Jay Massirman on What It Takes | A Top 1% Broker Who Then Built Rivergate Companies
Jan 8, 2025
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Jay Massirman, Founder and CEO of Rivergate Companies, transitioned from being a top broker at CBRE to building a real estate holding company. He shares insights on his journey, discussing his first significant deal and the challenges of the 2008 financial crisis. Jay emphasizes the importance of partnerships, scaling a business, and the emotional toll of entrepreneurship. He also offers valuable advice for aspiring entrepreneurs, highlighting motivation and adaptability as crucial elements for success in the competitive real estate landscape.
Jay Massirman reflects on his foundational experiences in real estate, highlighting how early exposure and communication skills shaped his career trajectory.
The transition from brokerage to entrepreneurship underscored the importance of relationships and mentorship in navigating the competitive real estate landscape.
Massirman emphasizes resilience and adaptability during market downturns, illustrating how smaller deals can provide strategic advantages in challenging times.
Deep dives
Journey to Entrepreneurship
The speaker reflects on their journey to becoming an entrepreneur, tracing back to their childhood dreams of building and creating. Early exposure to the real estate world came from their father's connections, leading to an appreciation for the long-term nature of the industry. They recount a pivotal moment in high school drama class where they learned the importance of projecting their voice, a metaphor for making themselves heard in the business world. This foundational experience shaped their understanding of communication and confidence, vital skills in their eventual success in real estate.
Transitioning from Brokerage to Development
After spending years excelling in the brokerage field, the speaker discusses their decision to transition into real estate development and investment. They reflect on the competitive nature of the brokerage business and the pressure to achieve higher sales figures, which led to burnout. The speaker highlights how they faced the challenge of starting anew in the development world—an environment where building relationships and understanding project management were essential. They emphasize the importance of mentorship and strategic partnerships in navigating this shift successfully.
Lessons in Relationships and Competition
Throughout their career, the speaker learned that building relationships is key to success in real estate. They share anecdotes about past competitions with other brokers that taught them the value of trust and personal connections with clients. By focusing on relationship management and understanding clients' needs, the speaker was able to distinguish themselves in the industry amid fierce competition. They highlight that while skills and knowledge are critical, strong relationships can often lead to more successful deals and opportunities.
Facing Market Challenges and Failures
The speaker recounts the difficulties they faced when the market crashed in 2007 shortly after they transitioned to the principal side of real estate. This unexpected downturn forced them to rethink their strategies and adapt to a rapidly changing environment where securing financing and acquiring properties became increasingly challenging. They emphasize the resilience necessary to pivot plans and focus on smaller, more manageable deals during this turbulent time. The failure to secure initial funding from significant investors provided crucial lessons in adaptability and the importance of financial prudence.
Empowering Future Generations
The speaker expresses a strong commitment to mentoring and supporting the next generation of real estate professionals. They discuss the importance of sharing knowledge and experiences with younger colleagues, stressing the need for continuous learning and adaptation in a fast-paced industry. They reflect on their desire to create a legacy not only through business success but also by empowering others to reach their own potential. Building diverse teams and valuing different perspectives are highlighted as essential elements in fostering innovation and sustained growth within their enterprises.
Jay Massirman was a top 1% broker, then built Rivergate Companies. In this conversation we discuss, his journey into real estate, brokerage career, pivoting into entrepreneurship, scaling the business, and advice for anyone pursuing their own business.
Jay Massirman is the Founder & CEO of Rivergate Companies. Rivergate Companies is a real estate holding company with the goal of delivering outsized returns in varying product types, geographies, and market cycles. Jay was formerly a Vice Chairman with CBRE global real estate, where he participated in over $10 billion in advisory transactions over a stellar 20 year career.