Episode 187 The Art Of Luxury Real Estate w/ Kelly Robinson
Join James Prendamano on the Pre-Real Podcast as he converses with NYC real estate powerhouse, Kelly Robinson. With a career spanning over two decades, Kelly provides an in-depth understanding of the New York real estate scene, the role of technology, and the importance of philanthropy in business. This episode delves into the current state of the market post-Covid, and also highlights the significant influence of sportsmanship.
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this week on the prereal podcast we're joined by Kelly Robinson she's the founder of the Kelly Robinson team uh best-in-class realtor in New York City uh top one and a half percent last 15 20 years running if you you want to get some insights into the core things and some of the core resources that have kept her in that top one and a half percent give the show a listen she's got great insights focused on the individuals not on on the individual deal some uh great advice that's I think really helped set her apart and uh a great journey ahead of her she'll be expanding to Miami and Dubai a lot to talk about it's a great episode Kelly Robinson from the Kelly Robinson team check it out are you ready to bring your real estate game to the next level my name is James Prendamano I'm the CEO and founder of prereal and over the past 25 years I've closed over a billion dollars in transactional real estate each week I'm meeting with outstanding investors high- performing individuals and Visionaries operating in the real estate space these are the people that are actually out there in the real estate game right now getting it done this podcast aims at bringing anyone's game to the next level this is the prereal podcast welcome everyone to the prereal podcast we have a treat for you this week we're joined by Kelly Robinson so Kelly is the founder of the Kelly Robinson team over at Compass uh always excited for us when we can have professionals that are operating at the level Kelly and her team are operating at she's since 2005 I Believe been top performer um in New York City real estate we're going to get into some need expansion plans if if you're looking for a pro of Pros it's always great to be able to pull information and glean uh different data points from how the best of the best are doing it and Kelly certainly is embodying that so Kelly thank you very much for taking the time to join us today thank you so much for having me it's an honor oh it's our pleasure so let's let's jump right in New York City real estate let's spend a couple of minutes talking about the overall Market uh we've heard a lot about the decentralization and the market is changing uh we've heard a lot about Covid and the impact what are you seeing on the ground uh as far as the realities in New York City where are we if you can give us a snapshot where are we today then we can get into interest rates and where we think we'll be tomorrow so Covid had a huge impact back when it happened and people all scattered out of the city and our Market was in the dumps while everybody else was soaring outside of the city um a lot of those people who moved out missed the culture and the energy of New York City so some of them are moving back in full-time but many of them want at least a piece of New York City which means they're purchasing pied-a-terre um and so that is a big part of our Market you do have a lot of tech companies that have been moving from the west coast to New York City and you've got a lot of people at tech companies young people buying two and three million dollar homes um moving here you've got a lot of people buying homes for their children who are graduating from college or in college and you know you've got a lot of people who want to stay in the city who are expanding their families or what have you who are upgrading and um then there are investors because if you've got cash and you've got a property with low monthlies you can do pretty well with the rental market being where it is today I think you know last year because of interest rates and inflation and crime we we had a tough year and inventory inventory was a huge problem we have such little inventory like the rest of the country and the majority of what's on the market needs work and nobody wants to renovate in this market so a big part of this blockade if you will preventing inventory from flowing we believe is purchasers that feel kind of stuck they they bought and they had these great rates these historic low rates and whether they want to make a move or not they're having a difficult time reasoning how do I trade in this three three and a half 4% mortgage and you know rates have come down now we've seen them go from just over eight to just under seven in the last 45 days or so uh I assume that's that's part of what you're seeing on the ground of course I mean I thought that it would actually impact the starter home part of the market the most um but it's impacted the entire market right A lot of people aren't selling because they don't want to give up their two three 4% interest rate what I will say is I'm seeing a lot of creative financing right now and I'm seeing people getting five and a quarter rates right in New York City majority of loans are going to be jumbo loans and the majority of what you hear in the news are not jumbo loans they're not rates for Jumbo loans rates for Jumbo loans tend to be lower there's also you know whether it's um politically or otherwise there is news and and chatter about the FED reducing rates another three times this year so that could help at the end of the day people need to move um there is also something in New York City uh in New York York actually called a CEMA C.E.M.A and it is not something that most people are privy to but I always look to see if the seller of a condo or a town home has a mortgage and if my buyer is getting a mortgage there's a possibility that the banks will agree to do a SEMA and what happens is you as the buyer assume the balance of the seller's mortgage and unfortunately you don't get to assume their interest rate but you save all of the closing costs I just had somebody save $80,000 in closing costs doing a SEMA and that allows you to buy down your rate have more liquidity or whatever you want to do with it so for those not familiar it's essenti the acronym is consolidation extension and modification agreement it's where exactly you're taking the existing mortgage they reapply a rate based on the new risk uh which can be higher or lower and you're saving on the work that goes into the actual creation and underwriting of the loan is that a fair summary absolutely you're spot on okay so you're seeing semas you're seeing creative financing where do you think rates need to be for the dam to kind of break there's so much sideline money pent up there were so many sellers pent up where do you think re rates need to get before we see that Dam break and inventory start to flow again so inventory is still an issue um but the buyers since January 1 have been out and people it the market is busier our open houses are seeing nine and 10 groups come through where before they were dead um you know where do I think rates need to be I think every time they drop just a little bit people start to get it a little bit more excited as far as inventory is concerned you know I don't think we're ever going to be at two and a half percent again and people are going to have to learn to live with that I don't know honestly I think if rates drop another point I think we're going to see a lot more inventory yeah I I agree I think once we we crack six and we start the five anything that starts with a five I believe the floodgates are going to open and considering how much liquidity is on the sidelines and considering asset inflation that we're significantly leaning into in forecasting um along with now 40-year mortgages and Fanny just dropped their guidelines on multifamilies from 20 to 5% lowering interest rates and high liquidity feels like a recipe for a heck of a run in in real estate so yeah um you know you've stayed for 15 20 years in the top one and a half perent documented Wall Street Journal that in the real estate business that is very very difficult to do Kelly what are some of the the the things that you think have been Bedrock foundational points that you drive home with your team that has kept you at such a high level for so long look I mean in the beginning I was scrambling and struggling like everybody else I remember in 2005 looking in my coat pockets and my closet for spare change so I could go get something to eat the bodega you know so but you have to work hard and you have to stick with it and it's all about building relationships and maintaining relationships and not being a transactional broker and I think when there's a down Market we all have a tough time but I think in order to thrive you know in that down Market as much as you can I I consider it a skill Market and my team and I learn new skills and we get creative and we try to figure out how to become better at what we do so that when the market turns around we are armed with all of that new information and creativity so I love the the idea of being a like long learner it's part of the culture here um where are the resources where are you looking to find these skills what are the things you guys are leaning into uh to sharpen those skills to learn how to be a better negotiator how to cultivate relationships better how to use the the systems the digital world has really opened the game up and created some incredible opportunities for us to capitalize on now so where does Kelly where's your go-to source for that type of information or is it a host of different sources it's a host of different sources I do have a business coach um and you know that that's very helpful even though I Mentor my team members I think it's important right for a coach to have a coach and um I'm very much into psychology I also always try to give so I always try to give before I ask for something and I actually don't ask for much from people um I even I I asked for some reviews the other day and and was like I hate asking for things I would rather serve you but would you mind leaving me a review um I just started my Google business page and and whatnot so you know I think it's very important and I'm a connector to try to give to people first try to connect them to somebody who would be a good contact for them try to give them something of value and in turn maybe they'll come back to you and do the same and if not Karma will take care of it it'll come from somewhere else so as the game has changed technology is becoming more and more uh relevant just in our day-to-day lives and and traditional dealmakers I've been in the business now almost 30 years we didn't grow up with the technology that's available today right when I started we had the MLS books and the little Prospect cards and then it went to the modem and then it evolved and evolved and evolved how much is technology playing a role in your day-today followup client Management contact management is that a big piece of it today well especially at Compass yes because we have a lot of artificial intelligence we've got a lot of you know Hightech tools that we can use that make our jobs easier and more efficient I will say I am a big fan of chat GPT although I think a lot of times what it comes up with is cheesy so I tend to rewrite it um but I do use for my listing descriptions I will put in a description and I will say I will I will tell chat GPT to rewrite this description optimized for Google search engine optimized for Google with keywords and I will keep those keywords in the top and it it helps it helps the property to rank higher um in searches so I think you know things like chat GPT AI tools like that are fabulous um you know I think the the ability even though I would rather much rather professionally physically stage a property the ability to you know if somebody's got a home that doesn't show well with the furniture they have and they're not willing to Stage to be able to virtually stage a home to show people another style um along with what it also looks like now because I think that's really important to not fool people is also just helps people who don't have a vision see past you know maybe the furniture that's traditional in a modern space or what have you uh I think you know I don't use chat GPT to respond to emails or or anything like that I I believe in being authentic and really um coming from a place of empathy in every part of my transaction because as you know we're in a an emotional you know I know you you deal with a lot of commercial but in residential we're in a very emotional sector of the industry and you really need to be able to empathize not only with your client but the other side to get a deal done with with negotiation te uh techniques as well um something I I I learned a lot from when um you know studying Chris voss's uh techniques so uh I think I just went off on a tangent but I think you know technology has really taken over and Co changed that as you know our business was still so Antiquated before covid and now things are so much more streamlined and virtual and done faster except for the you know 200 Page board package that I that that every year I donate to American forests if they require it to be printed out 30 copies that they then scan and send via email to all of the board members I love it so Chris Voss never split the difference one of the the better books uh amazing techniques and finding that balance between the technology which does tend to pull you away from that personal side of it uh but is just so essential in in our tools today you know you've become known for this unique approach and being a super sharp negotiator um what are some of the tools that you're relying on in ensuring that you're getting the best deal for your client well data data doesn't lie um at the same time if it's a unique property and there are multiple people interested and the data shows that it's worth a lower price I believe that the market shows with the market will bear and a property is worth what somebody's going to pay for it so if it goes above the asking price that's what it's worth um you know but otherwise data and the fact that you know okay is this an investment property solely an investment property for you or is this going to be your home for the next 10 years and does it matter if you pay a little bit extra now than you do later I also understand that people have budgets and I never ever suggest unless somebody has the cash to pay and they're willing to do so that somebody forego a contingency a financing contingency to win a deal I know a lot of people people in my industry suggest that to their clients to win a deal that is bad business in my opinion I think that is transactional and not relational and um you know I I just think really caring about the the client and putting yourself in their shoes is the most important thing you can do so th that those are some great points and and I want to spend a minute specifically talking about the finance contingency piece so in super competitive market folks this has become standard practice where uh dealmakers are advising you drop a finance contingency and for the right buyer in the right Financial circumstance at the right time that can be a tactic or an approach that is wise but we've seen this too where dealmakers are pushing folks that should not be dropping the finance contingencies to do do that and and and people can get hurt that way so uh it's no surprise that you're having the success that you're having because you're leaning into the client you're not leaning into the transaction um before we started the formal recording if you will you had mentioned uh a referral that had come through a leasing transaction and dollar hundred million in real estate later and I had a similar experience um with someone that upon the first meeting it felt like uh why did I come out here at 7 o'clock on a Friday night and it was darn near 100 million in real estate later uh it found to be for me it was one of the best meetings I had ever taken can you spend a minute or two talking about that how important every call is and every lead is yes I do not discriminate on price points I am not one of those brokers who only takes over a certain amount of money um I think that's stupid to be honest I did a favor for somebody uh years ago where I had I hadn't formed a team yet I had 11 listings I had a ton of buyers I had no time I helped this girl rent a $2500 apartment for free her mom was a good client of mine based on who came through that door and the other people that I met met through that transaction I have done over $80 million worth of business because I did that favor and uh I think I was telling you before you know I did a $385,000 deal and a $38 million deal in the same week and both were equally as important to me of course we all need to eat right and it's nice to be comfortable and make a lot of money but that's not what motivates me what motivates me is my clients and their happiness so we we've talked about that a lot for the client whether it's that $ 300,000 or that $38 million deal for them it's the most important transaction they're likely ever going to be a part of and if if that's not enough to motivate you and get you excited to do a good job you're probably in the wrong business at least long term you're not going to make it here um you've got a strong Focus obviously being in the city with co-ops condos Town Homes one of the big controversial topics has been airbnbs can you speak a little bit about airbnbs and the legislative changes that have occurred and how has that impacted the market so I'm not as privy to the most recent legislative changes with regards to airbnb so shame on me but I know that they're not they have not been legal um and most buildings do not allow them I mean if you have a townhouse that's one thing but if you're in a condo or a co-op it's not legal and most condos in co-ops have restrictions of um you know six to 12 month leases or more people do lease agreements and and you know you also have to be very wary of when you're looking on Airbnb for somewhere to stay in New York City I had a listing and somebody stole the pictures of the listing and put it on Airbnb and these people showed up at the building with their suitcases I felt terrible for them and they got scammed they paid for an apartment that they couldn't stay in uh my sellers were living there they were not listing their home as an Airbnb there are a lot of scammers out there so with with regards to Manhattan specifically if you are looking for an Airbnb be very wary very good advice um I guess that's just part of the other side of this technology boom that we're seeing uh crazy things are happening now that we're hearing about it regularly you you can't be cautious enough so you you've been smashing in New York City for 15 20 years and not even New York city can hold Kelly so what's on the horizon what's next so I am getting licensed in Miami I'm down there all the time I have so many contacts down there who have been begging me to get my license um I will work with a partner down there because I am not down there full-time and I think it's in the best interest of my clients to work with somebody who knows every neighborhood like the back of their hand and so I will fly down and be there with them every step of the way but I think it's important for them to be with an expert um I am also getting licensed in Dubai in the spring and um you know at some point my company Compass will be going International and Dubai is one of the places that they're considering so um I'm hoping I can get a head start on that again I'll be working with a partner I'm not going to be in Dubai every other week you know taking 20 hour 16 20 hour flights but I do have a lot of clients and customers who are in Dubai and Abu Dhabi and other parts of the UAE and Middle East and so it just makes sense and it's a great Resume Builder so the the Miami Market is is that a byproduct of some of the folks who have left or are splitting time from New York is that one of the landing places and why you have such a referral base there now that's part of it but the the other part of it is that I I am down there constantly and I uh you know at one point I was down there 50% of the time and I just have a lot of friends and contacts down there who are you know live down there full time who have not lived in New York City and they want to work with me so um you know I just decided it was the right thing to do so the business is not all dollars and cents as as you have talked about it's about relationships it's about people it's about philanthropic efforts and from what I understand you're you're involved in a host of Charities but recently you had co-founded the Edward J Robinson scholarship this is in conjunction or in honor of dad can you speak a little bit about that yeah so the EJR scholarship fund um it gives SCH scholarships to Young rugby players my father was a lifelong rugby player into his 60s he played rugby my poor mother did not grow fingernails until you know he finally agreed to stop because it's a rough game but it's a great Sport and what I love about rugby is that it really teaches respect and respect for the other team and I know most sports you know sportsmanship is a big deal but I think in rugby it's it's really emphasized even more um my father was not only uh one of the founding players of the New York Athletic Club but he was also the president of multiple rugby clubs and um later founded the youth program in the town I grew up in and then started the club program at the the high school I attended which is now an official sport so we have we give two scholarships every year we've given two to two girls we've given two girl and a boy we've given to to boys it depends on their application and it's not need-based as much as it is um philanthropically based we want to see that people are doing things for others and that rugby has taught them a lot about being a good human and having respect for other people even if they're your opponent um and you know my father was the type of person and we found this out later after he passed away who would sit by the hospital bed of a stranger and motivate them and so when we see an applicant for our scholarship who does something like that that really gets to us and many times that's the person that gets the scholarship so I I can speak to this from personal experience my son is a student at CBA uh down in New Jersey and picked up rugby and it it became very apparent very quickly that they were producing men they were producing leaders and there was a camaraderie um I played football most of my life when I was younger and it was similar but there was a it's there is something special about that sport um the respect as you had said for of course the team but for the opposing team and it just teaches you uh life lessons in a way that I had not seen before in sports so it's interesting to to watch I was not intimately familiar with rugby it wasn't really a thing when I was younger at least nothing that I was exposed to uh and it is taking my son on a whole different path than life and it's really remarkable to watch so kudos for for you starting that and and for providing scholarships it's one of those sports that does need some help and uh it's great to see thank you well congratulations to your son and yeah good luck to him yeah he's he's super excited they won States two years in a row so wow you know he's really leaned into it and it's become an amazing thing it's great to see you and wonderful coaches parents the whole program is tremendous so what position does he play so he's moved around he was forward then he was Wing scrum half uh he's a sophomore now so his body is changing quickly and as he's you know filling out and working out in the gym they're moving him around to different places so he's having a lot of fun with it that's great so he's right in the middle there yeah oh he likes to be in the action no doubt so look look you're the the market I I believe we're headed to a place where we'll see several fed Cuts this year it's a presidential cycle um and and I think sometimes people forget this is a cycle and there are external factors this time around that are different and unique that were brought on from covid uh but I do feel like we're headed into a real heck of a run I think we've got a fewe rip in front of us that's going to be historic are there any resources or strategies or books or things that you would Point folks to that are in the business to try and sharpen up as as we get ready for what I believe is going to be a historic run you know a few books that are kind of old school that I always go back to are number one How to Win Friends and Influence People I think that's a phenomenal book teaches a lot about empathy it teaches a lot about talking to people about themselves instead of all about you people want to talk about themselves and you build rapport when you learn about and you learn about people that's what you want to do you want to learn about your clients and your customers um also Stephen Covey The Seven Habits of Highly Successful People phenomenal book I suggest everybody try and become that Conn Conor because you will benefit and it will just make you feel good if nothing else to connect somebody to somebody that might help them yeah those are um absolutely foundational books and and learning in this business that it it's not about you and and taking the time to listen and learn and engage will produce lifelong clients for you yeah I also think Chris voss's book um never split the difference is phenomenal because he negotiates but from a place of empathy and if you're in residential real estate I truly believe that's where you should that's where you should be negotiating from a place of empathy yeah and he was an FBI hostage negotiator incredible experience and he he does boil it down in that book mirroring and some of the tactics that he teaches they work and people people like to share uh experiences about themselves but there are things you can do to disarm them and get them to feel comfortable and engage so um this has been a great chat I wish you all of the success in the world Kelly where where's the best place for us to point people where can people find you my website www.Kellyrobinsonnewyork.com all spelled out Kelly with a Y um that's my that's my Real Estate website uh you can find me on Instagram at Kelly Robinson New York or Kelly minds her manners Manors with an o That's the name of my podcast um so yeah and you can message me on either PL either platform so as always folks all of the information and links will be below Kelly Robinson it's been a pleasure again congratul ations on the succcess it's clear why you're the top one and a half agents or top one and a half percentage of agents in production in New York for 15 to 20 years running congrats and best of luck with your expansion in Miami and Dubai super exciting thank you so much it was an absolute pleasure speaking with you pleasure was mine as always everyone please stay [Music] safe [Music]
Join James Prendamano on the Pre-Real Podcast as he converses with NYC real estate powerhouse, Kelly Robinson. With a career spanning over two decades, Kelly provides an in-depth understanding of the New York real estate scene, the role of technology, and the importance of philanthropy in business. This episode delves into the current state of the market post-Covid, and also highlights the significant influence of sportsmanship.
Get in touch with Kelly:
Instagram
Subscribe:
this week on the prereal podcast we're joined by Kelly Robinson she's the founder of the Kelly Robinson team uh best-in-class realtor in New York City uh top one and a half percent last 15 20 years running if you you want to get some insights into the core things and some of the core resources that have kept her in that top one and a half percent give the show a listen she's got great insights focused on the individuals not on on the individual deal some uh great advice that's I think really helped set her apart and uh a great journey ahead of her she'll be expanding to Miami and Dubai a lot to talk about it's a great episode Kelly Robinson from the Kelly Robinson team check it out are you ready to bring your real estate game to the next level my name is James Prendamano I'm the CEO and founder of prereal and over the past 25 years I've closed over a billion dollars in transactional real estate each week I'm meeting with outstanding investors high- performing individuals and Visionaries operating in the real estate space these are the people that are actually out there in the real estate game right now getting it done this podcast aims at bringing anyone's game to the next level this is the prereal podcast welcome everyone to the prereal podcast we have a treat for you this week we're joined by Kelly Robinson so Kelly is the founder of the Kelly Robinson team over at Compass uh always excited for us when we can have professionals that are operating at the level Kelly and her team are operating at she's since 2005 I Believe been top performer um in New York City real estate we're going to get into some need expansion plans if if you're looking for a pro of Pros it's always great to be able to pull information and glean uh different data points from how the best of the best are doing it and Kelly certainly is embodying that so Kelly thank you very much for taking the time to join us today thank you so much for having me it's an honor oh it's our pleasure so let's let's jump right in New York City real estate let's spend a couple of minutes talking about the overall Market uh we've heard a lot about the decentralization and the market is changing uh we've heard a lot about Covid and the impact what are you seeing on the ground uh as far as the realities in New York City where are we if you can give us a snapshot where are we today then we can get into interest rates and where we think we'll be tomorrow so Covid had a huge impact back when it happened and people all scattered out of the city and our Market was in the dumps while everybody else was soaring outside of the city um a lot of those people who moved out missed the culture and the energy of New York City so some of them are moving back in full-time but many of them want at least a piece of New York City which means they're purchasing pied-a-terre um and so that is a big part of our Market you do have a lot of tech companies that have been moving from the west coast to New York City and you've got a lot of people at tech companies young people buying two and three million dollar homes um moving here you've got a lot of people buying homes for their children who are graduating from college or in college and you know you've got a lot of people who want to stay in the city who are expanding their families or what have you who are upgrading and um then there are investors because if you've got cash and you've got a property with low monthlies you can do pretty well with the rental market being where it is today I think you know last year because of interest rates and inflation and crime we we had a tough year and inventory inventory was a huge problem we have such little inventory like the rest of the country and the majority of what's on the market needs work and nobody wants to renovate in this market so a big part of this blockade if you will preventing inventory from flowing we believe is purchasers that feel kind of stuck they they bought and they had these great rates these historic low rates and whether they want to make a move or not they're having a difficult time reasoning how do I trade in this three three and a half 4% mortgage and you know rates have come down now we've seen them go from just over eight to just under seven in the last 45 days or so uh I assume that's that's part of what you're seeing on the ground of course I mean I thought that it would actually impact the starter home part of the market the most um but it's impacted the entire market right A lot of people aren't selling because they don't want to give up their two three 4% interest rate what I will say is I'm seeing a lot of creative financing right now and I'm seeing people getting five and a quarter rates right in New York City majority of loans are going to be jumbo loans and the majority of what you hear in the news are not jumbo loans they're not rates for Jumbo loans rates for Jumbo loans tend to be lower there's also you know whether it's um politically or otherwise there is news and and chatter about the FED reducing rates another three times this year so that could help at the end of the day people need to move um there is also something in New York City uh in New York York actually called a CEMA C.E.M.A and it is not something that most people are privy to but I always look to see if the seller of a condo or a town home has a mortgage and if my buyer is getting a mortgage there's a possibility that the banks will agree to do a SEMA and what happens is you as the buyer assume the balance of the seller's mortgage and unfortunately you don't get to assume their interest rate but you save all of the closing costs I just had somebody save $80,000 in closing costs doing a SEMA and that allows you to buy down your rate have more liquidity or whatever you want to do with it so for those not familiar it's essenti the acronym is consolidation extension and modification agreement it's where exactly you're taking the existing mortgage they reapply a rate based on the new risk uh which can be higher or lower and you're saving on the work that goes into the actual creation and underwriting of the loan is that a fair summary absolutely you're spot on okay so you're seeing semas you're seeing creative financing where do you think rates need to be for the dam to kind of break there's so much sideline money pent up there were so many sellers pent up where do you think re rates need to get before we see that Dam break and inventory start to flow again so inventory is still an issue um but the buyers since January 1 have been out and people it the market is busier our open houses are seeing nine and 10 groups come through where before they were dead um you know where do I think rates need to be I think every time they drop just a little bit people start to get it a little bit more excited as far as inventory is concerned you know I don't think we're ever going to be at two and a half percent again and people are going to have to learn to live with that I don't know honestly I think if rates drop another point I think we're going to see a lot more inventory yeah I I agree I think once we we crack six and we start the five anything that starts with a five I believe the floodgates are going to open and considering how much liquidity is on the sidelines and considering asset inflation that we're significantly leaning into in forecasting um along with now 40-year mortgages and Fanny just dropped their guidelines on multifamilies from 20 to 5% lowering interest rates and high liquidity feels like a recipe for a heck of a run in in real estate so yeah um you know you've stayed for 15 20 years in the top one and a half perent documented Wall Street Journal that in the real estate business that is very very difficult to do Kelly what are some of the the the things that you think have been Bedrock foundational points that you drive home with your team that has kept you at such a high level for so long look I mean in the beginning I was scrambling and struggling like everybody else I remember in 2005 looking in my coat pockets and my closet for spare change so I could go get something to eat the bodega you know so but you have to work hard and you have to stick with it and it's all about building relationships and maintaining relationships and not being a transactional broker and I think when there's a down Market we all have a tough time but I think in order to thrive you know in that down Market as much as you can I I consider it a skill Market and my team and I learn new skills and we get creative and we try to figure out how to become better at what we do so that when the market turns around we are armed with all of that new information and creativity so I love the the idea of being a like long learner it's part of the culture here um where are the resources where are you looking to find these skills what are the things you guys are leaning into uh to sharpen those skills to learn how to be a better negotiator how to cultivate relationships better how to use the the systems the digital world has really opened the game up and created some incredible opportunities for us to capitalize on now so where does Kelly where's your go-to source for that type of information or is it a host of different sources it's a host of different sources I do have a business coach um and you know that that's very helpful even though I Mentor my team members I think it's important right for a coach to have a coach and um I'm very much into psychology I also always try to give so I always try to give before I ask for something and I actually don't ask for much from people um I even I I asked for some reviews the other day and and was like I hate asking for things I would rather serve you but would you mind leaving me a review um I just started my Google business page and and whatnot so you know I think it's very important and I'm a connector to try to give to people first try to connect them to somebody who would be a good contact for them try to give them something of value and in turn maybe they'll come back to you and do the same and if not Karma will take care of it it'll come from somewhere else so as the game has changed technology is becoming more and more uh relevant just in our day-to-day lives and and traditional dealmakers I've been in the business now almost 30 years we didn't grow up with the technology that's available today right when I started we had the MLS books and the little Prospect cards and then it went to the modem and then it evolved and evolved and evolved how much is technology playing a role in your day-today followup client Management contact management is that a big piece of it today well especially at Compass yes because we have a lot of artificial intelligence we've got a lot of you know Hightech tools that we can use that make our jobs easier and more efficient I will say I am a big fan of chat GPT although I think a lot of times what it comes up with is cheesy so I tend to rewrite it um but I do use for my listing descriptions I will put in a description and I will say I will I will tell chat GPT to rewrite this description optimized for Google search engine optimized for Google with keywords and I will keep those keywords in the top and it it helps it helps the property to rank higher um in searches so I think you know things like chat GPT AI tools like that are fabulous um you know I think the the ability even though I would rather much rather professionally physically stage a property the ability to you know if somebody's got a home that doesn't show well with the furniture they have and they're not willing to Stage to be able to virtually stage a home to show people another style um along with what it also looks like now because I think that's really important to not fool people is also just helps people who don't have a vision see past you know maybe the furniture that's traditional in a modern space or what have you uh I think you know I don't use chat GPT to respond to emails or or anything like that I I believe in being authentic and really um coming from a place of empathy in every part of my transaction because as you know we're in a an emotional you know I know you you deal with a lot of commercial but in residential we're in a very emotional sector of the industry and you really need to be able to empathize not only with your client but the other side to get a deal done with with negotiation te uh techniques as well um something I I I learned a lot from when um you know studying Chris voss's uh techniques so uh I think I just went off on a tangent but I think you know technology has really taken over and Co changed that as you know our business was still so Antiquated before covid and now things are so much more streamlined and virtual and done faster except for the you know 200 Page board package that I that that every year I donate to American forests if they require it to be printed out 30 copies that they then scan and send via email to all of the board members I love it so Chris Voss never split the difference one of the the better books uh amazing techniques and finding that balance between the technology which does tend to pull you away from that personal side of it uh but is just so essential in in our tools today you know you've become known for this unique approach and being a super sharp negotiator um what are some of the tools that you're relying on in ensuring that you're getting the best deal for your client well data data doesn't lie um at the same time if it's a unique property and there are multiple people interested and the data shows that it's worth a lower price I believe that the market shows with the market will bear and a property is worth what somebody's going to pay for it so if it goes above the asking price that's what it's worth um you know but otherwise data and the fact that you know okay is this an investment property solely an investment property for you or is this going to be your home for the next 10 years and does it matter if you pay a little bit extra now than you do later I also understand that people have budgets and I never ever suggest unless somebody has the cash to pay and they're willing to do so that somebody forego a contingency a financing contingency to win a deal I know a lot of people people in my industry suggest that to their clients to win a deal that is bad business in my opinion I think that is transactional and not relational and um you know I I just think really caring about the the client and putting yourself in their shoes is the most important thing you can do so th that those are some great points and and I want to spend a minute specifically talking about the finance contingency piece so in super competitive market folks this has become standard practice where uh dealmakers are advising you drop a finance contingency and for the right buyer in the right Financial circumstance at the right time that can be a tactic or an approach that is wise but we've seen this too where dealmakers are pushing folks that should not be dropping the finance contingencies to do do that and and and people can get hurt that way so uh it's no surprise that you're having the success that you're having because you're leaning into the client you're not leaning into the transaction um before we started the formal recording if you will you had mentioned uh a referral that had come through a leasing transaction and dollar hundred million in real estate later and I had a similar experience um with someone that upon the first meeting it felt like uh why did I come out here at 7 o'clock on a Friday night and it was darn near 100 million in real estate later uh it found to be for me it was one of the best meetings I had ever taken can you spend a minute or two talking about that how important every call is and every lead is yes I do not discriminate on price points I am not one of those brokers who only takes over a certain amount of money um I think that's stupid to be honest I did a favor for somebody uh years ago where I had I hadn't formed a team yet I had 11 listings I had a ton of buyers I had no time I helped this girl rent a $2500 apartment for free her mom was a good client of mine based on who came through that door and the other people that I met met through that transaction I have done over $80 million worth of business because I did that favor and uh I think I was telling you before you know I did a $385,000 deal and a $38 million deal in the same week and both were equally as important to me of course we all need to eat right and it's nice to be comfortable and make a lot of money but that's not what motivates me what motivates me is my clients and their happiness so we we've talked about that a lot for the client whether it's that $ 300,000 or that $38 million deal for them it's the most important transaction they're likely ever going to be a part of and if if that's not enough to motivate you and get you excited to do a good job you're probably in the wrong business at least long term you're not going to make it here um you've got a strong Focus obviously being in the city with co-ops condos Town Homes one of the big controversial topics has been airbnbs can you speak a little bit about airbnbs and the legislative changes that have occurred and how has that impacted the market so I'm not as privy to the most recent legislative changes with regards to airbnb so shame on me but I know that they're not they have not been legal um and most buildings do not allow them I mean if you have a townhouse that's one thing but if you're in a condo or a co-op it's not legal and most condos in co-ops have restrictions of um you know six to 12 month leases or more people do lease agreements and and you know you also have to be very wary of when you're looking on Airbnb for somewhere to stay in New York City I had a listing and somebody stole the pictures of the listing and put it on Airbnb and these people showed up at the building with their suitcases I felt terrible for them and they got scammed they paid for an apartment that they couldn't stay in uh my sellers were living there they were not listing their home as an Airbnb there are a lot of scammers out there so with with regards to Manhattan specifically if you are looking for an Airbnb be very wary very good advice um I guess that's just part of the other side of this technology boom that we're seeing uh crazy things are happening now that we're hearing about it regularly you you can't be cautious enough so you you've been smashing in New York City for 15 20 years and not even New York city can hold Kelly so what's on the horizon what's next so I am getting licensed in Miami I'm down there all the time I have so many contacts down there who have been begging me to get my license um I will work with a partner down there because I am not down there full-time and I think it's in the best interest of my clients to work with somebody who knows every neighborhood like the back of their hand and so I will fly down and be there with them every step of the way but I think it's important for them to be with an expert um I am also getting licensed in Dubai in the spring and um you know at some point my company Compass will be going International and Dubai is one of the places that they're considering so um I'm hoping I can get a head start on that again I'll be working with a partner I'm not going to be in Dubai every other week you know taking 20 hour 16 20 hour flights but I do have a lot of clients and customers who are in Dubai and Abu Dhabi and other parts of the UAE and Middle East and so it just makes sense and it's a great Resume Builder so the the Miami Market is is that a byproduct of some of the folks who have left or are splitting time from New York is that one of the landing places and why you have such a referral base there now that's part of it but the the other part of it is that I I am down there constantly and I uh you know at one point I was down there 50% of the time and I just have a lot of friends and contacts down there who are you know live down there full time who have not lived in New York City and they want to work with me so um you know I just decided it was the right thing to do so the business is not all dollars and cents as as you have talked about it's about relationships it's about people it's about philanthropic efforts and from what I understand you're you're involved in a host of Charities but recently you had co-founded the Edward J Robinson scholarship this is in conjunction or in honor of dad can you speak a little bit about that yeah so the EJR scholarship fund um it gives SCH scholarships to Young rugby players my father was a lifelong rugby player into his 60s he played rugby my poor mother did not grow fingernails until you know he finally agreed to stop because it's a rough game but it's a great Sport and what I love about rugby is that it really teaches respect and respect for the other team and I know most sports you know sportsmanship is a big deal but I think in rugby it's it's really emphasized even more um my father was not only uh one of the founding players of the New York Athletic Club but he was also the president of multiple rugby clubs and um later founded the youth program in the town I grew up in and then started the club program at the the high school I attended which is now an official sport so we have we give two scholarships every year we've given two to two girls we've given two girl and a boy we've given to to boys it depends on their application and it's not need-based as much as it is um philanthropically based we want to see that people are doing things for others and that rugby has taught them a lot about being a good human and having respect for other people even if they're your opponent um and you know my father was the type of person and we found this out later after he passed away who would sit by the hospital bed of a stranger and motivate them and so when we see an applicant for our scholarship who does something like that that really gets to us and many times that's the person that gets the scholarship so I I can speak to this from personal experience my son is a student at CBA uh down in New Jersey and picked up rugby and it it became very apparent very quickly that they were producing men they were producing leaders and there was a camaraderie um I played football most of my life when I was younger and it was similar but there was a it's there is something special about that sport um the respect as you had said for of course the team but for the opposing team and it just teaches you uh life lessons in a way that I had not seen before in sports so it's interesting to to watch I was not intimately familiar with rugby it wasn't really a thing when I was younger at least nothing that I was exposed to uh and it is taking my son on a whole different path than life and it's really remarkable to watch so kudos for for you starting that and and for providing scholarships it's one of those sports that does need some help and uh it's great to see thank you well congratulations to your son and yeah good luck to him yeah he's he's super excited they won States two years in a row so wow you know he's really leaned into it and it's become an amazing thing it's great to see you and wonderful coaches parents the whole program is tremendous so what position does he play so he's moved around he was forward then he was Wing scrum half uh he's a sophomore now so his body is changing quickly and as he's you know filling out and working out in the gym they're moving him around to different places so he's having a lot of fun with it that's great so he's right in the middle there yeah oh he likes to be in the action no doubt so look look you're the the market I I believe we're headed to a place where we'll see several fed Cuts this year it's a presidential cycle um and and I think sometimes people forget this is a cycle and there are external factors this time around that are different and unique that were brought on from covid uh but I do feel like we're headed into a real heck of a run I think we've got a fewe rip in front of us that's going to be historic are there any resources or strategies or books or things that you would Point folks to that are in the business to try and sharpen up as as we get ready for what I believe is going to be a historic run you know a few books that are kind of old school that I always go back to are number one How to Win Friends and Influence People I think that's a phenomenal book teaches a lot about empathy it teaches a lot about talking to people about themselves instead of all about you people want to talk about themselves and you build rapport when you learn about and you learn about people that's what you want to do you want to learn about your clients and your customers um also Stephen Covey The Seven Habits of Highly Successful People phenomenal book I suggest everybody try and become that Conn Conor because you will benefit and it will just make you feel good if nothing else to connect somebody to somebody that might help them yeah those are um absolutely foundational books and and learning in this business that it it's not about you and and taking the time to listen and learn and engage will produce lifelong clients for you yeah I also think Chris voss's book um never split the difference is phenomenal because he negotiates but from a place of empathy and if you're in residential real estate I truly believe that's where you should that's where you should be negotiating from a place of empathy yeah and he was an FBI hostage negotiator incredible experience and he he does boil it down in that book mirroring and some of the tactics that he teaches they work and people people like to share uh experiences about themselves but there are things you can do to disarm them and get them to feel comfortable and engage so um this has been a great chat I wish you all of the success in the world Kelly where where's the best place for us to point people where can people find you my website www.Kellyrobinsonnewyork.com all spelled out Kelly with a Y um that's my that's my Real Estate website uh you can find me on Instagram at Kelly Robinson New York or Kelly minds her manners Manors with an o That's the name of my podcast um so yeah and you can message me on either PL either platform so as always folks all of the information and links will be below Kelly Robinson it's been a pleasure again congratul ations on the succcess it's clear why you're the top one and a half agents or top one and a half percentage of agents in production in New York for 15 to 20 years running congrats and best of luck with your expansion in Miami and Dubai super exciting thank you so much it was an absolute pleasure speaking with you pleasure was mine as always everyone 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