Episode Transcript
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Narrator (00:01):
Welcome to The Norris
Group real estate podcast, a
show committed to bringing youinsights from thought leaders
shaping the real estateindustry. In each episode, we'll
dive into conversations withindustry experts and local
insiders, all aimed at helpingyou thrive in an ever-changing
real estate market. continuingthe legacy that Bruce Norris
(00:24):
created, sharing valuableknowledge, and empowering you on
your real estate journey.
Whether you're a seasoned pro ora newcomer, this is your go-to
source for insider tips, markettrends and success strategies.
Here's your host, Craig Evans.
Joey Romero (00:43):
The Norris Group is
proud to present our 18th annual
gala. I Survived Real Estate atThe Nixon Presidential Library
on Friday, September 12. Since2008, our event has raised well
over a million dollars. Thisyear, we'll be raising funds
again from Make-A-Wish OC andIE. Individual Tickets are
available now. To get yourtickets, go to
(01:04):
isurviverealestate.com click thelink here in the card. We would
like to thank the followingplatinum sponsors, uDirectIRA
Services, The San Diego CreativeInvestors Association,
DouglasBrooke Homes, MVTProductions, Realty411, and DBL
Capital. Hello everyone, andwelcome to the show. Today, we
(01:27):
got a special guest who's deeplyembedded in Riverside's real
estate landscape, Brent Lee,managing broker and owner of
tower agency, formerlyWindermere Tower Properties.
Brent isn't just an agent. He'sa longtime community leader with
decades rooted in Riverside, asolid academic background and a
passion for empowering both realestate agents and homeowners.
(01:48):
Today, we'll explore why Brentand his team rebranded to Tower
Agency, and what it means forRiverside right now. ]With
rising rates, shifting buyerbehavior and a need for trusted
guidance, Brent offers an on theground perspective of market
trends, community building andthe future of real estate here.
Whether you're looking to buy,sell, invest or just stay
informed, today's conversationoffers real insight from someone
(02:10):
shaping the industry and theneighborhoods they serve. All
right, so let's get to it,Brent, thank you. First of all,
thank you for being on with us.
Brent Lee (02:15):
Thanks for having me.
Joey Romero (02:16):
Awesome. So now
you're lifelong you know, were
you born in Riverside, or justgrew up in Riverside?
Brent Lee (02:25):
Officially, I was
born in Whittier, but my family
moved here when I was three.
Joey Romero (02:29):
Okay, so.
Brent Lee (02:29):
So, you know, if you
ask if I'm a riverside native,
Joey Romero (02:29):
So you're not born
and raised. You just raised.
no, I'm not a native.
Brent Lee (02:36):
Just raised.
Joey Romero (02:36):
All right, well,
what were you gonna be when you
when you were growing up earlyon, like, what was like, I know,
I know I was just going to playbaseball for the Dodgers, but
like, what were you going to do?
Brent Lee (02:47):
Well, what they
realized? Like, well, you got a
lot closer than I do, but youknow, Maddie Johnson was my hero
growing up. I always wanted toplay for the Lakers, but I
realized my skill set and myheight when my athleticism did
not align with that goal. Soafter that, was crushed. I
wanted to be a dentist like mydad.
Joey Romero (03:08):
Okay.
Brent Lee (03:10):
But once I started
taking some of those higher
level science classes, probablyalso wasn't my career path, but
so I really didn't know, youknow, I graduated from college,
I wasn't sure exactly what I wasgoing to do.
Joey Romero (03:30):
That was gonna lead
to my next question, so who was
your biggest influence growingup? You know, because you have a
brother, sister, mom and dad,you know, who was your big you
would just say your biggestinfluences. I think you kind of
gave us a hint there.
Brent Lee (03:35):
Yeah. I mean, I
think, yeah, I was close with my
family growing up, still them.
So I think probably my firstmentor that I can think of
growing up with my grandpa on mydad's side. He was an educator,
hard worker, nice guy, reallybig on relationships. He always
cared about what I was doing,what I was into. Want to learn
(03:57):
more about that. So I alwayswanted to be like my grandpa
growing up, but then too myparents were set a good example.
They were big in supporting thecommunity and hard work and
giving back. So I was lucky tohave lots of family mentors
growing up that wanted to makethe community better. So it was
(04:17):
easy to follow in that lead forme.
Joey Romero (04:22):
Where did where did
you actually go to college? And
what did you well, how did thatchange? Like, what were you
going to be coming out ofcollege?
Brent Lee (04:31):
So well in college,
and once I realized I wasn't
going to go into any medical orscience related thing, I thought
I actually wanted to go into themilitary, maybe work in the
Defense Department,intelligence, something like
that. So I majored in economics.
Also majored in internationalrelations. 911 happened in my
(04:52):
junior year in college. So thatwas kind of a really reflection
quite for me on who I was andwhat I wanted to do. But then
after, after I graduated, I metwith the Navy. I quickly learned
that my life would belong to thegovernment and that I didn't
have a lot of say in thedirection in which I wanted to
(05:15):
go. I remember sitting down witha naval the creator for offer of
candidate school. And I called,I wanted to go and do
intelligence, but he looked atmy bio and kind of looked at my
skill set and like, 'Yeah, Ithink you'd be really good at
supply chain'. And I thought,'Supply chain?' Like, 'No, no, I
(05:37):
want to or do intelligence'.
He's like, 'Yeah, I think supplychain would be really good
opportunity for you'. I waslike, 'No, I really want to do
intelligence. Like, then he kindof, like, stopped, like, 'Son,
when you joined the Navy'. I'mkind of paraphrasing, like, 'we
pretty much tell you what you'vegot to do'. So that was a good
reminder for me, that maybe alsothe Navy wasn't a good career
path for me. So opportunityopened up. My mom owned a real
(06:02):
estate company. I had my realestate license. That was kind of
part of being the lead growingup. Once you turn the team, you
have to take your real estatetest whether you wanted to be in
real estate or not. So I hadthat. My mom had a opening in
her property managementdivision. She needed some help.
Really didn't want to do it, butneeded a job, and it's like, oh,
(06:23):
only a year. I can do anythingfor a year. So yeah, 20 years
later, 22 years later, stillhere, yes.
Joey Romero (06:34):
Yeah, that's how I
was going to say. How did you
get back into it? But now as youstarted to work, and you had
that background of giving backand being a leader, and as you
became more of a leader in thecommunity and business, can you
tell the audience who BobStockton was and what his
mentorship meant to you?
Brent Lee (06:55):
Yeah, so I mean, Bob
was like a community giant. He
looked smaller in stature. Ithink he made a weight all of
120 pounds. But man, he was justbigger than life. He was an
engineer by trade, but that'sjust what he did. That's not who
he was. He really cared aboutfitness, like taking care of
(07:20):
yourself. He cared about otherpeople taking care of
themselves, and then also makingsure that you get back to the
community. So he really investedin his health, and he really
invested in Riverside. Peoplelooked up to him across the city
(07:40):
to get his opinion on things buta future in Riverside and one
forest look like, and how wewere going to get there. So not
only did he have the vision,which, you know, I think, is a
rare trait, but he also had theknow how to make that vision a
reality. So I really connectedwith him back in 2012 I would
(08:01):
say, you know, I was entering myearly 30s. I just had my first
kid. I was struggling kind ofwith my own health. And, you
know, always, I was reallyblessed on good metabolism. I
was kind of always a skinny, fitguy. But once I turned 30, that
wasn't always the case, and soBob really encouraged me to
(08:24):
like, make make it fun. Makehealth fun. Losing sticks with
me that I remember, once youhave fitness, you got to keep it
up, because it's really hardonce you get out of shape to get
back into shape. So just havingthat consistency with everything
you did, whether it was yourhealth, your business, your
plan, into the community, I kindof carried forth that practice
(08:47):
like he did. So really blessedto know him for the time I did,
and he really just kind ofchanged how I thought about my
community. I thought about myfamily, and I'm thought about
myself.
Joey Romero (08:59):
I kind of saw him
as somebody who was super
connected in places that we allwanted to be when we were, you
know, kind of coming up throughthe ranks, right? And he wasn't
afraid to connect people likeyourself with, you know, all of
his network, right?
Brent Lee (09:16):
Oh, yeah, yeah. I
mean, he was one like, as you
recall, when we were startingpit group. You know that group
started because we wanted to sitat the table and we felt like
there wasn't room at the tablefor us at the time, but he was
someone that would always makeroom for you at his table, and
if he had access to a table thatwe didn't have access to, he
would make room for you too. Sohe was one of the big supporters
(09:39):
of us starting that the biggroup of young professionals and
making sure that the youngerprofessionals in Tower were
welcomed at whether it wasboards, commission, Chamber of
Commerce, he wanted to make surethat young people have a voice
and that we had, they had theirperspective at the table as
well.
Joey Romero (09:58):
So a of lot of
stuff we're going to talk about
is culture in you know whatmakes you who you are? So how
would you describe the cultureat Tower Agency?
Brent Lee (10:12):
You know, It's hard
to kind of summarize in a short,
short way, but I'll do my best.
I think it's really aboutcollaboration, right? We're in a
competitive industry, we'resales people, we're commission
based income, but I thinkthere's still room to be that
(10:32):
and also be collaborative. Icome from a mindset of abundancy
rather than scarcity, especiallyin a town like Riverside, where
there's 300,000 people just inthe city of Riverside, or 3
million people in the in anempire, there's plenty of real
estate transactions for anybodythat wants that. So I think in
(10:55):
our office, we try to keep thatabundance mindset at the
forefront, and try to workcollaboratively. So my success,
my agent success, my agentsuccess, is only success. So if
we keep that in mind and worryabout competing against other
brokerages, other thanourselves, I think that kind of
(11:18):
sets the standard for thatculture, and then also realizing
that real estate is more aboutjust transactions, right? It's
about relationships. And I thinkpeople want to work with others
who are like them, so we reallyencourage agents to try to be
places where they're going tomeet people and interact with
(11:40):
people that they want to hangout with and they want to do
business with. And I think ifyou do that, you'll be able to
build great relationships andlifelong clients. We all know
that the cost of acquiring aclient is very expensive.
Keeping a client is a biggervalue. So I think that
collaborative mindset, buildingon relationships and then
(12:04):
realizing we're really lucky tobe able to do what we do. And
for those of us that aresuccessful, we should be giving
back and that doesn't justnecessarily mean money, but it
can, but it means giving backyour turn, right? So my agents
that are involved with their goto church are involved in
(12:25):
church. I say, hey, that couldbe a place to start. You know,
get involved with your church.
Get involved with your churchcommunity.
Joey Romero (12:31):
Yeah, and I'll talk
a little bit more about that
too. As we go through here now,you started by working with your
mom, but you've been running theshow there for a while now. Why
was this the right time? Becauseyou just did a rebrand. So why
was this the right time torebrand from Windermere Tower,
(12:53):
and what does that shift meanfor the city of Riverside and
Brent Lee (12:57):
Yeah, so I think we
always joke at our office. I
area?
mean, my mom started thiscompany in 1989 her and I
partnered together in 2012 andwe always thought of ourselves
as small business, we are asmall business, but we're a 30
year old startup, right? We'vebeen around for 30 years. We
(13:17):
have that history. We have beenon this, we've been in the same
location, but we try to staywith all the small business, to
try to keep up with the trendsthat kind of stay ahead of where
the budget is going. So that'sbeginning of this year. Well,
kind of a little last yearbefore that, we kind of saw the
market shifting, and the need tocreate more of an agent centric
(13:41):
model, what we were a franchisemodel before. So we wanted our
agents to be the brand. Ofcourse, we wanted to come
alongside them, because we thinkwe could add value that way. But
we thought just the way themarket was headed and to be
competitive into soft andrecruit the best agents in our
industry, we had to change theway we did business. So we
(14:05):
wanted to keep with who we were,what we've always been with
Tower, but rebrand ourselves,get away from the franchise,
save some costs there, andreally let the agents be at the
forefront of what they do andwho they do business with. So we
did that in January, and it havebeen a big success. We didn't
(14:28):
lose any agents. In fact, we'vegrown by about 20 agents in the
last 12 months. We're reallywe're really glad for the agents
that we have, and they boughtinto this kind of direction we
were headed. So we're reallylucky, I think, to do what we do
and really do it ways.
Joey Romero (14:46):
I was kind of
joking to myself that I'm going
to need to I'm at the charge yousome marketing fees for you
know, I walk twice a day, twoand a half miles, and I like my
hat's starting to look likeKershaw's hat. With all the
sweat stains on on the Tower.
But anyways, so growing up inRiverside, you just talked about
(15:07):
how, you know, your grandfatherwas a huge influence, and he was
an educator. Your wife's familyis heavy into education. So you
yourself, you serve on theRiverside Unified School Board
now, and you've done that for awhile. How does those, how do
those roots come into play onhow you actually deal with your
(15:28):
agents and how you run yourbusiness?
Brent Lee (15:34):
I mean, I hope it
sets an example for them that
you know, even the busiestpeople can still give back in
the way that fills their cup. SoI think the fact that I'm able
to, you know, help clients buyand sell real estate, I'm able
to help feed my agents at myoffice so that they can serve
(15:55):
their clients, so I can managethose two hats and still be able
to serve my community, I'mpassionate about public
education, so I think that kindof starts at the top. If you
don't, you can talk about givingback, but if you don't do it,
it's hard to kind of expect thatfrom others that you work with.
(16:16):
So I hope that it kind of justsets the standard for what we
are about in at power that,yeah, we're obviously want to be
the best of what we do, helpingpeople in there with their real
estate needs, but we can doother things too, kind of like
(16:40):
what we talked about with Bobright, real estate's what we do,
but it's not exactly who we are.
So it's important to do both.
Joey Romero (16:41):
So I'm going to
talk about the market a little
bit now, you've had some, somereally so your agents in your
office has had some greatsuccess. I see some of the
numbers that you guys put out onsocial media now. How are you
seeing buyers right now, and howare they acting differently than
they did a year ago?
Brent Lee (16:57):
Well, I mean, I think
the, there's just been a lot of
uncertainty in the market. Thestock market, real estate
market, typically doesn't likeuncertainty, and I think when
there's that uncertainty, peopleare hesitant to make big
decisions. And for mostconsumers, when they buy a house
or sell a house, a big decisionlikely the biggest, at least
(17:19):
economic decision they're goingto make in their life. So over
the last year, because of thatuncertainty, we haven't had
really predictable results inthe market. We've been lucky
down here in Southern Californiathat for the most part, the
market has remained, you know,fairly stable. We haven't seen
prices really go down. There'spockets. I'm sure you can find
(17:40):
that half, overall the markethas really kind of remained
stable into freight have made.
Joey Romero (17:51):
Yeah, how are they
affecting especially, you know,
people who are trying to getinto the market, you know, the
barrier to entry in Californiaas a whole is high, and now,
with the interest rates beingwhat they are. You know, how
does that affect them?
Brent Lee (18:03):
Yeah, I mean, it's an
affordability issue, right? The
cost of homes has not kept pacethat the income people are
warming so while Californiawealth, they have always been
high. It's never been higher.
And over the last two years, forinterest rates that continue to
come, not to historic highs,but, you know, bubbled or
(18:24):
tripled what they were back in,2020, 2021, so while some
families could justify kind ofspending their budget a little
bit because money was so cheap,almost three now, that is not
the case with interest ratesover 6% down. The average house
be mobile 600,000 I mean, you'retalking about entry level
buyers. It's not a lot of downpayment. Looking at a four or
(18:46):
$5,000 will help.
Joey Romero (18:49):
Yeah, I just saw...
Brent Lee (18:51):
It's just not, not
realistic for a lot of people
in...
Joey Romero (18:56):
Well, I just saw
that. I think it was realtor.com
put out, you know, what you needto afford a house in every
state, and I think Californiawas $197,000.
Brent Lee (19:07):
Yeah, that's banana,
Joey Romero (19:11):
Yeah. So are there
any parts of the IE, is there
any parts of Riverside, in areasthat you work with that are
hotter than others? And is thereany like, hidden gems that,
like, you know, what? Like, he'sher, like, not a lot of people
are talking about these places,but it's great for families.
It's, you know, great forvalues. And, you know, is there?
(19:31):
What are you seeing out there?
Brent Lee (19:33):
Yeah, I mean, I think
there's a lot of places like
that in the Inland Empire thatmaybe don't get the light that
they should. You know, I thinkRiverside still has a high
ceiling in terms of growth.
There's a lot of great thingshappening in the city,
especially on the north end, onthe north side of the city, lot
(19:53):
of change.
Joey Romero (19:56):
Yeah. How's that
going to impact values out
Brent Lee (19:58):
out there, including,
like, an adventure park, which
there?
is going to have professionalgradient looking through that,
yeah, special soccer stadium.
So, I mean, that could reallychange the trajectory of that
community, you know, that hasbeen always an underpriced, more
(20:18):
affordable, part of the city,kind of rule. But those two
projects alone could reallychange what's going on, kind of
like what you've seen in theSpring Mountain Ranch and East
side of Riverside, kind of byGrand Terrace, where that whole
mountain has become a hugecommunity now. Well, there's
also another any kind of a citygem.
Joey Romero (20:41):
Yeah, that was all
warehouses back there before,
right?
Brent Lee (20:43):
Yeah. I mean, you
got, you got nice views, you
close to the freeway, get themountains right there. I think
that's still a great place thatwe could see the market continue
to go up and downtown. I thinkdowntown, I mean, there's some
great, great neighborhoods inthe downtown, Riverside area
during walkable to be able toget to all the downtown life has
(21:06):
to offer, trying to see moredensity come there. But
apartments, luxury apartments, Ithink it's only a matter of
time. Well, hopefully we'll seesome condos that people can
actually purchase and live indowntown. I think with our aging
community, that's a good optionfor people who are wanting to
have a more walkable life, getout of their big house or their
(21:27):
big yard and have something thatthey can still own, can call
their own, but not have all theresponsibility of...
Joey Romero (21:35):
There was a huge
push for things to do there,
right for a long time, and itseems like, you know, with
restaurants and things likethat, but now it's almost like
they're really leaning into thearts and culture, right? That's
like, we're, where do you seethat that going in the next few
years?
Brent Lee (21:53):
Yeah, I mean, I hope,
I hope the city keeps going in
that direction. I'm excited withall the growth and development
and restaurants and bars andstuff that are happening recite
my life, but I felt like we'vebeen pretty heavy on that, and
we're missing out onopportunities for families.
Definitely, after hours, findout a place won't take your
(22:14):
family in Downtown Riversidebecause they got a lot to do.
But I think if we lean in moreto the origin culture scene to
attract in families to comedowntown. I think we'll get a
more balanced community.
Obviously, the Teach actuallychanged how downtown operates.
Get a lot of people from out oftown coming to check out the
center file art I teach, that'sa big piece. The city has
(22:39):
finally funded the RiversideMuseum, which we can make it for
10 years. So hopefully that willbe an opportunity for families
to come downtown and learn aboutRiverside history, culture, the
upper Harada House that they'remaking an investment in, which I
think, I mean, it is a historiclandmark, but it's not one that
typically go inside at thistime, but I can put the
(23:02):
investment there, worrying aboutour culture and our history.
Yeah, Riverside families thatchanged the way that the United
States operate, doing more ofthat going across younger
families, which is, I think it'sgood for the community.
Joey Romero (23:20):
Now, there's a
difference between knowing
what's coming up and actuallybeing involved in a lot of it,
right? So would you say thatthat's where maybe some of you
and your agents have anadvantage. They're not just
like, oh, like, I'm kind of onthe know what's coming up.
They're actually involved. Like,for example, you, you're part of
the Aaron Norris Creative Fund.
We're like, we're actuallycontributing to the arts in
Riverside.
Brent Lee (23:42):
Right. So the part of
that arts and culture movement
in Downtown Riverside was kindof a beautification movement.
And so there's a mural projectthat's been started throughout
the city, but really with anemphasis downtown. So there's
dozens of beautiful muralscreated by local artists
(24:03):
downtown, and as you, as weshared Aaron Norris Creative
Fund stepped up and wanted tohonor the legacy of Aaron and
what he did for the communityand be part of that movement
while honoring your legacy. Sothis week, we'll be able to
(24:25):
share that mural at Arts walkand contribute to the arts and
culture movement downtown, atthe same time honoring our
friend here.
Joey Romero (24:35):
Yeah, Aaron was a
dear friend, a brother of ours.
And what's your, I'm gonna putyou on the spot. What's your
favorite Aaron Norris Story?
Brent Lee (24:44):
I think I have two.
One short and kind of funny, andthen the other one, I mean, more
meaningful. But the funny oneis, I like wine. Wine's kind of
my thing. Aaron Norris was not awine guy. Wasn't really an
alcohol guy at all, actually.
But one day was, he knew I wasinto wine, so he said, 'Oh, I
got a wine story for you'. Iused to work at Coco, the Marie
(25:06):
calendar. Think it was Coco andcustomers that he was waiting on
in that customer, he asked him,'Well, what type of wine do you
have?' And Aaron being the guy,nothing about wine red, pink or
white. That was, that wasSuzanne that always given me,
because I can picture in mybrain the interaction happening
(25:26):
at the table and Aaron laughingat it afterwards. I think the
other story that really sticksout in my mind was I got
reconnected with Aaron throughthe pit group, and so we got to
We did. He was alittle bit older than me, so we
do a lot of cool thingstogether.
didn't really know each othersuper well at Poly, but through
(25:48):
the pit group, we wanted toreconnect, and he was obviously
doing a lot. He was working foreveryone, like for a family. We
both were working on a paper,we're both doing things for the
community. And I was gettingspread pretty thin. I felt like
I wasn't being super effectivein anything that I was doing. I
was just on a board, not reallypulling up my streets, getting
(26:09):
work done. And I was talking toAaron about that, and he was
telling, Aaron was a doer, asyou know, Aaron not only a doer.
He kind of whatever boardCommissioner, the leader,
getting things done, and thatwas really important to him. And
if you were on a board with himand weren't getting things done,
(26:29):
he would let you know. Soanyways, we're having this
conversation one day, and he'slike, 'Brent, you do too much
because you do too much. Youdon't do enough. He's like, You
need to learn how to say no'.
Hard hard to say no, right?
These are, like, my friends,these are people I look up to,
mentors, community leaders. Whenthey ask me, I feel like I gotta
say yes. He's like, Why do youhave to say yes? If you're not
(26:51):
going to do anything, you'retaking the the place of someone
else who might do something. SoAaron really was the first
person to teach me that lessonit kind of gave me permission,
that it was okay to say no.
Doesn't mean you're going to beinvolved, but just really be
effective on whatever you cansee say yes to and that you were
going to make a difference. Sothat always stuck with me, so
(27:14):
I've always followed thatadvice. And when given the
opportunity to talk to otheryoung people, or people that are
just getting more involved inthe community, kind of sharing
that advice.
Joey Romero (27:27):
Yeah, there's too
many stories for me to pick one
out.
Brent Lee (27:31):
I bet.
Joey Romero (27:31):
Yeah, it was the
blessing of my career to be able
to work with him, you know, sideby side, and do all the things
that we did. Thanks everyonethat's going to do it for this
week's show. Be sure to tune innext week Part two. Don't forget
to visit isurvivedrealestate.comfor tickets to the event on
Friday, September 12. The NorrisGroup would like to thank the
following Gold sponsors,Keystone CPA, The Inland Valleys
(27:54):
Association of Realtors,Pasadena FIBI, The North San
Diego Real Estate InvestorsAssociation, LA south REIA,
NorCal REIA, The Wizard of theWobbly Box, Andy Teasley,
Shepherd's Finance, The ThompsonGroup, PropertyRadar and White
House Catering. The dinner wineis provided with a generous
(28:15):
contribution by Rick and LeanneRossiter. Hope see you all
there.
Narrator (28:19):
For more information
on hard money loans, trust deed
investing, and upcoming eventswith The Norris group. Check out
thenorrisgroup.com. For moreinformation on passive investing
through the DBL Capital RealEstate Investment Fund, please
visit dblapital.com.
Joey Romero (28:39):
The Norris Group
originates and services loans in
California and Florida underCalifornia DRE license 01219911.
Florida mortgage lender license1577 and NMLS license 1623669.
For more information on hardmoney lending go to
thenorrisgroup.com and click thehard money tab.