Saturday, March 21, 2015

Now is the Time to Decide Whether You Will Engage Your Own Broker....

Yet again another client who has followed us for years was ready to make an offer on a property. However when we spoke she mentioned she had only one very impromptu appointment the night before with the listing agent who was planning to be at the property. Unfortunately it turns out she had also sent some very specific questions to the broker after the meeting. The broker kindly responded in detail.

You never know how an agent will respond when a buyer breaks the news that they would like to have their own representation. REBNY actually has a protocol for this that allows for a buyer to bring in his own agent after the fact. We treat it case by case and weigh all the facts before deciding on a course of action. We are most concerned with our new client, however also want to respect the other agents involved.

If you are planning to utilize our services or any other buy-side agent it is very critical that you engage your agent/broker before visiting any properties via private appointment or contact any listing agents. There is no advantage to not having your own representative, it's nonsense when people tell you that listing agents will favor your deal. Only crooked agents would act in such a way; all offers must be presented to the seller. The seller with assistance from their agent will decide who is the most qualified, it's not always about the highest offer either.

It's up to you to do some research and find an agent that you can trust and work comfortably with. Don't laugh, they are out there :). Even if you are undecided, best to write in "Broker to be determined" at open houses that you visit.

With our model that offers rebates we can also mitigate any manipulation of commission on the sell-side. Call me and we can go deeper into our strategies and how we can help you maximize your bid without depending on the sell-side for guidance, information.  Remember, the listing agent is rightfully looking out for the best interests of the seller, not yours. Read about the perils of dual agency here.

Friday, March 13, 2015

2014 versus 2015 NYC Market

I remember thinking in Mid December 2013 after a very strong market that things would cool a bit in 2014. That January (2015) we had submitted a total of about 19 bids (a ridiculous amount!), strong bids from well qualified buyers. I think no more than 2 got to contract. It remained a very challenging market through that first quarter, we held our ground and did our best to assist with getting deals done at reasonable valuations.I don't easily get down, but the amount of rejection was starting to wear on me. Many of our clients were feeling the same way, especially after 3, 4, 5 losses in the dreaded calls for highest and best! We wound up having a solid summer, all and winter as we worked tirelessly right through Christmas with motivated clients not willing to throw in the towel.

I was certainly concerned as 2015 began. Would this be deja vu all over again to quote that great Yogi (Berra).  Well so far it has been an excellent start to the year, with record amounts of deals getting to contract. We have any very happy buyers, this month looks like we'll do over $10M in deals. Although it is still a tough market, I feel that things have loosened up a just a bit, enough to get to home plate more times than not.

Once you do get that accepted offer it's time to scramble, get due diligence complete, advise the sell side of the progress you are making daily. That time between accepted offer and fully executed contract can be very stressful. On some deals you are just waiting for that dreaded phone call that a "higher, all cash offer has come in and the seller has elected to proceed with the new buyer".

I don't show apartments, I essentially just sit at my computer all day and work on the various aspects of deals. Since we don't ever try and sell you, I am more useful at command central. I can keep on top of all current deals, handle issues that may crop up out of nowhere; essentially handle anything as soon as it arises. I am always available to speak, get emails answered immediately and can assist a client with a property evaluation, offer presentation at the drop of a pin. We didn't plan things this way, just sort happened and business grew exponentially. Go figure?

Sunday, March 1, 2015

Proving the Doubters Wrong One Client at a Time!

"Its been over a year and a half since I purchased my apartment, and I'm still thrilled with the decision on the apartment, and have so much appreciation for your help and advice throughout the process.  I could not have imagined a better experience with a brokerage, Realtor, or adviser in general.  I knew you guys always had my interests in mind, and I would heartily recommend your team heads and tails over anyone else.
 Thank you again!!!