Economics can be said to be one of the many foundations of society and it has the power to influence many aspects of it, especially considering the great deal of industries that play a part in its development as well as its preservation.
Among those industries, one that is always prevalent is the real estate industry. The reason is very simple: We, human beings, require shelter to protect ourselves and lead comfortable lives, and properties are capable of providing this protection, usually in the form of houses, apartments, commercial structures, and many more examples of properties.
Still, to get into the world of real estate, many things are required. Of course, capital is among the most important assets one needs to have to start the investment adventure, but it is indeed true that knowledge and experience are probably as important, if not more important than capital.
In this article, we want to talk about Norman Ebenstein, a man who managed to amass a considerable amount of knowledge and experience to engage in a fruitful industrial journey that not only accomplished success for himself and his family, but for his community as well as many others.
Introducing Norman Ebenstein to the World
Born in New York City on October 23, 1928, but moving to Worcester anon after that, Norman Ebenstein was the proud son of both Samuel and Jeannette Ebenstein, and thanks to their parents and his own uprising, he not only understood but felt proud of his jewish legacy.
Following the steps of his parents and their many achievements, he understood the importance of education in the matters of personal growth, and decided to pursue his own education while attending Brown University, focusing on the field of economics, and Boston University, where he obtained his degree in law.
He was lucky enough to meet the love of his life, Shirley Gorlick, the person who would become his wife. Throughout his existence, he would become an advocate for education, and the CEO of a very successful company known as Capital Commercial Properties.
Capital Commercial Properties
Capital Commercial Properties, founded by Norman in 1961, is now a real estate property company that has managed to build a rich portfolio in many different areas, succeeding thanks to its unique perspective at handling assets, and a long-term approach into investing focused on the development of properties to provide different services to the community.
Norman was the charismatic CEO of Capital Commercial Properties for over 50 years, and thanks to his knowledge in the area of economics as well as his experience, he managed to provide a distinctive insight on how to manage the business, granting the company a lot of success, which accumulated over the years.
The company itself handled different types of properties, ranging from commercial centers to shopping malls and residential locations. Among the most special locations we can showcase, Eden Center is one of the most appreciated by the community, and it is recognized as the largest commercial center found in the East Coast, focusing on an Asian theme, more specifically speaking, Vietnamese, and you can learn more about it over here, in case you are interested!
To the regret of many, Norman Ebenstein passed away on December 20th, 2016 at 88 years old, passing down his mantle to his son, Douglas Ebenstein, who is now the CEO. As tradition follows, Douglas’ elder and younger daughters are now part of the company, and with each passing day, they focus on developing and improving the company’s success.
The Importance of Knowledge and Experience in the Industry Field
Even after passing away, Norman Ebenstein left something behind that will not disappear even after many years: His wisdom, which comes in the form of both knowledge and experience.
But why are both as important? Well, in the world of investments, risks are always palpable, and there’s always a possibility of losing money with each transaction, regardless of how big the profit is. This can only be fought with two things: The knowledge to understand the value behind an asset, and the experience to actually manage them in a way that is profitable.
For this reason, especially when it comes to real estate, these two things are as important as they can be, and for Capital Commercial Properties, they are definitely two of the many reasons why they have achieved great success over the years.
Considering the Risks
One of the reasons why Norman Ebenstein was successful was because of how he handled risks. Analyzing risks is a pretty important aspect of investing, but when it comes to real estate it becomes difficult to do so because no one can ever expect how the market will evolve over the years.
But Norman and Capital Commercial Properties took this to their advantage, and focused on understanding the risks behind a transaction, while at the same time, questioning the reason why said properties were being sold in the first place.
Thanks to this, they could understand the flaws behind a property, and see if a plan to countermeasure said flaws could eventually lead into a fruitful transaction, which eventually helped the company build a pretty successful portfolio of different transactions involving multiple properties, both commercial and residential.
Buy and Hold
One of the many practices that Capital Commercial Properties takes pride in is their method of buying and holding assets. As shown at https://www.investopedia.com/terms/b/buyandhold.asp, it can be explained as a long-term investment method in which an asset is held, and tuned, for the sake of increasing its value over time until it has achieved its greatest potential.
When it comes to real estate, this practice is fairly common since properties have a chance to increase in value over time because of the nature of society and how humankind requires properties to handle multiple processes, both involving their own survival as well as commercial transactions.
Considering this, Capital Commercial Properties not only analyzes risks, but prioritizes the development of the properties they invest in for the sake of providing a needed service while increasing their profit in the process, something that not a lot of businesses manage to do, mainly because patience is required to achieve it.