Gary Malin will appear at Indie Broker Summit on Monday, January 22, with his talk “New Ways of Thinking about Agent Compensation — and Why it is Wrong-Headed to Go 100 percent.”
We’re really excited to have you joining us as a speaker for Inman Connect New York, but tell us a little more about yourself. How did you arrive in your current role?
As President of Citi Habitats, my job is to build and grow our business, both on a micro and macro level. I’m responsible for both the firm’s day-to-day operations as well as its strategic vision. Where we are as an organization five years from now is just as important to me as where we are today.
I’m a lawyer by training, but my family has a background in real estate, so I’ve always had an affinity for the business. I started at Citi Habitats as corporate counsel — and as time progressed, my role at the firm continued to expand. In 1998, I was asked to come on board as chief operating officer — and in 2008, I was ultimately named company president.
Tell us a little more about your session, what kinds of things will you be talking about in January?
The brokerage landscape has changed over the years. There are many new business models designed to cater to the varying ways that real estate agents conduct their respective businesses. I will be discussing the pros-and-cons of the 100 percent commission model vs. those at traditional “full-service” firms. Each may offer distinct advantages, depending on an agent’s unique career goals.
What does a typical day look like for you?
In my job is there is no such thing as a “typical” day. At any given time, I am actively recruiting agents or out with our New Developments team to secure new sales and leasing exclusives. I also meet with building owners who are looking for a change in representation to explain the suite of services we offer. If I’m in the office, I’m likely meeting with agents and managers to see how business is doing from their perspective.
What do you think the biggest challenges facing the real estate industry are at the moment?
While the New York City market remains the envy of most other locales, there is currently a lot of inventory in both the sales and rental markets. Today’s home seekers are price sensitive. It’s a delicate balancing act between what buyers and tenants want to pay, versus the price that owners want to achieve.
2018’s shaping up to be a really exciting year, and as we look ahead, what are your hopes for the next 12 months, and what will you be working on?
Citi Habitats is working on several amazing new development projects set to launch in the coming year — both condos and rentals. In addition, we will roll out a variety of exciting technology and marketing initiatives. Our goal remains to offer agents the best tools, resources and continuing education opportunities to help them succeed. That’s something that will never change.