If you've ever watched Moneyball and viewed the scene in which Billy Beane cleans house --the one where Beane and his sidekick played by Jonah Hill trade Jeremy Giambi and Carlos Peña-- you might wonder what happens once the traded player leaves the clubhouse. Does every Major League Baseball team, or every pro sports team, for that matter, have a "traveling secretary" -- someone who just takes care of it all? Not really.
For every athlete, the possibility of a trade prompts an obvious question, "Where am I going to live?"
That's where Jordan Stuart comes in. Stuart is a real estate agent and the founder of the Washington, D.C.-based real estate collaborative Next Move. Over the last four years, he’s worked with more than 100 professional athletes nationwide. But he says that his foray into working with pro athletes wasn't premeditated.
"I received an email in September of 2014 about a rental listing I had from someone looking for something short-term and furnished," Stuart says. "Those are usually considered four-letter words in the real estate world."
After Stuart responded that the property in question was not furnished and a standard one-year rental lease, the emailer revealed himself to be a player with the Washington Capitals. He told Stuart he had made the senior team as a rookie just as preseason camp was breaking and didn't know the Washington area or even how to get started in finding a place to live. Stuart sensed the immediate need
"It's pretty typical in pro sports that teams will stay out of the business of housing because they are in the business of winning games and championships," Stuart says. "They will help the player transition initially, but aren't very involved once that player moves out of the hotel."
After Stuart helped him find a suitable rental, the hockey player recommended him directly to the Capitals organization. From there, Stuart built a relationship that kept him in mind as an informal, trusted vendor for the Capitals when it comes to housing newly acquired players. As Stuart gained experience, he built best practices to be a point person for more hockey players and other athletes in the D.C. metro area. He started coming in close contact regularly with the professional athlete’s off-the-field centers of influence. Eventually, sports agents and financial advisors to NFL, NBA, NHL, MLB, and MLS players—and a few MMA fighters—began to know him as a trustworthy expert juxtaposed in real estate and the sports world.
A very 'Moneyball' approach
Stuart has since grown Next Move to become more than a single real estate office in the Nation's Capital. Now the organization is "an extremely-selective collaborative network of licensed real estate professionals," located in more than 50 U.S. and Canadian cities.
"The Next Move Network was created to provide individuals who frequently relocate, such as athletes, entertainers, and executives, with an all-inclusive resource for all of their buying, selling, renting, investing, and concierge needs," Stuart explains. “No more blind faith from a cold call or introduction to an inexperienced realtor working in the pro sports space. Our goal is to make sure every team, agent, and financial advisor knows exactly where to send their clients when they need to relocate, buy or sell a home, or are interested in an investment property.”
As a normal part of the business, Stuart and his team don't just list properties but they also crisscross the country throughout the year to tend to client needs. That means attending major sporting events like the Super Bowl and NBA All-Star weekend. The goal is to meet face-to-face with athletes and other centers of influence so that Next Move can be a resource, whatever the situation. And while professional athletes might have more demands or higher price points than the average buyer or renter, the fundamentals are much the same.
"The job of the Next Move agent is to always be the professional, not the fan,” Stuart explained. “I encourage my pro athlete real estate clients to ask lots of questions. After all, the realtor is there to fully educate you about the buying or investing experience so that you’re even more prepared for your next purchase or move." Stuart adds however that even if an athlete has an immediate need, jumping on the first property or rental isn't necessary. "At the end of the day, the fiduciary responsibility matters to get the best deal possible—or to present the facts that may lead a client to walk away from a risky deal."
It also helps athletes to partner with a professional that understands not just real estate, but also the nuances of athletes' contracts. Stuart points out that in many cases, especially with the NFL, a player's agreement with a current team is not guaranteed.
"If you're a player on a one-year deal or expiring contract, then it's not certain you'll be in the same location the next year. Or, let's say, you’re not on a guaranteed contract and you get hurt during preseason, you may not even stay beyond the first weeks of training camp."
Without giving up too many trade secrets, Stuart typically uses custom rental contracts and agreements tailored to the unique needs of his high-profile clientele. As such, his athlete clients, many of whom come with families too, need much more than what run-of-the-mill realtor can provide.
"In this day and age, often athletes get approached by a friend of a friend, or someone who’s able to connect with them via social media who says, 'Welcome to town. I want to sell you a house,' Stuart added. “Yet, just like the athlete would want their sports agent to negotiate the best terms of a contract with a team, I use my skills and real estate experiences to best represent my clients when making their next moves."
