Q: Describe how you chose your profession and how you have succeeded in this industry?
A: I grew up with a father in the real estate finance business and always felt a passion for the real estate industry from a young age. I began my real estate career focusing on the capital markets side of the business, providing debt to owners and developers. After falling in to my first investment sales transaction, I switched my focus completely; I was hooked.
Q: What is your proudest accomplishment?
A: Being able to open my own firm has been the fulfillment of a lifelong dream. It was a very tough decision to strike out on my own, but looking back I couldn't be happier. I have done roughly $1 billion in sales in the last 24 months, 90% of which have been off market deals. I couldn't have imagined attaining that level just a few years ago, and I am working harder than ever to eclipse that level.
Q: Describe something exciting that just happened at your company.
A: We were fortunate that on the last two deals that I have completed, I have been able to achieve record prices on a per unit basis in both the Bronx and Williamsburg, Brooklyn.
Q: If you could use one word to describe your work environment, what would it be?
A: Fun. If you can't enjoy what you are doing, you can't succeed, and frankly, whats the point.
Q: What is the best advice you have ever received?
A: My father taught me very early on to be honest and straightforward with everyone I interact with. In the world of real estate everything is ultimately revealed, and there are no secrets. Honesty is an integral part of this and most other businesses. If people believe that they can trust you to tell it to them like it is, they can build a relationship with you. And life is all about relationships.
Q: Rules to live by in business?
A: Work hard and don't give up on anything. It seems simple, but you have to believe in yourself. Deals die one day and are resurrected the next day seemingly out of nowhere. Faith and confidence in yourself and those around you, along with a healthy dose of reality and people-skills can go a very long way.
Steven Vegh is president of Westwood Realty Associates, New York, N.Y.
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