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AlexShalman.com Practical Personal Development Podcast #12
Edward Mermelstein, plays monopoly with properties all over the world, moving $300 million last year alone. With his largest deal to date in excess of $100 million, it’s refreshing to find out how this real-estate juggernaut has reached his success, and maintained a down to earth demeanor at the same time.
Edward Mermelstein’s Three Careers (and Cornering the Market)
Edward Mermelstein is a powerhouse that corners the real-estate market as a triple careerist. All tied under the real-estate umbrella, Edward Mermelstein is a lawyer, broker, and developer. Each specialty can be a full-time and lucrative career on it’s own, but with the combined knowledge his firm is an unstoppable real-estate machine.
With offices in Moscow and New York City, a firm that speaks 11 languages, and the desire to meet and exceed the needs of his clients, Edward Mermelstein, sets the standards on service and quality in the high-end real-estate market.
The Importance of Language
Edward Mermelstein used to speak 4 languages, including English, Russian, Hebrew, and German. While he let the Hebrew and German slide under the rug in the past years, his mastery of English and Russian has helped him tremendously in doing international business.
While English is going to be the primary international language of choice, Edward Mermelstein believes that a couple of the Chinese dialects will make an excellent secondary language for anyone interested in getting the most bang for the buck. Of course, you will want to concentrate your language learning efforts on the geographical areas that are of most interest to you.
High-Profile Clients
Edward Mermelstein doesn’t do $2 transactions, so his client-base involves some of the richest people in the world. A good chunk of his clientelle are the priveleged few of the Russian and Ukrainian origin. Some of them are actually known as Oligarchy, and control much of the power and government in their respective areas.
At their prime, some of these clients commanded billions of dollars. Like everyone invested in the world-financial market, these clients have lost quite a bit of money, and are only worth hundreds of millions for the most part.
Success In This Market
With all the problems that exist globally, you have to look for the gem in all these terrible situations. It’s just finding the opportunity and making the most out of it.
~Edward Mermelstein
This market changes drastically, especially as of late, so flexibility is a key ingredient to success. While many people might be losing their homes and properties, these properties don’t simply vanish, they go somewhere. The key is be ready for these day to day changes, and constantly put yourself in the position to cease these emerging opportunities.
Edward Mermelstein’s Passion For Real-Estate
When everyone around you is into it, you eat, breathe, sleep real-estate, and then it gets into your blood, and becomes a very exciting part of your daily activities.
~Edward Mermelstein
Edward Mermelstein’s real-estate adventure started during his high-school days. His older brother had just started in real-estate rentals and sales, and would occassionally call upon him as an assistant. During the college days, Edward Mermelstein began to invest more time with real-estate people.
During a trip with a college buddy, he became profoundly aware that his personal interests meshed very well with the opportunities available in the real-estate industry. This was even more pronounced by the fact that his wife’s family were also very much into the business of real-estate.
His biggest real-estate mentor would be his father-in-law, whom Edward Mermelstein respects tremendously. His father-in-law has succeeded in the business his whole life by taking the slow-and-steady approach. Unlike many people that we’re currently hearing about, that making millions in real-estate, only to lose it all within a few months.
Successful and Down to Earth (the Outhouse Story)
Edward Mermelstein is able to stay down to earth, as well as fuel the fire for his success, by remembering that he wasn’t always financially successful. Financially speaking, he came from nothing. His family immigrated from Eastern Europe without any solid finances, much like my family, and the families of thousands like us.
One thing that Edward Mermelstein always remembers is the tiny outhouse that his family had to use when he was young. Something like that puts his success into perspective, and I’m sure allows him to appreciate what he has to a much larger degree.
Importance of Dressing For Success
When you’re sitting across the table from someone who is trying to do a deal that is worth a couple hundred million dollars, they don’t want the person sitting across from them to not be on a similar level. You just want to make someone comfortable in knowing that you can play in their circles.
~Edward Mermelstein
In the business world, presentation is obviously very important. Being able to speak well is important, but the first impression isn’t speaking, it’s both your clothes and the way you carry yourself. You want your persona both to not distract, and at the same time present itself well.
Some people in the fashion industry dress in a way that catches attention, but in Edward Mermelstein’s profession it is more important to look put together, instead of loud. I believe that it’s all a matter of building rapport.
Edward Mermelstein: The Day to Day
Glamor, Bentleys, supermodels and exotic vacations are probably some of the ways that you would imagine a person that moves hundreds of millions of dollars per year is liable to live his life. Let’s break that generalization right now. As I once heard in an interview with Shawn Carter (Jay-Z), “I don’t put Cristal in my Coco Puffs™”.
Just like you and I, Edward Mermelstein, wakes up and puts his suit pants on one leg at a time. He then wakes up his two little kids, feeds, clothes, and gets them to school. He then goes to his typical day of work, which occasionally involves meeting clients in other parts of the world, but not something you would classify as jet-setting. Since his world revolves around his children, his typical vacations include Disney Land, or anything child related.
Edward Mermelstein: Recommended Reading
These books allow you to see how things haven’t changed in thousands of years, and how as a person, you are defined by your actions. This is why it is important to create day to day routines that are a good reflection of what we want to be, and be known as.
