“Messy” could be the perfect word to describe a successful real estate broker in the 1980s. And one would take pride in being messy, for brokers worked with listings cut directly out of the newspaper and had all the available listings printed out and displayed on a wall. It was a sort of art. The printed listings would be filled with Post-its and would (mostly) be removed once the apartments were gone. The landline phone (extension included) was an agent’s best friend, and walk-in clients were widespread. For the most part, real estate agents (and their clients) have since evolved.
From ‘Early Bird Gets The Worm’ To ‘Work Smart And Hard’
Being the first agent at the office is not enough. Today, agents are expected to be good at marketing, networking, real estate and technology. Not having any one of these skills means falling behind.
Having all agents work from the office is now becoming a thing of the past, as customers often prefer calling agents directly on their cellphones, and many agents prefer to work from home. To add to this, brokerages nowadays tend to operate on slim margins and have significant bills to pay, so agents are sometimes encouraged to work from home and use the tools at their disposal.
But the flexibility of working from home comes at a price. Agents now have to take care of most of their marketing expenditure to get new clients and must step up their game when it comes to technology. Advertising platforms now include social media as well, making it harder for agents to figure out a strategy that makes financial sense for them.
To be a successful agent today, you need referrals, which means that it is more important than ever to end up with a happy customer who will be willing to tell their neighbors and family all about you. So as an agent, you want to get your clients an excellent apartment and create a pleasant, more holistic experience in their search for a place in the city.
Real Estate Is A Vocation, Not A Vacation
Learning that real estate has to be done full-time for an agent to succeed can be a harsh lesson. Have you ever asked yourself why brokerages don’t invest more in their agents’ education? The harsh truth has two words: agent turnover.
As the cofounder and CEO of a listings platform in which agents advertise rental apartments in New York, I can share with you that the most frequent reason for an agent deleting their account with us is because they’re no longer doing real estate. This fact is astounding to me. Agents who leave their companies or brokerages most often do so because they’ve simply moved on from real estate. Managers may not be willing to spend much on their agents’ education because, from a statistical standpoint, their probabilities of retaining an agent long enough for the training to pay off are very slim. Even worse, there’s always the possibility of investing in an agent’s education only to see them go work for a competitor a few days later.
Moving In The Right Direction
It was not so long ago that people didn’t require a license to be compensated for acting as a real estate agent. Today, there are tens of thousands of real estate salespersons in New York City alone. Yes, we moved one step forward by requiring special education to become an agent, but there’s still more to be done.
In the future, it would be interesting to see more requirements and commitment needed to become a real estate agent, so that customers can interact with fewer, more knowledgeable agents who are committed to finding them a place to call home. We’re moving slowly, but in the right direction.
Real estate agents will continue existing for a long time; their roles, however, are rapidly evolving into ones in which they’re expected to know their market, be tech-savvy and take risks. Missing any of these skills will pose a threat to their survival. The silver lining for those active agents who can acquire a healthy dose of each skill is that the industry will naturally filter out those who don’t add consumer value, leaving fewer but more capable real estate agents.
Why Buying Property in Italy Is Hot Real Estate Trend for Americans and Britons – Bloomberg
Homes in Italian cities and the countryside have always held an allure for foreign buyers. Now the pandemic is supercharging demand from well-off Americans and Britons.
That’s because a range of tax incentives, relatively lower prices and the potential for working remotely has kindled their desire to buy second homes in Italy.
Drexel alum-founded YieldEasy, a marketplace for real estate investors, launches next month – Technical.ly
Drexel University alum Jeffery Gopshtein has worn many hats since he graduated in 2017.
The first in his family to graduate from college, he was inspired by his parents’ entrepreneurial ventures. After a stint of founding and running a food truck business at Drexel, he earned his degree in finance and real estate, assuming he’d work on Wall Street. But Gopshtein soon realized through a co-op experience that he wasn’t built for staring at spreadsheets.
So he jumped into the traditional side of real estate, getting his license and selling homes, he told Technical.ly. He was intrigued by becoming an investor, and eventually bought his first property, a single family home. But he watched how big the commercial and multi-unit market was growing, and brainstormed a way to get in without a lot of capital.
“There was a real appeal there,” Gopshtein said, so he spent time with a development firm. “I watched and learned about all the implications of building urban areas.”
He felt there was a hole missing in the real estate market for those who were interested in investing in smaller multi-unit properties. Buildings that host between two and 20 units make up the majority of Philadelphia’s apartment buildings, according to Gopshtein, but many real estate agents and buyers stayed away from them. It takes about the same time and energy to sell a property with a few units as one with 40 units, he reasoned. But one of the paychecks is a lot bigger.
Gopshtein began work building an end-to-end marketplace for people buying apartment buildings. The platform sources, analyzes and markets these buildings, and also hosts many of the tools necessary in completing a property sale like title, financing and property management tools. The platform, YieldEasy, will launch next month in Philadelphia.
The company’s revenue comes through its tech-enabled marketplace, and both buyers and sellers save money, because the company doesn’t have the overhead of traditional brokerage, the founder said. Instead, it charges a flat, 1.5% transaction fee. Gopshtein realizes he’s not reinventing the wheel, he said, but creating a set of digital tools for an undeserved market.
“We’re not inventing the space, we’re digitizing a $13 billion market,” he said.
Currently, Gopshtein runs the business with one other person who’s working on getting to full-time. The company also has a group of trusted advisors, and has recently raised $100,000 in pre-seed money to get them to the platform’s launch and seed round later this year, Gopshtein said.
He foresees expanding next year to other markets that have a similar makeup of these multi-family units, perhaps in Austin or Miami. His main goal is to let people know that if they have a goal of property investing, it’s more accessible than they might think. The company will even be considering fractional ownership — where someone puts a partial investment into a property with others — for the future.
“It’s very capital intensive, so a lot of people stay in the single family home lane. There’s no real seamless way to get into it,” the founder said of ownership. “But someone who could buy a $500,000 home could also as easily buy a $500,000 duplex.”
Podcast: Investing in industrial real estate – Real Estate News EXchange
The Industrial Real Estate Show:
Host Chad Griffiths interviews Logan Hartle, an experienced industrial real estate investor and broker.
They discuss Hartle’s background as a residential investor who transitioned into industrial, and also speak about ways investors can find opportunities. As Griffiths notes, perhaps the most impactful point comes at 17:42, when Hartle provides a “great tip” for new industrial investors.
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