In this episode we talk about the new requirements for residential leasing in New York State as a result of the Housing Stability and Tenant Protection Act. At 2:33, Rene Hamilton talks about starting a career as a real estate broker, how he has built his network, and his role in CURE (Council of Urban Real Estate) an organization dedicated to creating a diverse pipeline into the real estate industry. 

                                                                                                                  Transcript

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Hal Coopersmith:     Welcome to Broker’s Angle I’m Hal Coopersmith and in this episode, we talk about new requirements for residential leasing and our 30 minute or less interview is with Rene Hamilton, who talks about how he got into the business and growing his network. 

Rene Hamilton:     And so doing that sort of fundraising and friend raising is something I get to spend a lot of time doing. And like you, it helps you build a funnel and expand your network. And I think in general, people appreciate passionate and energetic people. If you care about causes, it reflects well on who you are. You probably care about your work and I bring the same passion I bring to CURE to my tenants and the work I do in this business 

Hal Coopersmith:     Broker’s Angle is sponsored by the law firm of Coopersmith & Coopersmith, a boutique real estate law firm, practicing in commercial and residential real estate for over 87 years. This of course is attorney advertising. So we are obligated to say prior results do not guarantee a similar outcome. 

Richard Coopersmith:     But Hal I know you’re going to be better than me. 

Hal Coopersmith:     That is always so kind of you to say Richard. So we generally talk about commercial leasing on the podcast but I want to change things up and talk about residential leasing. Residential leasing is certainly not as sophisticated as commercial leasing, but now there’s a lot more for residential landlords to do and keep track of under the Housing Stability and Tenant Protection Act or the HSTPA. 

Richard Coopersmith:     As a result of the Housing Stability and Tenant Protection Act passed last year, there are a lot more requirements for residential landlords. These include sending a notice of non-renewal, a rent increase notice, offering a walk through before the end of the term and returning the security deposit within two weeks from the end of the term. 

Hal Coopersmith:     That’s a lot for residential landlords, managing agents and brokers to keep track of. So we developed a proprietary platform called RezCue, which keeps track of all the deadlines a residential landlord has under their lease. All you need to do is enter in some simple information, including the start date, end date and contact information through our secure portal and RezCue sends timed email and text messages to the owner, managing agent and broker, letting them know what they have to do. 

Richard Coopersmith:     To learn more about RezCue, go to RezCueme.com. 

Hal Coopersmith:     So with that, let’s go to our interview with Rene Hamilton. 

Hal Coopersmith:     So before real estate, something I found interesting was that you used to be a school teacher. 

Rene Hamilton:     Yes. I spent six and a half, seven years teaching. I went back up to the Hill, taught at Riverdale and Fieldston avoided Horace Mann where we Went, but you know, it was great to reconnect to those roots and go back up to the Bronx. I had a good time. 

Hal Coopersmith:     And why did you decide to leave being a teacher and go into real estate? 

Rene Hamilton:     I really, I loved literature. I loved teaching the Odyssey and Shakespeare, but I was really impressed and motivated by some of the parents I worked with. Right. When you teach in New York State prep school, you’re teaching entrepreneurs’ kids. Right. And I was amazed by the array of careers that I was exposed to and just the cool work that some of the parents were involved in. And I really just liked the relationship that I would develop with a parent through my work in the classroom with their kid. I was like, you know what I actually prefer for working with and talking to your parents more than I enjoy talking with some of the kids. And so I was like, maybe that’s a sign. That’s my time to switch gears. Ironically, my first deal in the business, I did my first deal in under a year. And it was with a Fieldston parent who saw that my LinkedIn had changed and I was doing office leasing. And she was like, Rene, I have a lease expiration coming up. I don’t know what to do. And it was, a great first rodeo, It probably set the bar too high because the business usually isn’t that easy. 

Hal Coopersmith:     How did you get up to speed in real estate? You’re changing careers from being a teacher. What are the steps that you needed to take to doing that in addition to taking the plunge? 

Rene Hamilton:     Well, it’s really focused on building your network, right? Networking, it gives me a chance to network with old classmates from Horace Mann. I got into the business, reconnecting to Robin Fisher who at the time was, and still is at Newmark. And I think she had just won young broker of the year or one of those awards. And she helped me sort of find a shop that will train you, show you the ropes, maybe introduce you to some business. And so one is networking because you need that first gig, right? That first company or team that’s going to take a risk on you. I think the fact that I was a little bit older getting into the business, I’ve had some work experience. People knew I could get along with people. You know, I wasn’t shy. I was really putting myself out there, chasing business, cold calling, there was lots of phone calls, getting comfortable with people telling you no. My first partner mentor was Bert Rosenblatt, who always said no is the second best answer, right? Because you want to get to a no, as opposed to a maybe or someone stringing you along. So just being persistent, right. And recognizing that in real estate, you’re playing the long game. And so the fact that I had I started my career late. I had to sort of put ego aside and say, hey, you’re going to have to build and develop a name for yourself. 

Hal Coopersmith:     And I’m glad that you brought up networking and building a funnel, because one of the things that you had mentioned before we went on air is that you are very big on building funnels and you’ve been denied an opportunity to get funding for building a funnel. But later on people who you worked with saw the value of what you were doing. So can you talk a little bit more about those situations, what you saw that other people didn’t see and how you were able to overcome that? 

Rene Hamilton:     One thing I should add when I got into the business, I was part of a pipeline development program called Project Reap and Project Reap trained professionals, either early in their career or mid-career in some of the real estate fundamentals, right? Things from office leasing to development, retail, all of those have components of commercial real estate and introduces it to a community that isn’t necessarily connected to real estate families. And you know, what I saw there were just certain professionals who were motivated smart and looking to get a shot in this industry. And so after I graduated Reap and spent a couple of years in the business, I became a board member of an organization called CURE, council of urban real estate. And what CURE does is it wants to build a pipeline of diverse professionals in the real estate industry in New York City. And so we’ve been fortunate enough to recently partner with REBNY. We’re talking to some of the other trade associations just to say, there are a lot of talented people out there that could really help shape the future of this industry. If they one know about real estate and two are given an opportunity. So I find it to be a privilege to be able to work with those organizations, which also gives me a chance to connect with and meet other brokers or other real estate professionals. One of the two co-chairs of the revenue diversity committee are Darcy Stacom who everyone in New York knows and this is a real passion of hers. And she’s a real advocate for helping REBNY to build stronger diversity programs. And then Bernard Warren, who was a long time member of the diversity committee. And he was actually the person that helped to bridge the connection between CURE and REBNY. What we’re trying to do is sort of say, hey, REBNY, let’s invest in developing a pipeline and develop a model through which other organizations can learn how to develop a pipeline so that the industry can be more reflective of New York City. And I think that message is catching on. 

Hal Coopersmith:     Can you talk a little bit more about your role within CURE? 

Rene Hamilton:     I like to say I’m sort of the partnerships guy, you know, so because I’m in the business and I know an array of landlords, owners, brokers, I just try to be a cheerleader for the work CURE does. Right. So connecting my network to the organization, right? So a couple of years ago I had a friend at CBRE who also was a diversity champion. I was like, hey, you know, we really need some funding because we’re trying to put on programs where people who aren’t in real estate can come and network with real estate professionals. We’re a volunteer organization, we’re a membership driven organization. And so it’s hard to get corporate dollars, but they help. And it goes a long way. And so doing that sort of fundraising and friend raising is something I get to spend a lot of time doing. And like you, it helps you build a funnel and expand your network. And I think in general, people appreciate passionate and energetic people. If you care about causes, it reflects well on who you are. You probably care about your work I think the same passion I bring to CURE. I bring to my tenants and the work I do in this business. 

Hal Coopersmith:     Just to touch on that a little bit more jumping into real estate is, and particularly as a broker, probably a very difficult endeavor. And then I’m sure in terms of adding diversity in real estate is probably adding a magnitude of difficulty higher. What are some of the challenges in terms of bringing in more diversity into the industry? 

Rene Hamilton:     Well, you know, I think that the one that’s probably least talked about is the compensation structure, right? You know, it’s an entrepreneurial business, you need to have the ability to withstand downtimes and in a industry where the motto is you eat what you kill. That’s something that’s shocking to most people, but I think companies CBRE, and others have developed programs where you can bring in diverse talent on sort of junior associate levels and sort of provide a draw or some comp to help people build a book of business. And if it’s not a brokerage there are other salaried roles, but I think it’s really about, comp maybe to a small extent, but just finding an opportunity to match the individual with the role within the industry. I think oftentimes that might be the hardest challenge because it’s such a big industry and most people can’t find their way around it because they don’t have a network to expose them to the different levers that make this industry go. 

Hal Coopersmith:     And so turning the conversation a little bit back to what you are doing, what are some of the deals that you’ve worked on? Maybe you want to talk about a difficult deal or kind of a signature deal in addition to that first Fieldston parents deal. 

Rene Hamilton:     So a signature deal, right? So I have, I have a client who I’ve done two leases with it’s a law firm, went to NYU Law School, middle aged guy, really charismatic attorney like yourself. You know, you guys are really charismatic characters. 

Hal Coopersmith:     Middle-aged, I’m not sure. 

Rene Hamilton:     Well you’re not middle-aged but you know this New York attorney, networking boundless amounts of energy, launched his own firm. And when he was first in a sort of, WeWork shared space where he was building his business and an accountant introduced us. This is when I was at my first firm. And I did his first lease. And, you know, was really looking to find a property that would allow him to one scale, his business kind of like give him that first shingle where he can sort of build something, allow him to continue to grow, hire people and connected him with a major Midtown landlord that saw him as a tenant that would sort of mix match the makes of a building that was being upgraded. And it was just really great to sort of see, you know, see someone with entrepreneurial passion, get a good start and a solid foundation. Right. I think that’s one of the things I love watching in this business. Real estate’s such a crucial element of building a sustainable business. And then last December, he called me and said, hey, we’re running out of space. I need an expansion. And so I was able to negotiate terms for him to expand within his building. So you’re tracking that success and it makes you feel good. You just want to do more of that. 

Hal Coopersmith:     That is, that is great. And we’re recording this in the middle of COVID-19 and obviously there’s a lot going on balancing personal and professional life. But when there is free time, what are some of the things that you like to do? 

Rene Hamilton:     Well, a hobby that I’ve renewed because of COVID-19. I hope to never give it up again. I began riding my bike again. So getting up in the morning, going on a 30 mile ride or 18 mile ride, I have a buddy who lives a couple of towns down from me, who goes out on a long, 70 mile ride on the weekends. And so I’m building up to that and doing the work we do, it’s just great to get out under fresh air and get that time to decompress. You know, let your mind put things together. And so I’ve lost weight. I think I’ve lost 10 pounds. And I just feel like when I’m not riding I’m thinking about when my next ride’s going to be. So right after this call, I’m gonna hop on the saddle and go out for an 18 mile ride before the sunsets. 

Hal Coopersmith:     So we’re, we’re just kind of wrapping things up right now. Anything else we should know about you, Rene? 

Rene Hamilton:     I love what I do. I love real estate because it allows you to be entrepreneurial and allows you to network. I’m a self starter. So being able to take an idea and try and run with it and say, hey, there’s something here. And sometimes, you know, seeing something and just having belief that you could put something together is what makes real estate fun. I love this business. I love what I do. I love being able to connect and network with people like you, Hal and I hope to be in the business for a very long time. 

Hal Coopersmith:     And one thing that we ask all our guests is one piece of advice you would give to other brokers. 

Rene Hamilton:     Communication. When I think about the hardest deal or the moment where I had a ouch moment with a client, it was around communication. Right? You have to communicate or over-communicate. I’ll tell you a quick story. So I did a deal with a financial company. They were international. So this was a firm that had an HQ in Australia and the Australian parent company acquired two US-based entities that they were bringing together. So I was working with two different presidents from different businesses. And so I would play telephone. I would tell something to one of the presidents and they’ll get a call from the other one and explain the same thing and would try to do everything with email and make sure that we were all seeing the same information. And there was one moment where our signals got crossed around the lease signing and the date, the start date of the rent. And it ended up eating into some of their free rent and they were pissed off. And I had to sort of swallow that. And I tried to fight with the landlord to get them an additional half month of free rent down the line, but it was a losing battle. And it all came down to communication because one president knew that as soon as the lease is signed, your free rent period begins on that date. The other one thought that their free rent began when they moved into the space. So, and possession in the lease is linked to lease execution. And I told them to make sure they talked to their attorney to make sure that works for them. And I believe that the president who was handling the lease did hire an attorney herself because she did many leases, but the reality is in New York, every lease is different. And if you haven’t done a New York City lease, it’s a different animal. So that’s why I always try to get all my clients to hire a real estate attorney, right. To make sure that those elements are buttoned up 

Hal Coopersmith:     Well as a real estate attorney doing commercial leases, I certainly think that that is great advice. And that is a wonderful note to end things on Rene Hamilton. Thank you for joining us on the Broker’s Angle. 

Rene Hamilton:     Thank you Hal, see you soon.

Hal Coopersmith: That wraps up our interview with Rene Hamilton. For more visit brokersangle.com or follow us on social media @brokersangle and please feel free to email us at angle@brokersangle.com