Robert Do: President, Coldwell Banker
"It took me a while to get here, but [once] you get here, you canít just sit on your hands and be happy," says Coldwell Banker President, Robert Do, of his work. And by "here," he means being the employer of around 4,000 sales associates and real estate brokers, and owner of over 30 real estate and mortgage offices nationwide.
Entering the field at the startling age of 18-years old, Do has now long mastered the business of real estate, "I think I was only around 21 ... 22 ... 23, or somewhere like that, when I opened my first company," he recounts. But his pursuit of real estate was a fateful one.
"It was n accident," he explains. "My parents were investing a little bit and they said this would be a good career. Since they were already buying property [I thought] I might as well get my license." Soon after receiving his real estate license, Coldwell Banker became his first company.
Do, who was once a part of the hustle and bustle of the day-to-day operations that came with being a real estate agent, now has more freedom and control over his schedule than he ever did before. "A typical work day now is visiting my offices and doing public speaking." Even though his new roles in the field of real estate has changed quite a bit from his old day-to-day one, Do is still, nonetheless, always on the go.
With three kids, and another one on the way, how does this businessman juggle his career with his primary role as the family man? "You just make sure that when you're with them, you make that time count. In addition to that, I take my family to work, too. You balance your work and family by sometimes taking your family with you ... But at the same time, just make sure that the time you spend with your family is a good time," he explains. And making the most of his time has been one thing that has definitely assisted Do in his success, "There aren't many seasons that go by without me having an office open up." With the housing boom and the growth of demand for homes in the Greater Sacramento Region in past years expanding ad infinitum, don't expect Robert Do to cool off anytime soon.
Robert Do answers 5 Real Estate questions that you were probably dying to ask.
1. What do you think makes you successful in the real estate business?
What makes me successful in the real estate business is that I'm aggressive and I take risks. Some people can plan forever. They'll talk about opening an office for years, and never do anything. With me, actions speak louder than words. When they're talking, I'm doing. You know some people are happy with one office and I'm not, so I keep opening a lot of offices. It's risky because a lot of offices don't make money their even in their first year. So when you're in an office that starts off by losing money, a lot of people get afraid and get out of it. Me, when I open an office I come in expecting to lose money a little bit so I wait it out until it starts making money. And then it's great. So I'm willing to lose money in order to make money. Whereas, other people have to make money.
2. What have you done to attract and retain talents in your companies (both Coldwell Banker and Global One Lending)?
We care about our agents more. We offer them things to let them know we care. It's our culture that makes the differences.
3. What direction is the real estate market going nationally?
Nationwide, I see everything slowing down just because there's one thing in the nation that affects everyone and that's interest rates. So nationally I see interest rates going up, and naturally people haves less buying power. But on the other hand, how do I think the real estate market is going to do nationally? It depends because there are too many markets to say that it's generally going to do good or bad. There are areas in the US where it's going to do well. Because people that can afford to live in one area will now go to a different area and that area will boom and this area will slow down. So nationally, I see interest rates going up for the whole nation. But on the other hand there will still be areas in that will still be doing fine.
4. Do you have any concerns on how the market changes will impact your business?
You always have concerns. We always have to make adjustments for it. We implement new systems and so forth. You have to adapt. One of my sayings is, "Blessed are the flexible because you don't get out of shape." You got to be like the willow in the wind. You got to bend a little bit, flex, because you never know where the wind will take you. So right now, I see a tough time. I see it. So you have to cut costs.
5. You're a leader in real estate investment. A lot of people look to you to design their portfolio real estate investment. Now investors are becoming nervous in this market. What advice can you give the nervous investors in the market?
I don't think an investor has the right to be super-nervous, because it is investing. But to a nervous investor, look for the long term. The market goes up and down. And you're catching it maybe on a downward term. Pick a property for low. Try to get the right financing so you can keep it for a long time. And wait for it to go back up to sell. BN
NOTE: As with everything else, do your market research before proceeding. BN does not endorse any one get-rich-quick strategies for investing, except finding that one special Sugar Mama or Daddy to take home.
