Find out what New York City Associate Broker Bill Kowalczuk has learned during his years in the industry and what he would be doing if he weren’t in real estate.
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New York City Associate Broker Bill Kowalczuk has worked in the real estate industry for 26 years and has a wealth of knowledge to share with clients as they make critical decisions. However, when he’s not working, his focus is usually on fitness as a way to unwind after a day of trading.
“I’m an avid fitness enthusiast,” Kovalchuk said. “The gym gives me a chance to relax and focus on things other than work. I am [also] Road cyclist. Riding 10 or 20 miles helps me relieve stress after a long day.
Find out what Kowalczuk has learned over the years and what he would be doing if he wasn’t in real estate.
Name: Bill Kovalchuk
title: Licensed Associate Real Estate Broker
experience: 26 years old
Place: New York City
Brokerage company name: coldwell banker warburg
Sales volume: over US$500 million
What’s one of the biggest lessons you’ve learned in real estate?
Early in my career, I learned that this business could be an emotional rollercoaster. You have to control your emotions and focus on closing the deal. Nothing is over until both parties sign and the check is deposited in the bank.
Whether you like or dislike the buyer, seller or agent is completely irrelevant. The first priority is to take the necessary steps to ensure the transaction is successful.
Early in my career, I was always excited to land a deal that was ongoing, only to have it terminated for one reason or another. My emotions would soar and then crash. A seasoned colleague told me to keep my emotions in check until the deal is done because anything can happen.
Once I’m in this frame of mind, it’s always easier to manage disappointment with a buyer or seller.
What’s the best advice you’ve ever received from a mentor or colleague?
Continue to show the list. It does not matter whether you have accepted the offer or signed the contract. You keep showing the listing to potential buyers and making all offers until everything is signed and finalized.
It’s a rookie mistake to assume that an accepted offer or signed contract ensures that a deal will occur.
What do you tell new agents before they start in the business?
I would tell new agents to forget everything you see on real estate TV shows. The reality is more sobering. You don’t automatically start with a million-dollar list, and it’s rare, if ever, that you work with someone for a day and they make an offer on something.
TV shows make it look easier—selling an apartment takes almost no work.
Make sure you can comfortably pay your monthly bills for at least seven to eight months so you can focus on your work and keep the deal moving forward. You never know when a deal will be made, even if you’ve accepted the offer.
Putting a large sum of money in the bank when you start out is one way to do it so that you don’t have to think about how you’re going to pay the bills when you don’t have anything happening for two to three months. It is important for your clients to feel a sense of calm at all times.
What do clients need to know before starting a real estate transaction?
Aside from getting pre-approved for a mortgage and gathering all the documentation to make an offer when the time comes, I think closing costs may be the biggest hidden secret in real estate. I always discuss with my clients what it will cost to close the deal before viewing a home. Mortgage taxes on condos and houses will most likely come as a surprise.
If you could do anything else besides real estate, what would you do?
I would draw, paint, and create with other artists in an enclave, such as Ciudad Colón, Costa Rica, or Provincetown, Cape Cod. These places appeal to me because they are on the water (which I love) and have a lot of natural beauty.
I’ve always wanted the freedom to create whatever I wanted without the typical day-in and day-out drudgery.
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Email Christie Murdoch
