The decision is in — the outdated method of doing enterprise is over. Be a part of us atInman Join New YorkJan. 23-25, when collectively we’ll conquer right now’s market challenges and put together for tomorrow’s alternatives. Defy the market and guess huge in your future.
This 12 months marked New York Metropolis-based Brown Harris Stevens’ one hundred and fiftieth 12 months as a brokerage.
Having been round since 1873, the 12 months Central Park was accomplished, the agency has weathered every kind of market ups and downs and stays as regular as ever.
The agency additionally not too long ago launched its personal media platform referred to as the Mastery of Actual Property, or “MORE,” Community to accommodate podcasts and webcast collection by Brown Harris Stevens brokers and employees. Episodes are recorded within the agency’s new studio, Studio 1873, and are produced and edited by Brown Harris Stevens’ in-house content material staff.
Regardless of confidence in business actual property waning on the entire, Brown Harris Stevens is constant to open extra places of work, partially as a result of CEO Bess Freedman believes time collectively on the workplace is essential to agent success.
“Workplace tradition is so essential,” Freedman stated. “Coming into gross sales conferences, connecting together with your colleagues so you possibly can see what’s happening, see how persons are doing. It’s actually essential, not simply business-wise, however on a human stage.”
Inman not too long ago spoke with Freedman upfront of her upcoming look at Inman Join New York to debate her suggestions for a way brokers can get via the present powerful market and what she’s trying ahead to this 12 months at ICNY. Right here’s what she needed to say, edited for brevity and readability.
Inman: This was an enormous 12 months for Brown Harris Stevens as you had been celebrating the brokerage’s one hundred and fiftieth 12 months. What else new and thrilling is occurring?
Bess Freedman: We celebrated 150 years, which was an enormous deal. We did this huge marketing campaign, which was well-received. And we launched a content material studio and the MORE Community, which is a podcasting community for brokers. That’s new, however already doing very nicely.
And we now have a chief economist, his title is Greg Heym, and numerous our brokers flip to him, asking him questions, getting his opinion. He’s a very sensible man, actually useful on a regular basis and concerned. He’s launched a podcast on our community, ‘Crossing the Line,’ and that’s been actually well-received. It was one of many prime enterprise podcasts on Apple. So we’re doing numerous revolutionary and inventive issues.
And I’ve to offer an enormous because of Matt Leone, who’s our chief advertising officer, who has this staff that’s revolutionary, artistic and has put all this collectively. It’s been thrilling for us.
It’s good to have these brilliant spots throughout a difficult market.
2023 — it’s no secret — has been a little bit of a difficult 12 months. I used to be simply with our head of Connecticut who oversees all of our places of work there and stock is down by 70 % in Connecticut. He even shared with me his private story, that he has a home and two children. He would like to promote and get a bigger house, however he has such an ideal fee. After which he stated, ‘If I promote, the place am I going? There’s nothing to purchase.’
So he shares the narrative that everybody’s feeling in Connecticut and different areas, that there’s no stock and, you don’t wish to let go of your fee. In order that’s been a problem within the housing market as a complete.
I’m optimistic that in 2024 we are going to see charges come down a bit, even 1 [percent] or 2 %, and hopefully that may loosen up stock and we’ll get extra houses available on the market after which extra patrons will throw their hat within the ring and purchase.
That’s what I’d prefer to see occur as a result of it’s been a troublesome 12 months with inflation and charges and lack of stock, and in addition costs — brokers haven’t actually seen costs come down sufficient. However we now have to be very cautious optimists.
For certain. As brokers wait and hope for these charges to come back down subsequent 12 months, what’s your greatest recommendation for them?
We’re encouraging brokers as a result of when issues are slower, when your small business is just not as busy as you desire to, it’s a good time to have a look at your small business, your sphere of affect, your contacts, clear that up. Attain out to individuals, ship vacation playing cards, market reviews are nice to do proper now — let individuals know what’s happening, allow them to know what the values are, what their houses are value, give them a pulse on issues.
And I can’t underscore this sufficient — I feel coming into the workplace … I do know lots of people have been working from house and never coming in as a lot, and we’re slowly constructing that again. Workplace tradition is so essential — coming into gross sales conferences, connecting together with your colleagues so you possibly can see what’s happening, see how persons are doing. It’s actually essential, not simply business-wise, however on a human stage. I feel that makes individuals really feel good and, psychologically, that’s essential.
So come into the workplace, go to open homes, take a look at stock, take a look at your sphere of affect, attain out to your contacts and create a marketing strategy for 2024. [Agents] are the CEOs of their enterprise, and what they put into it’s what they’re going to get out of it, like anything. Be accessible, present up and go to occasions, be part of a guide membership, a community. Actual property is about relationships.
I might simply inform individuals to actually keep in tune — don’t keep at house and get depressed. Have little vacation lunches and dinners if in case you have time, seize a espresso to meet up with somebody. It’s unbelievable how that may make you are feeling, simply to see how persons are doing, to speak to them, look of their eyes and be current. These easy issues can change the whole lot in your day.
As we expect extra about 2024 and what would possibly occur with the market, what do you assume shall be some of the essential issues brokers can do in 2024 for his or her enterprise?
I want there was some type of secret bullet, however it’s important to actually follow the fundamentals and proceed to do what issues. Be fluent with the stock, know what’s accessible and be linked to your base, your sphere of affect. Charges go up and down, however individuals nonetheless want to purchase and promote regardless of that. [Agents] must be accessible and be there for when individuals want recommendation and steerage.
For subsequent 12 months, hopefully individuals shall be busier as a result of charges will come down just a little, however I feel it’s important to follow the fundamentals of what we do. Be dependable. Be a trusted useful resource for individuals who, after they’re going via good and dangerous instances shopping for and promoting, they’re going to depend on you. Whenever you’re eager about 2024, put your marketing strategy collectively, be accessible, and be optimistic and able to go.
I’ve to ask about one thing that occurred practically a 12 months in the past now as a result of it was so odd. Should you bear in mind, in January, Ryan Serhant’s staff at SERHANT. emailed you with an unsolicited pitch to have his brokerage’s staff prepare Brown Harris Stevens brokers. Has anything like that occurred since then?
That was the one and solely time that that occurred. We haven’t had any extra of that. I feel that was a pretend pas on their half. At Brown Harris Stevens, we actually do want each firm, together with Ryan’s, the easiest. I need everybody to achieve success. We’re clearly aggressive, so it will make no sense for somebody to attempt to prepare one other firm’s brokers. However we nonetheless want everybody nicely. We haven’t had any type of loopy tomfoolery, as we name that, as of late. We’re busy making an attempt to do enterprise and maintain individuals upbeat.
Excellent.
And simply so you realize, we’re opening a brand new workplace in West Palm Seashore, which we’re very enthusiastic about, and we’re additionally opening a brand new workplace in Union Sq., we’re within the technique of that renovation. And our new Higher West Facet workplace is incredible, it’s lovely. It doesn’t imply you possibly can’t get leaner and produce places of work collectively, however we’re believers in workplace tradition and having good places of work for our brokers and staff to work in, so we’ve signed new leases. We’ve accomplished numerous that, and we’re enthusiastic about it.
You’ll be talking at Inman Join New York in a number of weeks — what are you trying ahead to on the occasion?
It’s like when REBNY has gatherings, occasions and panels; with Inman it’s the identical [for me]. I like getting along with the group that I work with. Although we’re rivals, seeing individuals and checking in, speaking to them, sharing info … It’s simply actually good to see individuals.
I feel all of us are nonetheless a teeny bit scarred from the pandemic and I actually admire time in individual with individuals greater than ever. I’m excited for ICNY, I’m excited to fulfill new individuals and see some outdated pals, and simply have a very good time. I’m all the time about excessive vibes and I feel this shall be a high-vibes occasion with numerous sharing and I hope to make some new pals there, so I’m actually trying ahead to it.
