Company/Organization: Elika Real Estate
Topic of Internship
I chose to intern at Elika Real Estate, because for the longest time, I wanted to experience New York City real estate. I first started got into real estate when I was in Florida, and visited one of the properties my uncle was flipping. I enjoyed seeing a gutted house, transformed into a luxurious castle for a king. Unfortunately, I lost interest in real estate after about a month after visiting my uncleís property. But that was when I was a little kid, after I entered my freshman year of high school, my passion for real estate was ignited again by the show, Million Dollar Listing New York. This show reminded me, how much I loved real estate, and how amazing those spiraling skyscrapers of New York were. Everything about real estate, the architecture, design, location and interaction with different people excites me. Coming into my internship, I was expecting to visit luxurious apartments and condominiums by the week. I was hoping to interact with other agents and be prepared to become a licensed realtor by the time I turned 18. Elika Real Estate, was founded by Gea Elika in 2008. Prior to making this leap into real estate, Mr. Elika was heavily involved in the hospitality industry. He had owned multiple cafes and nightclubs and even bought his first restaurant at the young age of 18. Since the beginning of Elika Real Estate, Mr. Elika has been extremely successful in NYC real estate. What especially makes his company stand out is that Elika Real Estate is one of the few prestigious real estate companies that is an only buyers agencies. He helps buyers in New York that donít have real estate knowledge, and he doesnít charge anything. Now although that might be confusing, in New York, the seller pays the commission for real estate agents representing both parties. So in essence, the buyer that Mr. Elika is helping is not paying anything extra for his services, the price is fixed into the property value. Over the years, Mr. Elika has acquired a very prestigious clientele list, which has lead to very large purchases of property and commissions. Another unique aspect about Elika Real Estate is that it is is itís own company. Many small real estate companies usually join a massive real estate agency, such as Douglas and Elliman, and simply become a team within the agency. Mr. Elika however, has refused multiple calls to join such a large agency and is one of a few successful independent real estate companies in New York City. Mr. Elika is his only boss and the sole owner of Elika Real Estate, which employs 4 other agents, not including himself.
Summary of Internship
Because I intern at a small company, there isnít really a department I work in. In general I would say I am my mentors assistant. This department is quite small, it basically only includes me. But due to the fact that my mentor is the owner of the company, I would consider myself as the company assistant. So if any of the other errands need a check to be cashed, and my mentor is already sending me to the bank, then cash their checks. As the company assistant, my department covers a wide variety of fields, from tech support, to inventory stocking. We are very flexible and perform almost any task assigned to us. My department also takes care of making sure that the office looks better organized and business like, so that when potential clients walk in, they see a productive work space with productive people who they know will find them the best available house on the market, for the best price.
As I previously stated, my internship is basically being the assistant of Elika Real Estate company. I donít necessarily have a limit to what I do during internship, however; there are some things that I must do. Every week during internship I must update the accounts of the company. That is basically any company expense that my mentor has, must be updated and recorded into Quickbooks. The second thing that I have to do every week is update the company's property account. My mentor besides being a real estate agent, also manages multiple properties. All of these properties were bought from one of his clients as an investment. Some of these clients live overseas and donít want the headache of having to deal with renters from thousands of miles away. So, my mentor offers his services as managing the properties and making sure that the renters pay their rent on time and in full amount. I update all of the expenses that these accounts could have. These expenses range from, cleaning expenses, association fees, electric bills, etc. the list goes on and on.
I would say that I both actively participate in my mentors activities and also stay in the shadows a bit. A perfect example of this balance occurred recently actually. My mentor had a client from London coming in last week who wanted to buy an investment property. The property prices were ranged anywhere from three to five million dollars, with most of the properties being on the upper end of the spectrum. My mentor gave me the opportunity go with him and experience the true life of New York City real estate agent. In this way, by being given the opportunity to go with my mentor I was actively being engaged in his activities. However, because this was my first time going, and it was a very prestigious client, my mentor wanted me to hang back more, and do more observing than any actual involvement.
During the course of my internship, there were many old skills that I applied and many new skills that I aquired. I would say one of the most important skills that I carried over with me into internship, is my ability to type at a decent speed. This allows me to effectively and quickly type up material for my mentor, and then move on to whatever the next matter at hand is. One of the many new skills I acquired at internship, is the ability to find financial and accounting mistakes. During the month of February and January, we were going through every account to make sure that they were all up to date and to make sure that all the numbers matched the bank statements.
Back to full listing.