Pinnacle Real Estate Advisors, LLC
“If I told you that I had no failures or hard-learned lessons then I would be a liar, but through these lessons I have been able to grow stronger and become a much better broker”
While dedication and interest in commercial real estate have provided a strong foundation for his success, perseverance has really paid off for Andrew Monette, associate advisor with Pinnacle Real Estate Advisors, LLC.
“Every senior broker you ask will tell you same thing – you need to consistently be making phone calls, lots of phone calls, and you will never really stop prospecting for clients,” said Monette.
Monette joined Pinnacle as a research intern in 2013. After a twelve-month internship, he was promoted to database manager and in 2016, was promoted to being a transaction manager on the Johnson|Ritter Team. At the beginning of 2017, Monette then moved into the role of associate advisor on the Johnson|Ritter Team.
“The best advice I could give to a broker just getting their foot in the doors is to persevere. Like I did, they are very likely to go home on some days wondering if this is even the right thing to be doing, but with hours of hard work with their nose to the grindstone, eventually the ball they’ve been pushing up hill will reach its pinnacle!,” he said.
A vivid and defining moment in his career came the day Monette and his team closed on a $9,375,000 mixed-use property, one of only four deals he had personally sourced at that time, and the biggest deal of his career.
“This deal was a turning point for me because it gave me a massive boost in confidence and validated all of the hard work and long hours I had put-in. In our business success is not achieved overnight and this couldn’t have been truer for this transaction.”
Maintaining his mental toughness has consequently been a challenge for him but the lessons he has learned during the early years of his career have enabled him to grow stronger and become a much better broker.
The positive impact he has seen in the surrounding community is evident through his clients’ pride of ownership.
“I love watching clients take properties and reposition them to be a standout property on the block. In Denver, we have numerous properties that have original character but they might have been neglected over the years. When I drive by client’s properties and can barely recognize them because they’ve received an amazing facelift, I feel a great sense of pride as if I am partially responsible for the positive impact on the neighborhood.”
Without question though, the transaction Monette is most proud of is a recent 1031 Exchange for an amazing retired Denver firefighter whom spent years working his way up from owning a single-family home as an investment to now owning a portfolio worth tens of millions of dollars.
“1031 Exchanges cause clients stress because there is a looming deadline hanging over their heads and the penalties can be extremely expensive. This client expressed to me how much stress his previous exchange had caused him and that he didn’t want to go through this process again,” said Monette. “Knowing this, I worked on lining up exchange opportunities well before we were even under contract on his down-leg. We were able to run with both transactions in parallel and we closed the up-leg of my client’s exchange within just a couple weeks of disposing of his original asset.”
Not only was this 1031 Exchange the easiest and quickest his client had been a part of, but Monette and his client were able to completely relieve him of management responsibilities while increasing his cash flow from $60,000 to $143,000. “This allowed my client, who had spent his entire career working his tail off to keep our community safe, to retire comfortably and spend the rest of his time enjoying his family and friends.”
Monette is originally from California and moved to Denver in 2008. He earned his B.S. in Business Administration from the University of Wyoming.