Joseph Rizzuto Talks About Properties & Competition
Joseph Rizzuto Properties manages several businesses in different industries, including buying, building and owing several different properties around the country. Joseph Rizzuto has managed properties and participated in several home improvements of dilapidated properties that have had a positive impact in low and middle-income communities. Joseph Rizzuto Properties also has several partnerships and investments in other industries, including food service and commercial transportation around the country, as well.
1. Where did the idea for company come from?
I have had several successful properties and businesses I was already managing. We look for opportunities to take underappreciated properties and turn them into profitable revenue streams. The real estate market can present quite a bit of residual income opportunities, which you can reinvest or use to purchase more properties. There are also a lot of tax benefits associated with real estate investments in the United States. So this business emerged from the successful investments and experiences of what I was already doing. We simply didn’t have a uniformed name or strategy for it yet, even though we had a great deal of success in this field.
2. What types of individuals are successful here?
People who work with me are positive and honest. They are hardworking people who are not satisfied with something simply being good enough. They are experts in their respective industries, like I am an expert in mine. But we are all willing to learn from one another and grow and change to improve a process or to help our businesses succeed. Everyone who works with me, whether it’s a vendor or a partner or an agency–they obsess over everything, from what kind of paper something is printed on to the type of vehicle we are using to transport commercial items. People who care very much about attention to detail tend to be the people I keep around me.
3. What’s your company culture like?
Our company culture is fun, but it’s intense. Everyone has 100 things going on at once, but there’s a lot of autonomy. I am confident that people will get the things done that they need to and I’m flexible. We all have lives, other businesses, families and things we care about outside of work. As a business owner, it is very important that you know that people aren’t going to have the same reasons as you to do the work they’re doing.
4. What is the single largest problem facing the organization today?
The single biggest problem for Joseph Rizzuto Properties is a gift and a curse: competition. The Tri-state area of New York is incredibly competitive and the market drives pricing. Sometimes, that can be great for you, and sometimes that is terrible for you. So we have to respond to those factors accordingly. We have to focus on growth of our properties and of our portfolio, how we scale the business and our internal teams, and always watch what the competition is doing and how that’s causing certain behaviors in the market. But truly, every real estate investor or property manager wants to see their name in lights on a building in New York City.
5. What has been the top accomplishments of the organization over the past year?
We continue to stay cash flow positive and we continue to accumulate properties that add value to our portfolio. You can’t be desperate in real estate. You have to be patient and deliberate. But with the properties we’ve improved, we continue to impact tri-state communities for the better with our work on dilapidated homes and those kinds of projects. It has the kind of significant impact on neighborhoods that other people get excited because their property value rises when there isn’t a foreclosed home or a rundown property two doors down. Everyone wins.
6. What can you tell me about your organization’s plans for new services, products, or plans for growth?
Diversifying our portfolio, while continuing to do all of the things we’re good at. We have a lot of smart people on our team, so it’s listening to the information and making data-driven decisions. You don’t necessarily have to be risk-averse, you just have to be a risk manager. Being thoughtful, patient, and having the best information possible will continue to be the keys to our success.
7. What are the most important personal satisfactions working with the organization?
Getting to a point where we know what we’re doing in our industry and we can help and support others in different industries, is really satisfying and fulfilling on a personal level. We are able to do what we do very well in real estate and transportation, so as we continue to grow, there’s a problem-solving component that feels very rewarding. I feel like there isn’t really a puzzle we can’t solve together.
8. How does your company differ from your competitors?
I think I’m very responsive and connected. I work with great people to help me achieve the best results.
9. What types of volunteer work and community service does the organization encourage?
We have a scholarship available for high-achieving students that helps them with college tuition costs.
10. How is this industry affected by the economy?
It’s up and down. It’s the marketplace. You try to have enough good investments that when any industry fails or is impacted by market forces, you’re not closing down everything.
11. What is the ideal experience for a customer/client?
They come back, and they recommend us to others.
12. Can you share some career advice to others?
There’s probably something you’re really good at that people are willing to pay you for. Do that on the side until you can do it full-time.
Updates? Follow Joseph Rizzuto on Twitter.
For more information, check out Joseph Rizzuto’s profiles on Crunchbase and Behance.
