Hard work, hyper-focus, and an understanding of people

“Everyone says I need to smile more, and that I’m very focused” Stephen Bittel, chairman and founder of Terranova Corporation, describes as he reflects on the reasoning for his enormous success in South Florida commercial real estate. After all, Bittel founded this leading commercial real estate firm over 40 years ago as a young law school student without any capital. This is quite the feat for a corporation which today has a portfolio that includes almost a billion dollars in assets. And the journey from Terranova’s early days, with an acquisition of two strip shopping malls in 1981, to today’s diverse and comprehensive real estate services, is inspiring.

Stephen Bittel first became interested in working with capital as many young people become interested in most careers- listening to adults discussing matters at the dinner table. When he studied abroad in Europe during his undergraduate studies at Bowdoin College, he found himself most engaged with people who were in control of their own capital. “It made me think back to the many dinners back home in Florida, with my family and friends, and all of my parents’ friends talked with vigor and excitement about their real estate investments.” This vigor and excitement stayed with Bittel throughout his collegiate studies and law school, and ultimately led him to shift his focus from taking care of people’s capital as a lawyer, to directing their capital in real estate acquisition. He started Terranova Corporation in his second year at the University of Miami’s Law School, and graduated with a total of 7 employees and two strip mall center acquisitions, never practicing law at all

Simplest Secret to Success

As previously mentioned, the road to success was not an easy one, and required quite a bit of elbow grease to get Terranova Corp to the conglomerate it is today. At 24 years old, Stephen Bittel was able to attain regular cash flow through raising equity from larger investors and acquiring brokerage commissions, which ultimately led to retaining a portion of the equity and the management leasing fees. And because this process did not involve starting Terranova Corp with any capital, Bittel attributes the firm’s advancement to the basics of business: hard work and determination. “I persuaded people I was honest, and would work hard and make an investment myself. I would do everything I could to make it successful, and they believed” Bittel describes of Terranova’s beginnings. “The real secret is I have outworked everyone from my first day of college until today. I developed this unending work stamina which I think really has to do with my success more than anything else.” This undying determination has served Stephen Bittel in Terranova Corp’s development to this day. 100% of the debt on the firm’s current portfolio is non-recourse. “We’ve learned to operate with less leverage and more equity,” Bittel explains. This has enabled a very forgiving capital structure to best weather the potential downturns in the economy. Terranova Crop’s diversified set of revenue streams, along with its multiplicity of asset classes within the real estate industry, have solidified the corporation as one of southern Florida’s leading commercial real estate firms.

The Balance of Business: Giving

Stephen Bittel’s relentless work ethic in real estate can only be matched with his commitment to improving his lifelong community of Miami. An avid supporter of the Parkinson’s Foundation, Bittel has contributed to the funding of eight centers of excellence, and is currently working to establish a world class brain, fitness, and neuroscience center in Miami-Dade County. But Bittel is less vocal about his involvement in instituting this community resource, as he views reinvesting in one’s own community as a norm- not something that requires a lot of praise or attention. However, it is hard not to take notice of another one of Stephen Bittel’s community passion projects– the beautification of Miami’s public roads. He spearheaded and funded the Orchid Project on Lincoln Road- the planting of 1,000 orchid flowers along the pedestrian street in the city. This venture was an offshoot of the Fairchild Tropical Botanic Garden’s Million Orchid Project. Stephen Bittel resides as a board member of the community botanical garden, which serves as a nature reserve for community members to enjoy, as well as an education and research organization. Terranova’s chairman and founder has a commitment to community improvement that is unmatched, and ever-present in all aspects of his life. When he is able to find some balance amongst his sharp devotion to the real estate firm, Stephen Bittel enjoys spending time with his wife, children, and grandchildren, preferably in his backyard of orchid flowers, with wine and food in hand. “It’s a marvelous place to share food, company, and ideas.” As he continues to guide his own path in the business of real estate, Stephen Bittel also serves as an example to all entrepreneurs establishing their own balance of capital, market strategy, and community advocacy.

Most people already know how beneficial an air conditioning system can be, especially in the heat of the summer when we have to contend with temperatures of up to 35 degrees. The truth of the matter is that air conditioning is already a given in many homes and commercial structures. If you’re contemplating installing one, it would be a wise decision indeed. But as a home and property owner, you are more than likely to have a few questions about the worthiness of an air conditioning system for your property. So what should you know about air conditioning systems and their merits? How about the cost, the installation time, and more? Here are the answers to your top FAQs on air conditioning.

How much does it cost?

If you go for a portable unit, which is the smallest and least powerful kind of AC system, it can cost about £250, and you don’t have to worry about installation expenses because you can move it around your home. But if you go for a split-type system (which is often the preferred choice of many property owners), it can cost upwards of £300 for the actual unit, not including the installation fee. Multiple split systems can cost about £1500 in installation for each room, and if you choose to have a VRF (variable refrigerant flow) system, it can cost around £2000 for each room.

How much does installation cost?

For an entire split-type system for your home, the cost could be around a thousand to a thousand five hundred for every room. So if you have five rooms in your home, for example, the installation cost could be from £5000 to £7500.

How much is the cost of operations?

This is another big question from those interested in installing an AC system: how much does it cost for me to run it? The quick answer to this is it will depend on your unit’s output. An AC system makes use of electricity to run the refrigerant, which produces cool air. The AC’s power to cool is more significant than its electricity consumption, so if you have an AC system with 6kW, it may use only about 2kWh of energy or electricity, which comes to around 30 pence per hour.

 How long is the installation time?

If you are choosing a smaller domestic system, you can have it installed in just a day. Still, it will also depend on your property’s complexity and the route of the pipes, as reputable installers of air conditioning in Surrey like Sub-Cool FM affirm.

Where can I place outdoor components or units?

As you may already know, split AC systems will have an outdoor component or unit, so you will have to find an appropriate spot where you can have it installed. Keep in mind that the component will make some noise, and apart from this, it will produce heat, so it’s best not to place it near a door or window or any area where it can impact the comfort of anyone nearby.

Remember as well that AC units will come with a maximum length of pipes between the unit indoors and the one outdoors, and if you have more than a single unit indoors, you also have to consider the length of the pipes of all the units indoors.