Women in Real Estate: Rose Palano
Owner, Fasthomesolutions.com
rose@fasthomesolutions.com | 813.748.7677
I grew up with a father who was, and still is, a serial entrepreneur. He told me all my life: “You have to create your value in the world, or you’ll work for someone else.” Working for someone else is a good place to gain experience, but working for a paycheck week to week never allows you to build up equity, and you will always be marginally squeezed for money.
But, as I said, we all have to start somewhere to gain experience until we develop the confidence to think for ourselves and push through the discomfort.
I got my start as an entrepreneur when Hershey, our family’s chocolate Labrador, had puppies. I was 8 years old, and my dad told my brother and me that we would get 10% of the net profit on the sale of the puppies. But, he explained, every time he had to clean up after the dogs, he would knock off 1%. When the 11 puppies were sold, we were down to 7% of the net, and I learned about gross income minus expenses. I had no idea how much stud fees, dew claw removal, shots and food would cost. The lesson I learned at an early age was that it is not the gross amount that counts, it’s the net—what is left over after all expenses.
After I graduated from high school in Tampa, Florida, I worked part time as a waitress while going to college, and then I studied to be a sommelier. I had always been enamored with wine and decided I wanted to learn all I could so I could one day experience tasting it throughout Europe, South America and California. One night I came up with the idea of doing an internship at a new local wine bar that had created quite a buzz around town for having a more interesting and off-the-beaten-path wine selection.
So, I sought out Cru Cellars and offered to work for free in exchange for wine knowledge and experience. I was quickly hired to run their retail wine program and manage their wine bar full time. After a few months, I negotiated with the owner to pay for my sommelier certifications on the sole premise that I passed each course. I was able to earn my Advanced Sommelier Certification by the time I was finished working there.
Moving forward in my wine career, I constantly asked for more education. The knowledge I gained was priceless and launched me into the distribution world with Southern Wine and Spirits, the largest distributor of alcohol in the U.S. I was a wine and Champagne specialist for Central Florida. It was here that I was given the opportunity to travel the world’s wine regions with top people in the industry, including with a retired wine buyer from world-renowned restaurants like Tavern On The Green, The Russian Tea Room and Bern’s Steakhouse.
It was at this point that I learned the hard way about corporate America: They always want more from their employees. I left that job knowing I would never go back and be a pawn in someone else’s game.
Now, I am the owner of FastHomeSolutions.com.
We specialize in the acquisition and disposition of single-family houses. We are flippers operating in the Tampa Bay and Atlanta metropolitan areas. We have done in excess of 1,500 acquisitions in the last 10 years and constantly modify our approach to the market.
The fact that I am a woman is a benefit when negotiating the purchase of single-family houses, especially when you can present yourself with confidence because you’ve gained the knowledge to understand the market as well as human relations.
The education I pursued in this field has allowed me to work for myself and never take orders again. And it doesn’t hurt a bit that I can multitask!
What do you think is the biggest challenge facing women in the real estate investment industry?
There’s so much opportunity in this industry that perhaps the biggest challenge is overcoming the notion that this is a male-dominated industry. A lot of women may be turned off by that statement. But I see it as a challenge that brings out my competitive nature. When anyone has told me I won’t be able to do something, I always find a way to prove them wrong.
What is the best thing about being a woman in the REI space?
Honestly, I think most women have the upper hand when it comes to negotiating. We are typically more empathetic, better listeners and logical thinkers. I certainly have an edge on a lot of the men out there because of my empathetic approach when negotiating with distressed sellers. I’ve always had a more delicate delivery style, and that plays to my advantage when working with women and the elderly.
What changes would you like to see made in the industry to promote women professionals?
I would love to see women-centric training and workshops in the future—no fluff and no selling. Perhaps a women-only MasterMind group would rattle the industry and promote women professionals.
