|| Print ||
|Articles - December 2010|
|Wednesday, November 17, 2010|
Never mind that real estate remains in the throes of its worst downturn since the 1930s, with economists forecasting continuing difficulty even as the overall economy modestly recovers. National net worth, of which real estate counts for nearly a third, has fallen by $12 trillion since its peak in 2007. Just blocks from the NBS offices beside the Morrison Bridge, the Park Avenue West office tower has remained a giant hole in the ground for over a year, its stalled construction a symbol of the market looking to climb back to the surface.
“We’ve come through it before and we’ll do it again,” says Hering, a Portland-area native nearing his 70th birthday. “Good companies prepare themselves for the upside. You tighten your belt, you get efficient, and you make moves when the economy turns. Also, there is opportunity that comes about in down markets. When things are going well, people don’t look under the hood of the car much.”
Key to Hering’s success is how his personal values play out in his business decisions. There is no separating Hering the intractable Vietnam veteran from Hering the thoughtful Ivy League-educated businessman, or Hering the arts supporter from Hering the salesman. “The reason I’ve been here 29 years is very much Clayton,” says Jan Robertson, NBS’ chief financial officer. “He reminds all us managers that we’re here to make the community better and to make the workplace better for our employees. He always says, ‘Don’t stifle people.’ It’s not what you think of when you think of an ex-Marine.”
With measures from executive pay cuts to furloughs, Hering has laid off only two employees.Many of his staff have been with him at NBS for decades. “They all have families, responsibilities, hopes, aspirations,” says Hering, who has been with NBS since 1972. “You’ve got to deal with lowering your overhead, which we’ve done. But to me as a leader you must lead the pain and share the gain.” Hering also knows when the market tics upward, NBS will have people ready to capitalize. “We’ve got to encourage people to stay on the street, and we’ve got to stay optimistic.”
NBS also remains proactive in tough times. In the recessionary early ’80s, the company established brokerage, property management and finance wings in each of its offices. In the ’90s, Hering led a separation of NBS’ Northwest offices from those in California. In 2003 as the Dow Jones skyrocketed, the company established a private equity fund. In 2010, NBS Multifamily Management was launched to address the emerging middle-class apartment market and the wave of unsold condos turning to rentals. Each move and era had its own circumstances, but collectively it shows the company becoming more diverse and autonomous, constantly seeking new avenues to do business.
“I’ve been through a lot of economic cycles in 38 years,” Hering says. “I grossly misjudged this. I didn’t think we were overbuilt like in the last recession, but I didn’t anticipate how the capital markets would dry up. We were in the bottom. So we said, ‘Where can we build revenue?’”
In liberal Portland, Hering succeeds by tempering strong views about taxes (he wants them cut) and jobs (he thinks elected officials don’t focus enough on them) with diplomacy and humility. “He’s the best kind of salesman,” says Elaine Calder, president of the Oregon Symphony. “He doesn’t try to sell you what you don’t want. He listens to what you want.”
As Calder knows, these same principles apply to Hering’s arts support, even when it’s not to his personal taste. The symphony has counted him as a board member for more than 12 years, including two as president, even as he admits to preferring the Grand Ole Opry to Bach and Beethoven. “I’m a country and western fan, but I believe very strongly that arts and culture is critical to quality of life,” says Hering, who in 2009 won both the Portland Business Alliance William S. Naito Outstanding Service Award and the Commercial Association of Realtors Humanitarian of the Year. “It gives you the opportunity to step off whatever platform you’re working on all day, maybe getting your brains beat in. I believe it’s what feeds the soul.”
Perhaps it takes a leader with an Ivy League brain and a Marine’s courage to lead a real estate company to prosperity in the early 2010s. But like the country songs he loves, Hering is eager to turn anguish into aw-shucks poetry.
Monday, July 14, 2014
BY VIVIAN MCINERNY | OB BLOGGER
Some people think Amazon’s winking eye logo is starting to look like a hoodwink.
Wednesday, August 27, 2014
Tom Cox interviews Pete Friedes, author of "The 2R Manager," about becoming a Best Boss.
Monday, August 18, 2014
Portland is in the middle of another construction boom, with residential and office projects springing up downtown, in the Pearl and Old Town. OB Web Editor Jessica Ridgway documents the new wave.
Wednesday, August 13, 2014
BY TOM COX | OB BLOGGER
When I say, “Your Employee is Always Right,” I do not mean “right about the facts,” but rather “right about how they feel” and “right about how they want to be led.”
Monday, July 14, 2014
BY TERRY "STARBUCKER" ST. MARIE
I really didn’t know that much about angel investing, but I did know a lot about the entrepreneurial spirit.
Thursday, July 10, 2014
BY TOM COX | OB BLOGGER
Tom Cox interviews Dr. Mark Goulston, author of Just Listen, Discover the Secret to Getting Through to Absolutely Anyone.
Wednesday, July 02, 2014
BY JESSICA RIDGWAY | OB WEB EDITOR
Dress for Success Oregon promotes the economic independence of disadvantaged women by providing professional attire, a network of support and career development tools.
|The Private 150: Bigger But Leaner|
|The Perfect Food|
|Powerlist: Staffing Firms|
|Taxis Uber Alles?|
|Google tests drone deliveries|
|Abercrombie to remove logos from most clothing|
|FBI investigates JPMorgan 'cyber-attack'|
|GoPro launches camera dog harnesses|
|Snapchat now worth $10B|
|Tomatoes may lower prostate cancer risk|
|WHO: Ban e-cigarette use indoors|
Vigilant enters a New Year with a new president.
How George Fox has become one of Oregon's largest private universities.
Forest Grove sees growth in the burgeoning food and beverage scene.
Lane Powell Shareholder William T. Patton has been appointed to the board of directors for Cascade AIDS Project, an organization that provides educational services and outreach to thousands of Oregonians living with HIV/AIDS.
Fifty-one Lane Powell lawyers were recently selected by their peers for inclusion in The Best Lawyers in America® (Best Lawyers) 2015; of those selected, 23 lawyers are from the Firm’s office in Portland, Oregon.
Barran Liebman is proud to announce that Andrew Schpak, a Partner of the firm, has been named Chair of the American Bar Association’s Young Lawyers Division for the 2014-2015 bar year.