This veteran real estate broker with a background in law and luxury is growing The Agency’s brand in Massachusetts.
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Hailing from a family of real estate professionals, including father, Vince, and twin brother, Aubrey, who works in commercial real estate, Michael Cannuscio took an unorthodox path to real estate, including stints in corporate law, real estate investing and development.
Over the course of his career, Cannuscio has mentored hundreds of agents, guiding them through growing their businesses and helping them learn to navigate transactions to a successful conclusion. “This experience allows me to strategically guide and support my associates in developing successful real estate businesses,” he said.
Find out how this veteran of RE/MAX and Sotheby’s International Real Estate is growing The Agency’s brand in Massachusetts.
Name: Michael Cannuscio
Title: Managing partner
Experience: 23 years
Location: Marblehead, Massachusetts
Brokerage name: The Agency Marblehead
Team size: 10
How did you get your start in real estate?
I grew up around real estate. My dad, Vince, was a “kitchen broker” on Long Island, New York, doing deals on the phone (rotary phone) from our house. He had no colleagues. Just himself solo.
I would listen to him negotiate over the phone and go to visit properties with him when I was a kid. He was also a builder of small single-family homes and an appraiser. Some of my favorite memories were going to construction sites with him and being able to clean up sites and paint the interiors.
I thought about becoming a real estate agent directly out of college but took a path to law school and a legal career before starting my first brokerage.
How did you choose your brokerage?
I chose The Agency because I gravitate towards more entrepreneurial organizations and ventures and respect those who are unafraid to disrupt industries. I’ve watched the amazing work Mauricio Umansky and his colleagues have done over the past decade growing the brand and network of partner offices around the world and knew I wanted to be part of it.
What’s something you know now that you wish you knew when you started?
Before entering this industry, I viewed other real estate professionals solely as competitors. I did not realize the importance of building relationships with my fellow colleagues and the need to work together to cooperate and navigate hurdles in transactions to bring both parties to the finish line of a transaction.
Tell us about a high point in your brokerage career
Six years ago, my business partners and I merged our Sotheby’s affiliate with a local independent brokerage. The two brokerages were similar in size both in terms of agent count and sales volume. The two organizations, however, were vastly different in terms of culture and how both were operated.
While the initial transition post-merger was a little bumpy, my five partners and I were able to navigate the challenges to create a new thriving company that became the number one brokerage in two of the primary markets we served.
Tell us about an epic fail you’ve experienced since you’ve been a broker
When I was a newly minted broker 20+ years ago, I was offered the opportunity to list a very unique, in terms of architectural style, home for a friend who was flipping a property. I knew that the property was potentially overpriced but was so excited to market the home.
I thought that I had achieved success just by gaining this luxury listing. I spent thousands of dollars placing ads in local newspapers and magazines to market this home, but I never sold it. The listing expired and another broker took over the listing and ultimately sold it for a much lower price than my initial list price.
From this experience, I learned the importance of pricing properties correctly, setting reasonable expectations for clients and being direct with clients about the need to reduce a list price when the market provides the feedback.