Wake Up to Wealth Podcast Summary
Episode: The Secret to Success in Commercial Real Estate with Nick Sansone
Host: Brandon Brittingham
Guest: Nick Sansone
Release Date: May 7, 2025
Introduction
In this enlightening episode of the Wake Up to Wealth podcast, host Brandon Brittingham welcomes Nick Sansone, a distinguished figure in commercial real estate development. As the top five company nationwide based on square footage under construction, Nick shares his journey, strategies, and invaluable insights into achieving and maintaining success in the competitive world of commercial real estate.
Guest Background
Nick Sansone represents a company with a rich legacy in real estate, dating back 68 years. Taking over from his father, Nick and his brothers have steered the family business to new heights, emphasizing strong relationships, operational excellence, and continuous adaptation to market trends.
Key Topics Discussed
1. Building Success through Relationships and Networking
Nick underscores the importance of relationships in real estate, referring to it as a "relationship business." He emphasizes trust, likability, and networking as foundational elements for securing opportunities and repeat business.
Nick Sansone [03:07]: "It's real estate. And I think like many businesses, it's a relationship business. And so you have to get people to trust you and people to like you in order to produce and to have opportunities presented in front of you."
2. Adapting to Market Trends and Pivoting Strategies
A pivotal moment for Nick's company was the strategic pivot from retail to industrial real estate a decade ago. Recognizing the rise of e-commerce, they shifted focus to industrial spaces, demonstrating adaptability and foresight.
Nick Sansone [04:15]: "We pivoted from retail, which is what my father primarily developed retail shopping centers. And we pivoted because we saw what was going on with e-commerce... we got to get into industrial."
3. Operational Excellence and Core Values
Nick attributes their success to a combination of skill mastery, meticulous deal underwriting, and maintaining an old-school personal touch despite company growth. Emphasizing hard work and teamwork, the Sansone brothers ensure that every deal aligns with their values and benefits the community.
Nick Sansone [11:33]: "There's no substitute for the hard work. And the last thing I'll tell you is leaving... there's no I. Collectively, we are a team."
4. Comprehensive Deal Underwriting
A significant portion of the discussion centers on the intricacies of underwriting real estate deals. Nick highlights the necessity of understanding every facet of a deal, from market analysis to potential risks, ensuring informed and strategic decision-making.
Nick Sansone [14:13]: "When you dive into that risk and you lead with that and you talk about, hey, I just want you to know these are some of the concerns that I have... you're starting in the right place with your deal."
5. Lessons Learned and Avoiding Complacency
Nick candidly shares past challenges, including financial oversight errors and structural issues in a development project. These experiences reinforced the importance of vigilant financial management and thorough due diligence.
Nick Sansone [18:19]: "Don't get complacent with your numbers. And especially when things are going great... watch those numbers."
Notable Quotes
-
Brandon Brittingham [15:22]: "You are going to show credibility. It's like our dad used to always say. My brother Jim always tells the story. He went in my dad with a problem... he didn't have one. And in not so nice words, he got kicked out of my father's office."
-
Nick Sansone [25:12]: "Financial abundance opens so many opportunities for one to have a fulfilled life... money's a beautiful thing. It opens up doors, it creates relationships, and it allows you to make change in the world."
Insights and Takeaways
-
The Power of Adaptability: Success in real estate often requires pivoting in response to market shifts. Being proactive rather than reactive can position a company ahead of competitors.
-
Importance of Due Diligence: Thoroughly understanding and mitigating risks in any deal is crucial. This involves not just financial analysis but also practical assessments like soil testing in industrial developments.
-
Operational Discipline: Consistent monitoring of financials and operational metrics prevents complacency and ensures sustainable growth.
-
Value-Driven Leadership: Maintaining strong core values and a focus on teamwork fosters a positive company culture and long-term success.
-
Positive Money Mindset: Viewing money as a tool for creating value and making an impact rather than merely an end goal can transform one's approach to wealth-building.
Conclusion
Nick Sansone's journey in commercial real estate exemplifies the blend of legacy, strategic adaptability, and unwavering commitment to core values. His insights provide listeners with actionable strategies and philosophical shifts essential for those aiming to thrive in the real estate sector or any entrepreneurial venture. Brandon Brittingham successfully unpacks these lessons, offering a compelling narrative filled with both achievements and hard-earned wisdom.
Listeners are encouraged to apply these principles to their own financial and entrepreneurial endeavors, embodying the podcast's mission to transform financial futures and cultivate a life of abundance.
Connect with Nick Sansone:
Find Nick on social media under the handle Nick G. Sansone to stay updated on his latest ventures and insights.
Subscribe and Review:
Don't forget to subscribe to the Wake Up to Wealth podcast on your preferred platform and leave a review to support the show.