In today’s world, how do we inspire younger people to develop a purpose in life when it seems they are all glued to their phone screens? I recently had the opportunity to interview Gail Holman of the Sports and Entertainment Division of Compass Real Estate and she opened my eyes to one way we can help the younger generations to realize their potential and create a lucrative lifestyle for themselves. Gail is not only ranked at the top one percent in her industry, but she has sold over $500 million in real estate. But she doesn’t just sell luxury real estate in New York to make herself wealthy, she views her job as a way to expose younger people to the real estate business. Her team consists of all young people, in their twenties and thirties, and she takes it upon herself to teach them the industry so they can live successful, fulfilling lives.
Ms. Holman started out in clothing design but eventually found her groove in furniture and interior design, opening her own showroom in Beverly Hills specializing in high-end furniture and interior design. She ended up returning to her birthplace, New York, and turned her focus to real estate mainly in the North Shore. Over a span of five years she managed to rack up over $500 million in sales. Her early days of working with developers gave her a solid foundation from which to continue growing her network and business and now she leads a very passionate and driven team of real estate professionals. They all genuinely love what they do.
While researching and interviewing Gail, I could see that she is a master of mindset. Growing up, her main goal was to find success in something she truly loved. She always had a vision of owning her own home and having the freedom to travel and see new places. It wasn’t just making it big; it was about enjoying the journey and ensuring she had those personal joys along the way. She stays focused on her goals by crafting a detailed business plan at the onset of each year. She outlines her objectives, which ensures she has a roadmap to guide her throughout the year. She also reviews her performance and goals on a weekly basis. Gail primarily focuses on high-end properties in the Gold Coast area of Long Island, also known as the North Shore of New York. One of her recent goals was to expand into the New York City real estate market, and she accomplished that goal recently with the listing of an $80 million building. Not bad.
Life is this unique, one-time journey, and I believe in embracing the mindset of “you only live once”.
Ms. Holman truly believes in the importance of following your dreams. She believes that every challenge and opportunity should be approached with the idea that the sky is the limit. It’s not just about achieving success or reaching milestones; it’s about being happy in all that you do. She realizes that we cannot do anything about interest rates or politics – at times, she simply puts her blinders on and keeps going. Sometimes, we just have to work harder.
So, dream big, aim high, and remember that each day is a chance to get closer to where you want to be.
As always, I like to include some of my interview in the hopes that it will give readers some useful tips. The following is what Ms. Holman shared with me:
What is the price range of the real estate you sell? Do you sell solely in New York at this time?
I primarily focus on high-end properties in New York. That’s where my specialty lies. But it’s worth mentioning that while I concentrate on the upper end of the market, my team is versatile and deals with properties across all price ranges. So yes, right now, all our business is in New York.
What is the price range of the rentals you show?
When it comes to rentals, I showcase the crème de la crème. I represent a collection of upscale properties that truly stand out in their luxury and elegance. In terms of pricing, these stunning rentals typically fall between $10K to $20K a month.
How do you see the real estate market right now? How do you see it going in the next five to ten years?
The North Shore real estate market is robust, although there is low inventory, it is a prevailing seller’s atmosphere. Despite broader market fluctuations, the unique allure of the North Shore ensures its resilience. Projecting into the next five years, I anticipate continued strength in this distinctive and prosperous segment of the New York market.
Have you noticed many people wanting to move to New York right now? Or have the numbers gone down, have you seen more people leaving New York?
Many individuals are choosing to relocate from New York due to mounting tax burdens and the pressures of escalating inflation. Similarly, these financial challenges deter others from making the move to the state in the first place, highlighting the dual impact of economic constraints on both current residents and potential newcomers.
You sell high-end real estate. In this time, when a lot of people aren’t doing well financially, who are these individuals who can afford such high price tags?
My clientele predominantly comprises successful business owners, individuals in finance, and athletes. Additionally, I’ve observed a noteworthy influx of investments from international sources as well.
For the rentals, who can afford the prices of the rentals these days? In your experience, who is choosing to rent these days versus buying?
It’s really the same demographic as the previous question. My clientele remains consistent and the only difference really is that they have either sold a high priced home, have secondary homes in other places like The Hamptons and Florida, etc.
What age range do you mostly see buying and also renting? Do you see one age group more than others?
Not necessarily. I see all ages from young to old buying and renting. It all depends on their success in their businesses.
For our younger readers, who may feel that buying a home is out of reach to them, what is your advice?
For younger readers who might perceive homeownership as a distant dream, my foremost advice is to speak with a mortgage broker or a bank. These professionals can provide invaluable insights into financing options, potential affordability, and strategic steps to bring them closer to owning a home. There are also programs for the ones still in school to receive loans based on their projected income. Engaging in these conversations early can demystify the process and set a clear pathway toward achieving their real estate aspirations.
Many people I went to high school with are now, even in their late forties, renting. They feel that owning a home is out of reach to them. What kind of tips could you give a fifty-year-old for finally accomplishing that goal of home ownership?
It’s never too late to pursue the dream of homeownership. For those in their late forties and beyond who may feel that owning a home is an elusive goal, it’s crucial to recognize the myriad of opportunities tailored specifically for first-time buyers. Numerous programs are designed to guide and support potential homeowners at any age. Begin with researching first-time buyer programs in your locality, and consider consulting with a real estate advisor or financial counselor who can introduce you to these resources.
What does a brand new first-time buyer need to know most about purchasing their first property?
For a brand new first-time buyer, there are some essential things to keep in mind when diving into the market. Understanding how much you can afford is crucial. It’s not just about the mortgage; you have to factor in other ongoing costs of owning a home, like maintenance and taxes. Plus, owning a home isn’t just about paying for it. Taking care of your property, from regular upkeep to unexpected repairs, is a significant responsibility. It’s a rewarding journey, but one that requires diligence, planning, and a clear understanding of the full scope of homeownership.
You are a home staging expert. Can you give our readers some insider tips on how to stage a home?
Absolutely! I would recommend engaging a professional. Compass has a concierge program that sellers can utilize for this. Relying on a professional stager can make all the difference. Their expertise and keen eye can transform spaces to maximize appeal. Decluttering and depersonalizing should present a balance of live-in warmth without overwhelming personal artifacts. Remember, the objective is to create a setting where potential buyers can mentally move in and see themselves residing. A well-staged home not only presents better but has been proven to sell faster and often at a better price. While personal touches make a home uniquely yours, when selling, it’s all about broad appeal.
Do you have any management or leadership tips for our readers? How do you manage your team?
Effective leadership and management are pivotal in driving any team toward success. Clear communication is essential to establish open channels of communication. Ensure your team knows they can approach you with their concerns, ideas, and feedback. While it’s crucial to maintain boundaries for work-life balance, I make a conscious effort to be accessible to my team when they truly need guidance or support. Understand what each team member wants to accomplish professionally. Encourage them to set milestones and guide them in achieving those aspirations. Regular team meetings are essential for keeping everyone on the same page. It provides a platform for discussing updates, sharing successes, addressing challenges, and brainstorming solutions. Your team will often mirror your dedication, attitude, and work ethic. Be the embodiment of the values and standards you wish to see in them.
If you would like to learn more about Gail Holman, please visit https://www.compass.com/agents/gail-holman/.