Gary L. Malin, Citi Habitats’ President, is the principal figure in the day-to-day operations, strategic planning and overall vision for one of New York City’s largest and most successful real estate brokerages.
Malin shapes the company’s brand through his hands-on involvement with marketing and public relations initiatives; builds and maintains alliances with key real estate entities and professionals; and directs Citi Habitats’ affiliates.
In all of these functions, his primary objective is to ensure that Citi Habitats remains -as it has throughout its existence-the industry leader in forward-thinking, customer service-centered real estate firms.
Questions & Answers:
1. I noticed you recently acquired Apts&Lofts along with Miron Properties. How has CH continued to grow and expand when we see other firms consolidating or closing their doors?
A few years ago, we embarked on a comprehensive plan to re-energize our firm. We spent considerable resources renovating offices, creating a new brand identity and rolling out a new listings management system. It’s all about evolving and staying current – and never resting on your laurels. For example, we expanded into Brooklyn because increasingly, that’s where our clients want to be. Without an office presence in the borough we were doing over 1,000 transactions a year there. It was something that needed to happen – the market was speaking to us.
2. What do you see in the market that’s positive and how do you keep the company morale up when we hear so much negative talk about softening luxury sales market, increased pushback on commissions, whether it be on the sale or rental side of the deal?
There will always be highs and lows in this business. As real estate brokers it is our job to find value for our clients no matter the market condition, and then bring them to this value and make the transaction happen. That never changes. Agents need to be creative and adapt their business plan to reflect market conditions. It pays to diversify, as that way you are not dependent on a single revenue stream. The good news for our agents is that because Citi Habitats is strong in both rentals and sales, we are a good place to make your home base
3. How has technology helped and hurt the RE industry in the last 10 years and where do you see Tech taking the industry in the next 10 years?
Technology has caused a lot of change in our industry over the last few decades. While some believed the rise of online real estate sites would make brokers obsolete, we continue to thrive. With the vast array of (sometimes contradictory) market information available, clients can be overwhelmed. We as real estate professionals help cut through the clutter. Technology has also benefitted the industry by making us more efficient and helping create a better experience for clients. But while technology is important, the human element to real estate will never go away. It’s not like buying a new shirt online and then returning it if it doesn’t fit. Real estate transactions can be complicated and involve substantial amounts of money. As a result, most people need the guidance a good agent provides.
4. How does CH confront the competition from other firms who have moved away from the traditional brokerage model and embraced a dynamic commission structure for the agents?
We work in an industry where new companies and business models emerge frequently. Agents have specific needs and can seek out the company that’s the best fit for them. Citi Habitats is a traditional full service brokerage that offers a myriad of resources to help our agents build and grow their respective businesses. We believe in making these investments because they help all of us. Our interests are aligned with our agents and do all we can to help them succeed.
5. Do you always let the developers/landlords win when you play a round of golf?
Never! I’m competitive by nature.
