Pictured: Brandon Efap
Between bringing on fresh talent, launching a podcast, and expanding into new markets, the recently-rebranded Investment Property Realty Group (IPRG) is making waves in the surging waters of the commercial real estate industry. Partner and Managing Director Adam Lobel and head of the recently-launched Retail Leasing Division Brandon Efap sat down with The Real Deal to discuss IPRG’s growth six months on from its rebranding and how the new name has become more than just a set of letters.
“The name change enabled expansion and diversification of business lines and helped attract fresh talent,” says Lobel. “Rebranding to IPRG has allowed us to take things to the next level and since the launch, we’ve put over 35 properties under contract and the exclusive listings are rolling in.”
Hiring Brandon Efap to start the Retail Leasing Division was a major step in that leveling up process, and his seamless onboarding is a testament to the firm’s dynamic team and proven systems. IPRG is “built by brokers, for brokers,” without a top-heavy management structure.“The vast majority of the firm’s profits have been put into building a plug and play proprietary system, which streamlines each agent’s business and gives them every advantage possible so that they can be successful in the shortest amount of time,” says Lobel.
Investing in talent and technology
Everything about IPRG is optimized for broker and firm efficiency. Efap recognized that the firm’s systems would amplify his business and is a model hire for IPRG. “Most of the firm is under 40 years old, and Brandon is a young, hungry, athletic go-getter, and that’s the type of career-driven individual we look to add to our growing team,” says Lobel.
Having cut his commercial real estate teeth as an Associate at a reputable firm, Efap hit the ground running when he arrived at IPRG.
When I got here, I was able to immediately get leads and further boost my business. I am able to work directly with the sales brokers, and you don’t usually see that kind of synergy between sales and leasing.
These synergies are the direct result of IPRG’s investment in itself over the last couple of years. On a recent episode of the firm’s podcast, The Real Estate Roundtable with IPRG, the partners traced the journey they took from working at established brokerages to forging a new path with their own company. Partner and Managing Director Steve Reynolds talked about how most traditional firms drive productivity via internal competition among brokers while taking as much as 50% of sales off the top. While this is all well and good for their shareholders, it kneecaps brokers’ abilities to collaborate and create efficiency within their own practice areas.
For Lobel, the commissions that agents usually give up to the house, that we now can use, has made all the difference for brokers like himself and Efap. “It’s enabled us to have top-notch analysts, a dedicated marketing team, and an unbelievable database that is managed and constantly updated by our full-time employees.”
Built by brokers, for brokers
This is what really separates IPRG from the pack, and has allowed the firm to grow quarter on quarter as more clients take advantage of this symbiotic relationship. There is no separation between management and brokers. The partners are on the ground with the rest of the agents making deals and earning commissions, that are then allocated back into the backend systems that support more growth. Bringing on Efap to fire up the Retail Leasing Division is the first step, and now the partners have their sights on other areas of NYC and nearby markets like New Jersey, Long Island, and other markets along the East Coast.
You can hear the passion that the partners have for this industry in their overlapping voices on the firm’s podcast. These agents have turned their frustrations with the industry into a drive to make it better, not for themselves alone but for their agents, staff, and, ultimately, their clients. One piece of conventional wisdom that IPRG is pushing against is the long-held belief that agents can’t make money in their first year. “I fundamentally don’t agree with that,” said Derek Bestreich on a recent episode of The Roundtable.
We have a number of agents that have started here that have cracked deals in their first few months, and I think that comes from giving the brokers every advantage imaginable.
Room to Grow
While the IPRG team is very satisfied with their success so far, they view their current status as a mere foundation for what they hope to build. “We’re at around thirty brokers and we have a fantastic support team, but it’s not that impressive in terms of where we’re hoping to get to,” says Lobel. The firm was able to snag a full-floor lease in a building on Wall Street and Broadway, and the office is wired for 70 desks. Hiring Efap to lead the Retail Leasing Division is proof of where the firm is headed.