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After 10 years as an investment banker, Michael Valdes wanted a break. Unfortunately, after 9/11, the world changed, risk management changed, everything changed. So he started buying investment properties in Miami in 2003. The following year, he got his real estate license to manage his own portfolio of about a dozen properties.
He then met the first franchise owner of the Sotheby’s brand, Carlos Justo and began running his team. In the first year under his reign, the team of eight went from $240 million to over $430 million. Then he decided to strike out on his own. His first sale was a $6.4 million penthouse. His second sale was a $12.8 million sale on Fisher Island.
This experience eventually led him to the corporate side, where he spent five years in London building the Sotheby’s European network and later ran global expansion for all of Realogy’s brands.
In total, he’s opened up “86 different countries for seven different brands” throughout his 20-year career. Today, he’s the CEO of LPT International and President of Aperture.
On this episode, Valdes explains how LPT International has seen a meteoric rise, ranking among the top brokerages by transactions in just three years and preparing to go public next year.
Listen in for a behind-the-scenes look at LPT’s rapid growth, the launch of its new luxury brand Aperture and why AI will be a game-changer.
Highlights
Just over three months old (at the time of recording), Aperture is a standalone luxury brokerage that launched in 18 U.S. states and four international destinations.
A core aspect of the brand’s philosophy is ensuring agents earn the right to carry the Aperture card by meeting a minimum production level, a stark contrast to many other luxury brands. If agents don’t meet the strict qualification process, they can join LPT, receive training and work their way up to the luxury brand. Valdes shares a peek behind the curtain at both companies.
He also offers insights into the challenges and opportunities in the current market. Many agents who entered the business during the COVID-era boom are not prepared for a cyclical market and may be leaving too soon. And with independent brokerages facing increased pressure due to technology and operating costs, Valdes believes that consolidation will continue.
On the other hand, there’s an immense opportunity with AI, which Valdes views not as a threat but as a gift that gives agents “time back” by making everyday tasks more efficient.
Most importantly, he reveals the one thing agents can do to win in today’s chaotic market: Turn off the noise, and focus on what truly matters.
Real Estate Insiders Unfiltered is now exclusively on Inman. Tune in for agent- and team-focused content on Mondays and leadership interviews on Wednesdays each week. Listen on Apple or Spotify.
James Dwiggins is the Co-CEO of NextHome, Inc. and co-host of Real Estate Insiders Unfiltered.
Keith Robinson is the Co-CEO of NextHome, Inc. and co-host of Real Estate Insiders Unfiltered.
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