The commercial real estate industry is thriving, and the newly rebranded Investment Property Realty Group (IPRG) is poised to help its clients realize their investment goals with a motivated team, shrewd negotiating skills and a proprietary property database that offers every advantage.
Previously known as Bestreich Realty Group (BRG), the firm was started when a team of top-performing producers – Co-Founders Derek Bestreich, Luke Sproviero, Steve Reynolds and Adam Lobel, along with Partners Tom Reynolds and Donal Flaherty – left their perch at Marcus and Millichap where they were at the top of their game as part of a highly successful team.
Learning the commercial real estate business from a renowned firm gave them the foundation they needed to thrive in an ultra-competitive marketplace, yet they felt something was missing, which spurred conversations about what they would change if they could do it their way. “While we appreciated our former firm’s vision, we believed there was a better way to approach the business,” says Bestreich. That led to the decision to strike out on their own.
“As a dominant team that had built a strong track record and portfolio of sales in Brooklyn and surrounding areas, coupled with our fresh ideas and commitment to client service, we felt confident our firm could flourish,” says Sproviero.
That led them to take the best of what they learned at their previous firm and make improvements they were certain would yield an environment and process ideal for brokers. As Reynolds describes it, they are focused on building “a firm started and owned by brokers for brokers,” that gives clients exceptional service and results.
Branding Investment Property Realty Group (IPRG)
While their initial name – (BRG) – was well-recognized in New York, the team intends to expand to new markets in the Tri-State area and beyond. It seemed advantageous to make their debut with a moniker that describes exactly what they do and who they are.
They brainstormed the right name and landed on “Investment Property Realty Group,” known as IPRG. Supported by a premiere external marketing group, they embarked on a complete brand overhaul, reimagining from their logo to website.
“We are not a one-person story so having anyone’s name on the company doesn’t accurately represent the breadth and depth of our services,” says Bestreich. “Our associates have autonomy as they conduct their business.”
While IPRG’s initial foray will be into relatively local markets, they believe their recipe and process can be replicated anywhere there are opportunities, Bestreich says, noting they have watched the trend of capital leaving NYC to Texas or Florida. “Our new name opens the door to these other markets as well as a wide variety of potential new business lines, such as retail leasing or financing.”
Deploying Technology as a Competitive Advantage
One of IPRG’s key points of differentiation is a proprietary shared information database (SID) they have built that allows the entire team to track every sale and property record, including ownership information, throughout the New York City area. It’s a system that is valuable to both clients and their team because with this comprehensive set of data, a broker can run queries or reports for anything a client is requesting. “Whether it’s a mixed-use property in a specific neighborhood or access to a network of buyers and capital, we are able to efficiently make matches and create opportunities,” Bestreich says.
With this exclusive database at their disposal, brokers who get a listing have the information they need to make that sale, even if they’re new at their position, helping them build their book of business and credibility from day one.
Another differentiator is a unique territory structure developed for the firm that combines expertise and market coverage by assigning each borough an experienced market leader who is supported by newer agents. “More heads working together is more efficient and lets you get valuable inputs from different personalities, which collectively allows us to represent our clients better,” says Reynolds. It’s another way we can give our agents a head start to expedite their careers and keep them ahead of the trends while creating a collaborative environment that offers opportunity for all.”
Given their extensive experience in the industry, the IPRG team recognizes that retaining the best talent is a key factor in long-term success, which is why they direct the bulk of their investments toward technology and data designed to support brokers. “While many other firms are focused on cutting costs and building wealth for their shareholders, we want to put the money back into the business,” says Sproviero.
“We’ve seen the revolving door,” explains Reynolds. “Why not give top performers the tools they need to be the most successful here? We’re focused on providing that for talented brokers who in turn will give the best possible service to clients. That’s the secret to a leading brokerage.”
That’s not to say their team members aren’t competitive – after all, it’s a key trait of a motivated sales star. Yet IPRG prides itself on creating a culture that’s collaborative rather than cutthroat, which allows brokers to achieve success in an environment where they can grow and thrive.
On Pace for a Record Year
And the firm does indeed continue to flourish. Building on a substantial foundation, they had a solid 2020 despite the pandemic, then forged ahead to make 2021 their best year ever, doubling their revenue. They’re on pace to surpass that in 2022 as many investors who had been on the sidelines have been eager to return to the market.
Apartment buildings and mixed-use properties remain strong, and they’re seeing blistering growth in core areas like Cobble Hill, Williamsburg and Greenpoint, to name a few, with condominium developers, in particular, paying record prices.
While everyone has an eye on interest rates, the future looks bright with continuing demand buoyed by city-wide rents that remain high, says Sproviero. “There are more buyers out there than ever, and when our clients list a property at the right price and location, there’s a huge amount of interest.” And investing in real estate can be a savvy hedge against fluctuating markets, adds Reynolds. “With the variety of submarkets so prevalent in New York City, we can guide clients to where we believe there will be future activity.”
“Wherever the money is flowing is where we want to be,” says Bestreich, adding that one of the things he’s most proud of is their ability to pivot to meet the market. “We can profit even in choppy waters when we deliver for the client. Our business model is based on repeat business because we do our best in every transaction, and they call because they want to work with us again. In the end, we deliver results – the best price in the shortest period of time.”
Want to know more about how IPRG can help you reach your goals? Contact us today.