Source: Forbes —
It is not uncommon for celebrities and high-profile personalities from the worlds of cinema and sports to lend their name and image to mega commercial and residential projects to market them more effectively. However, the pendulum has swung both ways in the past, and celebrities and real estate brokers have to be cautious when proceeding with this strategy.
According to Augie Schmidt, founder of Commercial Real Estate Academy (CRE Academy), “Celebrity endorsements often have a more significant impact on residential real estate when compared with other forms of marketing. However, with commercial real estate, investors need more incentives to make the decisions because of the volume of investment dollars required. Celebrity endorsements can come in handy, especially if the celebrity is also an investor. However, there are two sides to this coin that brokers and celebrities have to be aware of.”
Augie Schmidt is a research analyst-turned nationally recognized commercial real estate agent. The 28-year-old broker has sold approximately $100,000,000 worth of real estate in his career and recently founded CRE academy, an E-learning company that educates and curates success in commercial real estate. Schmidt is currently ranked 3rd out of 1,600+ Real Estate Advisors nationwide in 2020 and helped lead the number 1 ranked office out of 220+ offices nationwide in 2021.
Jake Gyllenhaal and Jessica Biel’s Manhattan Hotbed; Why The Invest and Endorse Strategy Works
Somewhere in Manhattan sits a converted warehouse at 443 Greenwich in Manhattan’s Tribeca that is notorious for being a hotbed of celebrity activity. After celebrities like Jake Gyllenhaal, Jessica Biel, Justin Timberlake, Blake Lively, Ryan Reynolds, Harry Styles, and Jennifer Lawrence reportedly purchased apartments, the remaining units sold out like wildfire, illustrating the power of celebrity investment.
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