One of the very first lessons I was taught was that in order to sell something – anything – you should be an expert and have a deep understanding of the product/system/service you are selling. Sounds basic enough. Starting out on my career path, and in my naïveté, I thought that above all else, becoming educated and being an expert was the foundation and formula for success. But expertise doesn’t guarantee success, and it isn’t a necessary ingredient. The 10,000 hours of practice that Malcolm Gladwell claims will make anybody an expert doesn’t guarantee commercial success. Luck. Hustle. Timing. DNA. Ancestry. Inheritance. All of these things play an important (or greater) role in success.
Real estate is a huge industry with many different sub-markets, classes, categories, and types. In Manhattan, there are agents who focus on different asset classes and types in their respective fields. Commercial brokers are very different from residential brokers. Residential brokers are very different from retail brokers. Retail brokers are very different from investment brokers. And so on. There are successful agents who are hyper-focused on being experts in their submarkets. I know residential agents who will only market (and make bank) on selling townhouses in the West Village. These agents will know the exact date the house they are selling was built, who the original architect was, the past and current zoning laws, the landmark requirements and restrictions for adding square ft, and every other comparable house in the neighborhood. Some other respected and successful agents will focus only on selling co-ops on the Upper East Side. These agents will know the history and make-up of the board, their financial and social requirements, any future planned assessments, the percentage of deductibility from the maintenance, and more.
These types of agents are successful because they have a deep knowledge of what they are selling and have built a reputation on their expertise. Their clients hire them for this reason. They also have the respect of other agents who seek them out for their advice when they need it. They have more than earned the swagger in their step.
With over 1,000,000 apartments in New York alone, you have to question the credibility of agents who claim to know not only the NY market, but also Westchester, The Hamptons, Los Angeles, and Florida... This brand of agent doesn’t subscribe to Gladwell but to Gypsy Rose Lee. “You gotta have a gimmick”.
And now, enter the METAVERSE. A new opportunity to sell real estate and a potential gold rush for those who want to take advantage of unsuspecting ignoramuses. There are already some people offering their “expertise” on this new opportunity. A quick Google search for “Metaverse real estate agents” takes you to a smorgasbord of options. Buyers take note – just because someone knows slightly more than you or I do, does not make them an expert. What I discovered in my brief research to date is that the experts in this field come from a different industry. They are not traditional real estate agents but people with an understanding of tech. If I were going to invest in the Metaverse, I’d hire an expert who is more familiar with blockchain technology than bricks and mortar. I have yet to meet a real estate agent who intimately knows about blockchain and decentralized peer-to-peer networks. Maybe asking a real estate agent to sell you real estate in the Metaverse is like asking Doc McStuffins to perform open heart surgery?
Side Bar: Two Kennys
You’ve probably never heard of Kenny Garrett, but I’m certain you’ve heard of Kenny G. Two professional saxophonists with two very different stories and paths.
Kenny G was the soundtrack of the public domain for decades. Elevators, shopping malls, dentist waiting rooms etc. He composed, performed, and recorded his own music and was a huge commercial success.
Kenny Garrett is one of the best alto saxophonists and musicians of our generation. One of Miles Davis’ many talents was his ability to identify great musicians and put them together in bands to create epic music. John Coltrane. Sonny Rollins. Herbie Hancock. Wayne Shorter. Tony Williams......and Kenny Garrett. All experts who spent more than 10,000 hours on their craft, and all artists who are highly respected amongst their peers. I’ve been watching this insane performance from the band I was fortunate to have seen in person. Still blows me away.... I hope you enjoy it as much as I do.
Kenny Garrett – Human Nature. Let’s do this.
-Shaun