This interview with global real estate advisor Nicole Beauchamp has some great advice on succeeding as an investor in NYC real estate.
Nicole Beauchamp is a multilingual luxury real estate advisor who is known for her command of the New York City real estate market — including its intricate intersection with the national and international real estate markets. Nikki is trusted and respected globally by clients and peers as an expert in data and financial analysis, negotiation, marketing, and technology. She is frequently quoted in media outlets, including recent articles in the New York Times and Brick Underground.
We asked Nikki a few questions about what it took for her to become a successful real estate entrepreneur in New York City, and what advice she would give to others in the field.
Real estate is career 2.0 for me. I was previously in finance, working in technology and healthcare verticals, and had a consulting practice. I initially got my license as I was sending significant referral business to a friend (who had also been my personal real estate advisor). I thought I wanted a change and decided about 20 years ago that I would work with clients, rather than advise. It has been a fascinating journey.
To be honest, and it sounds cliche, but my favorite part of what I do is the people I get to work with. I am tremendously lucky in that my personal brokerage practice is predominantly by referral — consequently, I have been part of transactions in some cases now for the third generation in some families. It has been wonderful to be a trusted advisor to clients, many of whom are friends, and those who were not friends have since become friends.
There are many myths about real estate, but I think the most common is that it is easy — as easy as is seen on reality TV.
I feel like I came into the industry with a reasonable understanding of the process, and in particular for my market, that the sales cycle was potentially lengthier than average. Having been through the process as a consumer, I also had that perspective. If I were starting today, I would want to know and understand that it is FAR harder than it appears on the plethora of reality TV shows about real estate.
If they’re not hiring a property manager — and even if they are — being detail-oriented and organized are critical to keep financial and maintenance records in order. The first properties in an investment portfolio are a learning process — understanding that is also key. Finding key advisors to manage the processes and provide advice also helps investors be successful.
A lack of organizational skills or hiring someone with no experience to help manage the property, screening, etc. Another mistake is, as the saying goes, being penny wise and pound foolish. For example, it’s important that landlords adjust their rents according to the market. A reliable tenant is worth a great deal, but not even minimally adjusting rents as warranted is an issue.
There are a lot of elements in the industry that can contribute to change. Continued adoption of technology, and possibly regulatory changes that could make the current U.S. system more like overseas, where co-brokerage is not the default. Other changes could include continued venture capital investment and commission compression. Agents and consumers need to stay aware of the moving parts and be prepared to shift business models.
Understand that goals are fluid. Be conservative, especially at the time of acquisition. There is great value to erring on the side of caution, and perhaps going for the “bread and butter” opportunities versus grand lofty goals, in particular at the start of your real estate investing journey.
Start with Why (Simon Sinek)
Long Distance Real Estate Investing by David Greene
The Millionaire Real Estate Investor by Gary Keller
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