Real Estate Mafia
Issue 52 - October 1st, 2021
The real estate industry is an incredibly large but scarily small close-knit community. The circular nature of the industry on a local level and the constant deal flow will lead you to cross paths with the same people on a regular basis. People rarely forget a sour experience, and your reputation will deteriorate quickly if you think you can get away with subpar sketchy behavior.
You should never forget that your reputation compounds quickly (for good or for bad) as you grow in the industry, and you should be cognizant to always place your reputation above questionable decisions as you grow in this incredible community.
You should treat your clients just as well as you treat other agents and just as well as you treat all of the players in the “transaction economy” such as service vendors, title company reps, and mortgage lenders. If you think you can mistreat someone and never see them again, you are sorely mistaken.
No one starts out in the real estate industry and thinks, “I only want to succeed for two years, whatever happens after that doesn’t matter.”
Success in this world requires a long term mindset, and the endurance required to be successful is made easier by having a positive attitude with everyone you encounter on a day to day basis.
Today marks the 1 year anniversary of this newsletter, and I truly appreciate the support and all of my readers. If you can think of someone who would love to receive this email in the future, can you share with a few people? Click here to share the sign up link with a friend!
Newsworthy Links To Share
June Homes, a proptech startup that aims to make renting less painful and more flexible for both tenants and landlords, has emerged from stealth with $50 million in total funding. June Homes is a national housing brand and operator that specializes in flexible furnished rentals for the new generation of renters.(TechCrunch)
Nearly a third of all digital retail transactions will be fulfilled by a physical bricks-and-mortar location, according to new research from Colliers, as more and more online orders become connected to stores. (Globe Street)
The world’s first Metaverse REIT has launched. Metaverse Group’s Real Estate Investment Trust (REIT) plans to introduce a real estate investment trust that owns and operates a portfolio of high-quality development properties in Decentraland, Somnium Space, Crypto Voxels, Sandbox and Upland and other commercially viable Metaverses. (Visit their website here)
Federal Trade Commission chief Lina Khan is resurrecting a review of Zillow’s $500 million acquisition of ShowingTime - months after the agency had appeared to clear the transaction, in a new indication of uncertainty for M&A activity in the real estate industry. (Seeking Alpha)
Bilt Rewards, a loyalty program for property renters to earn points on rent with no fees and build a path toward homeownership, announced a round of $60 million that values the company at $350 million. Bilt pays interest in the form of points for a member’s account each month based on their average daily points balance over the 30-day period, and offers a concierge service for members choosing to redeem their Bilt points toward a home down payment. In addition, members can earn bonus points on top of points used by landlords on new leases and renewals.(TechCrunch)