A Story of Overcoming
Realtor Magazine's feature on TotalBrokerage's Ben G. Schachter, by Dina Cheney
Ben G. Schachter lost everything in the 2008 real estate crash -- his home, his car, even his blender -- and rebuilt from two duffel bags into a brokerage closing nearly $3 billion in annual volume. His story is proof that the worst setbacks in real estate can become the foundation for something bigger.
Schachter joined the industry in 2000, earned millions by his mid-twenties, and watched it all disappear when the market collapsed. Today, the Florida-based broker is president of The Signature Real Estate Companies, with nearly 1,500 agents and roughly 6,000 transactions per year. He is also the co-founder and head of sales at TotalBrokerage, a real estate back-office software platform for real estate brokerages. He credits his staying power to learning from mistakes, trusting his gut, and thinking differently than most people in the business.
A Teenager Looking for Spending Money
Schachter's real estate career started, unofficially, when he was 15. He wanted cash to take girls on dates but was too young to get a regular job in Florida, so he got creative. He found a real estate agent who needed help making cold calls and would pay him cash -- $5 per hour plus $20 per appointment set.
"It was ironic because this job ended up shaping the trajectory of my future career," he says. "Had I not tried to get a job at 15 and instead waited until I was 16, I probably would have been like everybody else and worked in a grocery store or at the mall."
A few years later, as a freshman at the University of Florida, he took a job at an apartment leasing firm. He started by cleaning and loading the fax machine, then moved up to answering phones and completing paperwork. Eventually, he became a leasing consultant at $10.50 per hour.
After graduating in 2000, Schachter turned down a sales manager offer from the leasing company. Instead, he earned his real estate and mortgage broker licenses, moved back to his parents' home in Boca Raton, and started working as an agent under a broker he had met in college. He also launched his own mortgage broker business on the side.
Riding South Florida's new-construction boom, he earned $146,000 in his first year and bought a two-bedroom apartment. He often served as both agent and mortgage broker for the same clients.
Earning Millions and Losing It All
By 2002, Schachter saw that he could grow faster by bringing agents under him. He started his own company, Florida International Real Estate, and built a real estate team under the broker he had met in college. With new construction still surging, he was earning a seven-figure income by 2006. Looking to push even further, he began investing in flipping new-construction homes.
Then the 2008 crash hit. Schachter found himself needing $4.5 million to close on properties he had already committed to buying. He sold his home, his car, and even his wristwatch to raise the funds. The homes he had planned to flip at a profit sold at steep losses. "Things got so rough, I had to sell my blender -- and I had a really nice blender," he recalls.
He moved back in with his parents. Everything he owned fit into two duffel bags.
But Schachter refused to leave the industry. His earlier success gave him confidence he could come back, and he treated the crash as a hard lesson rather than a reason to quit. "I figured this was a good time to earn my broker's license, so I could hire other agents and mentor them," he says. "I could teach other people what to do to be successful and, equally important, what not to do so they wouldn't make the same mistakes I did."
His father loaned him $500 for real estate school -- with a condition: finish the course, pass the state exam, and move out within 90 days.
Becoming a CEO
After earning his broker's license, Schachter rented a place and started working at Boca Raton-based Quad Realty Investments Inc. The co-owners, Mark Levy and Schachter's former neighbor Jack Jaiven, asked him to be their broker. They offered him a salary. He told them to cut it in half.
"I said I wanted to earn equity in the company if I was going to build it," Schachter says. "I was concerned that in five years, they'd bring in a business consultant who'd ask why they were paying me so much."
He asked Jaiven and Levy to set specific sales targets he would need to hit to earn a partnership stake. The targets were aggressive, and to the co-owners' surprise, Schachter met every one of them. By 31, he was broker, president, and a partner in the company.
Expanding the Business
After joining the company in 2006, Schachter hit his sales goals and immediately started reshaping the operation. He changed the company's name to The Signature Real Estate Companies, joined the local MLS and REALTOR association, and bought computers for all employees.
He also saw the power of hyperlocal branding. He opened brokerages in multiple communities, naming and branding each one to match that community's identity. Every location had its own look and feel, but they all ran under one management team and one back office.
Schachter still interviews every potential hire and agent himself to make sure they are a good fit. Even as margins have gotten tighter, he has stayed committed to giving agents the tools, technology, training, and support they need to succeed.
To offset those thinning margins -- driven by rising costs and inflation -- he built additional revenue streams, including a real estate school and a mortgage brokerage.
Building TotalBrokerage Out of Frustration
In 2015, Schachter had grown frustrated with the real estate software available on the market. None of it did what he needed for back-office operations, so he asked a software engineer friend from college to help him build something better. Together, they created TotalBrokerage -- a cloud-based platform that brings transaction management, commission tracking, e-signatures, reporting, and compliance into one system.
They beta-tested it at Schachter's own brokerage first. Once it proved itself, they started selling it to other brokerages. Today, TotalBrokerage is used by roughly 200 brokerages across the country.
Where Things Stand Today
Schachter lives with his wife and three children in Boynton Beach, Fla. The brokerage has a 40-person management team and nearly 1,500 agents. In 2023, it closed approximately 6,000 transactions totaling close to $2 billion, with affiliated businesses bringing in another $1 billion.
FAQ
How did Ben Schachter lose everything in the 2008 real estate crash?
Schachter had invested heavily in flipping new-construction homes in South Florida. When the market collapsed, he needed $4.5 million to close on properties he was already committed to. He sold his home, car, and personal belongings, but still took massive losses. He moved back in with his parents with only two duffel bags of possessions.
What is TotalBrokerage?
TotalBrokerage is a back-office software platform for real estate brokerages. It was founded in 2015 by Ben G. Schachter and a software engineer partner. The platform handles transaction management, commission calculations, e-signatures, reporting, and compliance -- all in one system. It is currently used by roughly 200 brokerages.
How did Schachter rebuild after the 2008 market crash?
He borrowed $500 from his father to pay for real estate school, earned his broker's license, and took a position at Quad Realty Investments. Rather than accepting a full salary, he negotiated for equity based on hitting aggressive sales targets. He met every target, became president and partner by age 31, and eventually grew the company into The Signature Real Estate Companies.
How big is The Signature Real Estate Companies?
As of 2023, The Signature Real Estate Companies has nearly 1,500 agents, a 40-person management team, and closed approximately 6,000 transactions totaling nearly $2 billion. Including affiliated businesses, the total volume reaches approximately $3 billion.
Want to see how TotalBrokerage can simplify your brokerage's back-office operations? Request a demo to learn how brokerages across the country are saving time on transactions, commissions, and compliance.
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