I learned a lot last year – both personally and professionally. In a city like New York, it’s easy to get overwhelmed and feel like things are moving faster than you can keep up with, and often, when you’re in the thick of things, it’s hard to notice change. So now, looking back, here are some of the more significant trends that came into focus, and these are the top five things I learned (and re-learned) in 2023:
1. Mentorship: My most popular entry last year was the one I published on mentorship. I wrote that having the right mentor is critical to success. Everyone needs a mentor, but mentors have become increasingly scarce, and people in every industry are yearning for not just any mentor but the right kind of mentorship. The real estate business still thrives on personal hands-on experience. COVID forced a change, which spurred innovation and fragmentation of our workspace. There are fewer in-person connections. Now, it takes more work to connect with people and even more effort to source the right mentor willing to invest their time in developing the people around them. Offices are emptier, so fewer good options exist for mentoring new agents. This has resulted in agents entering real estate and needing to learn how to do the business the right way. Our business can’t be learned from Instagram or TikTok, and certainly not from TV actors. In my career, I’ve been fortunate to mentor many new and experienced agents who have built formidable careers. This year, I am committed to growing this initiative through hands-on mentorship in a qualitative way.
2. Tech: A big part of me still hoped that 2023 would be a year that brought innovation in the real estate space. We didn’t see it, even after all the billions of dollars invested and wasted. Our industry craves real, meaningful technology. More innovation is required in data reporting, listing systems, customer lead generation, and customer service initiatives. Zillow still controls the national B to C market, and I don’t see that changing anytime soon; however, I am optimistic that with the wave of innovation we will see from AI, change is inevitable and will come fast.
3. The Human Touch: At the end of the day, this is still what matters most. The best agents realize this and bring it to the table consistently. An in-person meeting will yield more sustainable and substantive results than a tweet or post to 1 million fans on social media. The most important job of any agent is to guide your clients through one of the more stressful and important financial decisions of their life. Showing up means something.
4. Architecture: Buyers are still more interested in buying apartments in buildings that were designed from the inside out. The luxury buildings designed by Rosario Candela are still coveted, and for good reason. 100 years later, they still make sense. Candela dealt in logic and was the most gifted apartment-house planner ever. Buildings with sensible floor plans with rooms shaped to fit furniture and accommodate people still sell for a premium. Duh! There’s a reason why every building designed by Robert A. M. Stern Architects continues to outperform the market. The layouts make sense, and homes are built for living.
5. China: Many of the old-school NYC developers have high-tailed it out of town and fled to warmer climates and more business-friendly environments. This was driven by high construction costs, high land costs, and better opportunities in other markets. But not everyone has bailed on the Big Apple. We have seen a massive influx of not only Chinese buyers but also Chinese developers. Some of the most significant projects happening in the city right now are being developed by Chinese companies who see the opportunity and still believe in the city’s future.
On a personal note, the most important takeaway from last year was something that I already knew – the people you surround yourself with are an extension of who you are today and who you will become. Be selective. The best people will give without expectation and take with appreciation. I can’t worry about the bad actors anymore. I am not letting them take any more time or space in my life. In the immortal words of Taylor Swift, “Stressin’ and obessin’ ’bout somebody else is no fun. And snakes and stones never broke my bones.” Focus on the good.
Let’s do this.
Shaun