This veteran actual property dealer with a background in regulation and luxurious is rising The Company’s model in Massachusetts.
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Hailing from a household of actual property professionals, together with father, Vince, and twin brother, Aubrey, who works in business actual property, Michael Cannuscio took an unorthodox path to actual property, together with stints in company regulation, actual property investing and improvement.
Over the course of his profession, Cannuscio has mentored a whole lot of brokers, guiding them by way of rising their companies and serving to them study to navigate transactions to a profitable conclusion. “This experience allows me to strategically guide and support my associates in developing successful real estate businesses,” he mentioned.
Learn the way this veteran of RE/MAX and Sotheby’s Worldwide Actual Property is rising The Company’s model in Massachusetts.
Title: Michael Cannuscio
Title: Managing associate
Expertise: 23 years
Location: Marblehead, Massachusetts
Brokerage title: The Company Marblehead
Staff measurement: 10
How did you get your begin in actual property?
I grew up round actual property. My dad, Vince, was a “kitchen broker” on Lengthy Island, New York, doing offers on the telephone (rotary telephone) from our home. He had no colleagues. Simply himself solo.
I might take heed to him negotiate over the telephone and go to go to properties with him after I was a child. He was additionally a builder of small single-family houses and an appraiser. A few of my favourite reminiscences had been going to development websites with him and having the ability to clear up websites and paint the interiors.
I thought of turning into an actual property agent straight out of faculty however took a path to regulation faculty and a authorized profession earlier than beginning my first brokerage.
How did you select your brokerage?
I selected The Company as a result of I gravitate in the direction of extra entrepreneurial organizations and ventures and respect those that are unafraid to disrupt industries. I’ve watched the wonderful work Mauricio Umansky and his colleagues have accomplished over the previous decade rising the model and community of associate places of work around the globe and knew I wished to be a part of it.
What’s one thing now that you simply want you knew whenever you began?
Earlier than getting into this business, I considered different actual property professionals solely as opponents. I didn’t understand the significance of constructing relationships with my fellow colleagues and the necessity to work collectively to cooperate and navigate hurdles in transactions to carry each events to the end line of a transaction.
Inform us a couple of excessive level in your brokerage profession
Six years in the past, my enterprise companions and I merged our Sotheby’s affiliate with a neighborhood unbiased brokerage. The 2 brokerages had been comparable in measurement each by way of agent depend and gross sales quantity. The 2 organizations, nevertheless, had been vastly totally different by way of tradition and the way each had been operated.
Whereas the preliminary transition post-merger was a bit of bumpy, my 5 companions and I had been capable of navigate the challenges to create a brand new thriving firm that grew to become the primary brokerage in two of the first markets we served.
Inform us about an epic fail you’ve skilled because you’ve been a dealer
After I was a newly minted dealer 20+ years in the past, I used to be supplied the chance to checklist a really distinctive, by way of architectural fashion, house for a pal who was flipping a property. I knew that the property was doubtlessly overpriced however was so excited to market the house.
I believed that I had achieved success simply by gaining this luxurious itemizing. I spent 1000’s of {dollars} putting adverts in native newspapers and magazines to market this house, however I by no means bought it. The itemizing expired and one other dealer took over the itemizing and finally bought it for a a lot cheaper price than my preliminary checklist value.
From this expertise, I discovered the significance of pricing properties appropriately, setting cheap expectations for purchasers and being direct with purchasers about the necessity to cut back an inventory value when the market gives the suggestions.
