Property Grunt

Friday, September 28, 2007

A Champion reigns

Let me tell you something you already know. The world ain't all sunshine and rainbows. It's a very rough, mean place, and no matter how tough you think you are, it'll always bring you to your knees and keep you there, permanently, if you let it. You or nobody ain't never gonna hit as hard as life. But it ain't about how hard you hit, it's about how hard you can get hit and keep moving forward, how much you can take and keep moving forward. That’s how winning is done. If you know what you're worth, go out and get what you're worth. But you gotta be willing to take the hit, and not point fingers saying you ain’t where you are because of him, or her, or anybody. Cowards do that, and that ain’t you. You’re better than that!

Rocky Balboa

I was going to hold off on blogging till next week due to feeling like utter crap however I received an important email from Jonathan Miller regarding the future of his appraisal firm.

NEW YORK, NY--(Marketwire - September 27, 2007) - Radar Logic Incorporated, the data and analytics company enabling derivatives trading in the RPX™ market based on daily prices for residential real estate, announced today that it has reached an agreement to acquire leading residential real estate appraisal firm Miller Samuel Inc. The acquisition will strengthen both companies' insight into the residential real estate market while opening new lines of business, including monthly commentary and analysis of the Metropolitan Statistical Areas (MSAs), for which Radar Logic publishes data. The first of these reports is scheduled for release in early October.

In April 2007 the companies formed Radar Logic Research LLC to publish real estate research and offer enterprise-specific consulting services. The acquisition will further this goal, combining Miller Samuel's 21 years of unbiased real estate valuation expertise with the proprietary technology and analytics of Radar Logic.

Jonathan Miller, co-founder and current President/CEO of Miller Samuel, will become an Executive Vice President of Radar Logic Incorporated. He will serve as the Director of Reasearch for Radar Logic as well as continue to be actively involved in the ongoing business of Miller Samuel, including the publication of its widely read market reports (1.2 million copies distributed annually). Dina Miller, a co-founder of Miller Samuel, will become CEO of Miller Samuel and oversee its continuing operations.

"We are excited about the unique opportunity to leverage our valuation and market reporting expertise with the groundbreaking data analytics pioneered by Radar Logic," said Miller. "It's a perfect fit."

According to Michael Feder, President and CEO of Radar Logic Incorporated, "This acquisition brings Radar Logic true in-depth, practical experience in real estate markets and valuation. The executives and staff of Miller Samuel will form the core of Radar Logic Research and advisory services. We are delighted with this key step forward in our broad business plan."

In his own words.

Its an exciting day for all of us at Miller Samuel

Our firm, which has been tirelessly providing unbiased appraisal reports and market studies since 1986, is being acquired by Radar Logic, the data and analytics company enabling derivatives trading in the RPX™ market based on daily prices for residential real estate.

We are “business as usual”

Miller Samuel will continue to be a real estate appraisal and consulting firm.

We will continue to prepare our market report series for Prudential Douglas Elliman.

Whats new?

We will be able to leverage our valuation and market reporting expertise with the groundbreaking data analytics pioneered by Radar Logic.

Stay tuned!

Those of you who are familiar with Miller Samuel will know that it is one of the best appraisal firms of New York City. You will also know that Jonathan Miller has built this firm through his own blood, sweat and tears which has not been an easy road for him.

Which is why I thought of that quote from Rocky Balboa. When you are an owner and operator of a business, the great thing is that you are the boss. The bad thing is that you are the boss. In other words you are the first and last line of defense. If something goes wrong you are the one everyone yells out. When something goes right, you bask in the glory of everyones praise. One of the goals of a business owner is to have more days of glory for that usually translates to higher profits. For Jonathan Miller it has gone beyond better profit margins to playing a key role in elevating the real estate appraisal game.

Jonathan Miller deserves every bit of success because being an appraiser is probably just as difficult as being a broker and in the last 5 years of this market it has been brutal to be an appraiser. Whatever hits Jonathan took, he shook them off and kept moving forward and here he is. I salute you.