In this episode, Greg sits down with Peter Anastos, a prolific developer who has shaped both the residential and commercial real estate landscape in Maine. Peter and his businesses have been recognized numerous times both locally and nationally for their business and charitable contributions, including the Maine Business Hall of Fame and the 2013 Award for Extraordinary Contributions to Affordable Housing.
In this episode, Greg sits down with Peter Anastos, a prolific developer who has shaped both the residential and commercial real estate landscape in Maine. Peter and his businesses have been recognized numerous times both locally and nationally for their business and charitable contributions, including the Maine Business Hall of Fame and the 2013 Award for Extraordinary Contributions to Affordable Housing.
Produced by Trail Marker Productions http://www.trailmarkerproductions.com/
Recorded/engineered by The Portland Pod https://portlandpod.com/
Peter Anastos is an owner and co-founder of Maine Course Hospitality Group, which owns, operates and manages over 20 hotels in northern New England. The Maine Course portfolio includes Marriott and Hilton brands as well as three independent hotels. Approximately 650 people are currently employed by Maine Course Hospitality.
Peter began his career in the 1970’s by starting a house painting business, which he operated for seven years. The company is still in existence. Previous to that he worked for several years on the floor of a Wonder Bread and Hostess Bakery factory.
Peter then entered the land development and construction businesses in Maine building hundreds of houses and developing and owning both residential and commercial real estate, including apartments, shopping centers, restaurants and hotels.
Maine Course Hospitality Group was originally founded in the early 1990’s as a restaurant company owning both franchise and independent restaurants. The transition primarily to hotels was made in the early 2000’s.
Peter’s involved with community too. He served as President of both Southern Maine Big Brothers Big Sisters, which he helped found, and the Maine Real Estate Developers Association a/k/a MEREDA. He was Board Chair for the Big Brothers Big Sisters capital campaign that raised over $2.4mm. He also served on numerous boards including the Freeport YMCA and helped in the formation of the Beach to Beacon Road Race.
Peter is the former chair of the Maine State Housing Commission. Under his leadership, the amount of low income housing produced nearly doubled and costs were lowered by 35%.
Peter and his businesses have been recognized numerous times both locally and nationally for their business and charitable contributions, including the Maine Business Hall of Fame and the 2013 Award for Extraordinary Contributions to Affordable Housing.
Peter received a B.A. degree from the College of Artesia (Pronounced Artesha) in Artesia, New Mexico in 1970. I understand that fine institution no longer exists. Did your attendance have something to do with its demise?
Peter resides in Yarmouth, Maine with his wife Lori.He has two grown children, Harrison and Julia.
From personal experience I can tell our audience that Peter is one of the funniest, most unassuming, successful, under the radar developers I know. An overall good person. I just hope he’s remembers to put me in his will.
Welcome Peter.
We'd like to welcome our listeners to the Boulos Beat podcast. I'm your host, Greg Boulos. The Boulos Company is Northern New England's largest commercial real estate services firm with offices important mean in Portsmouth, New Hampshire. We've been selling and leasing real estate in Maine, New Hampshire since 1975. This is a series providing insight into Maine’s real estate movers and shakers.
I see the college that you attended was Artesia College. I wasn't familiar with it. So I checked out its Wikipedia page.
Did you really?
I did. There it states that the college, “Welcomed unconventional students who had not been successful at other colleges.” I swear, that's what it says.
They, literally, the president of the college once said it was said some assembly. You know, there's people we didn't admit. We literally looked at each other and said, did someone not get their furlough? I mean, what could this possibly be? It only lasted six years.
Were you at another college before?
[00:03:10] Oh yeah, another great one: Quinsigamond Community College, QU we used to call it, but I only was there for a year. I was terrible. I was a terrible, terrible student.
[00:03:19] It’s turned out okay for you.
[00:03:22] Yeah, it did. I mean, did I ever use my education? Probably not, but I still have some great friends and good times. I love New Mexico. It was it was great.
Peter, you've been known to play practical jokes. One that comes to mind is when you attempted to steal my car that I left running in front of the Cumberland Farms in Yarmouth. Do you remember that?
[00:03:41] Actually, I do not remember that.
So I went in to buy a Diet Coke, I believe it was, left the car running when I came out and I saw you in my car trying to figure out how to put it in reverse to take it out of the parking lot.
Seriously? I don't remember.
Yes. And I approached you and I said, that's my car, Peter. And you said, oh, I was just gonna put it around the back of the building.
I don't remember that.
Peter, you're known to be a shrewd business man. And I just want to talk a little bit about a situation that you and I had about 20 years ago. I owned a home in Cape Elizabeth on Short Road. And you purchased a beautiful property right next door. Three acres. Yeah, it was one home on three acres. A really nice estate. And then I saw you on the golf course one day and you were driving the drink cart and you came up to me. You say, hey, Greg, I can't talk right now, but I want to let you know I bought the property next door to you and then just sped off.
[00:04:38] And I thought to myself, oh, that's exciting. So I sent you an email that night, said, so excited to have you living next door. And then you called me the next day and you said, Greg, I gotta come clean with with there goes, yeah, I'm buying the property next door, but I'm not gonna be living there. I'm going to be subdividing it. I said, oh, my gosh, how many lots you're gonna put there? You said three. So I think a couple of Saturday mornings after that, I woke up to the sound of someone driving a spike into the ground. And I look out my bedroom window and there's a surveyor who's driving a spike into my driveway. Well, what I thought was my driveway, but it turns out that part of my driveway was on your property.
Yeah, that was great.
Yeah. So he is very shrewd. So I ended up calling you over the weekend to say, Peter, you can't do this to me. I can't have a house that close. And so you and I worked out a deal where you flipped that whole property to me.
[00:05:31] Yeah. I mean, I remember standing in the driveway going, Greg, I own your driveway, which I love. But you were also really shrewd at it as well. I mean, where we settled on the price you made sure and waited to the contract with, which is perfect. You know, in case I dropped it, you could buy it at the lower price. But no, it worked out for both of us.
[00:05:51] Yeah, it did. And then I ultimately sold it to Tim Soley.
Yeah. And, um, Tim lives there to this day.
[00:05:58] Peter, the introduction that I read provided some info on your background, but give us some more insight. Did you grew up in Massachusetts? And how did you get into the house painting business?
[00:06:10] I grew up in Belmont until I was 13 and then we moved to essentially ended up in Natick. Really like Natick. It's great town. It was more of a working class town then, about half the kids would go to college, which I think now we're hoping 90 percent go. But I really was an incredibly bad student. I mean, I was good at track, so I got to get a letter from a track coach, University of Arizona, my friend said. And that those days especially was easy to get in there. If you don't get in there, you got to slit your wrists. Fortunately, I never listen to them because I didn't get in there either. So I ended up College of Artesia and it was great. I liked it a lot. But when you get out, there’s not exactly a bunch of recruiters at the door like was at our kids’ schools. So I worked at Wonderbread. I worked at Wonderbread through college. I worked there when I got out of college and was in a union, then a friend of mine was painting houses and I said I could do that and started doing it in western Wellesley in these towns. And before long, I had tons of painters and it came out just as the time spray guns were coming out so people would go to work in the morning and I would wish them a good day, and by the time they came home, I'd have the house all done and pick up a good-size check, it worked out well. So that's how I get into that. And that led into flipping houses in western Wellesley and land.
[00:07:39] And I think at one point you and Marcel Nadeau, who lives here in Maine, began a partnership and started remodeling homes as well.
[00:07:47] Now, when I got to Maine, I started building houses. Then I wanted to build them on my own, build the way I wanted to build them. I built Oakwoods with local builders and worked out well. I mean, it's it was 59 houses and I'd never done a project that big. But then I decided I want to build more just high-end houses and I want someone young to help me do it the way I want to do it. So I called Marcel, who I had known down here down in Framingham, in Natick, and brought him up to Maine. And then he started. I brought into the business with me.
[00:08:20] But how do you happen to come to Maine? Why Maine?
[00:08:22] I came to Maine because my family on my mother's side owned the Muddy Rudder restaurant, and I would come up in the summer single, hanging out at the bar, and just liked being a Maine in the summer. And I'd come up and be here a lot. And fancifully, I bought a house here and I actually met my wife on the floor of the Muddy Rudder. And that was after I owned the Rudder. And course I always say if you marry them, then it's not harassment and that's essentially...
[00:08:54] Nowadays you don't know, it might be.
Yeah.
You know, one of your first big developments I remember was called Princess Point in Yarmouth?
Royal Point.
Royal Point. What's the background on that development?
[00:09:06] That actually is… Oakwoods was actually the first one I did and it was 59 lots. And it's funny how the world goes around. I remember when I was into the Muddy Rudder bar, which was a shack at the time, it hadn't even been expanded. And some guy said to me, a guy who worked at sea who just yesterday, I'm buying a house from him. I think for my in-laws. But he said, you think you're gonna build fifty nine houses at one hundred and fifty thousand dollars a house, you're out of your mind. And of course, we built them at, ended up getting as high as 250 at the time. I think they sold six or seven hundred now. And with that developed was real successful, made a lot of money. But Royal Point, that came about when it was put on the market at 3.2 million in 1985. I don't know what I was thinking, but we bought it.
It was just for the land.
It was just for the land. And the existing house was a horse farm, so to speak. And we put a lot of houses along the river and I probably got out of it alive. But that's about it because I we only did 87, 88. And at Royal Point, a Royal Meadows was only 36 lots so it was difficult. It was difficult actually.
Good looking development, though.
[00:10:18] Came out good.
So you've also owned a number of restaurants, including chain known as the Ground Round. I remember one was on Maine Mall Road where I-Hop is. Do you still own any Ground Rounds and aren’t you the franchise owner?
[00:10:33] No, we don't own any more at all. We owned seven Ground Rounds at one time and it started out great. But it's basically that's a tough, tough business. And if I had spent I spent 17 years owning restaurants...and we had a hotel, if I'd stick with the hotel side, not the restaurants, I would have been a lot further along. But I don’t think anyone’s going to hold a concert or anything for me to, you know, for charity.But it's yeah, it's what we did on a bunch of them.
Are there any left in the country?
[00:11:11] There are about 20 of them, I think, Greg. And in the original, our CEO and our CFO still are involved with it and still have some to do with the franchisees.
[00:11:23] Really important question regarding Ground Round. I remember when I used to go there in my younger days, they’d always give you peanuts when you walked in. You could take it. You could throw the shells on the floor.
Right.
But that stopped at some point. Why did they stop allowing that?
[00:11:39] How many restaurants, you know, to give away free food? I mean, it's. Yeah, they did. But. I think it was just a preview, just losing money hand over fist, people would eat peanuts and leave, I guess, but I don't really I don't remember.
[00:11:57] So let's see you've been a painter, a restauranteur, a residential builder, a commercial builder. And then somewhere along the line you started building hotels. How did you happen to get in the hotel business? And what was your first hotel development?
[00:12:12] Well, when I came up here, when I was coming up somewhere around 86, my uncle owned the Muddy Rudder and he also owned the Freeport Inn which is really only 8 to 10 rooms. And he wanted to get in that business. They needed money. And at the time, I was flipping houses in Wellesley and Western doing fairly well in Massachusetts. So I invested in the Freeport Inn, which was sort of a roadside hotel slash motel or something, and it did really well. We ended up splitting the partnership eventually, and I didn't really do anything. When we did that, we hired a restaurant person to run because at that time we had two Ground Rounds and the Muddy Rudder and the Freeport Inn. I ended up owning those with Paul Lowness who is a business partner from Cambridge, also a Wonderbread guy. A lot of us Wonderbread guys still know each other. And so that's how we end up getting the hotel. But we didn't build another hotel until ninety eight or so when the Hampton Inn was being built by Jamie LeBlanc and some other people in Freeport, we thought, well, you know, was probably good idea. So we built that then, but it was very slow process.
You built the one in Freeport with Jamie?
I did not. When we saw them building it, we realized, oh, you know, for crying out loud. And the crazy thing was the Freeport Inn was making money, really good money. And we acted like I don't know why we didn't expand and other do other hotels, but we were building houses and doing restaurants.
So your first new-construction hotel was where?
It was the Comfort Suites in Freeport, which we've since sold.
[00:13:57] So Maine Course Hospitality owns 21 hotels. What's up tonight?
[00:14:01] You know, I know that I. To me, only be in. No, no, it isn't too much to count. I just didn't. I don't count. I didn't look it up, but it and we managed some or we own, you know, a smaller piece of.
[00:14:15] And so it's it's it gets complicated, but it's about 20, 21, 22 hotels and. And actually, I mean, if you count the cliff house, which we own, 25 percent of the employees, as you know, way over a thousand, I have no I had quite a bit. Quite a few.
[00:14:31] So so, you know, as you may remember, I purchased a closed ground around restaurant from. Yes, I do remember that. Nashua, New Hampshire. Yes, I do.
[00:14:40] And you also bought a grand round. No, you bought it. We bought the land next to me. Hit the ground running. So on Memorial Day. You were always the go to person when I needed SAP to buy something.
[00:14:51] And I always overpaid. Of course. Of course. But going back to the one in Nashua, New Hampshire, my partner with Kevin Mahayni, and turn that into a Hampton Inn new construction. I always wondered why you didn't do that development yourself. And you do know that is now worth about a billion dollars testicular.
[00:15:10] If I you know, I was kind of list all the things I should have done.
[00:15:15] Greg, I would add a start earlier in the week, and I know it's only Tuesday or. Oh, it's Wednesday. I don't know. You're right. That's.
[00:15:22] But if the time 2million was around 2 million for the site, it was. That was a lot for a site.
[00:15:28] And and I guess we had bad history on that corner with the ground round, but it was more that we were paying. The reason I started building houses, I read about this guy, Gary thoughts and out in the Dakotas and he would buy pretty much in the boonies of the Dakotas. And he became what you'd got on the Forbes 400 doing this and was always buying the rural hotel at the low price to buy the land at a low prices. I mean, for instance, I would be buying land in Brunswick Gusta Thomaston and prices like three hundred thousand for one of the five and a thousand. So two million was just seemed like too much. Looking back, course it's a mistake, but that's what we're doing at the time.
[00:16:06] So. So out of all the hotels in your portfolio, I'm willing to bet the cliff house in Cape Neck is probably one of your favorites. How did that personal is it and how did that redevelopment happen?
[00:16:20] It it yes. Yes, it is. And it's totally, absolutely, completely different than anything we've ever did. But it's that's Mark Dugas all the way. Mark Dugas knew the previous owner, the Weir family, on that front for 50 years. And he knew Kathy Weir for many, many years and would stay in touch with her. And so when it came on the market, we ended up buying it and we partnered up with.
[00:16:48] Kapila Group out of Ohio. And it's just a holdover thing being a resort. For instance, we don't manage it ourselves. I mean, we couldn't. It's when we need do a resort like that, you want literally worldwide buzz. You have parties where you invite in all the travel writers from The New York Times and travel magazines. And it's it's just been a really, really. It's been fun, there's been some problems like anything in the construction. I mean, my biggest regret is we didn't have main construction companies, but we didn't get together with the our out-of-state builders on that. And. But the property itself is just it just blows me away every time I go. I just I just love the fact I can't stay there. I don't say that the same year because it's sold out all the time. So how many rooms down there? It's big, right? It's 2:26.
[00:17:41] I mean, you could get a lot of real entities, too. Right. You know, swimming pools and. Yes, right on the ocean to swim pools, spas. As it's just hanging over the cliff sits.
[00:17:52] We change. The biggest thing we change is when you walk in the cliffs of right before you we raise the ceiling to make it all glass looking down at the cliffs. And it just is a knockout sight. It's just beyond belief. And you're an hour and a quarter from Boston. That's the big thing when you look at its site. You look at things way up north. It's you know, you get three hours from Boston, even Bar Harbor. It's insurance, the season. We're much bigger market doing that.
[00:18:18] Well, maybe some day I'll get an invite down to the hotel. It's busy right now. OK, we know what you're well, your favorite hotels is. What's the least favorite hotel you own and why?
[00:18:29] Well, first off, I like hotels much better than restaurants because I had restaurants. We were making out checks, cash calls, cash calls, cash calls. I don't know that I've ever had a. A hotel, I guess maybe once in Mystic, Connecticut, I had a hotel where I had cash calls. Can gets a terrible, tough state to do business and high energy costs, high taxes, very hard to make money. That was probably the no question, the least favorite and I get out of someone alive.
[00:18:58] So you don't own that anymore? No, I don't. What was it called?
[00:19:02] That was the best Western in Mystic, Canada, and I wouldn't tell you the worst hotel I had now anyway.
[00:19:11] It's terrible, but I don't. There's there's nothing. They're all good.
[00:19:15] You love all your babies equally. Every. What do you see as the biggest advantage as well as the biggest disadvantage in owning a hotel?
[00:19:24] Pros and cons.
[00:19:26] Biggest advantage is that usually someone like me, I hire a management company. We have our own management company. And so you don't have the day to day?
[00:19:35] I don't really I don't have a lot to do as far as running the hotel. If you have a good management company because you have a bad management company, it's amazing how quickly things can go bad. So that's a tough thing. But the worst thing is that you're right. Worst and best thing in a way is that your rent is established every night. So when you go into very good times, you have your occupancy, your rate gets changes. I'm not tied into a lease. It goes up like a rocket ship. But when you go into a recession like we did in 0 9, 10, it goes down like a like a lead weight. And your property's worth usually far less than even you may or want, in which fact was the case.
[00:20:12] And that can happen quickly, very quickly and very quickly. Either way, though, when you think of your real estate holdings, your vast real estate holdings. What keeps you up at night?
[00:20:23] Luckily, nothing. Now, nothing. I mean, it used to be. I mean, it's it's like aning have been doing it long enough. You're paying down mortgages. So it's in times good.
[00:20:33] And I'm not taking any I'm just not taking chances. I might have taken when I was younger and it was in the recession and 09/10 literally walked the halls of my big house and I was wondering, just hoping I can hold on in.
[00:20:46] Is that why you built a big house? Well, the trees the. By yourself?
[00:20:50] No, I just always trade up. And Alex, I built houses, so I keep trading up and and I liked houses. I love living on COZENS Island on the water. And even now the houses re is too big and ridiculous for me to be live in them.
[00:21:01] But if I had my whole family there in the summer and I've had people call and want to buy it, it's like I watch my family walking across the lawn and you say, you know what? Why would I? What is? What if I got a big check and sold the house? It just.
[00:21:17] I'd rather have rather have this life. It's like buy me out of my perfect life as it was. So you actually like your family? Most of them.
[00:21:25] Peter. Over the last 10 years, business has been incredibly good for most people. As a result of this extended upcycle, many of our viewers may never have seen a downturn. You've been through a few sell-by. Can you give us an example of how bad things can get and how one of these down cycles may have affected you?
[00:21:46] No. There's probably not enough time, but when I first started at my finish, when I was painting houses, I said, I want to flip houses. So then I was like 80 1980. I went out doing that course. My timing was absolutely perfect for really a recession that I thought was worse than the last one. And I'll tell you why I thought it was worse because interest rates went up to think Prime went to 18. And we have to look at I might've been 16, 18, but we were paying like 3 or four overprice at 21 percent. Madjid paying twenty one percent on things that you were trying to carry and you couldn't sell to save your life. I mean, it was absolutely the scare. It was horrendous. It was just beyond belief. I remember having a lumber guy come and put a loan.
[00:22:29] He put a lean on my house and I had to let him do it because I couldn't. I was fact I was the only time I like I was ever behind on a bill that I could think of with a supplier. I never missed a mortgage anytime, ever. But then again, so he put that I love. I won't say the name of the company was Massachusetts. So then when it turned around and it turned around fast and I was a Democrat at the time, I remember saying like literally holding on the stingray's saying to Reagan on the on the radio, okay, you're supposed to be good at this. Change it. Change it. Of course, Paul Volcker and him did. But. So when I finally get the money back, the guy came running down a a SICAD. So a lot of these lotso, you know. I want you to pay off that mortgage. You know what I got? Now you have that mortgage for a year. In the meantime, I have the money in the stock market. It's all going up. I'll pay you when it's due and not a moment.
[00:23:25] You know, to this day I carried the gradu-, but at the same time, same time I actually did not do well anyway.
[00:23:32] I carry the grudge for pretty bad in the foreseeable future.
[00:23:38] Peter, what do you see happening to the hotel business here in Maine and in Portland in particular?
[00:23:45] Portland is amazing in that it's such a great town.
[00:23:48] But one one thing you learn is that you never I mean. Watching like Lewis, right, from Kaiser or because they're in the early 80s, we had a show Wall Street week in Nice Sahlman, they tell you this. I said, Oh my God, this is great. I'll buy everything they say. Cycled a year and they were totally dead wrong. Same thing in hotels like, remember, seven or eight years ago, the biggest companies that advise you on hotels would say, no, there's not enough of a white collar base. It's, you know, can take one more hotel. And of course, you know, that's not the case. So the short answer is, I don't know, but it is starting to make an impact, but not much on on rate and occupancy, all the new hotels. But believe it or not, could probably still take more because it's so high. The rates and the atmosphere is still high, but it's the hotel business is famous for overbuilding. And so I suspect they'll do the same thing. And right now, frankly, unless I have a really good deal and they're awesome, we're looking at. But I'm not going to build a new one unless I know it's I hate to build a hotel and B, have the thing worth a six or seven cap when I start. I mean, you want to have like your brother once said to be three brothers, said a lot of things may actually that I've always remembered. He said you make your money when you buy it. And there is there's a lot of truth to it.
[00:25:02] Portland's got three or four more hotels in the works. Yeah, they do be interesting. See what happens. Do you see a hotel bubble for Greater Portland with all the hotels are going up or or you know, there'll be a reason.
[00:25:17] I can't imagine a time when there's not a recession, but it's so that there will be a bubble, therefore. And the people like Warren Buffett says when the tie goes out, we'll see who doesn't have a bathing suit on.
[00:25:26] Nobody says too much debt, but you never know. You know, I just I can't just make sure, like, I don't have too much debt. That's all you can do.
[00:25:37] What advice would you give to somebody who's thinking of getting into the commercial real estate development business in general?
[00:25:44] I think it's a great business. I always said it was a way a ordinary person can make a really good living. I used to say get rich, but there's that's all compare now compared to like high tech.
[00:25:57] And I've seen, you know, young people can do today.
[00:26:00] But it's the Willes Payne houses ISIS real successful guy.
[00:26:05] What's the secret? He said, save your money. I said save your money. That's it. But in a way, it is just saving money. You get the down payment. And then Trant turned out to have too much debt and and be smart. And the I thing I used to do that people bring your deals now, Greg, and you may see this. They'll bring me this deal, I think is the greatest thing in the world. And they'll show you, put it in, you know, borrowing and investing $20 million. And then after two or three years of selling, it makes it 10, 15 percent profit. You're gonna like, well, what if there's just your little off? Or what if the market goes down just 10 percent year? We used to mark I always mark things up, but when I painted houses, I used to pay. If it costs me a thousand dollars to paint it, I'd charge 2000 because stuff would always go wrong. It always had have a ton of cushion. And I guess, you know, the biggest advices. No, your you really got to know your costs and then make sure you have enough markup. It's like retail. I mean, any Megan al-awad at Olympia would tell me, you know, it's I forget what it was. It was double or something, but you need room.
[00:27:12] Sometimes the best deal you do is the one you don't.
[00:27:16] That's absolutely true. I'm selling.
[00:27:20] Hey, Pete, looking into your crystal ball, which I know you have. Oh, yeah. For the next 10, 20 years. What do you see happening to commercial real estate in Maine and Portland in particular?
[00:27:31] You know, Greg, I I really don't know. But I think Portland is for real. It took me a while to to believe it. I mean. As I look at hotels, my biggest, as you know, is you really know we had you had under contract with me, Tim Solly's hired site. I also I believe I had the reef site under contract. A one time I had I was in on the Hampton deal, the Hampton Inn deal I don't mind dropping out of because I was a recession. I was scared to death. And I was if it if we had one more year of that and I was trying to build that out again in big trouble. But the other ones I didn't know. I mean, I just didn't I didn't know I had 100 parking. I didn't believe that Portland would be that that good.
[00:28:16] And I think Portland is is for real. But the rest of the state just don't I don't you don't know. You never really know. There's really two means.
[00:28:28] There really are. And remember, Joe, the other thing, you're your father.
[00:28:33] Tell him that he does look like my dad. He it is much more. But he is my brother, much older than you.
[00:28:39] He said he said to someone of Boston, I can be guys never do anything in Maine. And they said, well, why play in the rough? Well, we can play in the fairway. And I guess this is some toothat. Except for Portland. Except for Portland. And anything about the hotels in Portland, too, is we get big city rates and we don't have unions and other other costs that are associated with cities. Of course, by saying that, I hope like, you know, maybe I'll come into town. I don't know.
[00:29:04] But it's yes, it's a great it's a great town.
[00:29:09] But they can kill the golden goes to local government can do that. Oh, absolutely. You know, Peter, there's a lot of brokers who are going to be watching this video podcast, I'm sure.
[00:29:22] I know you've worked with both residential commercial brokers from many different agencies over the years. From your perspective, what are some of the positive attributes you'd like to see in commercial real estate brokers as well as some of the negatives? What's as a customer? What do you what are good brokers do that you see? What are bad brokers do that you see so that brokers can get some direction?
[00:29:48] Put this on a T for me. Greg, since you were my broker.
[00:29:51] But no, it's it's just it's isn't it's how business is. Just it's ference.
[00:29:58] I mean I I'll say this, even though, you know, here I am talking to you. But the reason I use you as a broker is you call me back right away that you ever showing I get a little note right away. This is this is what we're doing. It is amazing how especially when I did residential, it was. But same thing. Commercial people on call you back. They don't. It gets to be if if it's some brokers, you know, that they don't do. They just listed listed and. And hope that it's not. Hope that it sells, but it's business.
[00:30:32] It's just it's just good business.
[00:30:35] Doing the homework. Doing the work. Staying in communication and and hustle and some of the brokers who don't.
[00:30:42] I'm good on communications. You generally do hear from them on listings up offer.
[00:30:47] No, that's true. That's true, Greg. And that's absolutely true, actually. But frankly, I've been I don't think I've listened. I haven't. That I can get lost in anything. Not that I sell very much anyway with anybody else besides Bolls and I don't a long time.
[00:31:02] Well, we appreciate the business. We always, always have in the Perenchio. Well, that's it for today's episode of The BOLOs Beat. Special thanks to Peter Nast's for being my guest. You can learn more about Peter and Main Course Hospitality Group on their Web site at w w w dot m._c h g dot com or at Facebook at main course and on Twitter at main course.
[00:31:28] What I'd like to thank you for listening today and if you'd like to learn more about the BOLOs company. Please be sure to visit us at w w w dot pollster.com. You can find us at the Bullets Company on Facebook and LinkedIn and at Deadbolts Co. On Instagram and Twitter. And lastly, if you want to know the secret only real estate. It's pretty simple. Just be sure to outlive your debt.