Each year, Midwest Real Estate News inducts a new class in its Commercial Real Estate Hall of Fame. This week we take a look at recent inductee Joseph Banyai, vice president and principal with Signature Associates in Southfield, Michigan.
For more than 30 years, Joseph Banyai, vice president and principal at Southfield, Michigan-based Signature Associates, has been closing big CRE deals in the Detroit area. Banyai’s been so busy, he ranks as one of the top-producing CRE pros in this region.
Banyai doesn’t rely on any secret formula for his success. He’s persistent. And this has been a big help to him through his real estate career of 32 years.
“The ability to get up again and again after being knocked down and never ever thinking of quitting is key,” Banyai said. “There is quite a bit of trial-and-error in learning the sales process. You need to constantly improve your knowledge, skills, attitude and habits if you want to grow in this business.”
Working hard helps, too. Banyai says it takes hours of hard work and determination to close CRE deals on a consistent basis. This means taking the time to study a market so thoroughly, that no other broker will know more about it than you.
Another factor? Specialization. Banyai has concentrated his efforts on industrial and hi-tech brokerage. That has helped him succeed because he doesn’t dilute his efforts by trying to be an expert in all things commercial real estate.
“I am the local expert and have never quit learning new trends and ideas that effect my market,” he said.
When not closing deals across the Detroit region, Banyai focuses on a diverse array of hobbies. He enjoys spending time with his family, reading, taking long walks and practicing martial arts. (He holds a black belt in karate!) Banyai also dabbles in growing Bonsai trees and practicing Kriya yoga.
Despite the long hours and hard work, Banyai said that there is no other career he’d rather tackle.
“When your clients and partners become your close friends, it becomes like working in a family business,” Banyai said. “It’s rewarding watching your clients become successful industry leaders and feeling like you have become a valuable member of their team.”