Stewart Seeligson of The Agency Telluride On Five Things You Need To Know To Succeed In The Real Estate Industry
An Interview With Jason Hartman
Do not reinvent yourself endlessly. Find a proven business model and employ it to the last detail. Believe in the model and stick with it for three to five years before you earn the right to tweak it.
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 Stewart Seeligson.
Stewart Seeligson is Managing Partner at The Agency Telluride and an award-winning local real estate expert with more than two decades of industry experience. Stewart is a well-respected mentor for colleagues and a steadfast guide for clients looking to buy, sell or invest in property throughout the Telluride region. As an active community leader, Stewart has served as a volunteer board member at the Telluride Association of Realtors, the local Young Life chapter and the Telluride Historic Architectural Review Commission.
Thank you so much for doing this with us! Can you tell us the “backstory” about what brought you to the Real Estate industry?
I was recruited by a Fortune 50 company in the energy industry when I graduated with my MBA from the University of Texas. For the majority of my career in the energy industry, I worked developing large energy infrastructure projects which is industrial real estate development. That experience gave me the confidence to start a new career in residential real estate development in Telluride. After several residential projects in Telluride, I broadened my participation in the real estate market here by branching out into residential brokerage.
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?
One of my favorite stories was working with a couple who was referred to me by a client. This husband-wife team was such fun. I showed them half a dozen properties on the first day and upon exiting each home tour one would yell “shotgun!” to claim dibs on who got to ride up front with me while the other was sent to the back seat. They made the whole process so much fun. One of the greatest aspects of our business is that we are working directly with our clients in person. We are not traders or programmers staring at computer screens. We should all remember how fortunate we are to be working with people directly, which makes our days far more enjoyable and creates opportunities to build new friendships.
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?
“Dreams come true when desire transforms them into concrete action. Ask life for great gifts and you encourage life to deliver them to you.” Napoleon Hill. When I first became a residential real estate broker I was not committed to the career and consequently, my business flailed for the first year. I tip-toed into it. It was not until I completely embraced my career that my business truly began to take root. In other words, it was not until I truly desired to succeed in the industry that I became devoted to taking concrete actions every day toward achieving established goals, and only then did my business begin to grow. And once my business began to grow, I began to enjoy the incredible gifts the career affords.
Are you working on any exciting new projects now? How do you think that will help people?
I am most excited about building The Agency in Telluride with my business partner. Most of my excitement comes from the opportunity to create and foster the culture of our firm in our own image which most agents never get a chance to do.
What do you think makes your company stand out? Can you share a story?
My partner and I have spent considerable time creating our vision statement and values. One of our tenants is to only include people in our company with positive and supporting attitudes who are true team players. We have recently learned that this tenant should extend to our clients as well. We recently parted ways with a potential client of a rather attractive listing because he was not the type of person with whom we wanted to affiliate.
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?
A critical portion of my success has come from the incredible insights provided by icons of business including Napoleon Hill, Tony Robbins, Gary Keller, and Larry Kendall — both by reading their books and attending seminars when offered. These thought leaders helped me understand the drivers to success. Furthermore, their insights helped me craft my daily, weekly, and annual routines that structure and organize my pursuit to achieve my desired outcomes.
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.
The most exciting part of working in the real estate industry in Telluride is working with buyers. Because I work in a resort market, buyers are purchasing a vacation home (not a permanent residence) which is often the culmination of goals set long ago. As the time approaches when they are finally ready to purchase, the buyer’s excitement is contagious. Buyers envision sharing their new vacation homes with family members and friends and often talk excitedly about the upcoming holidays and summers in their new homes spent with all their favorite people.
The most gratifying part of being a real estate broker is helping people resolve their goals regarding real estate, whether it’s buyers finally purchasing their dream vacation home or sellers needing expert guidance on exiting the market. Having the experience to expertly guide people through the purchase and sale process is what makes this career not feel like a job at all.
Because of my strong business background and experience studying different markets over the last three decades, one of the most exciting parts of my career for me is analyzing the real estate market in the Telluride region. I spend hours and hours monthly delving into both micro and macroeconomic forces that impact our market with the intent of projecting near-term and long-term effects on supply, demand, and therefore price. I make my projections in writing in my annual and monthly market reports. It may sound a little nerdy, but it’s quite satisfying when my projections are on target. And I know my clients can benefit immensely from my insights.
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.
My biggest concern for the industry is the underlying sentiment that real estate brokerage should become commoditized. The idea that people would buy and sell properties on an online platform without the expert advice of an experienced real estate broker potentially puts unknowing buyers in a position of extreme financial exposure. Buying a home is often the most expensive purchase that a person will make in their entire life. This is especially true in a resort market where properties can be very expensive and are the furthest thing from a commodity. Two homes of identical size and age in the Telluride Ski Resort can vary drastically in value from one another and some unsuspecting buyer is financially vulnerable without the guidance of a seasoned real estate advisor.
The trend of forever larger real estate brokerages kills the culture that fosters growth, camaraderie, and enjoyment that boutique firms provide for their agents.
When acting as an agent on behalf of our clients, we must put our client’s interests ahead of our own. There is always a concern that some agents lose sight of this duty.
What advice would you give to other real estate leaders to help their teams to thrive and to create a really fantastic work culture?
I believe the “locker room” is the most important aspect of every real estate brokerage firm. Creating a locker room culture that fosters support, mentorship, and fun needs to be the foremost goal of all managing brokers. Thoughtfully crafting mission statements and company values which are adhered to is critical for the health of the firm. Then, choosing the right group of agents who believe in the culture is essential for healthy growth and enjoyment for everyone. Leaders must be strong enough to part ways with staff members and agents that don’t fit in with the culture they are endeavoring to create regardless of the production of those agents.
All Managing Brokers should make agent development and mentorship a high priority. Selecting proven business models to be shared with all agents in the firm will get the agents on the same page by establishing proven approaches to success. Encouraging everyone to “sing from the same song sheet” will foster a culture where leaders emerge who are able to provide mentoring more naturally across the firm, rather than agents solely looking to the managing brokers for guidance.
Firms that become the largest in a market may be the most profitable, but that profitability may come at the cost of the culture that was intended. Inevitably in large firms, brokers are pitted against one another for listings. As such, after a time, animosity may be created which will result in brokers moving on to other firms. Cutthroat competition among brokers within the same firm is the toxicity that kills culture.
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?
As an agent, do not build your business with a focus on commission growth. but rather the growth of your ability to help people with their real estate needs. If you focus on simply helping people, your satisfaction with your career will grow to a point that you barely feel like what you do is a job.
For the last ten years, my mindset has evolved away from profitability to simply service. I ask myself “How can I best help my clients achieve their goals”, whether that is a buyer hoping to have a new vacation home before the upcoming ski season or sell a property so that they can adapt to the life changes that compel their desire to sell.
Do not reinvent yourself endlessly. Find a proven business model and employ it to the last detail. Believe in the model and stick with it for three to five years before you earn the right to tweak it.
Bigger, oftentimes, is not better. Both in terms of the size of your firm, the size of your team, and the number of clients.
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. :-)
Agents should support and celebrate the success of their fellow agents as if it were their own, knowing their own success is just around the corner and their fellow agents will celebrate with them in turn. Maintaining an abundance mindset keeps all of us rooted in the perspective that the success of our colleagues will eventually lead to our own success if we are devoted to our craft.
How can our readers further follow your work online?
Follow us on Instagram at @theagencytelluride or check us out at https://www.theagencyre.com/region/telluride.
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.
