Twin brothers Jonathan and Drew Scott, better known as the Property Brothers, have taken over the cable channel Home and Garden Television. Their home renovation tours are consistently the highest rated programs on the network. They also recently published a book titled “Dream Home: The Property Brothers’ Ultimate Guide to Finding & Fixing Your Perfect House.”
The Property Brothers spoke to Marketplace host Molly Wood about how they created their empire.
On how they got their start in real estate:
Our actual first investment was just coming out of high school, we were going into college, and it was actually at 18-years-old. We didn’t want to be struggling artists 'cause we were actors ... so we decided “let’s invest in real estate,” read every book we possibly could, infomercials from that guy who had babes in boats. We thought, “we can be that guy! Make a million in real estate!” And it paid off. Bought our first house and fixed it up, and made a fifty grand profit and that’s when the light bulb went on.
On how to successfully navigate the housing market:
Everyone thinks that there’s a secret, there’s a secret formula to real estate. And there really isn’t, because real estate in itself is the most basic of simple economics. It’s supply and demand: the more people that want your product, the better the price you’re gonna get. There’s no real secret, it’s all about educating yourself and not just doing the guessing game.
Click the audio player above to listen to the full interview.