Twenty-five years ago, Mike Zucker founded Peak Properties, a full-service management and investment firm in Chicago. From a one-man show operating in the basement of a building, the firm now manages 8,500 units in over 500 buildings throughout the Chicagoland area. Multifamily Executive caught up with the firm's managing partner to hear more about what excites him most about the industry and what he’s closely watching for the short and long term.
MFE: How did you get your start in the multifamily industry?
Zucker: Once I graduated college I was literally on my own. My mom had passed away, and my dad had major gambling addiction and life issues in general and was not around. I was able to rent a three-bedroom apartment with a couple of college buddies and had to figure it out. I waited tables, delivered kitchen cabinets, and on the weekends rented apartments for a small, two-person office. Through renting apartments, I started to meet people in the industry.
MFE: What is the biggest lesson you’ve learned in the multifamily industry over the past 25 years?
Zucker: In good times and bad, smart interest rates and smart debt rule the day. A rising tide may lift all boats, yet when a storm is on the horizon, it is just fine being in low tide.
MFE: How have you seen the industry evolve during this time?
Zucker: Technology by far has advanced the industry to where it is today. I remember writing ads on 3-inch-by-5-inch notecards, and to save money, because ads were based on the number of words or lines, I became very adept at eliminating conjunctions, adding hyphens, and abbreviating.
MFE: What excites you most about being part of the multifamily industry today?
Zucker: Every day is different, and every day brings a new challenge. It would be impossible for me to sit at a desk all day.
MFE: What is a recent creative move made by the firm?
Zucker: One of our guiding principles is to always be learning, and part of that is the creative process. We do not want to be stodgy; we encourage creativity. A few recent creative moves we have made addressed what we believe were major inefficiencies in the local rental market. We have created a more efficient way of leasing units where we are not stifling one’s growth, and we have created team liaisons to make the management process smoother from both a resident and client perspective.
MFE: What are your short- and long-term concerns for the industry?
Zucker: It is hard for me to go against many of my peers as we share the same concerns. Interest rate risk, supply chain issues, insurance and tax volatility, supply/demand, affordable housing, and local legislation just to name a few. I am a property manager at heart. It is my job to worry.
MFE: Current binge watch?
Zucker: I am not going to leave this as one simple answer because this is such a generic question I see all the time, and there is so much I enjoy in addition to working. My kids are a bit older and more independent, yet every minute I get with them is a bonus. When I’m not with my kids or wife I have more time to stay even busier! Currently I’m watching “The Mayor of Kingstown” and just finished “Yellowstone” and “Shrinking.” I love playing basketball, pickleball, tennis, and working out in general. I love reading and try to volunteer as much as possible and meet as many new and interesting people along the way. Sports, to me, is the ultimate metaphor for life as when you are on the field or the court, all are working toward the same goal regardless of race, religion, sexual orientation, or financial wherewithal.
