The real estate industry has been doing a lot of talking about the role of millennials in real estate. Will they buy or won’t they? But the statistics don’t show the individuals, the people who are thriving in the real estate world.
Dominic Labriola fell in love with homes early, tagging along with his dad to construction sites. By age 20, he was already involved in selling real estate. He is currently an Associate Partner with Partners Trust, a luxury brokerage in Los Angeles. In addition to working with his clients helping them realize their real estate dreams, he also spends time on his blog and new podcast, Real Shift Radio, where he interviews people in the real estate industry and those who have used real estate to improve their lives.
We sat down with Dominic to learn more about his podcast and real estate investment for millennials:
What makes real estate a good investment for millennials?
Historically, real estate has been the best investment. It’s an especially good choice for millennials because we have the advantage of time on our side to pay down or completely pay off any loans we take to acquire the property before we reach retirement age. I think properties like duplexes and triplexes are a really wise choice for millennials because not only do you get the enjoyment of homeownership – getting to do whatever you like to your space and make it your own – plus you have other people giving you rent paying your mortgage! If you pay down the mortgage on that property during the rest of your working life, by time you reach retirement you’ll have a nice steady cashflow coming in every month!
More young people seem to be entering real estate as a career earlier in life as you did, what do you think are the pros and cons of this?
I’m excited to see more people starting their career in real estate earlier in life. I think real estate had kind of been a second or third career for many in the past. I know I was definitely the youngest by decades in my real estate school when I first became licensed at 19. One pro of this is the advancement of technology the industry is experiencing – I think millennials and younger adults are helping to bring the industry to a whole new level. A con that I see is that it’s a very unpredictable business in your first few years until you build a steady flow of repeat clients, so that can be tough for young people who don’t have any savings to fall back on between sales.
Many people say that the millennials are “generation rent” some say that this is a phase, you work with many people of all different ages, what’s your take?
While I think that Gen-X is still kind of cautious about real estate ownership, I see a lot of millennials wanting to buy a place of their own. While I’d agree that our generation “rents” it’s products now (gone are the days of shelves full of DVDs and CDs) I think there’s a certain inherent desire to own real estate that isn’t going away with this generation. I have helped people in every phase of life with their real estate, and I think optimism is high with my generation, perhaps more than in recent years with the generation ahead of us. I think the sentimentality of memories in our family’s home is a feeling that many of us want to duplicate and create anew in our own space.
What of your experiences in the real estate space led you to want to start a podcast?
I have met some of the most inspiring people through my experiences in real estate. I’ve also come to realize that I’m most passionate about inspiring others to live their best life. I’ve overcome a lot in the past number of years, working through financial ruin, health challenges within my family, taking control of my own health and dropping almost 70 pounds. People kept telling me that what I was doing was inspiring them to make positive changes in their own life. I think the podcast is my opportunity to inspire more people on a greater scale. I really want to bring the message of the people who have inspired me to as many people as I can. I think that while real estate is my career and job, it’s really just the vehicle to help me achieve something bigger – and the podcast is actually my calling which allows me to express what truly inspires my heart and soul.
Real estate is a hectic business, one of the things your podcast focuses on is overall health and wellness. What are your tips for staying balanced? What tips have you learned from some of your interviewees that you’ve been able to put into practice?
Yes! My podcast is focused very much on a whole quality of life. From meditation techniques and success mantras to help create a champion mindset – the techniques I’ve learned from my guests are incredible. One of my favorites is a mantra that I learned from my guest JoAnna Burks – I start every morning with it before I get out of bed. “I am alive, I am awake, I am energized”. I have also found incredible value in the 40/30/20/10 money management technique I learned from my guest F.Ron Smith. The pearls of wisdom that I have learned from the amazing people I’ve interviewed are honestly countless. I am definitely putting as many of them as I can into play – making their success techniques fit into the fabric of my day!
Every podcaster has their list of dream interviewees, who’s on your list?
I’ve already gotten to interview many of the top people on my wish-list. I don’t want to interview someone just because they’re successful in business – it’s very important to me that they inspire me too and that they’re living a balanced life and have a way of being that I’d like to emulate. I’m really looking forward to my interview with Madison Hildebrand in the new year and I think it would be really amazing to interview Warren Buffet.