This May marks Inman’s sixth annual Agent Appreciation Month. Look for profiles of top producers, opinions on the current state of the industry and tangible takeaways you can implement in your career today. Plus, the prestigious Future Leaders of Real Estate return this month, too.
A fixture in the Manhattan residential real estate scene for nearly two decades, Lorraine Baker started out in the world of finance, beginning with merger and acquisition transactions as a banker and eventually transitioning to the role of chief financial officer for Silicon Valley companies. During that time, she also managed the purchase and sale of commercial real estate properties.
Now she embraces life in New York City, where she loves to spend time in Central Park with her black miniature poodle and enjoys hosting dinner parties for friends and family.
She also makes time for giving back. “With every real estate sale I make, I contribute to causes which are important to me,” she said, “such as the organization Bide-a-wee (Scottish for “stay a while”), which provides important pet rescue and welfare services locally.”
Find out how this real estate leader blends her West Coast background, financial acumen and dedication to doing the right thing into a recipe for real estate success.
Name: Lorraine Baker
Title: Licensed real estate salesperson
Experience: 19 years in the industry
Location: New York City
Brokerage name: Coldwell Banker Warburg
Sales volume: Over $200 million in career sales to the company
What’s one big lesson you’ve learned in real estate?
The most important thing I’ve ever learned came from my parents and also from a mentor in my first job after university. It’s a very simple action to remember: Always do the right thing — for your family and friends, your employer and clients, and for yourself. That integrity will greatly reduce the number of regrets in your life, both personally and professionally.
What would you tell a new agent before they start out in the business?
A new agent should be able to work well with a wide range of personalities and be skillful at organizing processes and managing deals, emotions and expectations. Residential real estate sales are challenging, exciting and rewarding, but real estate isn’t for the faint of heart.
What do clients need to know before they begin a real estate transaction?
Before engaging in a real estate transaction, buyers need to be very informed about the entire process and the range of outcomes. There are some very effective ways to reduce transactional risk, so consulting and working with a skilled agent is key.
Individual consumers can be capricious and emotional when dealing with such a major financial transaction in their lives. The best advice is to be very prepared on your side and to remember that every transaction has one or more bumps in the road. So stay circumspect and flexible.
What is the one thing everyone should be doing to make their life and business better?
My take on how to improve one’s overall lifestyle is to find a good balance that works for you. That balance varies for everyone and is a process of discovery and fine-tuning. But I can say that when I give myself a change of pace during the business day, my creativity and ideas flow much more easily.
Taking a walk in the park or sitting outside with a cup of coffee can often lead to a different perspective than just sitting at a desk, looking for inspiration. Don’t be afraid to take five!
If you could do anything other than real estate, what would it be?
If I had not chosen residential real estate and a career in finance and business before that, I would have gone down a more creative path. I’ve always loved architecture, the many eras and styles, and the emotions they evoke. I like to think of architecture as art that is simply constrained by the laws of gravity.
Also, I grew up in California and spent a great deal of time learning about wine and winemaking in Napa Valley. So maybe I would have combined those two passions and designed a new visitors center for one of my favorite wineries there!
