I spent the weekend in Napa with a couple of friends and clients (which is why this newsletter is coming out late). Let me know if you’re in the area, and I’ll host you at Laird!
For this week, we have another 2-part newsletter …
First up is a brokerage case study that you’re going to want to read. Mason Fiascone transitioned from a corporate marketing and sales role into multifamily brokerage. Two years in and he’s already closed around $65 million of business. He built this successful brokerage machine by identifying a niche and then relentlessly pursuing it.
After Mason’s story, we’ll share three important real estate stories you should know about this week.
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0 to $65M in 2 years
Mason Fiascone is a case study on how to start a career in brokerage. Coming from a background in consumer goods marketing and sales, Mason knew he needed to develop a compelling niche.
He identified an opportunity in multifamily located in the Inland Northwest region, delivering big-city polish and processes but with deep local area expertise and the finesse to handle the needs of “mom and pop” owners.
Drawing inspiration from the sophistication of primary market brokers, Mason developed a brokerage flywheel relying on marketing, satisfied clients, and consistency:
- Outbound calls and mailers to establish market presence
- A monthly newsletter showcasing original data, not just recent sales
- Twitter, where the owner himself may not be active but his son or grandson might be
- Delivering exceptional outcomes to build repeat business and referrals
With around $65 million of real estate sold in just the first ~2 years of his brokerage career, Mason Fiascone’s story is a testament to the fact that success comes to those who identify a niche and then relentlessly work to conquer it.
For more on Mason’s story/strategy, read the full article here.
Now, here are some headlines to keep an eye on…
The economy is giving off mixed signals. Strong employment, low growth. High inflation, rapidly rising interest rates, and high consumer demand. Skyrocketing gas prices, leading to a rapid consumer response: people are driving less. All of this against a backdrop of war and the pandemic. The signals may be unclear, but within real estate, the best investors and brokers are still finding projects that fit. Up or down, frothiness can be good for business.
According to new data from Redfin, residential buyers are backing out of sales at rates not seen since the very beginning of the pandemic. There are a few reasons for this:
– It’s getting harder to get a loan.
– Buyers are starting to keep more of the typical contingencies and protections that they have been foregoing over the last year or two
People still want houses, but it is getting harder to make purchases happen. Smart home sellers should read the writing on the wall and become easier to work with, lest they lose some of the appreciation the market has given them recently.
New legislation in Holland requires companies to provide a reason for denying remote work requests. According to this Inc. article, this could backfire for remote workers, who may find themselves replaced by cheaper overseas labor. While that might be a valid concern in some cases, managers who have worked remotely with both local talent and discount overseas freelancers likely understand that you get what you pay for. Regardless of the field, expertise costs money, and discounts come with costs.