Coming across someone who cares enough to take care of you and your money is an exceptional find these days, and that’s just what James DuMars is – exceptional. It’s also what has helped to make him so successful. James is Senior Vice President/Managing Director of NorthMarq Capital, which specialties include commercial real estate loan origination, servicing and debt advisory services. “There’s a lot of money involved, but I like building long-term relationships that involve loyalty. I focus on people over fees and build a career right along side of them.”
And that he’s done. With $89 million as James’ largest deal, he’s proved himself worthy of his title, but this isn’t why he shows up to the office every day. James explains, “I go to work everyday because I believe I have the most loyal clients in Phoenix. I don’t care what size the deals are, I work hard on whatever size.” Getting rich off of deals isn’t one of DuMars’ priorities; however getting rich off of relationships is.
Client-First Culture
James has cultivated this client-first culture at NorthMarq as well. Comfort and open communication are welcomed, and highly encouraged, which is refreshing for such a substantial company.
NorthMarq is the largest privately held Commercial Mortgage Banking Company in the nation, with 32 offices and an average origination volume of $10 billion in loans, annually. In the 1950’s the company was founded as Northland Mortgage in Minneapolis, until it expanded thirty years later. NorthMarq is now established in all major markets across the US.
DuMars joined NorthMarq in 1994 and has contributed to the company’s astronomical growth; in 17 years NorthMarq went from servicing $2 Billion in loans, to $39 Billion — and there is still talk of expanding.
In such shaky times, expanding might seem questionable; however James attributes it to opportunities seen by NorthMarq through a trend of consolidation. According to James, several small commercial mortgage firms have approached NorthMarq wanting to become part of the company, “They see the benefit to a national platform which includes 50 life insurance company correspondents and direct access to the multifamily agency lenders.”
NorthMarq employs a phenomenal information sharing system amongst their 32 offices, which means every new loan is reported in real time to every producer. Not only does NorthMarq excel at communication, but they have ownership in one of only 26 Fannie Mae licensees in the country. DuMars also points out, “Many firms that took on debt during the boom may not survive or have had to cut back on necessary support. So, their employees have chosen to seek out and establish themselves with a strong company that can weather the storm such as NorthMarq.”
Silver Lining
Although the economy is looking bleak and uncertain, DuMars focuses on the positives. “It’s helped us become more innovative. We’ve had to get out of our comfort zone.” “Customers see us more than ever as a vital part of the process.” “If you like to help people then this is the business to be in as lots of people need help.”
When asked about where we’re at in the capital markets cycle DuMars replies: “We’re in a slow recovery process. It’s not the good old days, but it’s improving. Rates are down; there’s more money to be loaned out today than say a year ago. With the downturn in values and rents the key is finding projects that can be refinanced. In five years things will feel good.” James quickly adds, “Overcoming setbacks and failure are a necessary part of growth and success.”
Well, if DuMars had any failure at all, it’s in his past – and he’s a fast learner.
Service Focused
In 2001, when James moved from competing producer into his current managerial position, he traded in the conventional staff meetings and cubicles for openness and a team environment.
To James this made sense, “Over time I learned that management is a role of service, you’re a servant, not an authoritative role where you order people around. You have to have an open-door policy and help people.”
This is also evident as he is responsible for assisting NorthMarq clients with over $2 billion in transactions. Although DuMars clearly showcases leadership skills today, this wasn’t always the case. His unconventional leadership ways come from past supervisors — James adopted some things he liked from past supervisors and in other cases practices the exact opposite of how he was once managed. “I learned to give people autonomy and not to do unhealthy things that I’ve experienced,” he reminisces, “like threaten people.” DuMars also learned the importance of communication early in his career, “Again, we have an open door policy. I’ve always emphasized communication in the office and let people know that I want feedback. I need to hear if they’re dissatisfied or something’s bothering them or if we can do something a better way. They need to feel comfortable expressing themselves. I also let them know it’s their responsibility to take action and communicate any grievances.” Sometimes we agree and other times we don’t but there’s respect and openness. It’s like family; it’s how I run my family.”
Foundation for Success
Before he had a family and before he had a position at NorthMarq, DuMars attended Arizona State University. After graduating with a Bachelors Degree, he worked in the specialty consulting practices of two Big 5 accounting firms prior to accepting a producer position at NorthMarq in 1994. While grinding out ridiculous hours at the accounting firms, James was able to build a foundation for his current position as he was involved with all aspects of commercial real estate from analyzing leases, running cash flows, determining value, structuring transactions, and providing support to lenders working out transactions.
Although he is now managing, James is still compelled to create results, “I have to produce just like everyone else in the office. So I produce my loans as well as help everyone else.” James realizes that he gets compensated if his office is productive and profitable, so he makes necessary sacrifices and stresses the importance of not territorializing. In his 9 years as Managing Director, DuMars’ team has never argued over a client, which he attributes to communication. As manager one theme he operates by is: “Treat people how you want your adult kids to be treated.”
Family
Children are something James knows a thing or two about. He and his wife Katie have four: three boys and one girl, (10, 10, 9, and 7).
DuMars’ home life mimics his work life; he uses a recipe of communication and respect. “As a family we’re very close and we have a lot of fun together.” It’s very important for the family to do things together, “We don’t like to watch them; we like to interact.”
Clearly, there is no Wii in this household. James also realizes the importance of teaching his children good values, “We focus on several things including good character, balance, forgiveness of self and others, taking ownership, giving, communicating, goal setting, mining their gifts, and maintaining a proper perspective.”
With four kids, in such close age range, this can’t be an easy task. So James and Katie utilized their creativity and implemented ‘leader day’. This allows each child to be the leader for an entire day, with the process alternating every fourth day. DuMars believes this practice balances out the birth order and gives each child a sense of individuality and distinction.
Leader day is also creating entrepreneurs in the DuMars household. James’ children have created their own Web site in which they sell pencil tops. But, then again they didn’t really have a choice, “We don’t give them money. They have to do chores.” James’ 9-year-old may be following in his father’s footsteps, “He wants to invest his money in a 4-plex.” DuMars proudly shares. “I was especially proud when the boys took their December profits and adopted two under privileged kids and gave them teddy bears at Christmas.”
James underlying theme to most everything is “think long term then make your choices”. In that regard James’ marriage is to long term partner Katie, a one time healthcare consultant, but now the consultant on family issues. “She pushes me. I’m a lucky guy.”
It’s not all business for this go-getter duo; they take time for themselves as well. Traveling to Tucson to trek through the Catalina Mountains, sight seeing in San Francisco, or bicycling through the neighborhood are a few of their favorite ways to unwind. When DuMars does have a moment to himself, he works on the book he’s writing for his children. It’s all about being a dad and how to create a healthy, familial environment. What else would you expect from a ‘relational, not transactional kind of guy’?
James DuMars
NorthMarq
(602) 508-2206
jdumars@NorthMarq.com
