Every so often, we at Fried On Business have one of those shows that defies definition. There is no theme, per se, but our excellent guests make the show memorable.
Our most recent episode was one of those programs. Our guests covered selling cars, real estate technology, and everything in between.
Here is but a sample.
Warren Henry in Key West
Our friend Larry Zinn, General Manager of Warren Henry Automotive Group, revealed that the dealership has acquired the Toyota, Ford, Dodge, Chrysler, Jeep and Ram franchises in key west.
Now Warren Henry can accommodate a range of buyers who want cars priced in the teens all the way up into the hundreds of thousands of dollars at the Lamborghini store in Fort Lauderdale.
“It’s pretty great being able to have all these options, all these different nameplates. The ones we’ve just acquired have some tremendous product. Realistically, five of the 10 best-selling vehicles in the United States are made up of those brands,” Zinn said.
One anecdote: The Zinn family’s association with Toyota goes all the way back to Larry’s grandfather, who signed on with the carmaker in the 1960s. This was a time when Japanese autos had, shall we say, a less than stellar reputation.
How times have changed.
Zinn said he’s excited about a few new models coming out, including the new Toyota Camry and the stunning Range Rover Velar.
We spent more than a few minutes talking about the Velar, and you can listen to the entire segment by clicking here.
Time for Office to Shine?
We also had a chance to talk office and industrial real estate with Josh Procacci, Founder and Chief Investment Officer of IP Capital Partners (IPCP) in Boca Raton.
The company buys mainly value-add office and industrial throughout Florida through their own discretionary, closed-end funds. Currently they are deploying Fund 2, which is a $60 million fund. Employing modest leverage, Procacci estimates $550 million to $600 million in buying power.
“We’re net buyers. We’re looking for opportunities. Frankly, over past 3.5 years we’ve been very active,” he said.
With the value-add opportunities fairly well picked-over in the South Florida area, I had to ask Procacci about his favorite market at this time.
In the last six to nine months, he said, there’s been a disconnect between buyers and sellers. The noise in the urban market has allowed some price discovery and reduced competition for good product. Falling prices have allowed IPCP to achieve their return expectations, buying assets like 110 Tower in downtown Fort Lauderdale.
On the suburban side, the company seeks properties similar to Class B, 80’s-vintage, atrium-style buildings with good access to roads.
We talked in great detail about IPCP’s investment philosophy, so click here to listen to the entire interview.
Prepping for Hurricane Season
Next up, Dave McCaffrey, Vice President of Business Development for Biscayne Roofing in Davie, said wise property owners should be contacting a roofing professional to do a semi-annual inspection before the start of hurricane season.
That process, he said, should include clearing drains and gutters, clearing debris from the roof surface, and cutting back overhanging tree limbs.
By the way, that goes for commercial property, too. Not just residential, he said.
Now, let’s hope this hurricane season passes uneventfully. But in the event that it doesn’t, McCaffrey revealed that subscribers to Biscayne Roofing’s Preventive Maintenance Program become priority customers in the wake of a storm.
In fact, drawing on his experience in 1992 when Hurricane Andrew paid South Florida a visit, McCaffrey said Biscayne Roofing maintains a satellite telephone so that communication with clients is unhampered.
The season is upon us. Click here to get the scoop on hurricane preparation from Dave McCaffrey of Biscayne Roofing.
New Technology on WikiRealty
Last, but certainly not least, WikiRealty® Founder Sanjay Kuttemperoor gave us a heads-up on exciting developments at the real estate technology company.
For instance, anyone can get listing data from anywhere, he said, but WikiRealty® takes things a step farther by providing lifestyle information.
“We help Realtors and other real estate professionals get discovered online by the buyers,” Kuttemperoor said.
Especially Millennials, who usually begin their real estate search online.
“We help Realtors build their brand around their specific areas of expertise, in the neighborhoods where they practice, and around the lifestyle topics that they are an expert in,” Kuttemperoor said.
In other words, it’s all about the information. I used to tell people I’m in the “information arbitrage” business, but now information is available at your fingertips. Now it’s about quality over quantity.
Mark Demarest, head of business development for WikiRealty®, agrees.
“Today’s homebuyer cares much more about where they live and the lifestyle than the pictures, price and data points. That’s for sure,” he said.
We talked about a lot more from WikiRealty®, including a 360-degree virtual reality feature that Realtors can produce simply by using their smartphones.
Click here to listen to the entire conversation.
