Darryl Parmenter is the CEO of Parmenter, a real estate development company, based out of Miami. With three and a half decades of experience, he is one of the veterans of the real estate world. Consequently, he oversaw the entire growth of Parmenter since its foundation 29 years ago.
He also had relevant experience before this venture as he worked for Lincoln Property Company as the managing partner. This role enabled him to get some hands-on experience with local developments in Miami. Additionally, Darryl Parmenter was recognized amongst the top ten percent of all investment brokers while working for Coldwell Banker.
How do you define success in business?
I define it as a state of envisioned prosperity achieved through favorable outcomes. To simplify this a little, I think that being successful means achieving goals through hard work. In business, this can be someone’s latest contract that will make their company profitable. But it could just as easily be the latest promotion that a hard-working employee received. The list of examples goes on.
Based on your definition, how can someone be successful as an entrepreneur?
Through dedication and persistence. Many people may read into those two words and think of them as a synonym for each other. I, however, see clear differences between them. Dedication, for example, represents someone’s long-term approach and positivity when dealing with adversity. Meaning, it showcases their ability to be faithful to a goal regardless of the circumstances.
Persistence, on the other hand, carries a short-term nature. I see it as one’s willingness to overcome everything and never quit. A great way to exemplify this is to think about a real estate agent. Persistence would be that part of them that drives them towards closing some deal right now. Dedication, however, is what drives them to keep making deals for the next two decades.
Does the same concept apply to real estate?
Absolutely! Even without the real-estate-based example I gave, this area is a fundamental part of the business. I mean, even the universities have implemented actual majors where real estate topics are covered, and certifications acquired.
Parmenter has grown beyond Miami and become an influential business across the southern states. How did you achieve this?
The fruitful real estate market in Miami ignited my passion many years ago. Even in the late 80s, I anticipated this city would explode in popularity over the years. Our success in Miami led to unprecedented growth over the past few decades, and we were able to expand. We now take on large projects all across the southern United States, from DC to Denver. We continue to grow with each passing year and are constantly looking for new projects and new opportunities.
How do you maintain a positive environment at Parmenter?
I model the behavior that I wish to see from others. That means that I act in the same manner in which I want my subordinates to act. So, if I would like people to be positive, I will never show up to work frustrated. Although I have many long days when my emotions may get the best of me, I never let any of this show. Instead, I interact with everyone professionally and make sure that I put a smile on their face.
After many years, my employees have accepted this as a general standard, and they try to do the same. It kind of works like a professional courtesy that we extend to each other by always being positive.
How would you narrow down the most important tips about the real estate market for those who are just getting started?
If I had to pick a few ins and outs of the real estate market, I would focus on planning, research, legality, financing, and marketing. Although there are many more relevant topics, these can be a great starting point. For instance, knowing how to plan and research helps one figure out a potential project area.
Additionally, understanding legal and financial implications make it possible to provide high-quality and accurate service. Not to mention that getting funded is necessary to work. Lastly, it is practically impossible to attract customers without marketing. Hence, why it was one of the essential elements.