Cindy Scholz has been a major player in the luxury space since the young age of twenty. When she was recently elevated to a full partner of the Hudson Advisory Team it was a no-brainer for the power team, which was founded by Clayton Orrigo and Stephen Ferrara. In 2021 their sales volume was $1.3B, the #1 team in the Wall Street Journal’s Real Trends Ranking for New York City. It goes on and on, begging the urge to understand how they accomplish such enviable results. We were fortunate to talk with Scholz about her amazing rise to the top and where she sees the market going.
Cindy, congratulations on becoming a partner at Hudson Advisory Team! How does it feel to be a partner in one of the most powerful teams in the country?
I am incredibly grateful and honored to be one of the youngest partners in the most successful residential real estate enterprise nationwide. Being in the business since I was 20 years old, I still recall calling my mom being over the moon excited about doing a $1,300 rental deal. One of those small rentals led me to one of my best clients and mentors in the business who gave me a shot selling my first Upper East Side Townhouse at 24 years old. The same enthusiasm, mixed with great peers and mentors, has helped me land this role.
We are like a three-legged stool. We support one another, and the business, while exploring opportunities to innovate pulling from our individual strengths that will lead to a bigger vision for our team, and our clients. I am proud of what we have accomplished and how we have built it. It is cliché to say we are elevating the industry, but I am confident we elevate one another on the team. As an entrepreneur, the key to success is to learn and evolve constantly.
Often we are asked how I linked with Clayton and Stephen and what was the catalyst for expansion. Hudson Advisory Hamptons started as somewhat of a Covid project. When Covid hit, my New York City business halted as we were not allowed to practice until real estate agents were deemed essential workers. My job defines a big part of who I am, and as a result, I felt very lost at that moment. My mentors at Compass suggested I call Clayton and Stephen to see if we could start a Hamptons business. After a few meals together and endless calls, we decided to launch in September of 2020. Over the past two years, I’ve made a strong connection with the team, and I wanted to solidify my dedication to them through this partnership role. Our success has been reflected in the numbers, but I also measure the success in the people we have all become. I am fortunate to learn from my partners and all the talented agents and support staff on the team. We constantly connect with one another, discussing everything from deals, to retirement savings, to meditations, and overall best practices to live a full life and be the best advocates for our clients.
Ultimately, what was the reason for the advancement?
The biggest reason for advancement is to take on a market Hudson Advisory has not been in before and create a real business. Given my years of experience in the business, I am able to help with strategic decisions for the business. I value mentorship and appreciate the opportunity to help agents grow under our brand.
You are a go-to in the Hamptons luxury market. How do you think you will further establish the Hudson Advisory in this region?
We have only scratched the surface. The expansion has been somewhat effortless as myself and my partners genuinely appreciate the reprieve the Hamptons offers to city dwellers and why so many want to have the best of both worlds. Given we are the number one team at Compass, our reach is expansive when it comes to finding buyers for these luxury properties. We can tap the top agents in New York City, Aspen, Miami, and other luxury markets to help select buyers for these homes.
You buy into a lifestyle here. We have also curated a wonderful community and love bringing our clients together. Our annual clambake with our VIP clients has led to friendship and even some business ventures.
Will you be taking on any new responsibilities at a Partner?
Having benefited from strong mentorship in my life, I plan to focus on continuing to help the team thrive and grow as agents. You can feel confident when you are working with The Hudson Advisory team and know you’ll receive the best service and guidance from any team member.
Will you continue being involved in the NYC market or specialize on the East End?
In my opinion, it is not possible to successfully work the Hamptons market without a strong connection to the city. Seasonality is returning for most of our clients as they head back to the city this fall. We continue to stay connected with our clients throughout the year. That said, Sag Harbor is where I spend most of my time.
The numbers that the Hudson Advisory accomplishes is mind-boggling. What are methodologies that the team follows that manifests this level of success?
We have a multilayered approach to the business, and we think outside the side. Our goal is to help clients develop an investment thesis for real estate in their portfolio and then figure out the best plan to help them achieve their goal. Hudson Advisory is unique in that we a cooperative with highly accomplished agents. We have a strong presence in Manhattan, Brooklyn, and the Hamptons.
Our dedication to our clients and their experience with Hudson Advisory as a brand allows us to think about how we can serve clients after the keys are handed over. This year we hired a Head of Brand who is solely responsible for enhancing the clients’ experience and expanding brand awareness.
You’ve done so much for the furthering of female leadership by co-founding the Women Of Compass platform that empowers female homeownership. This must be such an example of leadership for the members of this important hub.
Our team values inclusion and opportunity. Women of Compass has been a major success and I look forward to sharing and passing down responsibilities of the organization with female leaders on our team.
How are you seeing the market play out in 2022 on the East End as the news continues to talk about rising interest rates and recession?
Many buyers are cash or still benefiting from rates in the 3 to 4.5 percent given their relationships with their financial institutions.
This year we are seeing the market stabilize, allowing buyers and sellers to have a conversation and not be forced into transacting in a chaotic market. That said, we are not seeing many distressed sellers. The luxury market is somewhat insulated. Sellers locked into low rate mortgages are hesitant to trade which leads to continued tightening inventory. With a rate between 2 to 3 percent the mortgage is the asset.
Traditionally, there is always low inventory on the East End. 3 to 5 percent of inventory trades annually. The collector homes are rare, and when they come on there are buyers waiting in the wings.
We like to place our clients in what we call blue-chip properties — homes that exhibit unique qualities that will allow you to sell or rent in any market. In my opinion, only 20 percent of inventory is special, the rest is average.
You’ll see the most downward pressure in the wave of average homes coming to market. For opportunistic buyers there will be some bargains… but remember there is only one thing worse than buying a bargain… owning it!
To learn more about Scholz, visit compass.com. To learn more about about the Hudson Advisory Team, visit hudsonadvisoryteam.com.
