Broker Does Perp Walk (in the Rain)

Handcuffing a Cold Caller... Brad Mills at Studley in Philadelphia swears the following story is true. He heard it from "the victim," a business school classmate. (Related Dispatch stories on Jul 27, Aug 1 and Aug 10.)

"Joe (not his real name) was working for a developer in the southeast in his first job out of business school in 1989. His job was to market a new office project that required substantial pre-leasing in order to break ground. One rainy day he started cold calling on the top floor of a midrise building and was told by a tenant that solicitation was not allowed. He shrugged off the warning and continued through the building.

"Upon his return to the ground floor, he saw the tenant with two police officers. He was arrested for trespassing, handcuffed and thrown into the back of the police car. As they drove toward the police station, Joe pleaded with them to let him go. They finally stopped the car, released the handcuffs and told him to get out.

"He said, 'Guys, since it's raining, and we're about 3 miles from the building, would you mind taking me back to my car?' One of the officers said, 'Maybe you didn't hear us. Get out now!' He walked back the 3 miles in the rain, ruining his suit and shoes in the process. The next day he began a job search in another industry."

Inspiration... For those enjoying a more fruitful real estate career, would you like to know how partnership sponsors and investors structure deals? Curious to know if an apartment project has been "hot-rodded" for sale? Want to guard against resident manager fraud? Check out Marcus & Millichap's How to Build a Real Estate Empire. And thank them for sponsoring this week's Dispatch!

Labor Day Break... OK, I'm getting an early start to the end of summer. The Dispatch will take the next three weeks off. Stay tuned for the next issue on Tuesday, September 12.

-- Peter Pike