Ilan Bracha of IB Global Real Estate Funds On Five Things You Need To Know To Succeed In The Real Estate Industry
An Interview With Jason Hartman
Ask questions and be friendly — contrary to those who think getting a better deal is beating up the other side on price. In reality a good deal is really meeting in the middle, any deal where someone is walking away down will probably bite you later.
As a part of my series about the ‘Five Things You Need To Know To Succeed In The Real Estate Industry’, I had the pleasure of interviewing Ilan Bracha,
From being a bronx mover to top broker to brokerage owner -The passion for matching buyers and sellers has never changed. Ilan Bracha now runs a real estate investment fund in NY while working on developing a startup to change the way real estate is transacted.
Thank you so much for doing this with us! Can you tell us the “backstory” about what brought you to the Real Estate industry?
My beginning in real estate started when I was a mover believe it or not. I met a real estate brokerage owner who said I had a great personality for the business while helping him move his office to the upper west side. I was new to the country. He showed me his office, I got my license, and immediately started selling. I ended up being a top producer in that office and then left for Douglas Elliman where I was the top agent for 5 years running. My approach never changed. I was always passionate about matching buyers and sellers.
Can you share with our readers the most interesting or amusing story that occurred to you in your career so far? Can you share the lesson or takeaway you took out of that story?
I’ve seen all sides of the business — from being a new agent in a new country to now 25 years on with my own brokerage and real estate tech. This business always keeps you on your toes, especially in NYC where the market is constantly changing. We find ourselves this year in a brokerage landscape under fire with rates at the highest I’ve seen in my career. I have several stories, but at every point in my career, independent of what hat I was wearing that day, the best takeaway is that we are all constantly learning and not afraid to ask questions. If I didn’t, who knows if I would have ever gotten into real estate!
Do you have a favorite “life lesson quote”? Can you share a story or example of how that was relevant to you in your life?
Considering I entered my real estate career from being a mover and meeting a brokerage owner who saw something in me, I feel it’s best to say don’t judge a book by its cover.
Are you working on any exciting new projects now? How do you think that will help people?
Currently, we are working on a real estate start up called Homage.Ai. I think the future of how people look for homes will change dramatically over the years. We believe we will help buyers make faster and better decisions by not only helping them manage their risks, but unlock upsides.
What do you think makes your company stand out? Can you share a story?
Experience and authenticity — we stayed in our lane (after trying a lot of our own brokerage, development etc) we realized matching buyers and sellers is at our core and we don’t try to be anything else.
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?
I had plenty of great mentors along the way. I was never shy to ask for help or for the opinions of those around me. It’s important to hear different thoughts and opinions on the road to building any company or organization. I was being challenged every day and made sure I was constantly surrounded by smart and talented individuals.
Ok. Thank you for all that. Let’s now jump to the main core of our interview. Can you share 3 things that most excite you about the Real Estate industry? If you can please share a story or example.
It is constantly changing. Keeps me feeling young! New York City has so many players in it and they are high level. The dynamics of it are what excites me the most. How will technology play a role in the future of making transactions quicker and smooth is what excites me. That is what brought me to my startup of trading homes. Just one of many new things I think we will see in the future of real estate.
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? Please share stories or examples if possible.
Contrary to my point above, I think a lot of what we see now with NAR lawsuits and the sort are at the heart of transparency within the brokerage industry. I support, however, the model of doing business is dated and the lawsuits are showing that as more information is given to the public. The ecosystem around it and the sales operation need to change as well. In the future more transparency is needed with this process while leveraging technology. This will help give 10 times better service for each client. Right now, we are working through these challenges.
What advice would you give to other real estate leaders to help their teams to thrive and to create a really fantastic work culture?
The heart of building a successful team is making sure that everyone is not only in the right role, but has a voice at the table to share the vision of building something bigger together. Everyone wants to be a better leader or better sales agent. Everyone needs to feel heard and understood. Good culture and good management leads to motivation and execution.
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?
Don’t try to ride the market — think for the long term. When I was younger I sold things that I wish I had held because I was “riding the market”
Don’t be afraid to take risks in the business, but at the same time, don’t take more than you should. It’s more important than anything else.
Don’t put good money after bad money — if someone else lost money in a deal before you, you should probably leave it alone.
Best deals are sometimes the most difficult because nobody wants to do the work
Ask questions and be friendly — contrary to those who think getting a better deal is beating up the other side on price. In reality a good deal is really meeting in the middle, any deal where someone is walking away down will probably bite you later.
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. :-)
Whatever you decide to do in life, do it with authenticity. People thrive off of the energy you present. Throughout the several hats I have worn through my career, matching buyers and sellers has always remained my core passion. It wasn’t about whether I was a broker, developer or investor. The monetary reward only gets you so far. The passion was always the same and I happened to make a career out of it. The goal of matching buyer and seller to their home or investment is for them to be able to take care of their family and create a place for happy moments. Like in any great sales person or market maker, I am making several phone calls a day. The best phone call is to my mom to tell her I love her and to check in on her. Calling her, my wife, and kids throughout the day gives me the important small wins.
How can our readers further follow your work online?
Linkedin — happy to connect with anyone, that’s how it started for me. You can also reach me anytime on my Instagram @ilanbracha.
Thank you for your time, and your excellent insights! We wish you continued success.
About The Interviewer: Jason Hartman is the Founder and CEO of Empowered Investor. Jason has been involved in several thousand real estate transactions and has owned income properties in 11 states and 17 cities. Empowered Investor helps people achieve The American Dream of financial freedom by purchasing income property in prudent markets nationwide. Jason’s Complete Solution for Real Estate Investors™ is a comprehensive system providing real estate investors with education, research, resources and technology to deal with all areas of their income property investment needs. Through Jason’s podcasts, educational events, referrals, mentoring and software to track your investments, investors can easily locate, finance and purchase properties in these exceptional markets with confidence and peace of mind.
Starting with very little, Jason, while still in college at the age of 19, embarked on a career in real estate. While brokering properties for clients, he was investing in his own portfolio along the way. Through creativity, persistence and hard work, he earned a number of prestigious industry awards and became a young multi-millionaire. Jason purchased a California real estate brokerage firm that was later acquired by Coldwell Banker. He combined his dedication and business talents to become a successful entrepreneur, public speaker, author, and media personality. Over the years he developed his Complete Solution for Real Estate Investors™ where his innovative firm educates and assists investors in acquiring prudent investments nationwide for their portfolio. Jason’s sought after educational events, speaking engagements, and his popular “Creating Wealth Podcast” inspire and empower hundreds of thousands of people in 189 countries worldwide.
While running his successful real estate and media businesses, Jason also believes that giving back to the community plays an important role in building strong personal relationships. He established The Jason Hartman Foundation in 2005 to provide financial literacy education to young adults providing the all-important real world skills not taught in school which are the key to the financial stability and success of future generations. We’re in a global monetary crisis caused by decades of misguided policies and the cycle of financial dependence has to be broken, literacy and self-reliance are a good start. Visit JasonHartman.com for free materials and resources.
