Episode 800 brings the show full circle. Tryfon Christoforou was the very first guest on this podcast, back when it was still Target Market Insights and his brokerage was little more than himself, his partner, and one other agent. Today 3CRE runs 42 agents and brokers, and Tryfon returns to break down how he reads the Cincinnati market, how investors can identify strong markets and submarkets anywhere, and how to build and scale a team that performs in any economy.
Make sure to download our free guide, 7 Questions Every Passive Investor Should Ask, here.
Key Takeaways
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Diversify across asset types so a soft class does not stall your business
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Let national retailers do the market research, then follow where they build
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Invest in landlord-friendly states with employment spread across many companies
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Underwrite conservatively, because cheap debt no longer hides mistakes
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Hire people who add value, then stay humble enough to let them lead
Topics
Returning to the Show and Building 3CRE
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Tryfon co-founded the partnership with Mike Costantini 14 years ago and went fully independent a decade ago
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The firm now spans multifamily, retail, office, industrial, business brokering, asset management, residential, and capital markets
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The team has grown to 42 agents and brokers
Why Cincinnati Still Offers Value
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Prices have doubled or tripled in 14 years but remain well below coastal and Sun Belt markets
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Newer product rents at roughly $1.50 to $2 per square foot, versus $3 to $4 in cities like Austin and Nashville
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A white-collar base including Procter & Gamble, GE Aviation, Fifth Third, and Great American supports steady housing demand
Submarkets Worth Watching
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The Norwood and Montgomery Road corridor stays his top pick, with development running from Hyde Park to Oakley to Pleasant Ridge
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Eastern suburbs such as Loveland, Milford, and Clermont County are drawing new development, partly behind a new Purina plant
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National retailers like Wawa opening in Silverton signal where growth is heading
Reading Any Market From a Distance
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Track population and household income trends, since falling demographics eventually pull prices down
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Favor landlord-friendly states with faster, cleaner eviction processes
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Prefer economies supported by many employers rather than one or two
A Harder Market for Operators and Brokers
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Cheap COVID-era debt let weak underwriting still cash flow, and that cushion is gone
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Larger multifamily is slow to trade while 10 to 20 unit deals are moving quickly
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Lenders have turned risk-averse, and some banks have paused commercial lending entirely
Why Diversification Wins
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Specialists in each asset type let the firm follow demand as trends shift
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New development increasingly blends multifamily with retail and office to spread risk
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Investors are treating real estate like a diversified portfolio rather than a single bet
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Round of Insights
Failure that set Tryfon up for success: Growing just to grow. Early on he added agents to hit a headcount rather than for production, which taught him to hire deliberately and build culture instead of chasing numbers.
Digital or mobile resource: RetailSphere.
Book recommendation: Start with No by Jim Camp.
Daily habit: The gym five to six times a week, phone on Do Not Disturb, for both physical and mental focus.
#1 insight for scaling a brokerage or business: Surround yourself with people who add value, then stay humble enough to let them lead.
Favorite restaurant in Cincinnati, OH: E+O Kitchen.
Next Steps
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Learn more about 3CRE for commercial and 3CRE Homes for residential
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Reach Tryfon by email at tryf@3cre.com or directly by phone at (513) 745-9333
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Review whether your portfolio is too concentrated in a single asset class
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Follow national retailers to spot where growth and development are heading
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Underwrite conservatively and account for debt service, CapEx, and today’s rates
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Prioritize landlord-friendly markets with diversified employment
Thank you for joining us for another great episode! If you’re enjoying the show, please LEAVE A RATING OR REVIEW, and be sure to hit that subscribe button so you don’t miss an episode.