we really focus on the details and we create an experience.

Ivana:

My parents and I collaborate. We are a team and I contribute my modern millennial eye. And a lot of what you see today is stuff that we've all done together.

Louise:

Over the years, little by little, we began to purchase these beautiful buildings that are truly pride of ownership. It's a front to back to inside to basement to rooftop challenge. [chuckles]

Gene:

And that has been our model for decades and that has done very well for us. But we are in a very small niche market. How am I going to pay for these properties when people are not paying rent or able to pay rent and we can’t show places? And our vacancy rate started to escalate and it got the highest it's ever been in decades.

Ivana:

People couldn't look at properties in person, they weren't driving around. They were on their phones looking at Instagram 24/7. Everyone was communicating via text, via FaceTime. And I thought, OK, why don’t I put my Instagram energy toward work? I ran some sponsored ads and it just started blowing up. Looking at our Instagram gave people, like, this hope. A new place, a new feeling, a new vibe.

Louise:

So Ivana and Instagram has taken GLB to heights I don't think Gene could have ever imagined.

Gene:

We have the least amount of vacancies right now that we've ever had. And we fill vacancies quicker. We've struck a nerve, there's no doubt about it. And so we get responses from literally all over the world. We have people renting sight unseen, and it’s fabulous. It give us a lot of pride in that we’re doing something wonderful for people and making money while we sleep.

Ivana:

It's really a vision that the three of us have created.

END