Our guest on this episode is Los Angeles real estate agent to the rich and famous, Nathaniel Pitchon-Getzels
Nathaniel is a top ranking real estate professional in California, specializing in luxury and unique properties, and has run a group of agents for over a decade.
Nathaniel is a podcast host, expert witness, property wealth advisor, and specialist in fractional ownership.
We take a deep dive into the luxury real estate market in Los Angeles, and learn the secrets as to how Nathaniel builds his book of business of rich and famous clients!
In this episode, we discussed:
- What’s it like selling real estate to the rich and famous?
- What does it take to land celebrity clients?
- Building a collaborative real estate team
- Why Nathaniel requires all agent applicants to read a book!
- Population trends and the effect on the California real estate market.
- How to work with luxury clients in a way that is different from other segments,
- Secrets that your real estate agent didn't tell you!
- Short-term rentals and why you should hire a property manager for your STR
- Nathaniel's work with HouzLet (which he described as "like Airbnb meets Zillow, and they had a really pretty baby that is way better than those two companies")
Where to find Nathaniel online:
Instagram - https://www.instagram.com/getzelsgroup/
TikTok - https://www.tiktok.com/@nathanielgetzels
Facebook - https://www.facebook.com/CalabasasHomes.Getzelshomes
LinkedIn - https://www.linkedin.com/in/getzelshomes/
Join Jason Muth and Attorney / Broker Rory Gill of NextHome Titletown and UrbanVillage Legal in Boston, Massachusetts for another episode of The Real Estate Law Podcast!
#realestatepodcast #nexthome #humansoverhouses #realestate #realestateinvesting #realestateinvestor #realestatelaw #celebriterealestate #californiarealestate #sellingtothestars #luxuryrealestate #losangelerealestate #larealestate #californiahomes #larealestateagent #larealtor #shorttermrentals #airbnb #strs
The Real Estate Law Podcast is hosted by Jason Muth and Attorney / Broker Rory Gill.
This podcast and these show notes are not legal advice, but we hope you find both entertaining and informative.
The Real Estate Law Podcast, because real estate is more than just pretty pictures and law goes well beyond the paperwork and courtroom arguments.
To you have a successful career with these with higher end celebrities and clients and CEOs - there's a few things. You have to gain their trust. You have to get top of mind awareness and you have to connect with them. Right? Or attune with them. If you don't attune. They're not going to listen to anything you say. So then you can't establish trust.Announcer:
You found The Real Estate Law Podcast. Because real estate is more than just pretty pictures. And law goes well beyond the paperwork and courtroom argument. If you're a real estate professional, or looking to build real estate expertise, then welcome to the conversation and Discover more at the realestatelawpodcast.comRory Gill:
You found The Real Estate Law Podcast. I'm Rory Gill, the broker owner of NextHome Titletown and the attorney at UrbanVillage Legal. Today I'm joined by Nathaniel Pitchon-Getzels. He is the team lead of the ghettos group, a real estate office serves Los Angeles County. And I'm really excited for the conversation today I have with Nathaniel because I think his business is much different than mine and a lot of capacities. And I'm interested to hear how he works it. He works with a great deal of high-end clients in Los Angeles County, including celebrities, and I'm interested to hear his take on the luxury market out there. In addition to that he works with clients from across the spectrum from first time homebuyers and smaller investors as well. So don't let the high end part scare you off there. But I am interested to hear that part as well. Nathaniel, welcome to the podcast. It's great to see you.Nathaniel Pitchon-Getzels:
Thank you so much. I'm really excited to be here today. And I love that pillow behind you too.Rory Gill:
Yeah. Southie. That's where our office is located the center of our practice. Good ol' Southie. It's nothing like you see in the movies. I promise you that. So welcome to the podcast. Hope I got everything right in the introduction. But you are a team lead for an office in LA County. Tell me about that. Tell me you know about your team, what you guys are focusing on how big you are and all of that.Unknown:
Absolutely. So I have a team -lead a team for about 10 years. And a few years ago, we brought it over under the Compass umbrella here in Calabasas. So actually, I'm now up to six, I tried to keep it very, very small. Because I do have people ask me all the time. And I'm sure we all hear it. Oh, well. I don't know what else to do. I'm gonna get into real estate or oh, well, I see you're doing really well, I can just come work for you. And people like volunteering themselves, constantly. And I. So I've had to put in a pretty not vicious but but discerning process to qualify if people are even, you know, ready for an interview in that process. So what I've done is I've, I've tried to put a combination of people together that, not tried, I have put together a group of people that have a wide range. So some are newer agents, some our agents who have 13 plus years in the business, some are right in the middle, you know, some only have five or $6 million in production. But you know that or that's when they joined, they only had five or $6 million in production. Right, which, for this market isn't a large a large number, right, because hits LA and here most of the homes are a million dollars. So it's, it's good start, but we build from there. So we kind of do a, it's a very supportive team, though, once you're on it. And it's kind of not in the money, but in the way we operate is kind of family style, we all look out for each other. It's great, because we all mastermind together. And because we all have different backgrounds and perspectives. And you know, collectively, there's almost 100 years of real estate knowledge in there. If you add it all, you know, 15 here, 15 there, 10 there, 5 there, that sort of thing. Well, probably 80 years. But anyway. So we all have different perspectives, things like that, obviously, I have the final say on things, but I like to collaborate. So my whole everything I do, in general is about what I can bring to the table. And that what what I can take from it. So I feel like if you build a really strong team around you, you can bring more and everybody brings something and you have something at a much higher level, you know, if you want to go fast, go alone if you want to go far go together. And so we all collaborate without ego and you know, sometimes people are right, and sometimes they're wrong. And we all just kind of have a group mind and bring it together to find the best solutions for ourselves and our clients.Rory Gill:
So let me ask you a really selfish question as somebody else who runs a real estate team, what are you screening for? You said you go through kind of a process where you want to make sure that people are right for your team. And I know we can't always look into the future and see just exactly how somebody's gonna perform in real life. But what are you looking for when somebody's interested in joining your team?Nathaniel Pitchon-Getzels:
Right? That's a great question. And so my whole mindset has always, like, the reason I'm in real estate in the first place, is because I put together the things that wake me up in the morning with things that I'm passionate about, operationalize it, you don't want to just do the things that you're passionate about, because obviously, that's just like being drunk, and you don't make the best decisions when you're drunk. Not always, anyway, so you know, but so, I combined the things that I'm passionate about that I enjoy. And so because of that, I have a unique mindset as to how to look at the business. So a lot of people in real estate, they look at it very transactionally, which, you know, I always tell people fall in love with the process, don't fall in love with the result, that result will motivate you, but the process is, has all these small rewards in it, that is what actually keeps you motivated. So I look for the right mindset, which is a collaborative abundance mindset. That's the first thing. So I have to know I can work and talk to the person and, and know that we're kind of in like mind as far as that the mindset goes a second, I look for history, I do a full interview process. So I get a resume, it shocks a lot of people that I actually ask for a resume, even if it's not real estate related, I want to know the history, I want to see how they can pull the different things they've learned and apply it to real estate, I want to see what resonated about their past, I look at how many contacts they have, if they have an organized contact list or not, just because they don't isn't always a disqualifying factor. But I get an explanation and kind of how, how that that comes to be right. So I also I ask that they read a couple of books, and I will not interview them until those books are read. And it's because I want to see what parts of those books resonate with them. And it's not even really about the book or what they say it's about how, how they're processing it and how we're interacting. And if they understand that the most important thing in our business, we're not in sales, we're in the service business. So the most important thing is to attune and create an organic, authentic relationship, on some level, even if you don't know what you have in common with the person. Right. So I check if there's a potential for that, if they know how to do it great. And if not, I get a feeling for if I think I can teach them how to do it.Rory Gill:
I love that, you know, share an abundance mindset with you have a good history that they can articulate a connection to why they want to get into real estate and how they're, they're going to put together their business. But what I've never heard before in any form is the requirement to read a book and that caught my attention right away. And that's something that's an idea that I just love from from first hearing it because I just I've worked with agents and you know, when I started recruiting new agents, it's the marketplace has gotten lazy to some degree. People look at real estate brokerages as a place to hang your license. And I know it's impossible to create a culture if you kind of give into that market impulse that's out there.Nathaniel Pitchon-Getzels:
Absolutely. And that's actually it so that the book has a couple of reasons. First, it is because I want to discuss what's in the book and see how they interact and have a common thing to discuss, right? Because I know it's in those books forwards and backwards, obviously. But also, if someone can't commit, they're not long books, they're not hard to read. They're not super technical, you know, and if someone can't commit to reading a book, there's a lot more complicated things in real estate than reading a book. So if they can't make that commitment, first of all, I don't want them on my team. But secondly, I don't think it's even the right business for them. Because a lot of people like I said, people get lazy they just come in, they think I'm gonna make a lot of money and not have to do a lot of work. Oh, I like looking at pretty houses. I'm sure we've all heard that repeatedly. Why do you want to be in real estate? I love pretty houses. Okay, who doesn't? You know what I mean? I mean, granted, my friends said for every ugly house, there's an ugly person. Probably true. However, I don't think that person thinks it's an ugly house when they're buying it unless it's a investment. That's a different issue altogether. But so people sent telling me oh, I love pretty houses. Oh, yeah, um, you know, I like dressing Nice. What? These are not valid reasons. First of all, they're not valid reasons to do anything. They're certainly not a qualifier for real estate. So I need to see that somebody is willing to put some skin into the game. Not necessarily financially right off the bat, but some sort of skin in the game some investment in themselves. That's part of what the book is because reading the resume and the book, you have no idea the huge number of people that that automatically disqualifies right off the bat. One of the things that weren't great agents, current agents won't do these things. This is not a good fit. I'm so sorry. I just actually, I had someone who onboarded the onboarding process was so complicated for them. That I said right there, I'm like, you know, I think there's a bad fit for you. You can go to, I suggest to them another industry. But if you want to go try another brokerage, where maybe there's more hand holding, or there's, they take lower production agents, right, because some agents' brokerages, their whole business model is just get agents, and that's how they make their money. But my team doesn't, I don't make any money from just having agents on my team. I want producing agents. And ideally, I want to build agents that are super agents that are making millions and millions of dollars a year so I can be off traveling and every so often, I get a call with a question or, you know, a compliment, or I mean, not a compliment, but a question for some advice or some guidance, and I'm mainly doing marketing and whatever. Right. So the goal is to build super agents, a series of them. I'm not just trying to fill a seat, which is also why I don't pay anyone a salary, it's all commission. So you work hard, or you work yourself out of out of a business.Rory Gill:
As a brokerage, you'll lose money if you just let people hang their license in the office and not produce and not take ownership of their business.Nathaniel Pitchon-Getzels:
Well, you know, certain brokerages, they have a lot of fees, and a lot of costs upfront and monthly this and monthly that so some brokerages it is their business plan to have a certain number of their agents not producing. But overall, yeah, it's not a good plan. And it's not good for the agents at all. Because, you know, they're not growing at allRory Gill:
Shift gears with the conversation a little bit because I'm always interested to hear what's going on in other parts of the country. In many ways, there are common trends that you know, that transcend every corner, it's been a seller's market forever rising interest rates are, you know, kind of throwing a wet blanket on it to some degree for all of us, I'm really interested to hear though, kind of an unfettered telling of what what it's been like in California for the past couple of years, because everything that kind of comes out in the spoken and nationally is coming either through a political lens, or somebody has a political point to prove one way or the other, whether really want to harp on one issue. But you know, what is the market condition in California? And what do the rest of us get wrong when we think about California real estate?Nathaniel Pitchon-Getzels:
Absolutely. So a lot actually, no mistake that people from all over the world, who are millionaires, billionaires, and the like, come here, it's not an accident. It's not like they got lost on the turnpike and made a left instead of a right or something. Right. So the biggest thing, that's a big pet peeve that I hear all the time is Oh, everyone's moving out, everyone's moving out. Well, there are a lot there was a big out migration, however, and they said, Oh, it's gonna kill the real estate market. Ah, here's where one of the misconceptions is. The majority, right - you of course, you have your Elon Musk and a couple other notable people who are very wealthy who moved - but the majority of people who are moving make less than $100,000 a year. And just let's use Los Angeles as an example. You have to have an income for a median house, right, you have to have an income of over $135,000, just to qualify, now, probably more because of the interest rates. But so these are not homeowners that are leaving, and moving to other states to buy for less. These are people who are mainly renters. So the majority of people that left are renters. Now, they're probably homeowners now, because they left so they could buy in Texas, in Florida, in Colorado - well, Colorado is actually pretty expensive now - but in Utah, in Nevada, wherever all these places that people went. Now, something else that people don't realize about, even the people that moved is a lot of them, especially the ones that can financially handle it are already coming back. So there's some people that are coming back as well. And I know people love to use this. Oh, the U-Haul trucks are so hard to get because everybody's leaving with U-Haul trucks. Well, yeah, that's true. But, most of my clients who own houses, move with moving companies. So yeah, there was a lot of U-Haul trucks in them because renters usually more commonly move with with U-Haul trucks. So totally makes sense. And all these things make sense if you track them and you understand what the what the numbers actually mean. Right? So I mean, the LA is still the center for ultra-luxury in the country. There's more houses over $10 million that sell here than anywhere else in the entire country of the United States. So, it's a great place to be. And I love California, as you can tell, I've lived here my whole life, I own properties all over the world, I own properties in countries I've never even been to, but I live here, and it's not an accident. So, you know, it's okay, if you want to move, I can help you do that. But, you know, understanding the environment is really important. So that's, that's a pet peeve that, overall I'm seeing interest rates have gone up, of course, we all know that, you know, your, your payments went up more than 70% in less than three months, it's great, and it's going to go up more. And that has driven people out some buyers out of market. Absolutely true. However, it's also left space for a lot of buyers in the market. Because previously, in California, the market was so hot, it was so hot, that a lot of buyers didn't have a chance to get in. And these houses were going $300- $400,000 over asking. And things were just you know, no contingencies, no inspections, not really the best way to buy a house, it worked out for a lot of people because they were gaining 20% equity in a year. So it was okay, but now we have a big space and a lot of buyers are in the market buying houses at you know, prices are still going up by the way. There's a difference between decelerating and de-escalating. Right. So it's kind of like we were going 120 miles an hour on the freeway. And we're speeding, and it feels great. And we're cruising, we can't believe how fast we're going. Now we know there's a cop up ahead on the next curve. And we have to slow down to about 70 miles an hour, which is still faster than normal and still a great speed and no traffic and we're cruising, but it feels like you're crawling. But it's a lot less likely that you're going to crash at 70 than at 120 miles an hour. And the same with the real estate market. If we've kept going in that speed, the whole market would have crashed, and it would have been a mess. So now we're at a healthy speed. And interest rates historically are still pretty low. I mean, look at 1984, I think there were what 16% or something, it was wild. So relatively still pretty low. If you look at demand, demand has actually also admit demand is right where it should be. Just the problem is there's so little inventory, it gives us the illusion that there's this huge demand. And but if you look at the number of sales, we're just about, I mean, we're slightly under, but we're just about where we were before the pandemic as well. So to me, it kind of feels like right now we're back to a normal-ish market that you know, is gonna keep going up a little bit, still gonna go up faster than a normal market, actually. But there's a lot of news. So people buy the same way rates go up on the news, people buy on their emotions, they're not buying on facts. Rates don't change based on the Fed. And people don't buy based on logic they buy based on how they feel. So that is actually driving some people out of the market, even though financially, it'd be a great time for them to get in because interest rates are a little higher, they're probably going to go up a little more, and then possibly next year or the year after they might come down. However, if they come down great, you refi and you're set. If they keep going up, then you still locked in at a lower rate and you're set. So either way. It's kind of a smart idea as far as that goes. Now, if there's going to be a huge drop, there's always ways to mitigate your loss as well. So but you know, the extreme, the ultra-luxury market is doing great. What I'm seeing a slowdown in a little bit like that a little hints of a slowdown, not even a real slowdown, but a hint of it is the 100 million dollar houses. So you've seen I'm sure you've seen in the news, a few of those that have gone to auction recently.Rory Gill:
Yeah. And you know, of course, some of those are due to distressed lenders. And, you know, you always have a fluke of builders that do wild things, because they're building wild houses, and they do wild things. But I've seen this slow trend $80-$90 million $100 million houses, even coming down to him to auction and then selling it closer, like $60 million, so.Rory Gill:
That's a relatively narrow part of the market there. And that's but so, you know, thank you for that analysis. It's really kind of one of the best I've heard. And I love the analogy about the speeding car. I really do and I'm probably going to steal that from you sometime. So thanks for that. You know, we're starting to talk about kind of the different the different tiers that are doing well. And I think that's where that more interesting story is when we talk about changing rates and change emerging market, you know how the low end of the markets doing versus the middle tier and the the upper income and then the ultra luxury but you know, where I definitely want to pick your brain is in the luxury tier, that's something that you've done a lot of and it's hasn't really been a focus of mine individually as a as an agent,. How do you work with luxury clients and luxury listings in a way that's different from other segments of the market.Nathaniel Pitchon-Getzels:
So the most important thing, and it's important to every segment, but it's so much more important is you have to attune with your clients, you have to attune with them. You know, Chris Voss calls a tactical empathy. Mark Golson calls it listening in, you know, some people call it the flow, one of my favorite clients, he calls it feeling the vibe, right. So you have to do that with your clients. Because to have a successful career with these, with higher end celebrities, and clients and CEOs, there's a few things, you have to gain their trust, you have to get top of mind awareness, and you have to connect with them. Right or attune with them. If you don't attune, they're not going to listen to anything you say. So you can't establish yourself as an expert. And, you know, if you don't connect with them, they're never going to hear any of it. So the whole thing is gonna be out the window. So you have to achieve top of mind awareness, but organically, and by that you have to make that connection, establish yourself as a knowledgeable expert in the field. And then, you know, maintain that top of mind awareness. So that's the most important thing because otherwise you're a, you're a commodity and you can be switched out. But that relationship with them, is what makes you unique and irreplaceable. And then the knowledge that you bring is taken on a deeper level, I was, but in my previous life, I like to help people in my previous life, I was an educator. And I worked in every level of school from preschool administrator to college. But one of the things I did, I was a behavior therapist, and I worked with children who had any array of disabilities. But the core of most disabilities, it's a perspective disorder. So they see and feel things in a different way, and a different spectrum. And so, the key thing with a lot of my students was, if I attuned with them, they knew that I had that connection with them. And they felt comfortable and safe. Because when you attune with someone, you feel more comfortable and safe with that person, then even when things were stressful, and they couldn't necessarily tell if the way they were feeling was right, or what was going on, or we're getting overwhelmed. Because we had that connection, they could come, it would help calm, center, and focus them. And so they know that if I was telling them, everything's okay, they knew it was okay. Even if they weren't feeling it was okay. And it's kind of the same thing with adults and people in a real estate transaction. For a lot of people, it's the largest financial choice they'll make. And if it's not, it's still a large financial move. I do have a lot of clients where it's weird to say it's not their largest financial investment, and it probably won't be. But it still is a big move, especially if it is where they're going to live. Because where you live, regardless if it's based on money or not. It affects every single aspect of your life psychologically, mentally, physically. I mean that the number one thing that determines if people use green space or uses things is proximity, not if they like it, not if they're healthy, not if it's just proximity and access, I always like to say if tell me what you like, and I'll tell you where you live. It tell me what you like. And I'll tell you where you live. And so attuning with your with your clients creates that trust, and then you can establish yourself as the expert, achieve top of mind awareness, and then you become the goat that irreplaceable go to. Right. And then when things get hard, which in a lot of these, it gets complicated. And there's a lot of unique, unique things that can happen. But they trust you. And then you also have a greater understanding of their situation and can find creative solutions sometimes when you know, somebody who maybe was less in touch with the situation would not be able to find that solution. That makes sense?Rory Gill:
It sure does. And you know, I think there's we were hypersensitivity probably at that tier, but that that listen works its way down, I think through you know, other segments of the marketplace as well that getting in tune with your client and making that connection with them. So I actually transfer that advice to everybody regardless of their their niche in the market. Before I move away from the like working the luxury tier. We will want to get into a little bit of the more precise tactics. When you have a high end property, you probably have a smaller buyer pool out there. So how do you market those properties in a way that's different from a $600,000 condo?Nathaniel Pitchon-Getzels:
Absolutely. And you're correct, because you're now you're talking about usually two, or maybe less than the percentage of people on Earth who can afford that listing. And then you have to find the person who wants to buy that style house in that place at that time. And it suddenly becomes you have to become a worldwide sniper and just pop right into the people, specific people, but all over the world, but right in front of them in the best way at the right time, right? So you know, obviously, videos and photos are great, and you can use social media, and you can actually target people based on their other likes. So, you know, if you find people like that are members of the Rolls Royce collector's club, not a lot of people who have a small disposable income are going to be a member of the Rolls Royce collector's club. Right? Other laterals, you can look at that transect with luxury and that socioeconomic class, that's the first way, right, you can target people that way. And then the other thing is, do things that they find organically. So make the listing interesting, and findable and searchable for people who are going to be watching it. That's another thing you can do. Obviously, you can do unique parties, like a friend of mine just took a $17 million listing up in near San Francisco. And we're going to do we're going to help them with with a Gatsby party at that house where I had them on my show recently, actually, we were talking about how a Gatsby party would be a nice thing because it implies that luxury, it'll get the Rolls Royces, it'll get those higher end things, you know, versus like, let's say a casino night that you could do to attract a different group of people, right? So that's a big thing, or different way to target people. And it's not targeting them, like, Hey, you want to buy a house? Or, Hey, are you searching for a house because very often, they're not. And they're not searching. And it's just well, if it comes up great, because the people that are actively searching in that area for that thing, they're gonna find you. But you need to sometimes reach out to that specialty group like I'm working on at a property that's a huge horse ranch right now. And so we're going to look at doing getting boxes at some of the Polo events, and some of the hunting jumper events and things like that to get the property more visibility, but in a unique way, with people who are already interested in that kind of property. And you know, what I mean? Does that make sense to you?Rory Gill:
Yeah, in that, I'm definitely gonna be following your social media a lot more closely to watch these events and see how they go. That's fascinating. And it's, you know, it takes a great degree of creativity in your marketing. So I'll definitely be following along to see how those play out.Nathaniel Pitchon-Getzels:
I post a lot on my social media, so it should be it should be interesting, even regardless of those events, but there should be lots of interesting stuff on there. And then also strategic alliances, strategic alliances are so important, strategic alliances with with people in related businesses, managers, agents, the people who run the houses, you know, that there's a lot of things, even co-marketing opportunities. I was I was explaining that to somebody where you can co-market with other agents in different markets that are non-competing, and it gives you a lot more visibility instantly.Rory Gill:
Before we, before we kind of get toward the end, I have a couple more things I want to make sure I get to talk to you about. You mentioned that you have some secrets in real estate that like to share with our audience so that you know, real estate secrets that their agent didn't tell them.Nathaniel Pitchon-Getzels:
Sure. Well, you know, a few things. Number one is, the location is important. And of course, it's so important, but the secret is really in the buy. If you buy at the right price, it doesn't matter where or what it is, if you bought at the right price, you're safe, and you're going to make money. That's the first thing number two is really take a close look at the STR market, because there's a lot of people that are doing that wrong, and they get the wildered feeling in that space, and there's a lot of money in there. Also, the difference between someone that wins in real estate, and somebody that loses in real estate is very simple. People that win in real estate, hate losing, but the people that lose in real estate, fear losing. And when you fear something, you run from it and you avoid it. When you hate something you fight as hard as you can against it to make sure it doesn't happen. But you know, it's going to happen eventually. And then also thing that the biggest thing that people often don't think about is, it costs money to heat and cool your house, there are a lot of different, not different, but there's a lot of silent costs of buying a house, which have to do with maintenance. And those are very important to do. And that is the number one thing that that millennials are complaining about owning houses is that there is they didn't think about all these hidden costs, if you will. So that and then also the way that your neighborhood makes you feel the first time you drive in, is the way it's going to make you feel for the next five years. So if you didn't feel good the first time, leave.Rory Gill:
For potential homebuyers out there listening that that's probably a good takeaway for you right there. Take a peek of the neighborhood. You know, finally, I wanted to congratulate you. You've been recently appointed to the board of HouzLet, a company that works with STR short term rentals in the area. Can you tell us a little bit about that, and about you know about the short term rental market and why that's important to you?Nathaniel Pitchon-Getzels:
Yeah, absolutely. So HouzLet - if you think about it, like Airbnb meets Zillow, and they had a really pretty baby that is way better than those two companies, because they're not, you know, they both have their faults. So it's a company that specializes in 30 to 90 day, listing 30 to 90 day furnished rentals, which actually has a big gap in that market. And something most people don't know is, I believe 20%, more than 20% of the rentals on Airbnb, across the board are for 30 days or longer. So that's a huge percentage considering Airbnb has the majority of short-term rentals, short term rental listings, they're the dominant force. So they're the big kid on the block, if you will. So that's an interesting statistic there. I think short term rentals and even 30-90 Day rentals are going to have a huge explosion, especially with revenge travel coming up pretty soon here. And you know, and even if there is further restrictions and things after that, there'll be revenge travel. So whenever that happens, you know, depending on how things go, but I think revenge travel is going to be huge. Most people have been doing short term rentals wrong. And so it's not this established space. So you can still buy if you know what to look for. And you understand the government you're buying within. And you know what, how to use the AI tools correctly, you can still buy something for well under its value, in my opinion, because your income is going to be massive on that property. And, you know, the same way that banks aren't really fans of giving you a loan based on your short term rental income potential, a lot of people aren't looking at it not they're not taking it seriously. And, you know, I mean, there's houses that I've helped buyers buy recently, that within the first year, they're 100% cashflow positive, just using short term rentals. So to me, it's like, well, I know I can get that year I'm 100% cashflow positive, even if later on, I have to do something else, sell it, change it to a long term rental, whatever. I'm playing with the house's money, literally the house, get the house, the house. But so I think it's a great space, and very interesting. And you know, especially now with all these digital nomads, and all of these wild things. I mean, I bought one in a developing market, which are two things I love. Because in developing markets, some of these markets haven't had a recession in 20-30 years, because they just are growing so much. There's so much potential for growth. So like you get a condo hotel, in a developing market. And I'm like, giddy, like a little kid, like a toy, like I got the best toy at toys r us, you know, you're gonna make money on it. It's going to be interesting. You don't have to do a lot of work for it because I have managers. Short term rentals, I really suggest getting managers, unless this is what you do all the time. Because you will do it wrong. I even see smart people who own dozens of houses, and they're trying to run their own STRs and they are losing money. Not sure they're losing money because they're cashflow positive, but they're losing money by leaving so much money on the table.Rory Gill:
And time. As a short term rental investor who's probably not made every choice correctly. Yeah, at the time, the larger factor. And I say that after spending spending yesterday getting our newest one ready to go online doing tasks that I probably were not at the highest level, you know, the highest on my license, but that's that's what I did yesterday.Nathaniel Pitchon-Getzels:
The value of their time and it is extremely valuable. It's the only thing that you can't save.Rory Gill:
And all the other opportunities that I, you know, forewent to go up there and you know, tighten a couple bolts and spruce a couple of things up. Sometimes you have to do it. That's the nature of it. But that is, that was not probably the best use of my time. But I learned something. I'll take that away from it. And now I learned what I need to delegate out and be ready to delegate out.Nathaniel Pitchon-Getzels:
Yeah, in general, I think it's great you do. You lean into really hard what you're good at, and you hire someone for everything else.Rory Gill:
You know, before I go in and tell everybody where they can find you and get in touch with you. I want to ask you the same three questions that we ask of all of our guests that come on to the podcast, starting with Question One, if you were forced to give a presentation for 30 minutes on some topic with no preparation whatsoever, what could the topic be?Nathaniel Pitchon-Getzels:
One of three things, I'd either talk about short term rentals, I would talk about the importance of connecting with people and how to do it. Or I would talk about mindset, and okay, how to have a winning mindset. And why it's so important.Rory Gill:
With the mindset, you know, is that go back into hen hen with the abundance mindset that you reference for, for prospective agents or is itNathaniel Pitchon-Getzels:
It would go back to a combination of things mindset, being an agent, a mindset of how to handle your fear, a mindset of not fearing things that you don't want to happen, but how to how to manage them are feeling fear, how to manage that feeling to still succeed in the situation. And you know how the secret to most real estate is and most businesses selling or owning both the same is don't stop. You have to not sell as long as you don't stop, you're going to lead. You just have to be able to weather the storm. And as long as you can weather that storm, you're going to come out on the other side with a bigger, stronger ship.Rory Gill:
And can you tell us something that happened in your past that affects how you do business or leisure life today?Nathaniel Pitchon-Getzels:
Yes, so and that actually goes back to the fear thing I was talking about. So I was kind of sick. As a kid and I had two surgeries, and I had to do, there was a lot of scary things. And so she would always teach me, okay, it's okay to be scared, but be scared after, go do it first. Give yourself all the permission to be scared afterwards, go do the thing. And then you can give yourself permission to be scared of doing it. That makes sense. So give yourself permission to feel it. But after you've done it, put all your energy before you do something into executing, solving it, achieving it. If you're going to be scared about that's fine, but do it after. And as a kid I never realized. But once you've done it, you're not scared anymore, you don't feel. So, it was really a way to hack fear on for a lot of things. So if you're scared of even even works going on, you know, meeting with a client that you don't want to talk to, or negotiating a deal you don't want to you know, whatever it is, feel the fear later, focus all that energy, you'd be feeling the fear with on achieving the goal and, you know, solving the problem.Rory Gill:
You know, I wish you told me that in my past before when I was a kid jumping off of, you know, jumping into the water from like really high cliffs or you know, as an adult and making my first courtroom appearance, all of that those moments were were clouded by the fear that I felt at the time. And when they were done. They were fine. But that's that's a good tip of advice. And finally, I want to ask you just you know, what's something that you're watching, listening to or reading these days?Nathaniel Pitchon-Getzels:
So, one of my favorite books is this book, written by Shaahin Cheyene called Billion the King of the Thrill Pill Cult. He's a business genius. And it talks about how he went from being homeless in the car to being a billionaire, but not that weird cheesy way you're thinking. And he actually, he did a series of things including create herbal ecstasy, which was a totally legal item at the time. And he hacked a whole system. I mean, he basically figured out how to hack drug dealing, right, for drug dealers to make it legal and safe. But but it's not just that it's all about a business mindset. And he's created so many billion dollar businesses since then, just from the key things that you've learned. So that's one thing. Just Listen with Mark Goulston, and then The Three Minute Rule by Brent Pinvidik. It hacks and is all actionable items about how to pitch anything in three minutes or less. And it has literally breaks it down. So it's not about mindset. It's not about oh, if you feel this way that I was great, but you know, sometimes those mindset books you read, and there's nothing actionable, so I kind of feel like well, what did I just do here? My for all the time but for Brent's book I love because it's all actionable items, this is how to do it. This is how I did it. This is how you can repeat it.Rory Gill:
Everybody listening, all those are going to be mentioned in the show notes. So you don't have to go back and Google it yourself. We'll have it in the show notes for you to take a peek at. But more importantly, in the show notes, we're going to have all the ways that you can get in touch with Nathaniel. Nathaniel, where can we find you?Nathaniel Pitchon-Getzels:
Well, the best way to find me initially is, you know, my Instagram, you can call me on my cell phone that you can feel free to put in the show notes as well. But the best way is Instagram. Go ahead, DM me, I post valuable videos every week, about five stories a day, there's actually I built my whole business on social media. So I do a lot in the social space. And I think on there through there, you can probably find my phone number, my email, address, my fingerprints, my blood type, maybe a retinal scanner, too. I mean, it's not it's all on there. Absolutely. But feel free to call me or DM me, I do get all those messages directly myself, LinkedIn, Facebook, it all comes to me. But Instagram is the absolute best hub of it all.Rory Gill:
All right, start with IG. You'll find everything else from there.Nathaniel Pitchon-Getzels:
And it's Getzels Group - getzelsgroup. And if you just Google my name, I'm all over the internet Nathaniel Getzels. All right now websites, I have this I have that you can find it all. It's all in there.Rory Gill:
Thank you. And that's what your homework is today. Everybody listening, go find him and connect with Nathaniel. Nathaniel Pichon-Getzels thank you so much for being on The Real Estate Law Podcast for those of you listening, like subscribing, all of that and we look forward to seeing you and hearing from you next time. Thanks.Nathaniel Pitchon-Getzels:
It was a pleasure.Announcer:
This has been The Real Estate Law Podcast. Because real estate is more than just pretty pictures. And law goes well beyond the paperwork and courtroom arguments. were powered by NextHome Titletown Real Estate or Boston's progressive real estate brokerage. More at nexthometitletown.com and UrbanVillage Legal, Massachusetts real estate Council serving savvy property owners lenders and investors more at urbanvillagelegal.com. Today's conversation was not legal advice, but we hope you found it entertaining and informative. Discover more at the real estate law podcast.com Thank you for listening