Why Nvidia Dragged The Market Down & Jade Shenker (Owning Manhattan on Netflix)
In this episode of Money Rehab with Nicole Lapin, Jade Shenker shares insights from her career in real estate and her experience hosting Netflix's "Owning Manhattan." She delves into the challenges of managing rental properties remotely, explaining how Airbnb's co-host network helps hosts overcome these issues.
Shenker also reflects on her family's legacy in real estate development, her innovative approach to commercial real estate deals, and her unique perspective as the sole commercial agent featured on the reality show. The discussion offers a glimpse into Shenker's professional journey and the personal contexts that have shaped her success in a traditionally male-dominated industry.
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1-Page Summary
Airbnb hosting and co-host services
Hosting on Airbnb can be lucrative, but challenges arise when the rental property is far from the host's primary residence. The host, speaking from personal experience, explains the difficulty of managing a vacation home remotely while living in a different city.
To overcome these issues, Airbnb has created a co-host network of local hosts. These co-hosts handle tasks like booking, guest interactions, and listing creation, allowing the host to continue earning rental income without being burdened by day-to-day operations.
The host's personal and family background in real estate
Jade Shenker comes from a lineage of real estate developers. After immigrating to the US post-Holocaust, her grandfather and father laid the foundation for their family's legacy in the industry.
During the 1970s, Shenker's father boldly invested in properties in economically depressed Manhattan neighborhoods like the East Village, showcasing a pioneering spirit that defied traditional real estate practices at the time. Although now suffering from dementia, his innovative approach continues to inspire Shenker.
The host's work in commercial real estate and her innovative approach
In the male-dominated commercial real estate field, Shenker carved her own path by fusing business acumen with empathy for her clients' needs. According to Shenker, she revolutionized marketing tactics by adopting residential strategies like YouTube videos and events, ultimately leading to record-breaking property sales.
Shenker emphasizes the importance of fostering relationships and personalizing strategies to truly understand both the financial complexities and personal contexts behind each deal.
The host's experience with a reality TV show
On Netflix's "Owning Manhattan," Shenker provides a unique perspective as the sole commercial real estate agent featured. She elaborates that the show offers an authentic glimpse into not just the professional world of real estate deals but also the personal journeys and struggles faced by the agents, including her own significant life changes during the first season's filming.
1-Page Summary
Additional Materials
Clarifications
- Managing a vacation home remotely on Airbnb can be challenging due to the distance between the host's primary residence and the rental property. Tasks like guest communication, property maintenance, and emergency responses become more complex when not physically present. Airbnb's co-host network provides local hosts who assist with day-to-day operations, allowing remote hosts to maintain their rental income without being physically present.
- Airbnb's co-host network consists of local hosts who assist property owners in managing their rentals. These co-hosts handle various tasks like guest communication, bookings, and listing maintenance. They provide on-the-ground support for hosts who may not be able to manage their properties themselves. This network allows hosts to earn income from their rentals without being physically present.
- Jade Shenker's family has a strong history in real estate, starting with her grandfather and father who established the family's presence in the industry after immigrating to the US post-Holocaust. Her father made bold investments in properties in economically depressed Manhattan neighborhoods during the 1970s, showcasing an innovative spirit that continues to influence Shenker today. Shenker's family background in real estate has deeply shaped her approach and perspective in the industry, emphasizing a legacy of pioneering and forward-thinking strategies.
- Shenker's father made bold investments in economically depressed Manhattan neighborhoods like the East Village during the 1970s. This unconventional move was considered pioneering at the time and showcased his innovative approach to real estate. Despite initial challenges, these investments eventually proved to be successful and contributed to the family's legacy in the industry. Shenker's father's vision and risk-taking in acquiring properties in undervalued areas ultimately paid off, demonstrating his foresight and business acumen.
- Shenker's role in the TV show "Owning Manhattan" involves her being the sole commercial real estate agent featured, providing viewers with insights into the professional world of real estate deals and the personal journeys and struggles faced by agents, including her own significant life changes during the filming of the first season.
Counterarguments
- While Airbnb's co-host network can be helpful, it may not always be a perfect solution as it introduces another layer of management that could potentially lead to communication issues or inconsistencies in guest experiences.
- The success of investments like those made by Shenker's father in economically depressed areas can sometimes contribute to gentrification, which can displace long-term residents and alter the character of neighborhoods.
- While innovative marketing tactics in commercial real estate can be effective, they may not be universally applicable or successful across all markets or property types.
- The emphasis on fostering relationships and personalizing strategies in commercial real estate, while important, may not always be the primary determinant of success in a field that is also heavily influenced by market trends, economic conditions, and investment capital.
- Reality TV shows like "Owning Manhattan" may not always provide a fully authentic glimpse into the professional world they depict due to the nature of entertainment and the potential for selective editing or dramatization.
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Airbnb hosting and co-host services
Airbnb hosting can be a lucrative way to earn extra income, yet it often comes with logistical challenges, especially when the host does not reside near the rental property.
The host's experience with Airbnb hosting and the challenges she faced
The host conveys that while hosting on Airbnb has financial benefits, it can quickly become overwhelming. This is particularly true if the rental property is located far from the host's primary residence. She uses a personal example to illustrate her point, explaining the difficulty of managing a summer home in Maine while living full-time in San Francisco, such as dealing with guest turnovers and the associated tasks.
How Airbnb's co-host network helps overcome hosting challenges
To tackle the logistical hurdles of remote hosting, Airbnb has developed a co-host network made up of experienced local hosts. These co-hosts are tasked with various responsibilities, from handling bookings and interacting with guests, to provi ...
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Airbnb hosting and co-host services
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Counterarguments
- Airbnb hosting may not always be a reliable source of extra income due to market saturation, seasonality, and competition.
- Some hosts may find the experience of Airbnb hosting rewarding beyond the financial aspect, enjoying the social interaction and hospitality elements.
- Remote property management can be successfully handled with the use of technology and automation, reducing the need for a co-host.
- The co-host network, while helpful, may not be suitable for all hosts due to the costs involved or potential mismatches in expectations between the host and co-host.
- Relying on a co-host can lead to a lack of personal control over the property and guest experience, which may not align with every host's preferences.
- There are alternative property management solutions outside of Airbnb's co-host network that may offer more tailored services or better financial terms.
- The success of a co-host arrangement heavily depends on the quality and reli ...
Actionables
- Develop a detailed guidebook for your property to streamline guest experiences and minimize inquiries. By creating a comprehensive guide that includes instructions for appliances, local recommendations, and house rules, you can enhance guest satisfaction and reduce the need for constant communication, making remote management more efficient.
- Implement smart home technology to handle guest turnovers and property management tasks remotely. Equip your property with smart locks for keyless entry, smart thermostats for climate control, and security cameras for safety, allowing you to manage these aspects from afar and provide guests with a smooth check-in and stay.
- Create a feedback system for guests to rate their stay and ...
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The host's personal and family background in real estate
Jade Shenker delves into her rich family history in the real estate sector, revealing how the legacy of her forefathers shapes her current engagement in the industry.
The host's family history in real estate
The host explains that her family, including her grandfather and father, have been involved in real estate for generations, dating back to when they immigrated to the United States after the Holocaust.
Jade Shenker comes from a strong lineage of male real estate developers. She takes pride in living her father's legacy, who has always been proud of her achievements. After immigrating from Eastern Europe post-Holocaust, Jade's grandfather and great-grandfather established their roots in real estate, marking the beginning of a lasting family legacy.
The host's father's pioneering real estate ventures
The host describes how her father was willing to take risks and invest in properties in the East Village and Lower East Side of Manhattan in the 1970s, when those areas were considered economically depressed and undesirable.
Shenker reflects on her father's significant achievements in the industry and how even in his current state of dementia, his pioneering spirit remains an integral part of their shared legacy. During the 1970s, her father perceived the untapped pot ...
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The host's personal and family background in real estate
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Clarifications
- Jade Shenker's current involvement in the real estate industry is influenced by the longstanding history of her family members, particularly her grandfather and father, who were pioneers in the field. Their experiences and successes have shaped her perspective and approach to real estate, instilling a sense of tradition and responsibility in continuing their legacy.
- Jewish immigration to the United States after the Holocaust involved survivors and their families seeking refuge and opportunities in a new country. Many Jewish individuals and families who experienced the horrors of the Holocaust sought to rebuild their lives in the United States, contributing to the country's cultural and economic landscape. This migration wave significantly impacted various sectors, including real estate, as survivors and their descendants established themselves in different industries. The post-Holocaust immigration experience often influenced family histories and legacies, shaping future generations' perspectives and endeavors.
- The East Village and Lower East Side of Manhattan in the 1970s were areas considered economically depressed and undesirable due to factors like crime, poverty, and neglect. However, these neighborhoods were also hubs for artistic and cultural movements, attracting creative individuals and fostering a vibrant community. Real estate opportunities in these areas were abundant as properties were relatively inexpensive compared to other parts of Manhattan, leading to investment potential for those willing to take risks. The transformation of these neighborhoods over time reflects a shift from being marginalized areas to becoming trendy and sought-after locations in New York City.
- Shenker's father's non-traditional approach in real estate involved investing in economically depressed areas like the East Village and Lower East Side of Manhattan in the 1970s, which were considered risky at the time. He took on challenges such as dealing with the mafia's presence and threats of violence from non-paying tenants, demonstrating a willingness to navigat ...
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The host's work in commercial real estate and her innovative approach
Jade Shenker shares her journey as a commercial real estate agent, showcasing her innovative approach to marketing and networking in the industry, typically dominated by traditional methods.
The host's entry into the commercial real estate industry
Finding a Way in a Male-Dominated Field
Shenker details the challenges of entering the male-dominated commercial real estate industry, where she had to carve her own path despite her family's history in the sector. As a woman, she faced unique hurdles but was determined to have an impact and make a difference, always keeping in mind the people behind the deals. She couples her business acumen with a touch of empathy, ensuring that she not only closes deals but also provides meaningful assistance to her clients through the emotional aspects of real estate transactions.
The host's innovative marketing and networking strategies
Trailblazing with Creative Marketing
Shenker recounts how she revolutionized commercial real estate marketing by adopting residential marketing strategies, such as creating YouTube videos and holding events that were virtually unheard of in her sector. Initially met with skepticism, Shenker's methods proved successful as they garnered attention online and increased her industry presence. People began attending her events in greater numbers, and properties received more visibility, leading to broader engagement and connections.
Securing Deals through Personalized Strategies
Shenker further explains how her ...
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The host's work in commercial real estate and her innovative approach
Additional Materials
Counterarguments
- While Shenker's adoption of residential marketing strategies in commercial real estate is innovative, it could be argued that such strategies may not be universally applicable or effective across all commercial real estate markets or segments.
- The emphasis on Shenker's empathy and relationship-driven approach suggests that these are unique to her, yet many successful agents in commercial real estate likely also incorporate empathy and strong relationship-building skills into their practices.
- The success of Shenker's marketing methods, such as events and videos, might not solely be due to their innovative nature but could also be influenced by market conditions, the uniqueness of the properties, or the overall marketing mix.
- The claim that Shenker's personalized marketing strategies led to record-breaking deals could be challenged by suggesting that while marketing is important, other factors such as market trends, economic conditions, and property characteristics also play critical roles in achieving high sales prices.
- The idea that Shenker's understanding of financial intricacies and personal circumstances sets her apart might be contested by noting that a deep understanding of these elements is a standard expectati ...
Actionables
- You can enhance your professional network by initiating a peer mentorship group within your industry, focusing on sharing diverse strategies and experiences. Start by reaching out to colleagues across different sectors or levels of experience and organize regular virtual meetups to discuss industry trends, challenges, and innovative approaches. This can help you and your peers learn from each other's successes and failures, much like adopting residential marketing strategies in a new domain.
- Develop a personal brand by creating content that showcases your unique perspective and expertise in your field. This could be through writing articles, recording podcasts, or making videos that address common misconceptions or little-known facts about your industry. Share these on social media and professional platforms to increase your visibility and establish yourself as a thought leader, similar to how personalized marketing strategies can lead t ...
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The host's experience with a reality TV show
The host's role on the reality TV show "Owning Manhattan"
Jade Shenker discusses her role in the Netflix reality series "Owning Manhattan," where she appears alongside well-known figures like Ryan Serhant as the only commercial real estate agent featured on the show. Shenker talks about her unique perspective and the challenges she faced being part of such a high-profile and high-stakes series.
The personal and professional aspects of the show
Jade Shenker shares that "Owning Manhattan" doesn’t just highlight the intricacies of commercial real estate deals but also ventures into the personal territory. She reveals how audiences get to see the agents’ individual struggles and triumphs, making the depiction of t ...
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The host's experience with a reality TV show
Additional Materials
Actionables
- You can explore the human side of your profession by starting a blog or vlog that documents your work and personal growth. Share stories of your professional challenges and how they intersect with your personal life, much like a reality TV show does, to give a full picture of your experiences. For example, if you're an educator, write about the triumphs and trials in the classroom alongside your journey of continuous learning and self-improvement.
- Create a virtual discussion group with friends or colleagues to talk about the personal impacts of your careers. Use a platform like Zoom or Discord to meet regularly and discuss not just the technical aspects of your work but also how it affects your personal lives, similar to how a reality show might portray the lives of its participants. This could be a space to share insights, offer support, and build a community that understands the unique blend of professional and personal challenges you face.
- Record and reflect on your family's reactions to your c ...
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