Malcolm Louis Adams is a real estate associate broker at Century 21 Milestone Realty and we had the pleasure of getting his insights for our Expert Interview series.
Malcolm is optimistic about Brooklyn’s potential to continue its growth, especially in neighborhoods such as Bushwick and East New York. He is very enthusiastic when it comes to adopting new technology in the real estate field and believes that Blockchain, for example, has the potential to change how transactions are closed.
For those starting off their real estate careers he gives a warning: working in this industry is not always as easy and glamorous as some TV shows would make you believe. Be ready for stress and learning to be skilled at problem solving. Read on for more insights from Malcolm on his assessment of the market, the future of the industry, and his approach when working with clients.
Q: Tell us a little bit about your background and why you chose a career in real estate.
I am authentic Brooklyn, New York City; I was born in Bushwich back in 1965. I have a BFA degree (Communication Design) from Pratt Institute, Clinton Hill in 1990. Simultaneously with college, I also served in the US Marine Corp Reserve as a Wire Communication Sergeant, and I’m a veteran of the Gulf War in 1991.
For over twenty years, I worked as an art director and senior graphic designer for a prestigious apparel and accessory manufacturing company based in the Manhattan Garment District.
I had reached the “glass ceiling” at my job, and at the same time I was bitten by the “entrepreneurial bug” of real estate. For many years I worked really hard, and for long hours to help build a business for someone else, and now it was time for me to build a business for me and my family.
As a marketing and advertising professional, real estate was a natural transition for me… And a lifeline to a new career. Now I’m an associate real estate broker at Century 21 Milestone Realty; and an investor.
Q: What is your general assessment of the local real estate market in 2018 and have you spotted some interesting market trends?
I find the real estate market to be soft right now. There seems to be more inventory than buyers for that inventory; and the finance deals seem to take a little longer to convert. With that said, I still see new construction happening all over New York City. I’m very optimistic about the growing velocity of the market going forward, especially in my Brooklyn market. East New York and Bushwick are still very hot, right now.
Q: What approach do you have when working with clients?
I love helping people to realize their dreams of home ownership, or working with investors to help them get a greater return on their money. I schmooze with my clients over meals and drinks all the time, as I try to reverse engineer each person individually in order to better serve their needs. My only requirement is that they are pre-qualified by a trusted lender and are ready to buy now. Let’s get to work!
Q: How do you think the real estate industry will evolve in the coming years?
The real estate industry will get even more evolved by using technology and the internet more effectively. There will be better computer applications that will make agents more productive and more responsive to clients, and their marketing reach will be even more scalable. There will be even more innovative and dynamic ways of marketing our listings and our business services. And with the eventual emergence of the BLOCKCHAIN technology, we’ll be able to do an entire encrypted real estate transaction quickly, securely over the internet. I’m all in.
Q: What do you love most about your job?
I love everything about the real estate business. The entrepreneurial quality of buying and selling real estate, and the almost endless possibilities to create success. I love networking with my peers, my clients, and anyone who wants to talk the business and share stories. This business is all about your “roller deck” of contacts, and keeping deal movers-and-shakers on speed-dial.
I even like the continuing education requirements. There is always something new to discover because the business is a living, breathing organism of change. And, yeah–I love the money too!
Q: What would you recommend to beginners in the industry?
NAR reports that 87% of all new agents fail after five years in the industry; so If you truly want to be successful in this business, you must embrace the grind!
When you watch real estate shows on TV you might think that the real estate business is easy. That all of the agents are just having fun, popping champagne and making money, while closing a million-dollar condo sale by the end of the 60-minute episode. The fact of the matter is that this business is a real grind. For every successful closing there is a listing that did not sell – and you lost money.
There is the stress of problem solving, while calming the client and nudging the lawyers and the title company towards the closing. It’s hard entrepreneurial work–you must be the ultimate self-starter. You must passionately maximize your successes, and be introspective when managing your disappointments. That’s why I love it.
Q: Any other insights you’d like to share?
I believe that real estate is a great investment because you can enjoy an excellent rate of return, you can exploit the amazing tax advantages, and you can leverage real estate equity to build wealth. In addition, real estate provides better returns than the stock market, and without the crazy volatility. It is a tangible value asset, which gives me comfort, because I love to touch and feel my investments.
About Malcolm Louis Adams
Malcolm is a Licensed Real Estate Associate Broker at Century 21 Milestone Realty: a dedicated and experienced, New York City real estate enterprise, now emerging in the exciting new Brooklyn market. Whether you’re buying, selling or you need a free consultation, Malcolm can service all of your real estate needs. Find out more here.