Former WeWork CEO Adam Neumann on his new $1 billion real estate startup called Flow

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LAUDERDALE, FLORIDA FOR FLOW'S INITIAL LAUNCH. DEIDRE? >> TYLER, THANK YOU VERY MUCH. ADAM, SIT NICE TO SEE YOU. THANKS FOR WELCOMING US HERE FOR LAUNCH DAY. YOU'RE LAUNCHING YOUR NEW VENTURE TODAY, FLOW. I KNOW YOU'VE BEEN HEADS DOWN OVER THE LAST FEW YEARS CONCENTRATING ON DEVELOPING IT. I WANT TO GET INTO WE WORK, WHICH I KNOW YOU'RE TRYING TO BUY BACK. BUT I THOUGHT WE MIGHT JUST ADDRESS THE ELEPHANT IN THE ROOM. SOME PEOPLE MIGHT BE SURPRISED TO SEE YOU ON OUR SCREEN AGAIN. WHAT ARE YOU GOING TO DO DIFFERENTLY THIS TIME AROUND? >> FIRST OF ALL, THANK YOU VERY MUCH FOR COMING DOWN HERE TO FLOW FT. LAUDERDALE. IT IS AN EXCITING DAY FOR US. BUT LET'S START WITH THAT. WE BUILT A GLOBAL BRAND, WE HAD OVER 10,000 EMPLOYEES THAT WERE SO PASSIONATE. WE HELPED REDEFINE A CATEGORY IN EVERY SINGLE THING WE DID HAD TO DO ALMOST ANYTHING AND EVERYTHING WITH COMMUNITY. I AM THE KIND OF PERSON THAT LEARNS MORE FROM THEIR MISTAKES THAN FROM THEIR SUCCESSES. SO ALL THE GREAT THINGS WE DID IN THE PAST WE'RE GOING TO DO AGAIN. THEN I HAD TIME TO REFLECT. I'M SO LUCKY TO HAVE MY PARTNERS. FOR THOSE OF YOU THAT DON'T KNOW, BOARD MEETINGS COME TO MIND, AND OUR BODE ARD ROOM IS EXCITING. THEY SPEAK THEIR MIND, IF YOU WANT THEM TO OR NOT. >> SOTHERE'S MORE DEBATE? >> DEBATE IS AN UNDERSTATEMENT. THERE ARE LIVELY DISCUSSIONS THAT CAN GO ALL OVER THE PLACE. THEY'RE A GREAT PARTPARTNERSHIP. >> DO THEY HOLD YOU MORE ACCOUNTABLE? >> EVERYONE IS HOLDING EVERYONE MORE ACCOUNTABLE. I HAVE THE PLEASURE TO WORK WITH THEM, AND THEY ARE ENTREPRENEURS. IT'S ONE THING TO HAVE INVESTORS GIVING ADVICE, BUT THESE ARE ENTREPRENEURS THAT ARE PEERS. I'VE TAKEN MY TIME. WE DID NOT RUSH TO LAUNCH THIS BRAND. WE'VE BEEN RUN THING BUSINESS FOR THE PAST TWO YEARS. WE BUILT OUR OPERATING SYSTEMS, WE BUILT OUR TECHNOLOGY, WE REBUILT PROCESSES, WE REBUILT A PROPERTY MANAGEMENT COMPANY. WE DID THAT TO PRACTICE AND TEST TO SEE WHAT WORKS AND WHAT DOESN'T. THIS BUILDING YOU ARE IN NOW IS 95% FULL. OTHER LOCATION IS 96% FULL, AND THAT WAS BEFORE THE BRAND. >> SO I WANT TO GET INTO FLOW. YOUR MISSION, I'M GOING TO READ FROM YOUR WEBSITE, REVOLUTIONIZE THE RESIDENTIAL EXPERIENCE AS A VIRTUALLY INTEGRATED REAL ESTATE OWNER/OPERATOR, AND TECHNOLOGY INNOVATOR. WHAT DOES THAT MEAN? >> I'M NOT SURE WHERE YOU READ THAT ON THE WEBSITE, BUT IT'S ACTUALLY MORE ABOUT COMING TO YOUR HIGHER SELF BETWEEN YOU AND YOURSELF, YOUR NEIGHBOR, AND THE WORLD. SO OUR MISSION IS ACTUALLY BRINGING EVERYBODY TOGETHER. WHAT YOU READ, I THINK, IS FROM THE BIO, WHICH IS A LITTLE BIT WHAT WE ARE DOING. >> THAT ACCURATE, THOUGH? >> EXTREMELY ACCURATE. FLOW IS AN EXPERIENCE FIRST, RESIDENTIAL REAL ESTATE COMPANY. WE ARE VERTICALLY INTEGRATED. WE HAVE TECHNOLOGY, OPERATIONS, AND WE HAVE THE PEOPLE THAT BRING IT ALL TOGETHER. ALSO, AS YOU CAN SEE AROUND YOU, DESIGN IS A VERY IMPORTANT ASPECT OF WHAT WE DO. BY BRINGING ALL OF THESE THINGS TOGETHER, WE HAD A THEORY TWO YEARS AGO THAT THE BUILDINGS WILL BECOME MORE VALUABLE. THE PROPERTIES ARE JUST STARTING TO SHOW THAT, WITH MUCH HIGHER PERFORMANCE. VZ >> ARE THE BUILDINGS MORE VALUABLE THAN WHEN YOU BOUGHT THEM? >> THIS BUILDING YOU'RE SITTING IN HAS A 40% ANNUAL HIGHER LINE THAN WHEN WE TOOK OVER 18 MONTHS AGO. >> DOES THAT MEAN YOU HAVE INCREASED RENTS, RENT GROWTH? >> GREAT QUESTION. WE INCREASED RENT GROWTH. FT. LAUDERDALE, WHERE WE'RE AT, RENT HAS GONE DOWN 8%. SO WHEN PEOPLE LIKE BEING IN A BUILDING, THEY STAY. WHEN PEOPLE STAY, IT INCREASES OCCUPANCY AND THE VALUE. >> JUST TO BE CLEAR, YOU ARE INCREASING VALUE, AND THAT'S REFLECTED IN THE VALUE OF THE REAL ESTATE THAT YOU OWN? >> SO I'M GOING TO ANSWER IT PRECISELY, ANOTHER LESSON. I'M GOING TO ANSWER IT VERY PRECISELY. WE HAVE INCREASED THE NET OPERATING INCOME OF THE BUILDING YOU'RE SITTING IN BY OVER 40% SINCE WE TOOK OVER 18 MONTHS AGO. IF YOU ASK WHAT IT'S WORTH, THAT'S A DIFFERENT M
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Channel: CNBC Television
Views: 78,089
Rating: undefined out of 5
Keywords: cnbc, business, news, finance, investing, the exchange, stocks, economy, politics, breaking news, money, Wall Street, kelly evans, newsroom
Id: UA-sXBvD7qc
Channel Id: undefined
Length: 4min 37sec (277 seconds)
Published: Thu Apr 11 2024
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