Printed April 10-16 2009
Name: Tyler J Saldutti
Company: Prime Realty www.PrimeRealtyInc.com
Service/product offered: Commercial real estate brokerage, management, and valuations.
Our mission statement: “To provide the opportunity to partner with entrepreneurially minded real estate professionals to accomplish the greatest return from your real estate.” Prime Realty is a full service commercial real estate firm servicing developers, owners, tenants and investors throughout the Northeast Florida markets. We are able to create value for clients through our superior process for selecting, developing, managing and marketing commercial real estate. Our goal is to achieve the greatest return on the real estate assets we service. What separates Prime Realty from the average real estate firm are proven systemic transaction processes and a commitment to operational excellence.
Where did you get the idea to start your business?
I had the idea to start Prime Realty when I saw the real estate market changing and the growing need for both new ideas and better methods in servicing commercial real estate. Clients are looking for a greater level of service. I developed my passion for real estate after years of experiencing business ventures both nationally and internationally. I used this knowledge to create a high level of service to clients by keeping our business small. This personal attention allows us to keep our overhead costs low and remain effective in a changing market.
How does your background fit into the company idea?
As a fourth generation real estate entrepreneur, the ambition to go at it on my own is in my blood. My business opportunities began with the competitive entrepreneurial business program I attended at Babson College. The knowledge, attention to detail and analytical skills I adopted in my formative business years led to my successes with a large commercial real estate corporation I worked for here in Jacksonville. I combined my business knowledge and passion for real estate to create the superior firm of Prime Realty.
How did you fund the business? Did you rely on savings or relatives for help starting out?
The opportunity to start Prime Realty was funded by previous successes. I built up a savings account and strong relationships in my industry and then took those and invested them in my business.
How long have you been in business?
We were incorporated May 2007, but became Prime Realty in October 2008.
How soon after you first opened your doors did your business first make a profit? How did you celebrate?
It took two years to build a services business that is consistently profitable month to month. When there is reason to celebrate I like to have a BBQ with friends and family.
What was the hardest obstacle to overcome in getting the business off the ground?
Building a client base was the hardest obstacle and there were no shortcuts. I had to create a foundation of long term relationships generated over time by slowly building trust. Building a client base remains one of my primary goals.
What has been the biggest mistake you’ve made? How did you correct it?
When you first start up there are many different opportunities to get your business out there. I am constantly educating myself on how to market our business, build our brand and recruit new clients.
What was the biggest surprise you encountered in starting or running your business?
It was surprising, both the joy of independence and the pressure to succeed as a business owner. I get a lot of satisfaction out of combining my entrepreneurial business background with my real estate success. I look forward to going to work and providing my clients with the very best service and I know when I do it is my own business that benefits.
How have you grown the business?
Our growth has come from catering our services to meet clients’ needs while leveraging our expert local knowledge, unique resources, and robust industry connections. We carefully balance being mercenary, willing to do anything for a fee, and being missionary by specializing in only one service. In the beginning it is easy to offer all services and forget what you are good at. But we never let our specialization diminish flexibility.
Who is your biggest customer? What would you do if you lost that customer?
Our biggest customers are local investors who have us manage their properties. This reliable income enables us to remain focused on new opportunities. We are confident in our ability to maintain our service with these clients.
How would you react if a similar business opened nearby? How would you handle increased competition?
By keeping our firm small we are able to maintain our personal relationship with clients. We are able to be flexible and make quick decisions. If more small firms opened in our area they may be able to provide this attention. However, they would not have our background expertise, business knowledge and local understanding of the market that Prime Realty offers. I welcome competition with the security of knowing Prime Realty’s commitment to excellence is unsurpassable.
Where do you see your company in five years?
I would like to be doing for myself what I do for others. Servicing real estate investors with their commercial real estate investment properties and helping businesses owners get the most value out of their real estate assets has given me a very unique set of skills to generate and maintain wealth. In five years I would like to have more of an ownership in the projects I work on. My ultimate goal is to create trans-generational wealth acceleration for my clients; that is, to maximize current cash flow and also execute a strategy to build long term wealth. In five years time I see Prime Realty having the capacity to service dozens of clients, the track record to finance its own deals, and the successful partnerships to thrive in what will probably be a much different commercial real estate market then we are dealing in today.