Latest / Divas That Care Network / From Wall Street to Real Estate: Ellen Silverman's Journey

Transcript

From Wall Street to Real Estate: Ellen Silverman's Journey · Divas That Care Network

• 0:00
  Speaker 1: It's Divas that Care Radio Stories, strategies and ideas to inspire positive change.
• 0:06
  Speaker 1: Welcome to Divas that Care, a network of women committed to making our world a better place for everyone.
• 0:12
  Speaker 1: This is a global movement for women, by women engaged in a collaborative effort to create a better world for future generations.
• 0:20
  Speaker 1: To find out more about the movement, visit divasthatcarecom.
• 0:25
  Speaker 1: After the show.
• 0:25
  Speaker 1: Right now, though, stay tuned for another jolt of inspiration.
• 0:32
  Speaker 2: Well, hello everyone and welcome back to the Divas that Care.
• 0:35
  Speaker 2: My name is Candice Gish.
• 0:36
  Speaker 2: If this is your very first time tuning into the Divas, a huge welcome.
• 0:40
  Speaker 2: We are now in our 15th year of doing the podcast and we're so excited that you've joined us.
• 0:45
  Speaker 2: Today.
• 0:46
  Speaker 2: I have a brand new diva that we're going to be welcoming to our family.
• 0:49
  Speaker 2: Her name is Ellen Silverman.
• 0:51
  Speaker 2: Welcome to the podcast, ellen.
• 0:53
  Speaker 2: I'm so excited to have you.
• 0:55
  Speaker 3: Thank you so much, candice.
• 0:56
  Speaker 3: It's a privilege to be here.
• 0:58
  Speaker 3: My name is Ellen Silverman.
• 1:01
  Speaker 3: I am from New York, new York, born and bred New Yorker, and I grew up here, grew up downtown, went to school in Pennsylvania and worked in finance.
• 1:17
  Speaker 3: After I graduated college, worked on Wall Street for about 30 years as an analyst on Wall Street, for about 30 years as an analyst, and the last nine years I've been working in real estate selling residential co-ops and condos here in Manhattan.
• 1:33
  Speaker 2: Oh, my gosh and I'm going to be honest with you and we'll start this off, ellen that I have a guilty pleasure.
• 1:39
  Speaker 2: I love going onto YouTube and watching real estate agents in New York showcase historical homes, like that's definitely been something that I've always enjoyed doing.
• 1:49
  Speaker 2: So when I heard that you're going to be coming onto the podcast today somebody from New York in real estate I'm like this is going to be so much fun.
• 1:56
  Speaker 3: Yeah, yeah.
• 1:57
  Speaker 3: Well, you know there.
• 1:58
  Speaker 3: There are hundreds of neighborhoods in New York city, not not just Manhattan but Brooklyn and Queens, and there's so many different types of apartments.
• 2:07
  Speaker 3: There are homes, there are townhouses, there are co-ops, there are condos and there's, you know, the size of apartments varies from very tiny studios to, you know, massive eight bedroom floor through apartments.
• 2:24
  Speaker 3: So you have something for everyone.
• 2:27
  Speaker 3: I always say New York has something for everyone, wow.
• 2:32
  Speaker 2: What can I ask you?
• 2:33
  Speaker 2: What?
• 2:33
  Speaker 2: Why you decided to get into this type of a business?
• 2:36
  Speaker 2: Why did you decide to become a real estate agent?
• 2:39
  Speaker 3: Yeah, well, great question.
• 2:41
  Speaker 3: I think it's a.
• 2:42
  Speaker 3: It was a very long process.
• 2:44
  Speaker 3: When I grew up in New York City, a lot of my friends lived in these beautiful apartments and beautiful homes and I would visit them and admire the decor.
• 2:57
  Speaker 3: Some of them lived in Greenwich Village in small apartments.
• 3:01
  Speaker 3: Some of them lived on the Upper West Side in grand, huge apartments.
• 3:06
  Speaker 3: Some lived in townhouses on the Upper East Side.
• 3:11
  Speaker 3: So I was always going out and visiting my friends because I loved looking at their homes and I think also, growing up, my mother.
• 3:20
  Speaker 3: We lived in a tiny apartment in Chelsea, which is lower Manhattan, but my mother was always decorating.
• 3:28
  Speaker 3: She was always.
• 3:29
  Speaker 3: You know, every few years change the upholstery, change the furniture layout, change the color of the walls, buy new art, buy new vases.
• 3:39
  Speaker 3: She had a decorator and it's not that we had a lot of money, but I think she had a very restless creative streak in her, and my aunt did as well.
• 3:52
  Speaker 3: So I think I grew up with a lot of women that were always creative and always decorating.
• 4:00
  Speaker 3: So I kind of had the interior design bug growing up.
• 4:06
  Speaker 3: I think they planted that seed in me.
• 4:10
  Speaker 3: And then, um, when I got out of college, I rented a small apartment for a while, but then, a few years after that, I really decided I wanted to be a homeowner.
• 4:20
  Speaker 3: Enough was enough of renting, I wanted my own home.
• 4:23
  Speaker 3: And so I bought my first apartment, I think in 1995, for some very low amount of money like $50,000.
• 4:33
  Speaker 3: And it was in an area of the city that was way uptown and everybody thought I was crazy, but I really wanted space and I really wanted to create my sanctuary.
• 4:44
  Speaker 3: So, and this, these were all.
• 4:46
  Speaker 3: This was during the time I was in Wall Street.
• 4:49
  Speaker 3: So, um, I lived in that apartment for about 10 years and bought and sold um my apartment three different times.
• 5:00
  Speaker 3: I kept moving for one reason or another, different reasons, Um, but each place I stayed around 10 years and I really enjoyed the process of looking at apartments and negotiating the deals.
• 5:15
  Speaker 3: Sometimes I had brokers helping me and sometimes I didn't, but I really enjoyed the process and I really learned a lot.
• 5:22
  Speaker 3: So, After around 30 years in Wall Street, it was really time to go.
• 5:27
  Speaker 3: My work was not as interesting the banking crisis had happened in 2008, and all the work I was doing had to be highly scrutinized and regulated and documented, and I really wasn't enjoying it.
• 5:45
  Speaker 3: I probably should have left in 2008, but I didn't.
• 5:49
  Speaker 3: It took me another eight years.
• 5:50
  Speaker 3: So I think, between my love of being a real estate investor and owner and my love of interior design and my good financial skills, I thought real estate would be a really great career for me.
• 6:05
  Speaker 3: So that's why I went into real estate.
• 6:09
  Speaker 2: Oh my gosh, I can totally see that Just listening to you is so inspirational and I just love it.
• 6:14
  Speaker 2: I just I was thinking about some of the things when you were talking, so I had a question.
• 6:18
  Speaker 2: You were mentioning buying and selling.
• 6:20
  Speaker 2: When people are buying in New York, do they kind of stay in the same area or do they try to go farther away all the time?
• 6:31
  Speaker 3: Yeah, I mean, it really really varies.
• 6:32
  Speaker 3: I get a lot of people that are moving into New York from out of town so they don't have a specific neighborhood in mind.
• 6:37
  Speaker 3: I mean, I was a native New Yorker.
• 6:43
  Speaker 3: I grew up downtown and I really wanted huge space so I went way uptown for that.
• 6:48
  Speaker 3: That was my story.
• 6:50
  Speaker 3: I think everybody has their own story.
• 6:53
  Speaker 3: I also think the media creates this sense of New York City that it's kind of unattainable, but that's so not true at all, because there are so many neighborhoods and there are many ways to buy an apartment and it's not as impossible as people think it is.
• 7:17
  Speaker 3: So you know I think if you're there are you know there are some people that want to sell and they want to stay in their neighborhood because they love their neighborhood, they're used to the amenities and the shops and their neighbors and their friends and their conveniences, so they stay.
• 7:32
  Speaker 3: And then there are people that are like I'm done with this neighborhood.
• 7:35
  Speaker 3: I want to go somewhere that's quieter, or I want larger space and I'm willing to maybe go to a more inconvenient neighborhood for affordable space, or I want to try a different borough.
• 7:50
  Speaker 3: I need a change, or I'm getting divorced.
• 7:51
  Speaker 3: I want to get away from where my ex is living.
• 7:54
  Speaker 3: Or, you know, my kids have left the home and I want a smaller space, I want to downgrade.
• 8:03
  Speaker 3: So you know everybody has their own specific situation.
• 8:07
  Speaker 3: I love hearing that.
• 8:08
  Speaker 3: I love how you said that you know everybody has their own specific situation.
• 8:09
  Speaker 2: I love hearing that.
• 8:10
  Speaker 2: I love how you said that you know sometimes the media, the television, it kind of gives you a different, almost like a messed up kind of version of how things are.
• 8:18
  Speaker 2: And I think when people are moving into a place like that, they've got that in their head because like, well, I don't know if I could do this, I don't know where to go.
• 8:34
  Speaker 3: And having somebody like you that has that experience and that knowledge I think is very beneficial.
• 8:36
  Speaker 3: Yeah, no, absolutely.
• 8:37
  Speaker 3: I mean I know every subway line like the palm of my hand and I know where everything is located and I have a very good sense of which neighborhoods are going to appreciate and value and take off.
• 8:45
  Speaker 3: I have a sense of you know where the commercial spaces are going to be growing and filling up.
• 8:54
  Speaker 3: So in that way I definitely can guide people for New York City.
• 8:59
  Speaker 3: And yeah, and I mean you know you watch these shows on Bravo and they're very entertaining and they're a lot of fun and they're eye candy and, believe me, I watch every single one of them constantly.
• 9:12
  Speaker 3: I do Cause it's fun.
• 9:14
  Speaker 3: And it's fun to watch the brokers and they're all gorgeous and they're wearing, you know, beautiful clothes and they're selling gorgeous properties and it's it's fun.
• 9:25
  Speaker 3: But that's not every day in New York City and there's a whole gradation of how you can live here.
• 9:34
  Speaker 3: So, yes, I do help people kind of adjust to what is real and what is attainable.
• 9:45
  Speaker 2: That's great and I like how you had mentioned that things are changing and then you know what's going to be kind of the hot spots.
• 9:50
  Speaker 2: Have you seen a lot of the evolution through the city itself?
• 9:53
  Speaker 2: Because I kind of get the idea that there was maybe some areas that were maybe run down over time and then all of a sudden somebody decides, you know what, we're going to revamp this area and it starts changing so you're able to see a lot of that correct you're able to see a lot of that correct.
• 10:12
  Speaker 3: Oh, every day, 100%.
• 10:13
  Speaker 3: I mean I saw it happen to Brooklyn in the last 25 years how Brooklyn really really appreciated from all the way from Williamsburg, all the way east to Bed-Stuy, to Kensington, to even East New York.
• 10:26
  Speaker 3: It's just, it just moves East.
• 10:28
  Speaker 3: In Brooklyn and Queens, especially on the waterfront um Long Island city and Astoria especially, the development is booming and you can get fantastic um condominiums overlooking the water and having a skyline view of New York city from your apartment.
• 10:50
  Speaker 3: And I think Queens is great and it's getting better and better.
• 10:56
  Speaker 3: And a lot of people when I say Queens they're horrified, no, I can't go there.
• 11:02
  Speaker 3: But you know they're crazy.
• 11:04
  Speaker 3: It's literally two subway stops to Manhattan.
• 11:08
  Speaker 3: Crazy, it's literally two subway stops to Manhattan.
• 11:09
  Speaker 3: You have amazing skyline views of New York, you have huge space that's affordable, and you may not have Whole Foods around the corner or Trader Joe's, but believe me, they're coming.
• 11:24
  Speaker 2: I know they're coming.
• 11:24
  Speaker 2: I love that and I like how you had mentioned that it's affordable, cause I was going to ask you like, how affordable is it to live in New York and the surrounding areas of New York?
• 11:33
  Speaker 2: Because what I imagine is that it would be a very high cost of living.
• 11:38
  Speaker 3: You know you don't need a car, so you're not paying for gas, you're not paying for parking, you're not, you're not wasting time in a car.
• 11:46
  Speaker 3: Time is money, so the whole car thing is gone.
• 11:50
  Speaker 3: You're on the subway or the bus or you're walking or maybe an Uber.
• 11:55
  Speaker 3: Now our taxes are, our property taxes are.
• 12:02
  Speaker 3: It depends where you live.
• 12:04
  Speaker 3: You know, again, property taxes vary by building and by neighborhood.
• 12:09
  Speaker 3: Yes, so you know, the monthly charges depend on where you live and the type of building you're in.
• 12:17
  Speaker 3: The prices are probably higher than the rest of the country.
• 12:23
  Speaker 3: For instance, you know, a large one bedroom, um, you know, a large one bedroom, let's say, in in a nice new building in Astoria, is probably going to be about 850,000.
• 12:37
  Speaker 3: Now that in Miami could probably get you a two bedroom or, um, you know, I don't, I don't know the rest of the country, but I'm sure 850,000 is a lot of money to a lot of people.
• 12:48
  Speaker 3: Um, so you know.
• 12:51
  Speaker 3: And then you know New York state and city taxes are higher.
• 12:54
  Speaker 2: Okay, it is.
• 13:02
  Speaker 2: It is more expensive to live in New York, but you know, I think you would have a lot of fun in New York.
• 13:04
  Speaker 2: To be honest, the things that you can do there, oh my gosh, I'm very envious of that.
• 13:09
  Speaker 3: Yeah, I mean you can still.
• 13:10
  Speaker 3: There's still lots of ways of of enjoying the city without spending hundreds, hundreds of dollars on a on a weekend.
• 13:19
  Speaker 3: I mean I don't.
• 13:19
  Speaker 3: I don't go to Broadway.
• 13:20
  Speaker 3: Broadway now is $800 a ticket.
• 13:22
  Speaker 3: I don't do that.
• 13:24
  Speaker 3: That's crazy.
• 13:26
  Speaker 2: Yeah, so tell me, would you recommend becoming a real estate agent in New York?
• 13:33
  Speaker 2: What kind of tips and tools can you share with an up and coming real estate agent?
• 13:40
  Speaker 2: Sure?
• 13:42
  Speaker 3: Well, yeah, I mean, that's another thing people freak out about.
• 13:45
  Speaker 3: Um, there are some fantastic real estate brokers, brokerages here in here in New York City.
• 13:53
  Speaker 3: Um, there's also boutique brokerage.
• 13:57
  Speaker 3: There's millions of brokerage firms that can help you get into the business.
• 14:02
  Speaker 3: I would always recommend starting out with a big name firm like Corcoran or Douglas Element I work for Compass or Compass or I work for Compass or Compass.
• 14:14
  Speaker 3: Go to a place where there's lots of training and join a team and try to be a part of a team and assist and learn that way.
• 14:23
  Speaker 3: The only way to learn is by doing.
• 14:26
  Speaker 3: You can go to school and get your license, but they're not gonna teach you how to be a broker and how to generate leads and how to cultivate relationships with people.
• 14:36
  Speaker 3: That's something you learn on the job, on your own.
• 14:40
  Speaker 3: The beauty of New York City is that there are so many neighborhoods.
• 14:43
  Speaker 3: There are so many types of buildings.
• 14:47
  Speaker 3: You can specialize in Upper East Side Studios and really get to know that inventory and be the Upper East Side Studios specialist.
• 14:56
  Speaker 3: We do have social media now where you can advertise yourself websites, videos, youtube channel so you know a lot of the job is lead generation and marketing.
• 15:10
  Speaker 3: I spend, I think 70% of my time, 70% of my week, on marketing and lead generation and the rest of the time I'm doing deals.
• 15:21
  Speaker 3: That's the truth.
• 15:24
  Speaker 2: Well, it's very honest, right?
• 15:25
  Speaker 2: You know people have to realize that things don't happen overnight and you're not going to get the big deal unless you're willing to put the work in.
• 15:32
  Speaker 3: Yeah, yeah, I mean, and what you see on TV is just the deal making, but you're not seeing the behind the scenes of.
• 15:39
  Speaker 3: You know, ryan Serhant has probably 10 assistants in his office that are following up, doing his marketing, doing his videos, doing his social media, doing his, he does training, he does courses.
• 15:55
  Speaker 3: You know you don't see all those people working day and night on those tasks.
• 16:01
  Speaker 3: You just see Ryan Serhant selling a $40 million penthouse on billionaire's row and everybody thinks, oh, that's what New York city real estate is you know, you know what I really like that you had mentioned that it is a team like you're not doing it necessarily by yourself it's a group of individuals you're learning from one another, you're working with one another, and how important is that, especially being a woman entrepreneur.
• 16:26
  Speaker 3: Oh yeah, no, I definitely learn from everybody and whether I'm a woman or whoever you are, I don't think this is a really gender-based business, Although, I have to say, most of the major brokerage firms are led by women, which is kind of funny.
• 16:50
  Speaker 3: Which is kind of funny.
• 16:59
  Speaker 3: But I think that whether you're a woman or a man, you know it's all about cultivating your sphere of influence and lead generation, and you know there are a lot of skills in this business that I think lend itself to women.
• 17:09
  Speaker 3: We are great multitaskers and we have a lot of intuitive skills that I think men don't have.
• 17:19
  Speaker 3: You know, and men are strong in other parts of you know in other ways.
• 17:25
  Speaker 3: But I think it's a great business if you are a woman and especially, and age as well.
• 17:32
  Speaker 3: I mean, I've seen women in their 80s in this business and they continue to do extremely well because they know certain buildings, they know certain co-op boards, they know the market, and people don't care how old you are, as long as you can get them the apartment they want.
• 17:50
  Speaker 2: Exactly Well, I always like when I have the opportunity to have real estate agents on here.
• 17:55
  Speaker 2: They talk about the flexibility of it.
• 17:57
  Speaker 2: How do you like the flexibility of the business?
• 18:00
  Speaker 3: Yeah, well, I love the flexibility of being self-employed.
• 18:03
  Speaker 3: I love it, no matter what business I'm in, and I think especially, you know, and in real estate as well.
• 18:13
  Speaker 3: It's great that I can.
• 18:16
  Speaker 3: I mean, I still actually probably work more hours now than I did when I worked in banking, because I work on the weekends.
• 18:23
  Speaker 3: But you know, if I need to take a break, I can take a break and I don't have to answer to anybody.
• 18:31
  Speaker 3: And if I, you know, there are certain things I have to do every single day, but I can do them in the order I want to do them and nobody's telling me how to work, you know, and what and and and what to, what to say in an email and and how to do my newsletter.
• 18:48
  Speaker 3: It's all up to me, and that freedom I really appreciate.
• 18:52
  Speaker 2: Oh, I love that.
• 18:52
  Speaker 2: Thank you so much for sharing that with us.
• 18:54
  Speaker 2: It's really inspiring when you know people are honest and authentic on how things work.
• 18:59
  Speaker 2: Well, you know, ellen, I've had such a great time with you today I honestly I would love to have you back.
• 19:05
  Speaker 2: I think that having you on our podcast would be very beneficial.
• 19:09
  Speaker 2: You know, to share the things that you've learned over time with our listeners.
• 19:13
  Speaker 2: So if you don't mind, could you give me and share with all of our listeners all of your social media.
• 19:20
  Speaker 3: Yes, of course.
• 19:21
  Speaker 3: I'm on Instagram at Ellen J Silverman and my website is wwwellenjsilvermancom, and if that's too confusing, just go on Compass and look for me, Ellen Silverman.
• 19:38
  Speaker 2: Thank you, this was wonderful.
• 19:40
  Speaker 2: I really appreciate you.
• 19:41
  Speaker 2: Is there any last minute things you'd love to share with our listeners?
• 19:48
  Speaker 3: I always say to people if you feel there's something you want to do in as a self-employed entrepreneur, definitely pursue it.
• 19:57
  Speaker 3: Don't, don't stop yourself, Don't doubt yourself, Because you know life is really short and you don't want to live in regret and it's better to try and fail than not to try at all.
• 20:12
  Speaker 2: That is perfect.
• 20:13
  Speaker 2: Thank you so much.
• 20:14
  Speaker 2: You're welcome, and to all of our amazing listeners out there, thank you so much for checking us out today.
• 20:21
  Speaker 2: Make sure you go and check out Ellen's social media.
• 20:24
  Speaker 2: I'm also going to be posting it on all of our social media so that you can just click on it and go to it.
• 20:29
  Speaker 2: And another thing that I'd like is make sure that you do something kind today, guys, the world is going through a lot of crisis and we want to make sure that we spread kindness and love, so I hope that each one of you has an amazing day and until next time, everyone.
• 20:44
  Speaker 1: Thanks for listening.
• 20:44
  Speaker 1: This show was brought to you by Divas that Care.
• 20:47
  Speaker 1: Connect with us on Facebook, on Instagram and, of course, on DivasThatCarecom, where you can subscribe to our newsletter, so you don't miss a thing.