Steven Weinstock talks market predictions and what he would’ve done with $1.6B if he had won the Powerball jackpot

Steven Weinstock, first vice president and regional manager at Marcus & Millichap, was always meant to be in the sales business. It all started when he was a child and opened his own store. Even when he first started in the industry– despite some challenges–he remained adamant, and this persistence led him to be one of the top in his company just after his first year.

These days he continues to be strongly invested in the current market conditions and will even be bringing his many years of industry knowledge and practice to the 14th Annual Real Estate Forecast Conference. But before the event takes place Wednesday, Jan. 20, we caught up with Weinstock to get his thoughts on this year’s market predictions and we even got the details on what he would do if he’d won the $1.6B jackpot.

Illinois Real Estate Journal: Tell us about your role as first vice president/regional manager at Marcus & Millichap:

Steven Weinstock: I am responsible for the Chicago Oak Brook office with over 30 investment real estate professionals. I recruit new agents, provide ongoing training and coaching, attend client meetings with agents and much more. You might say I’m their veteran business partner, willing to help them in any way possible to succeed.

IREJ: What’s your favorite memory since you’ve been in the business?

Weinstock: 12 months into the business, I hadn’t made any money as an office leasing agent in Southfield, MI. I was called into the Broker’s office along with Bill, another rookie. Despite both of us having advanced degrees, we weren’t making any money.  He gave us two choices. Either A) we followed his directions which involved leaving the office at 9:00 AM, cold knocking to convince tenants to look at our listing but we were not allowed back until 4:00 PM, only to do paperwork or B) he handed us each a bankers box and suggested we pack up and leave.  Needless to say, we both took A and within 6 months were #1 and #2 producers in the office.  It taught me how the basics are the very backbone of our business.

IREJ: What will you be discussing at the forecast conference?

Weinstock: The level of activity in investment real estate continues to be strong in apartments, office buildings, shopping centers, self-storage, etc.

IREJ: How do you feel about the 2016 CRE market?

Weinstock: It’s going to be another strong year despite interest rates rising. Those owners that haven’t taken action will wonder when will the aggressive market end and will seriously consider their options.  Buyers will realize the low interest rate environment isn’t going to last and it’s time to take advantage of leverage and push to get the deal they might have walked away from in 2015.

IREJ: What do you do for fun on your time off?

Weinstock: I enjoy traveling with my wife, cooking for friends, golfing and hiking.

IREJ: If you weren’t in the real estate business, what would you be doing ?

Weinstock: As a child, I ran a candy store out of a friends garage. I guess I was always meant to be in sales!

IREJ: Say you won the recent $1.6 billion lottery. What would you do?

Weinstock: Have a tremendous amount of fun giving away money to worthwhile causes and organizations.

IREJ: What’s No. 1 on your bucket list?

Weinstock: My wife and I have talked about hiking the Andes and Machu Pechu

IREJ: Surprise us. What’s something about yourself we never would’ve guessed?

Weinstock: I get a thrill out of selling ordinary items on eBay.  I’ve sold socks, cedar shoe trees and used golf shoes (not together). I’ve sold a Keuffel & Esser Slide Rule.  I sold my son’s used snowboarding boots to someone in Australia. It was this winter and he paid the shipping!