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For entrepreneurs, guts and agility pay off Based upon what the papers report about stalling home sales in a declining real estate market, the last place to expect to find a growing company would be in residential investment real estate. But Fred Starikov, co-owner of City Realty, and partner Steve Whalen have experienced three years of steady growth during a period many similar firms have been gasping for air.
"Where many see risk," says Starikov, who generally works out of the Cleveland Circle head office, "we try to discern the opportunity behind that fear."
And then they act. Four years ago the pair worked in a small, independent apartment rental office catering to students. "When we realized how much of that office's revenues we were generating," says Whalen, who focused on Brighton, "we said why not 'put a roof over it' and own our own business." They took all the cash they had, rented a nearby office, and 'put it all on the line' as they abandoned the somewhat predictable income from their previous employer and invested in computers, nice furniture, and even flat screen TVs to differentiate themselves from rival offices. "We dressed it up," says Whalen. "No flip flops here." Theirs is a very collegial operation with their brokers - up to 55 now and still hiring - sharing ideas, leads, and even commissions if that's what it takes to propel continuing growth. The fact that City Realty now has four offices, including one in Lynn that opened two months ago in the midst of this so-called real estate decline, confirms that their philosophy pays off. Lessons learned
Whalen says the pair learned a lot on their self-taught journey. "Try to maximize your assets, your relationships, use everything you have," and explains how first renting units for condo owners morphed into a substantial condo resale business. So where does a risk-loving, successful entrepreneur see opportunities today? "Jamaica Plain is definitely getting hot" says Starikov "and the South End has huge upside to it. Nobody can predict a bottom" he notes. "This is a good time to buy and hold. Published in BostonNow on March 31, 2008 |
