Norman Ebenstein was a force to be reckoned with. Not only was he a real estate mogul, but he made considerable contributions to the Jewish community and owned a mecca to Vietnamese-American culture on the east coast. He came from relatively humble beginnings, born in New York City to Jewish Americans during a time when being Jewish meant horrible discrimination. Despite the pressure to fail from those around him, Norm Ebenstein made a huge name for himself in the real estate business. His children carry on his legacies in the real estate market and still run Eden Center, an important landmark to Vietnamese-Americans.
How Did He Do It?
With such lasting legacies, many are curious how Mr. Ebenstein managed to create such an important point for people who are seemingly so different from him. The answer is simple, he understood what it was like to be an outsider.
Jewish Americans in the 1930s were not highly regarded. There was an incredible amount of antisemitism while Ebenstein was a child. Jewish peoples were blamed for everything from the economic crisis to controlling large corporations. People even claimed they were bringing Communism into the country.
Growing up with this negativity affects a person and it can be positively or negatively. Norman Ebenstein took these horrible ideas and proved to those around him that he was as strong as his community. He built an empire that is still lasting in Virginia and the surrounding area. He even went so far as to build a community for another group who he could see in a similar situation to his own when he was a child. How did he manage all this? By being compassionate. He used compassion as a tool just as much as any other tool in a realtor’s arsenal.
Compassion in Real Estate
Many people will find the idea of being compassionate in real estate confusing. Compassion tends to be the antithesis of making money. Most of the wealthiest people on the planet did not make their money with compassion. Money, however, is not the only way to make a legacy.
We will remember Jeff Bezos and Elon Musk for how wealthy they were, but Virginians and the Vietnamese-Americans who find Eden Center to be so integral to their culture now will remember Ebenstein as a compassionate man who helped them continue sharing their culture and cuisine with Americans.
The same compassion can be found in landlords who are willing to work with their renters to help during the pandemic. Forbes has an interesting article about empathy and how it can be used by people in real estate that can be read here. Many in the real estate business, despite the rescinding of Covid protection policies for late rent, have taken it upon themselves to help those who are still having a hard time financially. While it may be hard for some to make ends meet, it would make them less money if they did not have a tenant at all.
If you are willing to work with people, they are more willing to rely on you in the future once their financial woes are solved. You have gone from a six-month renter to a potential long-term investment that will keep your income stable.
The State of Emotion
Real estate is, first and foremost, a social business. Interacting with people is a must and people are emotional. By harnessing these emotions, you can lead a person towards the goal or sway them into doing something they may not have been interested in in the first place. Realty Leadership has an in-depth analysis of how emotions can be used in real estate, https://realtyleadership.com/compassion-real-emotions-in-real-estate/. In this article, they discuss how real estate is more than selling a house, it’s about selling memories.
People value family, whether that is biological or their close friends. By harnessing the idea that this will be the place where people make their memories and how they will be remembered by others, real estate agents can levy these feelings towards a sale. There are multiple ways of taking advantage of how this can be used but being compassionate towards others will help realtors make the sale.
Being compassionate is also important when people are having a hard time, as shown with the recent downward spiral many have experienced with Covid restrictions. Everyone was affected by the pandemic and if someone is unable to work due to an illness, a compassionate landlord can be the difference between breaking the spiral or finding themselves in an even worse situation. With uncertainty looming around every corner, being a solid rock for families can help them trust you without feeling they can take advantage of you.
Final Thoughts
Using compassion, you can not only keep renters and buyers interested in your real estate, but you can also similarly use compassion to Norman Edelstein. He created a legacy based on compassion and working for others rather than making them work for you. By listening to the needs of others and guarding those less fortunate than himself, he has allowed a culture to thrive in Virginia and that legacy will last decades.
Current and future real estate agents should look towards Norm as they move to the future. By bringing compassion to the table, they can build relationships with those families they affect so deeply with their goods. Real estate agents do not only sell commercial buildings or houses, but they also sell memories and futures. By using compassion, agents can build a legacy up around themselves that is longer lasting than money. They can help entire cultures thrive, help future generations thrive, and bring together families whose memories will last for generations.
Bringing compassion to the table does not make a person weak, but quite the opposite. As Norm Ebenstein has proven, it can be a solid foundation for a legacy. His cultural center will be around for decades if the compassion he used to build it continues on through his children and his children’s children as it currently is and if they continue to use the same compassion Ebenstein showed.
