In this weekly column, real estate agents across the nation share stories of the lessons they’ve learned during their time in the industry.
After a lifetime of immersing himself in NYC real estate, REAL New York’s Louis Adler has found that change is the only constant.
Adler’s accomplishments — including the sale of a $55 million penthouse which was the largest residential sale in downtown Manhattan history — are the product of his commitment to market expertise and transparency.
His takeaway from his experiences? Be ready for anything.
How long have you been in the business?
I’ve been in the business for about 12 years now. I got my start interning for a condo developer based out of SoHo named Urban Residential.
Where do you see yourself in 5 years?
In five years, I’ll still be running REAL New York Properties, together with my partner and co-founder Robert Rahmanian.
At that time, I want to be the No. 1 mid-sized brokerage in New York City, one that is a true A-Z brokerage, covering everything from rentals and sales to new developments. Our goal is to expand on our niche markets and to create new opportunities in the city.
What’s one big lesson you’ve learned in real estate?
The marketplace is always changing, and you need to be able to adapt to these changes, otherwise, you’ll fail. Many of the independent brokerages that started around the same time we opened REAL New York aren’t in business anymore.
I believe most fell into the trap of opening a brokerage with a model that did not include the right technology to support their team and countered the transparency in the market we now see.
How did you learn it?
I started in the business at a very interesting time when Craigslist was driving more traffic than StreetEasy. Seeing the frustration clients had with the lack of transparency in the marketplace drove us to see how we can create a brokerage that distributed real, qualified information to the marketplace — hence the name REAL New York.
We developed this transparency-focused business model in a variety of ways, including creating an exclusive portfolio so our team was able to market accurate, up-to-date listings, conducting buyer seminars to help educate the clientele, and creating a midsize brokerage that allowed our agents and clients to have direct access to my partner and me.
What advice would you give to new agents?
Don’t be scared to market yourself. There are plenty of ways to acquire a client, but step one is to leverage your network and make sure they know what you do and that you do it well. I recommend starting with individual calls, texts and emails.
A lot of brokers hide behind social media, and their marketing ends up losing its personalized touch. It is very important to make sure you are connecting directly with individuals in your network. Also, align yourself with a brokerage that has the time and capacity to help you build your business — not one that makes you disappear in a sea of agents.
Do you want to be featured on an upcoming “Lesson Learned” column? Reach out to us here!
Christy Murdock Edgar is a Realtor, freelance writer, coach and consultant with Writing Real Estate. She is also a Florida Realtors faculty member. Follow Writing Real Estate on Facebook, Twitter, Instagr