For the last 25 years, Dean Prevolos has relished his independence as a founder and broker of record for Commercial Management of Naples, Inc. (CMI). During that time, he has built a successful sales, leasing and property management business with a current portfolio of approximately 428,000sf Class-A and Class-B office, retail and industrial properties under management in Southwest Florida.
Most are in Naples and include: Riverchase Office Park (a fivebuilding medical complex totaling 28,057sf); Riverchase Office Commons (13 individual office buildings totaling 107,000sf); Expressions Realty Building (an 11,433sf multiuse property); and Suncoast Condominium Office Buildings (a 42,420sf multi-office property). CMI also has a presence in Lee and Charlotte counties.
Prevolos has accomplished all of this almost single-handedly, aided by just a few key staff members. “We’ve always been a small company,” says Prevolos. “I’ve never had any dreams of being a large firm with multiple offices and lots of employees.” The same applies to CMI’s clientele, which Prevolos has carefully cultivated over the years.
“I don’t go out and solicit new business as much as people call me to take it on. And I’m a little picky,” he admits. “I interview the client and look at the property” before deciding whether to take on the business. Those who make the grade receive Prevolos’ unwavering attention and exemplary service, delivered promptly and precisely.
“Dean’s sense of urgency outshines anyone I’ve ever met in the business,” says Don Barber, a founder of Boran Craig Barber Construction and longtime CMI client. Since 2005, CMI has bought, sold, leased and managed Barber’s numerous commercial properties, as well as provided construction management services.
According to Barber, Prevolos treats every property as if he owns it, going so far as to address issues that may not be his contracted responsibility. “He tries to make ownership as easy as possible,” says Barber, who describes Prevolos as being “totally trustworthy” and “unbelievably dependable. Typically, he tells us about a problem after it has been resolved, rather than burden us with it first.”
Creating a Succession Plan
Although Barber retired from the construction business and moved from Naples two years ago, he and Prevolos stay in close touch. Currently, CMI is in the process of selling Barber’s last local property. “That’s the great thing about Dean,” says Barber. “I was able to retire and move to Gainesville with the complete confidence that he’d take care of things. He has.”
Prevolos, on the other hand, has often pondered who would take care of CMI’s clients when he retired. Like other sole proprietors, he faces the choice of either selling to a larger company or closing up shop, neither of which he finds palatable. “First of all, there’s a value to the business after 25 years, so it doesn’t make financial sense to me to just close up,” says Prevolos. Further, he worries that CMI’s clients and tenants would suffer if service faltered under new management.
“I always felt that if I could find the right individual who could spend time with me over two or three years and learn how I’ve been operating for the last 25, that person could also improve what is in place,” he says.
Enter Naples broker Darren DiFilippo, who joined CMI in January as a partner.
Complementary Skills
Although Prevolos is a Baby Boomer and DiFilippo a Millennial, their personalities and business acumen are strikingly similar. Both are fiercely independent and ambitious, and both were successful entrepreneurs prior to pursuing careers in real estate.
Prevolos was a popular Chicago chef, restaurant owner and site selection consultant for the restaurant industry before he moved to Southwest Florida in 1985. DiFilippo, a native of Erie, Pennsylvania, has a history of buying and profitably selling small businesses. Six years ago he moved to Naples, where he owned and operated a commercial brokerage from 2012-2015.
The two met when DiFilippo’s company was managing a property adjacent to CMI’s office building. They quickly discovered how much they had in common. “Darren reminds me of me when I was his age,” says Prevolos. “Our similarities are quite interesting. We really do think a lot alike.”
According to Prevolos, DiFilippo is “smart and has all the skills of a good businessman. He knows how to listen to people and identify their needs, which is critically important in this business. I’m not training a novice here. I’m just helping him hone his skills.”
For DiFilippo, partnering with Prevolos was an easy decision. “Dean has such a good reputation in town and has been so successful. To be able to learn from him and really expand my career was a good fit for me.”
DiFilippo says the partnership has other benefits, as well. “If I have a question, I’ll just reach out to Dean and get an immediate response. I think there’s a real value in that, not just for us, but for our customers.”
Prevolos says he’s especially impressed with DiFilippo’s decisionmaking abilities. “I’ve been out of the office when a call has come in and Darren has handled it, and it’s exactly what I would have done,” he says. “So I feel confident in his ability to take the reins in my absence.”
Technology with a Personal Touch
Despite their similarities as brokers, the partners’ ideas about technology tend to reflect differences in age and experience. To Prevolos, the Internet has had the most profound impact on the way he conducts business. “
I remember having to go downtown to access the county records, which were on microfilm, to find out who owned what. And with closings, everyone would sit around a table, signing papers and exchanging checks. These days, everything is done online.”
DiFilippo, on the other hand, grew up with technology and can’t imagine conducting business without a cell phone. “I see technology as a way to increase productivity,” he says, adding that he is constantly learning about the latest high-tech tools and applications. “Staying up with (technological advances) enables me to interact more quickly and effectively with my co-workers and customers.”
Prevolos agrees that while cell phones and computers facilitate efficiency, he still prefers the more personal, low-tech approach. Typically, he uses his phone for talking, not texting, and encourages owners and tenants to call him directly rather than send an email.
“What might take two minutes to resolve on the phone frequently takes numerous emails back and forth,” says Prevolos, adding that email can be misdirected or overlooked. “Besides, it’s often impossible to include everything in an email, especially when I’m discussing a sale or a lease.”
Callers to CMI’s office will always connect with a person and not an automated system. From day one, the firm has had a receptionist by day and an after-hours answering service to take incoming calls. “You’ll always get through to an actual person if you call us,” says Prevolos. “I guess I’m still oldfashioned like that.”
Conversely, he relies heavily on technology when it comes to functions such as marketing, researching and managing properties. For years, CMI has utilized the most sophisticated proprietary management software to generate detailed monthly, quarterly and year-to-date reports for its clients. Each report provides a comprehensive accounting of income and expenses, cash flow and other financial data used to track a property’s profitability. CMI is also a premium member of LoopNet and a CoStar subscriber.
The Next 25 Years
Prevolos says he believes that technology will be increasingly important to his business as the marketplace continues to diversify geographically. But now that DiFilippo’s on board, he says he’s confident that CMI can meet any challenges that lie ahead.
“The future is for Darren to continue creating a better way to do business with other brokers, both in state and out of state, finding clients and providing them the best possible service,” says Prevolos. “I see him maximizing technology to streamline the way we market properties and work with clients, whether they’re local or out of state.”
As for his future outside of CMI, Prevolos sees himself “taking a back seat and not working as much.” In fact, he has already tested his prediction. Over the summer, he took his first vacation in years, leaving DiFilippo in charge of the brokerage.
“I told Dean not to call me; that I’d call him (with updates) and he was good with that,” says DiFilippo. “I’m here for a reason and if I can do that for him, then I’m accomplishing what I set out to do.”
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