Origination: Recent Episodes
Mordecai Rosenberg
We interview the top loan originators and salespeople in the multifamily and commercial real estate industry. Our goal is to find out what separates the top sales people from the rest of the pack.
In this podcast episode, Mordecai Rosenberg hosts Eric Rosenstock, a seasoned loan originator, to discuss various aspects of the multifamily mortgage industry. They start by discussing Eric's career journey, noting the importance of persistence, self-belief, and willingness to learn in achieving success. Eric's multifaceted role at Greystone involves building relationships, analyzing deal structures, and coordinating with various teams to ensure successful transactions.
Discussing the multifamily loan origination process, they highlight how originators must understand the needs of multifamily owners and recommend suitable loan products. The conversation underlines the importance of trust in these relationships, emphasizing that originators must truly understand their clients' needs and communicate effectively to foster this trust.
The conversation wraps up with a discussion on market challenges, the importance of execution, and the value of knowledge and experience. They delve into the complexity of the current market, noting the challenges presented by rising interest rates and the ongoing impact of the pandemic. The pair suggest that in the face of these obstacles, more sophisticated producers with a deep understanding of their product and the market stand a better chance of success.
What separates the top salespeople from the rest of the industry. (0:15)
What’s the sales process like when you’re starting out? (1:43)
Perseverance in the face of competition. (6:44)
What’s an originator? -. (14:54)
Selling on knowledge vs. selling on sales. (17:00)
Balancing origination with family. (25:24)
How to avoid big mistakes in business and life. (30:41)
The importance of having a relationship with your clients -. (36:24)
The importance of having a mentor in the industry. (42:07)
What are you doing if you’re starting out? (49:05)
What’s the return on equity? -. (54:05)
lenders, market, people, loan, client, equity, selling, deals, screen protectors, year, calls, rates, business, borrower, easy, long, sales, chase, interest rates, debt
In this episode, Mike Kemether, Executive Vice Chair at Cushman and Wakefield, discusses his engineering background and how he applies engineering principles to sales in commercial real estate. He emphasizes collaboration and building a team to provide the best service to clients, and shares his perspective on the state of the real estate market and the importance of strong partnerships.
lenders, market, people, loan, client, equity, selling, deals, screen protectors, year, calls, rates, business, borrower, easy, long, sales, chase, interest rates, debt
The story highlights the speaker's experience as a teenager working at a phone repair kiosk, where customers would frequently ask if he could fix their broken screens. The speaker then taught himself how to fix screens and began selling them at a profit, eventually sourcing them in bulk from Alibaba to lower the cost. The story also touches on the theme of listening to customer needs and responding to them in order to create a profitable business.
00:01 Introduction to this episode.
07:13 Selling screen protectors.
13:01 Being data-driven and sharing information.
15:00 Transparency creates value for both sides.
18:58 Lessons learned from John’s pitch.
25:50 The importance of having committed clients.
31:21 Comparison of debt service on a deal by deal basis.
36:45 Risk of taking a gamble.
40:38 Long term maturities and extensions.
lenders, market, people, loan, client, equity, selling, deals, screen protectors, year, calls, rates, business, borrower, easy, long, sales, chase, interest rates, debt
SUMMARY:
Gideon Gil, Executive Managing Director at Cushman and Wakefield, is interviewed on the origination podcast. Gil talks about his early sales experiences, the importance of storytelling in sales, and how to create a sense of calm for clients during chaotic market conditions. He also discusses the trend towards bigger deals in the multifamily industry, and the role of relationships in closing transactions.
TIMESTAMPS:
0:15 - Introduction to this episode.
1:40 - What Gideon’s earliest sales experience looks like in his life
7:08 - Never Split The Difference
9:42 - What are some of the war stories that come to mind for you?
15:22 - Advice for people who want to get into the industry
20:23 - Presenting deals to an investment committee with 30 years of experience
24:47 - What is the key to telling a good story?
29:39 - How to use social media to get your message out
34:39 - Is there a “one size fits all” answer?
40:43 - The importance of getting ahead of the market in order to be ready when the market breaks
46:55 - Are there any banks or lenders starting to sell loans in distressed markets?
lenders, market, people, loan, client, equity, selling, deals, screen protectors, year, calls, rates, business, borrower, easy, long, sales, chase, interest rates, debt
SUMMARY:
On this episode, I had the pleasure of speaking to Henry Stimler who is an Executive Managing Director at Newmark. Henry certainly knows how to go hunting for whales. Yeah, he actually closed new marks largest agency deal, clocking in at $1.85 billion. That's the kind of loan that every originator fantasizes about. Henry came to the country from England with foreign dollars, and no industry background, but somehow was able to land those types of deals within just about 10 years from entering the industry. So how did he do it? There are a couple of themes that I think you'll hear you're one is the enthusiasm and energy with which Henry approaches the business. Energy is attractive. energy and enthusiasm you make people want to be around you. And you'll hear that come across very clearly in my conversation with him. The other component that you'll hear is the idea of really focusing on the client and what's in it for them, how can you help them grow their business, it's not about selling a product, it's about helping them achieve their future. This is really an awesome conversation.
TIMESTAMPS:
0:00 - What separates the top performers from the rest.
1:57 - What’s your earliest sales experience?
7:46 - How to get into the world of multifamily finance.
11:14 - How he got into the real estate finance business.
16:55 - What is the best piece of advice you can give someone trying to make it?
22:10 - You can act confident even if you don’t feel courageous.
28:21 - The most important thing in the multifamily business is your ability to raise equity -.
33:21 - How to get your foot in the door -.
37:03 - What’s your approach when you’re working with an originator who doesn’t want to close a deal.
41:41 - What’s the future of fixed-rate finance?
45:29 - How do you stay in contact with clients and provide value in a non-transactional environment?
52:01 - The first thing that people lose in times of distress is their future.
Summary:
On this episode, Mordecai speaks with Craig Branton, who is a vice chairman with Cushman and Wakefield. We recorded this episode at the end of October 2022. And the multifamily market is kind of in turmoil. Interest rates are up by several points from six months ago. So sales have grounded to a halt. Refinancing has has has slowed a lot. So what do you do as a salesperson? What do you have, when you don't have something to sell at that current moment where the where the market is not very transactional. We dive into this a lot with Craig. And he has some really great ideas on what you can do during this time. So we'll talk about that. We'll also talk about selling Cutco knives and how transferable the skill set is between selling knives and selling mortgages.
Timestamps:
0:15 - What Do You Do When You Don't Have Something To Sell?
1:41 - Craig’s Earliest Sales Experience
4:57 - How Sales Training Is Different From Sales Training
11:07 - The Importance Of Cold Calling vs. Networking
17:11 - Demonstrating Differentiated value
22:04 - What Is The Most Difficult Part Of The Business?
25:37 - The Importance Of Taking On Deals That Have A Reasonable Chance Of Going Sideways
31:35 - Selling People Like To Get High And Hope
36:21 - Why People Do Business With You
43:31 - Advice To Clients
47:40 - What’s Happening With FHA Financing
51:41 - What’s Going On In The Multifamily Market Today
56:35 - How To Measure The Success Of Your Database
Building knowledge is incredibly important, but the anticipation of what's around the corner can be even more important for an originator. Aaron Krawitz is excellent at both. He is the founder and CEO of Bravo Capital, and offers his perspective on the importance of the originator's role in loan sign ups, how to build your brand, and how to continuously grow and build your skills and knowledge.
TIMESTAMPS:
1:22 - Aaron's Earliest Sales Experiences
8:04 - We’ve Surrounded Ourselves with an Exceptional Team
15:48 - Starting as an Analyst vs. an Underwriter
20:22 - How to Make a Craft at Origination
25:32 - What’s Your Formula for Underwriting and Closing?
31:31 - Preparing Your Team for Their Next Job
35:29 - Building Your Own Brand and Building Your Own Platform
42:16 - The Benefits of Having a Regional Approach in the FHA Space.
48:04 - What is the Off Ramp From Origination?
53:51 - How Do I Best Serve My Customers?
Andrew Dansker has carved out a niche in the origination world, and has used his unique value proposition to create an incredibly strong referral source of business. He walks us through his journey during this episode, as well as discusses that impossible thing for a sales person: work life balance.
TIMESTAMPS:
11:23: How To Align My Interests With the Interests of People I'd Like to Have as Referral Sources
13:06: Understanding What You're Selling
27:32: Growth and Learning Over Time
29:30: What You Do vs What You Do Well
37:39: Making Your Referral Source Look Good
38:39: Work Life Balance
46:41: At What Point Can You Start Setting Limits
51:09: Advice For Newer Salespeople
Mordecai interviews top originator, Shana Daby of Greystone, in this 34th episode. Shana discusses her path from underwriter to originator, the similarities between selling and teaching, focusing on service, and her drive to take on the complex and "hairy" deals.
TIMESTAMPS:
02:00-05:07 Early Sales Experience
05:07-07:13 Transition into Lending
08:38-11:16 Selling vs Teaching: The Similarities
12:41-15:11 Selling the Long Term
15:11-20:07 Inflation
23:10- 30:03 Brokered vs Direct Business
30:04-32:59 Focus on Service Over Product
37:42-40:24 You Can Do Nothing Wrong and Still Lose
44:40-49:07 Accountability
What do you do when interest rates start to move on you? What do you do when they're now up half a point or a point from where you started? How do you keep the client still invested in the outcome? Tune in and learn from the best, the professor himself, Joe Averbook.
TIMESTAMPS:
02:00-05:07 Early Sales Experience
05:07-07:13 Transition into Lending
08:38-11:16 Selling vs Teaching: The Similarities
12:41-15:11 Selling the Long Term
15:11-20:07 Inflation
23:10-29:59 Brokered vs Direct Business
30:04-32:59 Focus on Service Over Product
37:42-40:24 You Can Do Nothing Wrong and Still Lose
44:40-49:07 Accountability
Executive Vice President of Bellwether Enterprise Real Estate Capital, Jim Gillespie, oversees affordable housing finance and started their direct bond purchase program. He and Mordecai discuss what a "no" means in the industry and how to look at it like an opportunity, as well as current trends in sales.
TIMESTAMPS:
1:36 - Early Sales Experience
4:17 - Approach to Retail Sales and Seeing People's Energy
9:51 - Maybe It Will Kill You
14:04 - Asshole or Straight Shooter?
20:09 - That Rolodex!
23:14 - It's a Pretty Small Industry
25:24 - Got My Foot in the Door!
30:21 - Turnover Now vs Then
34:10 - Competition and Performance
36:32 - Experiences Between Companies
41:19 - Selling One or the Other
45:40 - Minimizing Options to Make A Decision
48:20 - The Team Focus
How do you get to be a $7 Billion guy? In this episode, we find out from the best: Mordecai interviews Chris Sower, Executive Managing Director with Cushman & Wakefield, and a salesman who has represented over 42,000, multi housing units, and closed over $7 billion of transactions.
TIMESTAMPS:
1:54 - Early Sales Experience
7:21 - The Line Between Sales and Execution
11:56 - Differences in Process for Unit Size
14:36 - Change in Perception on Larger Sales
17:16 - Safety Zones
21:00 - What Do You Look For When Hiring Salespeople?
23:53- What Makes a Collaborative Sales Environment?
29:42 - Understanding Trends Based On Your Market
31:05 - Training Your Competition
36:55 - The Whole Is Greater Than The Sum Of Its Parts
39:46 - Current Trends
44:30 - Not All Clients Are Equals
47:45 - Trends in Land Sales
53:10 - Changes in Waterfalls?
54:51 - Advice For College Grads Coming Into The Business
For the 30th Origination episode, Mordecai interviews Jorge Rosa, Cushman & Wakefield's Executive Managing Director of the Washington Metro Office. They discuss the recent upheaval in the market and how to build a relationship even after losing a deal.
Timestamps:
1:44 - Early Sales Experience
17:14 - We Are Advisors First
24:47 - Timing is Everything
28:08 - Acquisitions vs Broker
30:15 - Transition from Acquisition to Broker
33:22 - Current Market Trends
47:30 - Advice to New Grads on Going Lending or Investment
52:55 - Common Mistakes of Recent Grads
55:44 - Being Present
It's truly amazing how people can take their early career experiences and apply them to sales in our industry. Lisa Fischman is a remarkable originator who got her start in marketing and branding. In this interview, she also delivers one of the craziest customer service stories I've ever heard.
TIMESTAMPS:
2:05-12:20 Early Sales Experience
12:28-30:35 Transition into Real Estate
33:00-36:45 Balancing the Process
37:12 - 42:47 Broker and Lender Position
42:47 -48:44 Staying Involved in the Process
49:36 -54:30 Current Market Trends
While the commercial real estate industry is historically sleepy, nothing could be farther from the truth when it comes to Yaakov Zar's Lev Capital. Started less than 3 years ago, recent estimates have them worth as much as $400M. Yaakov has a remarkably entrepreneurial spirit and a tenacious focus on the customer experience, as he tries to make life easier for both the borrower and the lender.
Timestamps:
1:45 - Chabad and Shaliach
8:19 -15:58 - Early Sales Experience
15:58 - 27:23 - Transition into Real Estate
28:03 - 31.20 - Balancing the Process
31:20 - 32:02 Lev Capital and Why
32:02 - 45:12 - Technology and Lending
49:06 - 53:51 - The Façade of LinkedIn
Mordecai interviews Marvin Jeremias in the wake of his newly launched Crossmark Capital. Before embarking on this new venture, Marvin was one of the most tenacious and focused top salespeople at Meridian. In addition to being that rare person who loves cold calling, he is an educated and respected advisor to his clients.
Contact:
Marvin Jeremias
marvin@crossmarkcapital.com
917-312-0931
TIMESTAMPS:
2:05-12:20 Early Sales Experience
12:28-30:35 Transition into Real Estate
33:00-36:45 Balancing the process
37:12 - 42:47 Broker and Lender Position
42:47 -48:44 Staying involved in the process
49:36 -54:30 Current Market trend
How do you know if starting your own business is right for you? Nathan Schuss grew from originator to founding and being the CEO of Harper Capital Partners. In this conversation, Nathan and I discuss his journey, as well as the immense potential for both growth and its opposing limitations.
TIMESTAMPS:
2:28-4:32 Early Sales Experience
4:32:00-12:28 Lessons Learned
12:32 - 32:59 Getting Started in Business
32:59 -36:28 Self Awareness
38:08 -52:27 Leadership
Dan Sacks made the leap from underwriter at Freddie Mac to the top originator at Greystone, within a few short years. During this episode, we run the gamut from selling (and tasting) chocolates to an illustrious sales career and the transition to leadership.
1:30 - 7:00 Early Sales Experience, Lessons as a Kid
7:00 - 10:00 Career Development
10:00 - 19:00 Creating a Skill Set, Adding Value
19:00 - 27:00 Adapting to New and Changing Markets
27:00 - 35:00 Building Confidence as a Salesperson
35:00 - 45:00 Discover and Strengthen Unique Abilities
45:00 - 51:00 Lessons in Management
51:00 - 58:00 How to be a Good Leader
JD Stettin is one of the most solution-oriented and innovative people in the industry. He and Mordecai explore his path from selling Citrons as a boy to selling cleaning solutions, joining Greystone, and then branching out to form his own company, and the creative outlook required to found something that bridges the gap between lenders and the rest of the services a client might need.
2:02 - 12:17 Selling for Sukkot
12:17 - 21:44 A Foray in the Cleaning Industry
21:44 - 35:25 Sales, Management, and Sales Coaching
35:25 - 40:03 Site Visits
40:03 - 57:50 Founding Carnegie Capital
57:50 - 1:03:43 Current Trends
Rob Rubano of Cushman & Wakefield joins Mordecai Rosenberg on the Origination Podcast for a lively discussion ranging from Rob’s soccer stint in the Olympic Development Program, selling products as a mechanical engineer, acting in Los Angeles, and commercial real estate. Mordecai digs into Rob’s experiences on the advisory side and what keeps bringing clients back, as well as current capital markets trends. Please enjoy this initial episode celebrating the new partnership between Greystone and Cushman & Wakefield.
Timestamps:
2:00-8:00 Early Sales Experience
8:00-14:00 Relationships in Real Estate, Adding Value
14:00-22:00 Lessons as a Kid, Facing Rejection
22:00 - 38:00 The Current Business, Setting Yourself Apart
38:00 -40:00 Importance of Transparency
40:00 -44:00 How to be a Good Lending Partner
45:00-53:00 How to Handle Multiple Larger Financial Institutions
53:00 -56:00 Trends and Changes in the Last 20 Years
Tune in to this special double-guest episode with the co-founders of Monticello Asset Management, Alan Litt and Tom Lally.
Timestamps:
1:34 - 10:49 Early Sales Experience
10:50 - 16:03 Don’t Give Up, Overcome Setbacks
16:03 - 32:00 Building Relationships, Making Connections
33:52 - 40:30 Admitting When You’re Wrong, Evolving the Experience
40:30 - 47:41 Staying Positive During Uncertainty.
47:50 - 52:31 Collaboration, Building Relationships
Meet the only individual I know in the industry who has his title trademarked--Adam Lipkin is known as the "C-PACE guy" after getting involved and becoming really the expert at this new type of financing. Just having his name trademarked will clue you into the fact that Adam doesn't approach the industry and opportunities like everyone else. His creative approach to the business is innovative and unique!
TIMESTAMPS:
2:00-10:00 - What is Wim Hof Breathing?
10:00-15:00 - Early Sales Experience
15:30-19:00 - School outreach, charter school business
19:00-32:00 - What is CPACE?
33:00-35:00- Why Trademark?
37:00 - 42:00 - Pull Marketing
42:30-44:30 - What are sales people doing wrong with their approach now?
45:00-51:30 - Advice to those starting out in the industry
53:00-57:00 - How can you learn more about CPACE?
57:00 - Morning Routines
Jeffrey Morris is the founder of MSF Real Estate Capital, which was acquired by Walker and Dunlop in 2020. Jeff has been in the industry for 30 years, and has been a salesperson for longer than that. In this episode, he covers how he learned sales from really a young age and learned to build rapport by establishing commonality with the person he's talking to. I hope you enjoy this episode as much I did.
TIMESTAMPS
2:08- 14:42 : Early Sales Experience, How to Sell Yourself and How to Approach Conversations
16:25- 20:56 : Speaking Success Into Existence
20:56- 25:38 : Working Past Failure and Insecurity
26:00-27:50 : Have You Ever Fired a Client?
27:50 - 35:55 : Nature vs Nurture, and Confidence--Who Has It?
37:00-45:00 : How Else Can Someone Succeed After Origination?
48:00-53:00- What Legacy Do You Hope To Leave Behind in This Industry?
Ira is the founder of Eastern Union, but also recently founded a new company called Gparency, which is really going to reinvent how the brokerage business is done. While much of the multifamily and finance industry is very reluctant to change and slow to adopt technologies, Ira has repeatedly tried to reinvent his business many times at Eastern and now with the latest round at Gparency.
Timestamps:
1:42- 3:35 - Happiness in the Business World
4:03 - 5:53 - First Sales Experience
6:23 - 13:28 - The Influence of a Father
14:01 - 21:48 - Day One in Brokerage World and Early Business Influences
22:29 - 57:48 - New Business Venture
Aaron Jungreis is the founder and CEO of Rosewood Realty Group. Aaron started the company in 2007 and has sold over 2,200 properties with an aggregate value in excess of $16 billion. Aaron started this firm from scratch in the most competitive market in the world, New York City. He went up against the largest brokerage firms in the world. Aaron has given a new definition to the word hustle, and if you want to know what hustle looks like, tune in now.
Timestamps:
1:40-13:50 First Sales Experiences
13:53-17:30: Confidence, realizing he is great at sales but getting through some hardships to find that.
18:20 - 26:18: Early on approach to real estate
26:22-29:48: The power of Hustling
30:41-34:57: How Aaron stays motivated
35:29-42:54: Lessons in Real Estate Aaron's experience taught him
42:56-48:06: The New York Real Estate Marketing today
Mordecai and Billy Posey contemplate the positives and negatives when the opportunity of moving from a sales role to a leadership role in the same firm, or the possibility to start their own firm arises in one's career. Billy was most recently the head of Greystone's agency business, a role that he filled for about 15 years, and came out of retirement to grace us with his wisdom.
Time Stamps:
4:42 - Early Sales Experience and Door-to-Door Auditing
14:34 - Building Relationships
18:08 - From Accounting to Origination
26:57 - To Partner or Not To Partner
30:37 - Transitioning from Originator to Senior Leadership
42:13 - Management and Protecting Your Team
46:42 - Advice For the New and Up and Coming Sales Teams
Erik Lindenauer is the founder and Executive Chairman of Housing & Healthcare Finance. He is interestingly, the second person we've spoken to on the podcast, who got his start in sales by selling shoes. We'll examine a potential connection between selling shoes and origination, creating a positive customer experience, and how to stay motivated in the origination game.
TIMESTAMPS:
2:30 - 7:00 - Early Sales Experiences and Mom's Pottery
7:30 - 34:00 - Creating a Positive Customer Experience
35:00 - 39:00 - Choosing Your Client
39:00 - 42:30 - Retail Sales vs Origination Sales
42:30 - 51:00 - Staying Motivated
51:30 - 59:00 - Finding Your Team and Working Together
Josh Sasouness is one of the hungriest sales people you will meet. He is the co-founder and co-CEO of Dwight Capital, which is a leading FHA lender in the country, as well as the founder and partner in Dwight Mortgage Trust, Dwight Funding, and Dwight City Group. In this episode you'll hear the scope of Josh's journey from an apartment broker right out of school to the CEO and founder of the companies he runs now.
TIMESTAMPS:
2:16-3:55 - Early Sales Experience
7:09-10:00 Bringing value, and knowing your value
10:17-13:23- Honing your approach, expanding your knowledge.
16:48-25:00 How to stay motivated, pace yourself along successful people, and push yourself
28:00-32:00 Picking a role model, mentor, learn from everyone.
32:37-37:09- Spirituality in personal and business life.
45:00-48:00 Connecting and celebrating others
48:45-55:00 - Advice to those starting out, and advice to past self.
On this episode, I'll be speaking with Steve Rosenberg, the founder and CEO of Greystone. I am also lucky enough to have him as my father. I think you'll enjoy this conversation as we discuss how he got his start in sales, what continues to motivate him after achieving success, and what a starring role in the third grade play has to do with origination.
2:00 First Sales Experiences, and Confidence.
6:30 How to Connect? Adding value.
21:40 Defining Success, Overcoming Difficulties, and Connecting.
35:00 Be Thankful for What You Have, Surround yourself with positivity.
45:00 Routines before and after Covid.
49:00 What would you say to your past self? What would you say to someone starting out?
Aaron Hargrove is one of the co-heads of Greystone's affordable housing investment sales group. During our interview, Aaron demonstrates what it means to be successful by adding value, providing knowledge and information, and going the extra step to understand the client's business.
2:10 Early Sales Experience: The Tree Farm
10:07 Using Your Gifts
14:11 The First Sales Meeting is a Gratitude Meeting
22:34 What To Do After Achieving That Goal
27:45 Being Empathetic to Your Team Enables Effectiveness
34:07 Utilizing Your Team's Gifts
39:38 Clear Communication Eliminates Client's Confusion Over So Many Choices
42:14 Shocking Cap Rates
49:30 The Knowledge Sharing Approach
On this episode, I'll be speaking with Elisa Brown, the CEO and founder of Mapps Travel Agency. Having just returned from a fantastic trip planned by Elisa, I thought there were lessons that all of us could learn from how Elisa operates her business and the above and beyond customer service she provides.
4:00 - Customer Service
19:00 - How to determine if Mapps Travel is the right fit for you
30:00 - Accommodating rapid change requests
38:00 - Travel amidst new Covid concerns
43:00 - How to actually relax and enjoy your vacation
47:00 - Managing expectations on your trip
51:00 - How to find Elisa and more on her specialties
Blake and I discuss books, empathic technology, and the origin story of his lead generating machine.
Time Stamps:
2:17 The Tim Ferriss of Loan Origination
4:07 Blake's early inspirations
5:52 The best lead generating machines in the multifamily industry
8:22 Where technology meets real estate finance
10:11 A foray into hacking and speaking tech to non-techies
14:42 Empathetic technology and innovation
17:37 Multifamily.loans origin story
23:26 What do people want to know and how do we get them to see our answers?
31:50 Successful people operate in their zone of genius
33:24 Removing our self-imposed upward limits
39:32 Deal junkies
Join me and JP as we discuss his companies, Loan Boss and Pensford Financial Group, and the innovative system he has created.
See the timestamps for topics:
1:33-5:30 Entrepreneurs as Salespeople
5:30-7:19 First Sales Experience
8:42-13:09 Persuasion/Empathy
13:09-16:28 Compromise/Value Exchange
16:28-20:50 Loan Boss
20:50-24:13 Target Buyer
24:13-27:28 Business Development
27:28-30:47 Digital Marketing
30:47-33:57 Return Rate
34:52-39:11 Offering Value
39:11-47:20 Technology & Salespeople
Peter runs Marcus and Millichap, New York City investment sales office, and has been a dominant figure on the scene for well over a decade. Peter is the host of several multifamily podcasts, including Behind the Break, where he covers the Manhattan market, as well as Multifamily Memo where he talks about other markets across the country.
Mordecai and Peter have a conversation ranging from his first garage sale experience to becoming a thought leader in the industry.
See the timestamps for specific topics:
2:27
First Sales Experience
8:42
Understanding the Buyer in the Sales Process
12:19
Cold Calling
20:46
Technology in the Industry
25:36
Debt Sales vs. Investment Sales
32:06
Client Retention
35:44
Becoming a Thought Leader
38:56
Advice to Younger Self
The tables have turned as I am interviewed by G2 team member Ben Bullock.
Can efficiency and innovation be a spiritual endeavor?
Why did I decide to start this podcast?
Why salespeople get the glory … yet receive so little love?
Future plans for the podcast … and more.
Time Stamps:
01:18
Inspiration for starting the Origination Podcast
4:00
This podcast is as an open-source knowledge sharing forum for originators and salespeople
8:01
G2 as an innovation lab within the lending business
12:22
Working within your own unique ability
19:07
A hero to guests and a hero to themselves
25:04
Future of the podcast
30:04
Sales from diverse perspectives
30:46
Technology is best when used to alleviate specific pain points
42:16
My goal is to help people identify what their unique ability is, but then I want them focusing their time on their unique ability
50:20
There is so much uncertainty in multifamily lending that cannot be controlled. Our job is to eliminate the uncertainty that we can control.
Sam Freshman founded Standard Management Company and has been a multifamily investor since 1961. I thought it would be interesting to speak to Sam about what it's like being on the other side of the table as a buyer.
Listen to particular topics at these times:
2:05 – Which relationships should you “buy and hold”
8:36 – You need to capture the prospect’s attention within the first 10 seconds
12:05 – Referrals are the “silver bullet” path into a client
17:44 – Never be old enough to know better
20:19 – Only compare yourself with your own potential – not someone else’s
32:04 – The importance of picking the right target audience
33:50 – A client is not thinking about you when you are not in front of them
39:55 – The most important thing to look for when buying a multifamily apartment
40:59 – The most important thing to look for when buying a retail property
42:43 – Current pricing levels and inflation
On this episode, we'll be speaking with Ana Ramos. Ana has over 20 years of commercial real estate experience, and it's closed well over $2 billion of deals. She has one of the most thorough origination processes that I've ever seen in the industry. Please see the time stamps for specific topics:
3:26 – Importance of responsiveness and availability
4:53 – Underwriting background as a tool to provide more certainty of execution
7:58 – Mindset shifts required to transition from underwriting to origination
13:07 – When to fire a client
16:51 – Ana’s approach to a first meeting with a client
21:04 – Ana’s signature vetting process
23:23 – Importance of gaining trust of the underwriting team
25:36 – Why does the process still take so long
38:08 – Challenges that women can face in origination
41:51 – Market trends
In this fifth episode of the Origination podcast, Mordecai interviews Barden Brown, a top investment sales broker in the Atlanta area. See the time stamps for topics, highlighting the virtues of both patience and persistence.
1:52 – Barden’s introduction to investment sales
3:42 – The importance of patience
5:33 – Balancing patience with a sense of urgency
7:51 – Can you still cold call?
10:59 – Listing services are a “commodity” … but having a listing is a “monopoly”
15:06 – Difference between Investment Sales and Debt Origination
21:33 – Utopian integration of Debt and Investment Sales
24:47 – Market trends – migration of capital from New York to Atlanta, new interest from Israeli investors in Atlanta
29:19 – Investor assumptions to justify current pricing levels
31:59 – Legacy owners on the sideline
36:22 – Advice for college grads looking to get into the industry
Rob Russell started the CMBS group at Greystone, and now runs the special servicing group. During our conversation, we will discuss whether origination should be considered sales, the importance of understanding underwriting and program guidelines before going into origination, and about what the best first job would be for someone coming out of college who wants to get into this business.
See the timestamps for specific topics:
00. 34 – Is Loan Origination “Sales?”
3.29, 4.35 – What does a deep client relationship look like?
8.25 – How Rob approaches a first meeting with a client
08.45 – Why it’s important for a loan originator to understand underwriting (8.45)
28.45 – Should you start your career focused on one asset class? (28.45)
33.10 – College graduates should look for jobs that encourage new ways of thinking (33.10)
37.39 – What young people should look for in a first job – hands on experience
42:30 – Current market trends – shift to bridge debt
Fred is one of the top health care originators in the country. In this conversation, Mordecai interviews Fred about his relentless pursuit for a sales position at American Express, how he applied unsuccessfully six years in a row for a sales role, and then went on to become the top sales team member.
Timestamps:
1:20 – 10:15: First Sales Experience and the Importance of Relationships
10:15 – 15:55: Challenges with Connecting with People during COVID, Zoom Calls, and Developing the Customer Relationship
15:55 – 24:18: Human Connection, First Impressions and Breaking Down Barriers
24:18 – 34:58: Entrepreneurial Culture, Problem Solving, Identifying What A Customer Needs and Adding Value
34:58 – 47:07 Being a Hero to Your Customer, Holding Yourself to a Higher Standard to Succeed
47:07 – 51:51: What Makes A Good Client?
51:51 – 59:39: Pushing Through Challenging Times and Building Confidence
In this next episode, Mordecai interviews Abe Spira, one of Greystone's top Originators on his unique approach to origination, building client relationships, and how he was able to have 80 meetings at one NMHC conference.
Timestamps:
1:14 – 10:28: First Sales Experiences
10:28 – 15:59: Cold Calls and Developing Relationships with Clients
15:59 – 25:32: Transitioning from Residential Business to Commercial Business
25:32 – 37:54: Partnership and Making Connections
37:54 – 48:44: Lightbulb Moments, Success, and Self-Confidence
48:44 – 52:01: Leaving an Impression and Differentiating Yourself from the Competition
52:01 – 1:05:47: The Current Market, Client Behavior, COVID’s influence, and the Importance of Building Relationships with Customers
In this inaugural episode, Mordecai will interview Eric Taylor, the co-head of the affordable housing division of Greystone Real Estate advisors.
Timestamps:
02:06 – 9:19: First Sales Experiences and Gaining Confidence
09:19 – 15:25: Transitioning to Brokerage & Investment, Business Mentorship
15:25 – 22:39 Dealing with Rejection and Difficulties, Getting to Success
22:39 – 30:47: Loan Origination vs. Investment Sales
30:47 – 35:35 Client Retention – Developing Relationships
35:35 – 44:21 Innovation and Technology, Energy Leaks
44:21 – 53:48 The Current Market, Tax credits