Save before you go into real estate. You actually need to have at least 6–12 months saved when budgeting the right timing to start your real estate career. When you lock in your first signed contract, you may not see that paycheck for 5 months.
As a part of my series about strong women leaders of the Real Estate industry, I had the pleasure of interviewing Amy Herman Schechter.
Amy Herman Schechter, is a real estate super star and an on air TV Personality, with an expertise in helping celebrities with their Real Estate needs, making her an encyclopedia of celebrity real-estate properties sold throughout the country. As a top producing agent on the Serhant team, Amy has recently been named one of New York City’s 100 Real Estate Agents by the Wall Street Journal, adding yet another accomplishment to her illustrious career thus far.
As native New Yorker, Amy takes pride in standing out as one of the leaders in the New York City’s real estate community amassing over 500M dollars in sales while closing hundreds of high-profile deals all over the city. Amy’s expertise, loyalty, attention to detail, and unwavering commitment to achieving her clients real estate goals has helped her become the true real estate powerhouse she is today.
Amy is best known for selling high profile properties all over Manhattan, and has recently expanded into the booming Miami and Hamptons real estate markets as well. Amy’s dynamic personality and keen business sensibility, combined with her expansive network of the biggest names in fashion, entertainment and real estate, make her perfectly positioned to be the go-to celebrity broker in New York City, working with A-list actors, sports star and on-air TV talent.
Regularly sought out for her perspective on industry wide-trends, Amy has been quoted in The New York Times, New York Daily News, New York Post, and Crain’s New York Business. Amy has been featured several times on Bravo TV’s Million Dollar Listing New York, and has often appeared as a guest lifestyle expert on NBC’s New York Live.
Amy lives in Manhattan with her husband and daughter.https://content.thriveglobal.com/media/76f26e77c99709d13947b0109bfbfdb4
Thank you so much for doing this with us! Can you tell us the “backstory” about what brought you to the Real Estate industry?
Thank you so much for asking me to this interview! I always loved seeing the different types of homes people lived in and had worked in an architect’s office at 21 years old. In 2002 I was working in celebrity and hotel PR and understood marketing and sales — real estate just seemed to make sense as a next step where the possibilities were limitless.
Can you share with our readers the most interesting or amusing story that occured to you in your career so far? Can you share the lesson or take away you took out of that story?
One of my most favorite real estate stories relates to how I met Ryan Serhant. My buyer was deep in a negotiation with his seller when Ryan had to head to his brothers’ wedding. The lawyers were all giving artificial deadlines and making threats if we didn’t come to a meeting of the minds by 6pm on a Friday. Ryan was in his family’s rehearsal dinner. His dad couldn’t believe he was on the phone and kept scolding him meanwhile we kept negotiating until the last possible moment. We got the deal done and the rest is history.
Are you working on any exciting new projects now? How do you think that will help people?
Yes! Right now I am working on a project that has super affordable housing compared to most of Manhattan. The 71 studio through 3 bedroom apartments range from 500,000–1,200,000. The project is located on 101st Street. I am really excited that my team will be working on this new development project this fall. I am also selling some incredible homes in the Hamptons.
What do you think makes your company stand out? Can you share a story?
Serhant is a force! We have the greatest media presence in the world. This means our clients have incredible exposure and we can even sell homes via Instagram stories! It’s remarkable.
None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story about that?
Yes, I am so grateful to a VIP client of mine who I literally met from an open house visitor list. He believed in me for the last 15 years and shared my contact info with his whole family and lots of his friends and colleagues. His kindness and support impacted my whole career. It also gave me the confidence I needed to soar.
Ok. Thank you for all that. Let’s now jump to the main core of our interview. The Real Estate industry, like the Veterinarian, Nursing and Public Relations fields, is a women dominated industry. Yet despite this, less than 20 percent of senior positions in Real Estate companies are held by women. In your opinion or experience, what do you think is the cause of this imbalance?
I think women really need to step up and create more real estate teams, especially if they want to hold senior level positions. The most successful women in the business have men and women working for them.
What 3 things can be done by a)individuals b)companies and/or c) society to support greater gender balance going forward?
I think many people look at tough and talented women as bitches or imbalanced meanwhile they are usually juggling and balancing the world on their shoulders. We should keep supporting amazing women and shower them with love and acclaim.
In your opinion, what are the biggest challenges faced by women executives that aren’t typically faced by their male counterparts?
Women are usually struggling to remain balanced. Many of my biggest lady boss friends are often found feeling guilty about how little time they spent with their children. I think society is not as sensitive regarding this. We just want to make everyone happy, including our clients and our children. It’s not that easy.
Can you share 3 things that most excite you about the Real Estate industry?
- I am excited to wake up every day with a new opportunity to meet a new client literally anywhere during the course of my day.
- I love all of the imagery and the new drone technology. Photos are everything in our business!
- I really enjoy how much real estate remains to be one of the topic 3 dinner conversations, anywhere you go in the world.
Can you share 3 things that most concern you about the industry? If you had the ability to implement 3 ways to reform or improve the industry, what would you suggest?
I am always concerned about how many people want to become brokers and what their true motivation is. I think we need to set up a large mentorship network for new brokers to really succeed. It’s important for the industry to set up better health insurance and retirement plan systems.
What advice would you give to other leaders to help their team to thrive?
Be patient, hire someone who can help organize and train your team if you do not have the time to do this properly. Make sure to truly understand that timing is everything and time sensitivity (ie quick response to inquiries) is the key to success!
Ok, here is the main question of our interview. You are a “Real Estate Insider”. If you had to advise someone about 5 non intuitive things one should know to succeed in the Real Estate industry, what would you say? Can you please give a story or an example for each?
1. Save before you go into real estate. You actually need to have at least 6–12 months saved when budgeting the right timing to start your real estate career. When you lock in your first signed contract, you may not see that paycheck for 5 months.
2. Make sure you have studied a lot about the marketplace you will be working within. You can’t flail around not knowing about zoning or other items as you will lose buyer confidence.
3. Look for a mentor who will be able to answer even the most basic of questions.
4. Look for an agency that will support you with a great marketing team and other staff who can help with paperwork items. There is so much back of the house work so having support is key so you can free up to sell and network.
5. Never let your ego get the best of you. The client always needs to feel right and important. This will go a long way.
Because of your position, you are a person of enormous influence. If you could inspire a movement that would bring the most amount of good to the greatest amount of people, what would that be? You never know what your idea can trigger. 🙂
I would love all buyers to publish their favorite aspects of their search, their homes and really why they chose their new home (after they move in). #homeiswheretheheartis
I am super inspired by the idea that as a realtor we can really change the quality of people’s everyday lives. I think people everywhere would be inspired by stories from people who love their new homes.
How can our readers follow you online?
Serhant.com Amy Herman (for my latest listings and bio).
Thank you for your time, and your excellent insights!