Peter Cagnassola, CRS, shares how his journey as a volunteer firefighter helped shape him as a leader in real estate
In the ever-evolving world of real estate, success stories often come from those who change and adapt to the shifting market dynamics. Peter Cagnassola, CRS, broker/owner of Bedminster Hills Realty, Inc. in Pluckemin, New Jersey, has been involved in the real estate industry since 1983, earning his CRS designation in 2000. Fresh out of college, he joined a new home builder and, over the course of a dozen years, honed his skills in new home sales. His transition to the resale market was driven by the changing dynamics of the industry, where resales took precedence over new home sales. Positioning himself as a specialist allowed him to build a boutique office that has now expanded its reach to nine different counties in New Jersey.
Cagnassola’s leadership journey doesn’t end in the real estate world. He’s also an experienced volunteer firefighter for over 40 years where he acted as chief of his department. His most noble contribution was being one of the first responders at ground zero on September 11th, 2001. “The satisfaction that you get knowing you helped somebody and made a difference is pretty powerful,” says Cagnassola about his role in the fire service. “Sometimes you don’t get the outcomes that you hope for and it’s tough, but it makes problems at work look easy.” He draws parallels between firefighting and real estate, as these roles require him to help those in his community. The lessons learned from both worlds have also been transferable in the way he leads his team.
Assess the scene
For Cagnassola, firefighting taught him the importance of staying calm under pressure and making informed decisions, a quality that resonates with his approach to real estate transactions. “The one thing I always say is don’t panic,” says Cagnassola. “You panic as a firefighter, and somebody gets hurt. You panic in real estate, you can make a sale tougher, or you lose a sale.”
Not only is keeping a level-head integral in both positions, it’s also important to know how and when to act. As the former chief of his fire department, he was often the first one on the scene. It was up to him to assess the right line of action. “Maybe there’s a building you can’t save. If you spent your time and energy trying to save that building, you’re going to lose the two neighboring buildings,” explains Cagnassola. “Sometimes you’ve got to write off that building and start protecting your exposures. Same thing in real estate. You don’t want all the listings; you just want all the good ones.”
Adapt to change
Cagnassola estimates that 90%–95% of his business is made up of new clients. Although he does work with buyers occasionally, he builds his career working with sellers. He explains that “when you control the inventory, the buyers will seek you out,” adding how sellers will become his future buyers and the time spent acquiring one buyer, he could receive 10 listings. For him, it’s all about working efficiently and doing what’s best for your market. This includes adapting to change.
During the pandemic, Cagnassola saw a surge of homebuyers moving to his market in New Jersey. For many agents, it was impossible for them to keep a home on the market for long. Back in the day a listing that was on the market for two months was considered brand-new, “Now if its on [the market] for more than two weeks, you’re the brown banana,” says Cagnassola. “And that’s the dialogue you have to have with sellers. Everything in our business is perception. It’s ‘What does the buyer think at this time?’ and their thinking has changed.”
To appeal to current buyers, Cagnassola says that pricing a house correctly is more important than ever before. “You have to get the seller to position the house properly. Pricing reductions in this market are fatal.” His advice on pricing is to make sure you’re communicating with your sellers exactly what their expectations are. If their home is worth $500,000, then he recommends pricing the listing to attract buyers whose budgets are $450,000–$475,000. “They’ll spend $500,000 or more when they buy but I can’t work my magic if they never come through the house,” says Cagnassola.
Learn from the best
The evolution of Cagnassola’s leadership approach in the real estate industry highlights the need to adapt to changing times while keeping a strong work ethic. “There’s nothing like momentum, especially in our business,” says Cagnassola, who after 30 years seems to just be getting started. “The industry is going to change. It has to […] But I think we’ve got a unique business model where we can take advantage of that and grow the company. I’m pumped going forward. I think the planets for me are in a straight line.”
It’s his extensive career knowledge that makes Cagnassola excited about what the future of real estate holds for him and his team. His advice for newer agents is simple: work hard and learn the ropes. He believes in the value of mentorship, acknowledging that new agents should find experienced professionals to guide them and help build their careers.
“You don’t want to go into this buy yourself,” says Cagnassola. He shared that if he were to enter the business tomorrow and start all over, knowing what he knows now, the first thing he would do is find a heavy hitter—someone he could learn from. “You have to piggyback off of somebody and hope that you can find [an agent] willing to mentor you and help build your career.”
