In this century, particularly after the recovery of the previous 2008 recession, the U.S. real estate market has seen a surge in new success stories. Philadelphia has been a top market for first time home buyers to settle and for investors to invest in. Now, as the 2022 slowdown begins in some parts of the U.S. real estate market, we speak to a Philadelphia real estate expert who shared his thoughts.
Brett Rosenthal, a top Philadelphia Realtor and leader of the Revolve Philly Group at COMPASS has led his team a 2022 America’s Best recognition by Real Trends. In an interview, Rosenthal had the following to say:
Why did you decide to get into real estate?
I went to college and then to law school with the dream to be a lawyer, specifically a Criminal Prosecutor. I watched TV and loved the TV shows that dealt with that field. But after realizing the hours were long and the pay was very low, I made a career change into sales. My entire family sold real estate and I finally cracked and gave it a shot. I wish I did it earlier and I love being able to help clients find a place to call their home.
What has been your biggest success?
My biggest success has been selling over 100 homes a year and making an impact in so many people’s lives. Once I accomplished that, the next biggest success has been help several other brand new Realtors learn the business and sell homes fast! I grew up as an athlete (Ice Hockey) and when I got older coached several youth hockey teams and it was rewarding watching kids get better. I think I took that and now use it when it comes to my job and it’s fun watching people you work with on a team succeed.
How would you describe the real estate market at the moment?
Every area of the United States seems to be performing differently right now. In Philadelphia, I am seeing the following trends. There are definitely less buyers in the market right now. When you search Center City Philadelphia homes for sale there aren’t that many available. I think once people see that these interest rates are here for a while, they will renter the market. Prices are coming down in some areas of the city and suburbs, but in the areas that are super hot, they have not come down. The market for investors with cash has been more active lately. I think the rates will normalize in the spring and more inventory will go on the market so prices will come down a little but nothing drastic. The 2-3% rates we have seen over the last two years, may never happen again. Those rates were historic and just unrealistic.
What advice would you give to someone interested in real estate investing?
I would advise anyone looking to invest to consult with a top Realtor and a top lender. Many of my clients buy homes to flip them and make a profit, others prefer to buy and rent to collect passive income. It is import to know you like investing especially if you are buying to rent. Some people like the buying part, but hate dealing with tenants. I would also recommend taking it slow. Some investors go and buy several properties at once time and they can’t handle them. I tell everyone to start with 1 and see how it goes and then go from there. It is also crucial to have a great contractor or repairman if the home doesn’t need any work the moment you buy it.
What challenges have you faced in your career and how have you overcome them?
When you enter the real estate profession, everyone tells you what you need to do to be a successful agent. I took the advice and tried what people told me to do, and it didn’t really work. So the biggest challenge for me in my real estate career was to find different ways to be successful as a Realtor. I’m a people person, and I learned that everyone is different and everyone is good at different things. Everyone should use their strengths to be successful in this business and not just listen to what the Realtor who has done this for 30 years is doing.
Have you invested in real estate?
Shockingly not yet. I have been so busy helping clients that I have not had a minute to do it myself. I will definitely do it soon though. It’s my next project so I am excited to invest in real estate soon.
What type of clients do you work with?
I think what sets me apart from other Realtors is that I will work with anyone. Nobody who calls Brett Rosenthal or the Revolve Philly Group will be turned away. We work with sales and rentals, residential and commercial. Whether the home is $30,000 or 4 million dollars, we will work with you and provide you with responsive real estate services. I have worked with celebrities and athletes who need housing and tons of first time home buyers who have no idea how the process works. I also work with referrals both incoming and out going. During the pandemic I worked to sell many clients homes who wanted to relocate to other areas such as North Carolina and Florida. Compass has a great app that has Find My Agent which made it easy to refer clients to other parts of the country.
I was born and raised in Greater Philadelphia and enjoyed my childhood here. Like most do after College, I wanted to try living in another city for a change and move to NYC. New York was great, but there is something about the neighborhoods and people of Philadelphia that bring you back here. Philadelphia has it all and is affordable compared to other major cities. Philly is a great sports city, a great food town, drivable to skiing and beaches and more. Philadelphia has great schools in the area and tons of jobs are available due to all the companies that chose to make Philadelphia home.
Where do you see yourself in the future?
I love what I am doing. I like working with clients and love coaching and helping teammates succeed selling real estate. I plan on breaking into investing in real estate and years from now may turn the business into simply a referral business where I can live anywhere. I love Philadelphia and want to give back to the community and help others .