Adaptability Helps This Broker Succeed in Any Cycle

Edward Schmidt didn’t set out to launch a commercial real estate career—but he’s been wildly successful through the ups and downs.

MIAMI—Edward Schmidt didn’t set out to launch a commercial real estate career—but he’s been wildly successful through the ups and downs. He specializes in distressed assets, investment sales and office properties and has been recognized as a 2016 CoStar Power Broker for retail leasing. GlobeSt.com caught up with Schmidt, co-chairman of NAI Miami to explore his journey and some of the lessons he learned along the way in this exclusive interview. GlobeSt.com: How did you get your start in commercial real estate? Schmidt: Growing up, many of my friends’ families were involved and extremely successful in commercial real estate . This sparked my interest and as a finance major at the University of Miami, I took a real estate investment class which set me on the track of a commercial real estate broker and investor. GlobeSt.com: What have been some of the key turning points in your career? Schmidt: In 2002, our firm moved from a local South Florida based firm called Larkin Schmidt Commercial, to a global commercial real estate firm called NAI Miami. This gave us the opportunity to ask the question… “Where can we help you next?” Through my affiliation with NAI Miami, I was able to leverage our many offices throughout the world into more national and international relationships, creating more transactions and deals. Also, becoming a CCIM—Certified Commercial Investment Manager—was a key turning point. CCIM gave me the tools to enhance my understanding of investing and analyzing commercial property. As my practice became more geared to investment sales, the additional knowledge helped my clients better understand investing. GlobeSt.com: What was the biggest challenge you’ve had to navigate in the commercial real estate industry? Schmidt: The real estate business is very cyclical. It requires good planning and forward looking. I started in the business during the savings and loan crisis.  This taught me how to adapt to different situations and changes in the economy. I adapt my practice during each cycle. As an example, during the recession of 2007, my practice changed focus from listing and selling to private investors to handling troubled assets and litigation support for banks and other financial institutions. This has now moved back to the private investors and owners. Read the profile of an Orlando broker who learned to adapt to cycles. Click here .