Five Things You Need To Know To Succeed In The Real Estate Industry

The following is an interview of Remington Rand by Aaron Weiner:

Remington Rand is the founder and president of Rand Properties, a boutique Real Estate Brokerage based in Richmond, Virginia. With a passion for helping clients discover their place in the world, Remington has played an integral role in the real estate community and beyond. Under his leadership, Rand Properties has successfully developed a diverse portfolio of residential and commercial properties, each reflecting a commitment to tailored guidance and transcending the usual transactions.

Remington’s approach combines a deep understanding of the real estate market with a personal dedication to enriching the neighborhoods he works in. His vision for Rand Properties is rooted in fostering a sense of community, creating spaces that residents and businesses alike are proud to call home. In addition to his work with Rand Properties, Remington is an active advocate for the city’s growth and development, contributing to Richmond’s ongoing transformation.

Thank you so much for doing this with us! Can you tell us the “backstory” about what brought you to the Real Estate industry?

My career in real estate started because I met a guy at Starbucks. Not kidding at all, his assistant had just phoned to say she was retiring before he walked in! Kismet. The various types of real estate careers are what really drew me to pursue real estate and push so far forward with it. Even now, I’m constantly expanding my knowledge of real estate and how I find fulfillment in the sector.

Can you share with our readers the most interesting or amusing story that occurred to you in your career so far? Can you share the lesson or takeaway you took out of that story?

There are a lot of great ones! One time, I got a call from a retired couple who wanted to sell a waterfront property about an hour from my target area in Richmond, VA, but it was a very pricey home, so I went to check it out with the couple. Long story short, I sold the house, but after our first meeting that day, I asked the guy, “If you don’t mind me asking, how did you get my name?” He told me, “My eldest daughter met you at a function about 5 years ago and said that you were very impressive but more importantly, kind. We asked her who to call to sell our house, and she said to call you.” My takeaway from this encounter is that always being your best self, no matter to whom or when, will pay off in the long run.

Do you have a favorite “life lesson quote”? Can you share a story or example of how that was relevant to you in your life?

“Fly the aircraft.” My Dad was a helicopter pilot in Vietnam and was shot down many times, and overall, he is generally a BAMF. He always says, “Fly the aircraft,” which implies that you should always focus on the one thing you must do without fail. When doing something as important as flying, nothing matters other than not crashing the plane, no matter what’s happening in the cockpit. Life is like that too. Flying the aircraft means taking care of yourself and has nothing to do with your career.

Are you working on any exciting new projects now? How do you think that will help people?

I started a software venture in 2020 called Propified, that just went into development and should be out before Summer ’25. Propified has a grand thesis, but this iteration can build out an entirely accurate real estate listing for a Realtor using only the photos and our AI chatbot. It integrates with their local MLS and fills out the entire listing, not just some gimmicky AI stuff. Most real estate listings are riddled with errors or lack the key data that a buyer needs to know. We aim to solve that problem, all while taking a large data entry task off the Realtor’s hands. The job of a Realtor is changing rapidly, and they need the proper tools to be able to grow and evolve alongside those changes.

What do you think makes your company stand out? Can you share a story?

Forward-thinking is paramount to our business model and our success. Everyone overestimates what they can do in a year and underestimates what they can do in 10 years. I like to think 5–10 years out, at pretty much all times, as I don’t like expending energy on things that aren’t durable or won’t continue to be a profit center for years to come. Specifically, as CEO of Rand Properties and Propified, net present value and project profitability over time are what I spend my time on to make the machine run today and for years to come.

None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story about that?

Oh, I wouldn’t be where I am without…everyone. I am so very lucky, especially to have the influences around me I do. My wife is so smart and knows me better than myself sometimes. Having that support and advice at home is what my life is built upon. Therapy is very important to me and not talked about a lot in the business world, but I think it should be. Taking care of yourself is the perfect example of “fly the aircraft.”

Ok. Thank you for all that. Let’s now jump to the main core of our interview. Can you share 3 things that most excite you about the Real Estate industry? If you can please share a story or example.

The three best things about the future of real estate are going to upset a bunch of people but I’m just calling a spade a spade here:

1. Bad Realtors are quitting/being put of out business, which is creating the appropriate vacuum for the professionals to continue being professionals. A part-time Realtor isn’t helping anyone.

   
   

2. The large number of realtors abandoning the National Association of Realtors and the subsequent slipping choke hold the NAR has on technology (and that NAR has previously seen as competition) is going to revolutionize the sector.

   
   

3. Increased transparency is going to regulate volatility in the real estate asset class, hopefully, allowing the younger generations to be able to enter the market as first-time home buyers. If there is stability in pricing swings, first-time buyers’ confidence will increase.

Can you share 3 things that most concern you about the industry? If you had the ability to implement 3 ways to reform or improve the industry, what would you suggest?

Affordability is the absolute biggest issue I see in real estate:

1. Private equity buying single-family homes is scary because, in almost every sector PE enters, it obliterates it in one way or another in an attempt to create more value. PE has no values or limits, just greed.

   
   

2. Insurance problems in climate risk areas are quickly becoming a HUGE problem that not many people seem ready to deal with.

   
   

3. Shrinking chimney diameters are prohibiting Santa from delivering presents on Christmas and I think are suffering…

What advice would you give to other real estate leaders to help their teams to thrive and to create a really fantastic work culture?

The kindest person in the room is usually the smartest. Being overbearing because you fancy yourself as a leader is going to get you nowhere. Be firm but fair and what you do when no one is looking is more important than when they are.

You are a “Real Estate Insider”. If you had to advise someone about 5 non-intuitive things one should know to succeed in the Real Estate industry, what would you say? Can you please give a story or an example for each?

1. Turn away business that isn’t the core of your focus. This is not always possible at the start of your career, but as one progresses in any career, saying no thank you to a distraction is paramount to success. Be willing to help find a solution for a problem that isn’t yours, while still valuing your time and regulating it accordingly. Spending time with your family is most likely a better ROI than chasing down some random dollars here and there.

   
   

2. No is a complete sentence. Use it. Especially in negotiations, it will take the other party off guard. When volleyed an impossible ask, just say no, then remain quiet! The other party will come back to you. Then simply ask them, “How am I supposed to do that?” They’ve asked you to solve a complex and impossible problem via this negotiation; no, make them solve it and they’ll quickly figure out they can’t. Now you’re negotiating with the power in your hands.

   
   

3. Sales is about listening and not talking. You’re an expert consultant and the main thing you need to do is just listen to what your customers or clients are saying. As the expert, learn to understand what your customer means, versus what they’re saying!

   
   

4. In real estate, don’t drive like a maniac. I was late to meet a new client once and was driving like a lunatic to get there in time. I ended up pulling up right in front of the new client and they saw the whole thing. Not a great first impression!

   
   

5. To parlay off that, be really early to everything. It shows you care and that you value your time and your client’s time. Plus, when you’re early, you can see who may or may not be poking around a house of interest or a company you’re pursuing.

Because of your position, you are a person of enormous influence. If you could inspire a movement that would bring the most amount of good to the greatest amount of people, what would that be? You never know what your idea can trigger.

I think “enormous influence” may be a bit grandiose! But in all seriousness, if I could inspire a movement, it would not be to eliminate social media but to aim for a shift in acknowledgment that social media is like reality TV. It’s based on reality but ultimately is very curated. A person should never compare their insides to someone’s outsides, and social media is a billion-dollar business that does exactly that.

How can our readers further follow your work online?

You can visit my websites randrichmond.com and propified.com. You can also give us a follow at Rand Properties on Instagram @randproperties.

Thank you for your time, and your excellent insights! We wish you continued success.

You’re very welcome, thanks for the great questions!