Today I met the investment manager of a family office!
I have often said, "There is no better way to meet high-net-worth investors than to be a commercial mortgage broker."
Even if you are a commercial real estate broker (aka "commercial broker"), you should open a commercial mortgage company and broker some commercial loans on the side, when sales are slow - just for the opportunity to meet wealthy investment property investors. In my role as a commercial mortgage lender, today I met the investment manager of a family office. Folks, this is a huge deal! This could potentially be a very important contact.
A family office is usually a small company of three or four employees that manages the investments and the business affairs of a single, extremely wealthy family. Usually we're talking about investment portfolios in excess of $30 million, and some family offices manage investment portfolios as large as $500 million or more.
A family office does far more than merely manage the family's investment portfolio. A family office will also provide for tax compliance work, access to private banking and private trust services, document management and recordkeeping services, expense management, bill paying, bookkeeping services, family member financial education, family support services, and family governance.
Whether you are a commercial broker or a commercial mortgage banker, you need to develop a fun newsletter with which you can stay in touch with your clients. At CRE , we use iContact.com as our newsletter service. I think it costs less than $60 per month to send out 4,000 email newsletters every business day.
I will try to stay in contact with this family office investment manager by sending him lots of folksy, fun, down-to-earth, opposite-of-professional newsletters. In every newsletter I will include lots of jokes, funny pics, and cool videos. I will also try to reach him with a newsletter every three weeks for decades.
If you have any questions regarding commercial real estate or are looking for financing, please give us a call! You can reach Rich Tretsky at 212-257-7307 or Todd Tretsky at 212-257-7305. You can also visit our website at www.cre-finance.com.