817: Differences Between Commercial and Residential Real Estate with Tom Prakas

August 14, 2019

Have you ever wondered what it’s like working in commercial real estate? If so, you won’t want to miss this podcast with Tom Prakas. Tom’s brokerage, Prakas & Co., has closed over 450 commercial deals since its inception in 1999. As an experienced commercial broker (and father to a residential real estate agent), Tom has an in-depth understanding of the major differences between commercial deals and the average residential real estate transaction. On today’s show, Tom explores these differences and offers advice to those looking to transition over to the commercial sphere. Plus, he shares the story of his start in the industry, discusses what often causes commercial deals to fall through, and more.


Listen to today’s show and learn:

  • Tom’s brief bio [1:58]
  • Tom’s GCI and profit figures [4:37]
  • What’s different about commercial real estate [6:35]
  • How Tom got started as a commercial agent [8:32]
  • Advice to residential agents looking to do commercial deals [13:09]
  • What you need to know in order to be a commercial agent [15:08]
  • Why prequalification is so important [17:30]
  • Tom’s advice to aspiring restaurateurs [21:27]
  • More differences between commercial and residential real estate [23:20]
  • Why commercial real estate is less susceptible to disruption [25:43]
  • How to break through your goals.
  • Plus so much more.

Tom Prakas

A real estate magnate and visionary restaurant broker, Tom is the owner and core of Prakas & Co, a commercial real estate brokerage specializing in restaurant, hospitality and commercial properties, headquartered in Boca Raton. Through his years of experience (previously owning 28 popular establishments himself), and remarkable vision for the industry, Tom and his company continually make restaurant and real estate headlines, not only in South Florida.

Prakas & Company, established in 2000, is Florida’s most respected real estate brokerage for restaurant, nightclub and hospitality properties. Tom and his team have sold or leased more than 450 restaurants and commercial properties in the last 20 years. South Florida’s hottest restaurant corridors, including Atlantic Avenue in Delray Beach, Clematis Street in West Palm Beach and Las Olas Boulevard in Fort Lauderdale, & South Beach’s Biscayne Blvd have all been enhanced by the Prakas touch.

A recognized leader in restaurant and hospitality site selection, Tom was chosen as the exclusive restaurant broker to spearhead BurgerFi, the nation’s fastest growing burger chain. Tom was also chosen as the exclusive broker to bring actor Danny DeVito his first restaurant deal, DeVito’s in South Beach, which opened June 2007 to major fanfare, and brokered Dwayne Wade’s entry into the sports bar business. Most recently, The Prakas Group was named the exclusive real estate and franchise brokerage in Florida for Miami Grill, an evolution of the Miami Subs brand.

After years brokering some of the biggest restaurant deals in South Florida, Tom is returning to where he started, with plans to open five locations of Rhino Doughnuts and Coffee in the summer of 2014, serving gourmet chef-made doughnuts and small-batch craft-brewed coffee. If history repeats itself, you can bet that Rhino Doughnuts & Coffee will be one of the hottest and newest food concepts in the country.

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