Everything is relative in Tyler Scott’s professional world. Or better yet, most of what he does is about relatives.
Scott and wife Alexis manage the Monster Wash and Publix Self Storage facilities owned by his in-laws in Anchorage. On any given day, he may play a role in cleaning a hockey mom’s van or making arrangements for an employee to travel Outside to visit a sick father.
Working with First National Bank Alaska and Multi- and Single-Family Home Loan Officer Mike Scott, Tyler Scott (no relation) purchased a 29-unit apartment complex in the Spenard area of the state’s largest city last year. Over the holidays, Scott left his home to rush over and fix a tenant’s leaky faucet.
These are just a few examples of Scott’s entrepreneurial spirit. One based on a simple premise.
“You have to care about families if you claim to be a family business,” Scott said.
Scott, 39, grew up in a San Diego family that owned numerous rental properties. He spent many years managing the various apartments, warehouses, duplexes and triplexes. After meeting Alexis nearly a decade ago and relocating to her hometown of Anchorage, Scott spent some time commuting between Alaska and Southern California.
When the Scotts welcomed twins two-and-a-half years ago, Tyler’s real-estate attention turned almost exclusively to Anchorage.
“I was talking with my accountant, also a friend of mine, to make sure I had a sound strategy and plan in mind,” Scott said.
This led Scott to surname-similar Mike Scott and First National.
In early 2012, Scott started looking in earnest at commercial multi-family apartments. He had an idea of what kind of property would be the best fit for his portfolio. Finding the right one is often easier said than done.
“I’d probably been in some 400 apartments around all parts of town, and I would’ve been willing to buy many of them if not for all sorts of different reasons,” Scott said. “I’ve always appreciated the idea behind rental and property appreciation. My wife’s always telling me she couldn’t put in the amount of time I do to take care of everything.”
For years, Scott’s in-laws banked with First National and Loan Officer Jason Criqui. As Scott shopped the loans needed to purchase rental properties, it only made sense to continue working with Alaska’s largest Alaskan-owned bank.
“Without question,” Scott said. “I believe I worked with Mike Scott on one of his first loan transactions after he moved into multi-family. Our last names being the same and all, I’ve often joked with Mike that he’s one of my cousins.”
“(First National’s) Mike Scott made an excellent first impression and is very attentive to our needs,” Tyler Scott said. “When and if I call and Mike doesn’t answer, I’m entirely convinced he’s busy with other duties. But he always calls me back in a reasonable amount of time.”
The business relationship has grown into a social one as well. Mike Scott and Tyler Scott often run into one another on the recreational-league indoor soccer pitch.
“Whether it’s Mike or Jason (Criqui), I’ve really learned to appreciate the local aspect of First National,” Tyler Scott said. “Everything is done in a timely, very stand-up way.
“It’s clear why the bank has thrived for so long in Alaska and is so respected.”
Providing customers convenience, service and value have been the key factors in First National building up nearly a century of trust and tradition in Alaska.
Tyler Scott takes a similar hands-on approach to working with his customers and tenants. He’ll personally meet with Monster Wash customers who want to know more about the washing process. In the Publix Self Storage offices, Scott may take a turn sanding the sidewalks out front, ordering supplies and negotiating terms with any of a number of vendors.
When it comes to multi-family properties, Scott is the one meeting with and determining if a potential tenant is desirable. He’ll also make that late-night visit to fix the leaky faucet.
“When you’re in ownership, it always depends on your perspective,” Scott said. “You’re either always working or never working. In the grand scheme of things, there are very few hats that don’t get worn.”
In a lot of ways, that’s a family tradition for Scott.
This bi-monthly newsletter is sent to Alaska business owners, managers and community leaders.
The articles and opinions in this publication are for general information only and are not intended to provide specific advice or recommendations for any individual. We suggest you consult your attorney, accountant, financial or tax adviser with regard to your individual situation. Entire publication. For publication information, call (907) 777-3409.