This veteran actual property dealer with a background in legislation 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 industrial actual property, Michael Cannuscio took an unorthodox path to actual property, together with stints in company legislation, actual property investing and improvement.
Over the course of his profession, Cannuscio has mentored a whole bunch 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 stated.
Learn the way this veteran of RE/MAX and Sotheby’s Worldwide Actual Property is rising The Company’s model in Massachusetts.
Identify: Michael Cannuscio
Title: Managing companion
Expertise: 23 years
Location: Marblehead, Massachusetts
Brokerage title: The Company Marblehead
Crew 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’d 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 recollections have been going to development websites with him and having the ability to clear up websites and paint the interiors.
I considered turning into an actual property agent instantly out of faculty however took a path to legislation college 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 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 companion places of work all over the world and knew I needed to be a part of it.
What’s one thing now that you just want you knew if you began?
Earlier than getting into this business, I considered different actual property professionals solely as rivals. I didn’t notice 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 an area unbiased brokerage. The 2 brokerages have been comparable in measurement each when it comes to agent depend and gross sales quantity. The 2 organizations, nonetheless, have been vastly completely different when it comes to tradition and the way each have been operated.
Whereas the preliminary transition post-merger was a little bit bumpy, my 5 companions and I have been in a position to navigate the challenges to create a brand new thriving firm that turned 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 provided the chance to record a really distinctive, when it comes to architectural type, residence for a buddy who was flipping a property. I knew that the property was probably 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 residence, however I by no means offered it. The itemizing expired and one other dealer took over the itemizing and finally offered it for a a lot lower cost than my preliminary record worth.
From this expertise, I realized the significance of pricing properties accurately, setting affordable expectations for purchasers and being direct with purchasers about the necessity to cut back a listing worth when the market supplies the suggestions.
