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Six years ago, Compass agent Phillip Salem — nicknamed Agent P — closed the door on his 17-year dream.
Originally from Ohio, he moved to New York City in 2006, earned a degree in Fashion Merchandising from the Fashion Institute of Technology, and opened his first designer boutique, OWEN, shortly before graduating.The City’s Famous Meat Packing As one of the only family-owned stores in his district, OWEN refinery 29, ELLE magazine, new york times When WWD.
However, Salem’s fashion career was cut short after her landlord obtained permission to tear down the building and rebuild a new commercial space. I turned my energy as a home into real estate. She got her license in 4 weeks and has gained her footing in Triplemint before moving to her Compass in 2020.
About the move from fashion to real estate, the duo said:
before their first time Inman Connect New York Salem explores the connection between fashion and real estate, the power of authenticity as a nonbinary person, and how it helps buyers and sellers navigate one of the most bizarre market shifts in recent history. I shared how
I read your biography on the ICNY homepage before today’s chat, and you’ve taken an unconventional path from fashion to real estate. Please tell us what inspired you to leave the fashion industry and start selling homes.
Salem: Immediately after graduating from university, I opened a select shop in Tokyo. [New York City’s] Meatpacking District. I have always had this entrepreneurial spirit and the store has been doing great for about 4 years. At the time, we were the only family-run boutique in the district, but unfortunately, the landlord got groundbreaking approval to tear down the building and build an eight-story commercial space. , “Oh my god, my career is over. What am I going to do with my life?”
My husband said, “Philip, you already have a customer base. Selling a lifestyle Selling an apartment I followed his advice and implemented the fast track program I personally did the coursework and got my license in 4 weeks.
four weeks? ! I don’t think I’ve ever spoken to anyone who got their license so quickly. What was that process like for you? I can imagine that would be a big change, especially while dealing with the closure of your store.
I went to the New York Real Estate Institute. I went to the store every day and devoted myself to acquiring a real estate broker’s license immediately after the store closed. I think the hard part for me was getting people to believe I was an agent. I was known as Fashion Phillip. I was not known as Real Estate Philip. But after five-and-a-half years with me in the business, he calls himself “Agent P,” and everyone knows me as the go-to guy for fashionable real estate. A love of fashion and a love of real estate, all worlds mixed together to help clients who have been shopping at my store.
Tap into your transformation from fashion philip to real estate philip. Branding is a big undertaking for new agents and finding your footing can be difficult. Especially if you’ve spent most of your life doing something else. What did it take to make that change?
When I entered the industry, I saw agents on TV and their attitudes, but I was the opposite, not wearing a suit and tie. I’m very flashy I don’t really have a filter. I say what’s on my mind. I’m not mean. I mean, they were like what I saw. As a non-binary person, I was worried about not being able to fit in with society. So I went to Barneys, bought a tie, bought a suit jacket. ‘ But then I realized, ‘This is not me. This is not me, not my brand.
So I started to be more myself and express myself through fashion, the way I showed my home, the way I helped clients, and the way I didn’t hold back on flashiness. It really helped brand me as #notyourbasicbroker. It really helped me to solidify myself in business with fashion clients and friends. I needed it.
I started taking every deal I could take. In Queens for $1,400 and North he had a lease in Harlem for $1,800. I did everything I could and started posting everything I could to show people that I was in real estate. That credibility built up until I started making bigger sales.Because success means so much more to me than money made and deals closed.
As a queer person, I was showing myself that I was worth entering this industry and that I was worth leaving my footprints in the sand.
Thanks for sharing it with me. One thing I’ve learned from agents is that reliability always wins in the long run. I can imagine that helped us navigate this market shift. Buyers and sellers are always looking for someone they can trust. With that in mind, what has 2022 been like for you? How has New York City real estate changed?
2022 has started off with a bang. This was what the agent expected, a benchmark for how the entire year would unfold, and was clearly wrong. I had a Compass exclusive listing that didn’t even hit the open market and within two hours he had three offers.The shift has definitely started [Federal Reserve] It started raising interest rates in May-June. At that time, many sellers noticed that the first weekend was not busy with listings and no offers were being made. began to stay on the market much longer.
Clearly, it started to shift to a buyer’s market. One of the things I do for buyers is show the data. Because a lot of the data out there is casting a very wide net. But when we talk about New York City, each district, each block, really each building is literally its own city. would like to explain to buyers how to present competitive offers on their listings.
Many buyers are watching the news [about the shift], and they think they can get a big discount, but that’s not always the case. Preferred listings are always for sale. Desirable listing in NYC with lots of outdoor space, high ceilings, recently renovated and in a great block. That means educating them and actually strategizing with them to create the right offer.
Setting expectations with the seller is also very important. If the price is too high, the offer will not reach you. To get your attention, I always recommend pricing on the market or below the market. Unrealistic. it’s not.
Setting expectations is a recurring theme. As you said, buyers and sellers are trading with a lot of generic information, even though what they really need is hyperlocal insight. What kind of data do you rely on to help your clients?
It’s super local in New York City. I also like the floor of the building. Sell the 8th floor for $2 million, then he can sell the 9th floor for $2.5 million. This is because it clears other buildings and offers a sweeping view of the waterfront below. Sometimes it’s even the orientation of the floor apartment that makes a difference.
The way the data is presented to both buyers and sellers is very important, very clear and easy to read. We make it easy to see photos, see finishes, and see when it was sold. And we even get comments from listing agents on how the activity was, how many offers they had, how many people bid, and how many. [offers] All in cash, how much was financing? Getting as much data as possible in front of buyers and sellers is very important.
And know what you’re talking about — buyers and sellers know you’re faking, so don’t go with BS. So my biggest advice is don’t fake it. View data in real time and don’t hit the bushes. Say it as it is.
With only a few weeks left in 2023, what are your predictions for NYC real estate this year?
I always tell my clients, both buyers and sellers, that if they had a crystal ball, they would be millionaires. doing. I believe that sellers who don’t have to sell will keep their property. I believe sellers who need to sell for work or family planning will sell.
Desirable New York apartments don’t have a hard time selling. When I say desirable, I still think of many of Brooklyn’s hot neighborhoods: Cobble Hill, Fort Greene, Brooklyn Heights, Williamsburg, Greenpoint, etc. New developments with many listings, including over 50 to 60 listings. For many, sponsors and sellers need to be a little more realistic, offering more discounts and negotiable providers.
Overall, we don’t see activity like we did in early 2020 and mid-2022. I think it will be a little slower. Buyers are getting more and more exhausted and think sellers can’t sell if they don’t have to.
Email Marianne McPherson
