Pay It Forward: "There Are No Shortcuts To Success"
I’d like to reach a point where half of the company is owned by employees who have their own clients.
Niall J. Murray, 52, Rockabill Consulting and Development; Hoboken, NJ
Niall brings over 25 years of experience working with a wide variety of industry participants, both government and private sector organizations. He has built an outstanding reputation for his understanding of the affordable housing development business, public private partnership financing, and he has been on the vanguard of some unique financing innovations. Since its founding, Rockabill has consulted or partnered on the development and financing of over 12,000 affordable housing units throughout New York City and New York State.
Job title: Managing Principal & Founder.
Area of expertise or focus: Affordable housing, supportive housing, shelter/transitional housing, development, financial consulting, construction
What has been your biggest challenge in your particular INDUSTRY/? How have you overcome those obstacles? The affordable housing industry is crowded and competitive which makes staking out a niche so important. Our latest venture, ConRock Construction, is a great example. We had difficulty finding a General Contractor with the soft skills and expertise necessary to execute rehab projects while tenants remained in place so we decided to start a general contracting business specializing in just that. By not being satisfied with the status quo we hope to have a major impact on the industry at large.
What about your current role/position at the company are you most happy with? There is no better feeling than helping our clients reach their goals. Rockabill is named after a lighthouse on the east coast of Ireland. Like a lighthouse, our job is to guide our clients and their projects safely to shore. In the complex world of affordable housing, this means wading through intricate financing tools, government regulations, and economic and political pathways. It’s not easy work, but it’s incredibly satisfying to help our clients build capacity and confidence when it comes to utilizing, leveraging, and managing their real estate.
What is the best piece of advice you have received that has helped you succeed in your industry? When you’re in a leadership position sometimes just your presence sucks all of the oxygen out of the room. Empowering people in your organization essentially means stepping back and giving them the space to learn to be professionals, make mistakes, and discover their own voice. If you are still in the room then people will naturally be deferential.
Do you have any advice specifically for the next generation? There are no shortcuts to success; a hunger to learn and desire to work hard are essential attributes. How you conduct yourself professionally will lead to opportunities because you are always selling by virtue of how you answer an email or a phone call, how you dress, and how quickly you become the solution not the problem. Be patient, but don’t be afraid to push for something if you feel it is right. Most importantly, protect your reputation—it can take years to earn and five minutes to ruin it.
Would you advise any younger person to begin a career in CRE? Absolutely, especially in our specialization of affordable, supportive, and shelter housing. The nation’s affordability crisis isn’t going away anytime soon. Luckily, there are a ton of really smart people working on solutions— both in the private and public sector. It’s an area of real estate where you can feel good about your work while pushing yourself intellectually.
Please share with us the best lessons learned or a surprising component of your unique journey. A unique part of my journey was that I won a green card lottery that allowed me to come to New York City from Dublin in 1994. I didn’t know anyone or anything, but I figured why not go to the most competitive city in the world and see if I have the chops to make it. I was hired as a cleaner at Rockefeller Center and it was my job to scrape gum off the sidewalk along Fifth Avenue with a razor blade. It wasn’t a very glamorous start to life in New York City, but it was the beginning of a great adventure.
In your opinion, what takeaways did we learn from the COVID crisis? Your team and your culture are everything. A few years ago, I created a pathway for employee equity ownership at Rockabill whereby principals at the firm — there are now four—can directly share in the firm’s success. I’d like to reach a point where half of the company is owned by employees who have their own clients and develop their own lines of business under the Rockabill umbrella. I want everyone to have skin in the game.
What three words, phrases, statements or mantras would you use to describe your work mindset? Innovation, Integrity, Execution. These are the core principles that Rockabill embodies. Innovation comes from developing a business that provides value-added solutions to nonprofits, some of whom have generated millions of dollars to support their broader mission because of an idea we pitched to them. Integrity speaks to how we conduct ourselves in a professional environment and our commitment to making decisions in the best interest of our clients. Execution is how we lead the development process and make sure everyone stays on task to bring the project to successful completion.
