3886 viewsThe 2024 Real Estate Forum by The Real Deal brought together thousands of real estate thought leaders this past Wednesday, May 8th. Among the prominent participants was leading private firm Brown Harris Stevens, who broadcasted live from the event via its MORE Podcast and Video Network.
Here is an overview of important takeaways from the day.
The NYC Real Estate Market in Focus
Amir Korangy, Publisher of The Real Deal, set the stage by shedding light on the challenges and opportunities shaping the NYC real estate landscape. Reflecting on the tumultuous year of 2023, he emphasized the significant slowdown in transactions and the prevailing uncertainty surrounding interest rates and commercial office spaces. However, amidst the prevailing uncertainty, there's a glimmer of hope.
"In the next five years, we’re going to see the largest transfer of assets and wealth, and the people who are part of that ecosystem—the brokers, lenders, investors—they stand to make a tremendous fortune." - Amir Korangy, Publisher, The Real Deal
Cantor Fitzgerald CEO and Newmark Chairman Howard Lutnick's recent investments in commercial real estate underscored the potential for substantial gains in the upcoming years. His commitment to the industry reflects a profound belief in its enduring potential, even in the face of fluctuating interest rates and market dynamics.
"2025-26 will be the time to buy." - Howard Lutnick
In his panel, Related Office Development President Philippe Visser concurred.
"New York City has a lot going for it. It's a well diversified economy, young people want to be here -- none of these things have changed." - Philippe Visser, President, Related Office Development
The Miami Miami Market Remains Hot
Miami Mayor Francis Suarez's touted his strategic approach to several initiatives that have fueled unprecedented growth in the Miami economy. He emphasized the correlation between good tax policy and growth.
“We [Miami] put our customer first. The way that we build our ecosystem is quite similar … We keep taxes low, we keep people safe, we lean into innovation—that’s all we do." - City of Miami Mayor Francis Suarez
Despite challenges such as affordable housing and environmental concerns, Suarez remains steadfast, affirming, “We’re going to continue to build.” He noted the city's tax policies have allowed for investment in initiatives that have lowered the city's FEMA flood rating, as well as in private-public partnerships to offer housing to those in need. The city, Suarez said, is also making significant strides toward a homeless population of zero.
Tips for Self-Marketing Success
Brown Harris Stevens leveraged its MORE Podcast and Video Network to engage with industry influencers and amplify its presence. In a candid conversation with Brown Harris Stevens CEO Bess Freedman, top BHS Brokers Lisa Lippman and Warner Lewis emphasized the importance of flexibility and forming organic relationships with potential clients, rather than relying on direct mail and traditional advertising.
“You have to walk through a lot of doors and really know your business. You have to be friendly, outgoing, open-minded, and be able to pivot easily." - Lisa Lippman, Brown Harris Stevens Broker
Lewis added insights on perseverance, stating, "There is no overnight success…be willing to be uncomfortable." Their wisdom resonates deeply with aspiring real estate professionals.
Samir Mezrahi, real estate influencer and Buzzfeed producer known for his account at HGTV show Zillow Gone Wild highlighted the importance of consistency and audience understanding in a conversation with BHS CMO Matthew Leone.
"You have to be consistent...know your audience and know what they like, and tap into that too." - Samir Mezrahi
