"Keith,
Thanks for the card and the rebate check. It was really good working with you and I'm convinced we got the apartment for much less with you representing us than if we'd gone on our own. XXXX and I tend to be emotional buyers and you helped us keep cool heads during the negotiations. Thanks also for helping with the co-op application (especially when XXXXX wasn't following up)!
Thank you,
XXXX"
Friday, June 24, 2011
Thursday, June 23, 2011
The Sweet Potato Project
This may be anecdotal, possibly an over simplification of a much more complex issue. But I think it gives us something to think about.
Monday, June 20, 2011
Arnold Palmer takes a look at JFK's golf swing - Tours & News - Golf.com
Arnold Palmer takes a look at JFK's golf swing - Tours & News - Golf.com
JFK just months before he was assassinated looking happy and relaxed on a Cape Cod golf track.
JFK just months before he was assassinated looking happy and relaxed on a Cape Cod golf track.
Friday, June 17, 2011
Up or Down?
Should one leave the toilet seat up or gingerly place it back on it's home? I say put that bad boy down, one of my simple life truths, taken from "Zen and the art of toilet seat etiquette". I find that many people mindlessly leave it up; I also find that many people are perplexed when I suggest otherwise. Toilet seat up at an open house? Not on my watch! I even put them down at open houses that I'm just visiting.
As Forrest Gump would say, "That's all I have to say about that".
As Forrest Gump would say, "That's all I have to say about that".
Wednesday, June 15, 2011
Asking Price Blues
"But your bid is 16% below the ask! This is ridiculous, insulting, and you should educate your buyers!"
I tire of hearing this. You can ask anything you want! I'm interested in similar, recently closed comps in the building and then we can work our way through the adjustments for condition, view, light and floor to attempt to arrive at a reasonable value. Some buyers also have to account for the emotional component, or in other words: "How much does this home resonate with you?" Will you truly be heartbroken if you let an extra 3-5% come between you and a new home? I think some cliches have more meaning than others. "Life is short" is one I don't think anyone will argue with-you should enjoy your home. Be reasonable when buying a home and don't stretch yourself beyond your means. However there are a lot of individual factors to account for when determining your housing budget, besides the loan payment.
Now, getting back to what I was saying in the beginning of this post; don't be deterred from making an offer based on the asking price if your research shows that their value is off by 15-20%. That is what you should bid. However be prepared to back up your offer with data. If I am presenting an offer below 10% of the current ask, I will allude to our reasoning in the initial offer. Depending on the response, I will then begin to present our case for price more aggressively. That said, I have no interest in an argument if we can't come to terms. But based on the response of the seller/agent, you can determine a profile of where they are coming from. For instance, do they believe the hype or do they sheepishly defend their position? Perhaps they yell a bit, get hot-headed at the "ridiculousness" of your offer? I'm patient; if I know they are delusional we can wait, many times this past year listing brokers have called me back to ask me if my client and their "ridiculous offer" were still interested. Lol.
Patience is key in this market so be prepared to lose a few along the path. Some buyers have more emotional currency invested in a particular property and are willing to pay a premium to get it. More than likely you will also be faced with the same scenario, your CPA on one shoulder and your inner little kid on the other. But the best case scenario is when you find that property that resonates with you and no one else! That's when the stars align and we can really be happy about the deal we make on both the financial and emotional level. I love when this happens!
I tire of hearing this. You can ask anything you want! I'm interested in similar, recently closed comps in the building and then we can work our way through the adjustments for condition, view, light and floor to attempt to arrive at a reasonable value. Some buyers also have to account for the emotional component, or in other words: "How much does this home resonate with you?" Will you truly be heartbroken if you let an extra 3-5% come between you and a new home? I think some cliches have more meaning than others. "Life is short" is one I don't think anyone will argue with-you should enjoy your home. Be reasonable when buying a home and don't stretch yourself beyond your means. However there are a lot of individual factors to account for when determining your housing budget, besides the loan payment.
Now, getting back to what I was saying in the beginning of this post; don't be deterred from making an offer based on the asking price if your research shows that their value is off by 15-20%. That is what you should bid. However be prepared to back up your offer with data. If I am presenting an offer below 10% of the current ask, I will allude to our reasoning in the initial offer. Depending on the response, I will then begin to present our case for price more aggressively. That said, I have no interest in an argument if we can't come to terms. But based on the response of the seller/agent, you can determine a profile of where they are coming from. For instance, do they believe the hype or do they sheepishly defend their position? Perhaps they yell a bit, get hot-headed at the "ridiculousness" of your offer? I'm patient; if I know they are delusional we can wait, many times this past year listing brokers have called me back to ask me if my client and their "ridiculous offer" were still interested. Lol.
Patience is key in this market so be prepared to lose a few along the path. Some buyers have more emotional currency invested in a particular property and are willing to pay a premium to get it. More than likely you will also be faced with the same scenario, your CPA on one shoulder and your inner little kid on the other. But the best case scenario is when you find that property that resonates with you and no one else! That's when the stars align and we can really be happy about the deal we make on both the financial and emotional level. I love when this happens!
Monday, June 6, 2011
Ina Garten- Great Potato Salad Recipe for Summer Fun!
- Prep Time:
- 10 min
- Inactive Prep Time:
- 5 min
- Cook Time:
- 15 min
- Level:
- Easy
- Serves:
- 6 to 8 servings
Ingredients
- 3 pounds small white potatoes
- Kosher salt
- 1 cup mayonnaise
- 1/4 cup buttermilk
- 2 tablespoons Dijon mustard
- 2 tablespoons whole-grain mustard
- 1/2 cup chopped fresh dill
- Freshly ground black pepper
- 1/2 cup chopped celery
- 1/2 cup chopped red onion
Directions
Place the potatoes and 2 tablespoons of salt in a large pot of water. Bring the water to a boil, then lower the heat and simmer for 10 to 15 minutes, until the potatoes are barely tender when pierced with a knife. Drain the potatoes in a colander, then place the colander with the potatoes over the empty pot and cover with a clean, dry kitchen towel. Allow the potatoes to steam for 15 to 20 minutes.
Meanwhile, in a small bowl, whisk together the mayonnaise, buttermilk, Dijon mustard, whole grain mustard, dill, 1 teaspoon of salt, and 1 teaspoon of pepper. Set aside.
When the potatoes are cool enough to handle, cut them in quarters or in half, depending on their size. Place the cut potatoes in a large bowl. While the potatoes are still warm, pour enough dressing over them to moisten. Add the celery and red onion, 2 teaspoons of salt and 1 teaspoon of pepper. Toss well, cover, and refrigerate for a few hours to allow the flavors to blend. Serve cold or at room temperature.
Copyright 2011 Television Food Network G.P.Sunday, May 29, 2011
U.S. Department of Justice Champions Buyers Rebates (And The NYS Attorney Generals Office)
Many brokers in NYC are unaware of what a commission rebate is or how it works. Many clients are surprised they are legal because they have been told by others they are not. I think free markets work-competition creates dynamic products and pricing that benefits all. And that's not just at alternative firms but full service firms as well. How? Well, it helps define who offers what and what the consumer can expect from a particular service model.
In many cases the application of a "Commission Rebate" is the tipping point that will allow a deal to go through, almost like a little grease to make a property affordable to the buyer. This benefits the listing broker as well as the seller at no additional cost. Successful full-service brokers are not threatened by such a model as they become the beneficiary of it's results: a closed deal. Brokers who are also sophisticated business people also understand the concept of free market competition. In the past the restrictive NYC real estate model only benefited the firm and in reality it hurt individual agents, buyers and sellers. Times are changing though and technology is forcing transparency into a once monopolistic business.
What I am trying to do is offer buyers an alternative option when conducting a real estate transaction. Not just "discount service" but honest and critical analysis of the property they are considering purchasing. Our model certainly is not for everyone, however it is appropriate for many buyers in today's market.
What the Department of Justice has to say about alternative real estate models
What the NYS Attorney Generals Office Has to Say: (They have interviewed me a few times, they like what we are doing).
In many cases the application of a "Commission Rebate" is the tipping point that will allow a deal to go through, almost like a little grease to make a property affordable to the buyer. This benefits the listing broker as well as the seller at no additional cost. Successful full-service brokers are not threatened by such a model as they become the beneficiary of it's results: a closed deal. Brokers who are also sophisticated business people also understand the concept of free market competition. In the past the restrictive NYC real estate model only benefited the firm and in reality it hurt individual agents, buyers and sellers. Times are changing though and technology is forcing transparency into a once monopolistic business.
What I am trying to do is offer buyers an alternative option when conducting a real estate transaction. Not just "discount service" but honest and critical analysis of the property they are considering purchasing. Our model certainly is not for everyone, however it is appropriate for many buyers in today's market.
What the Department of Justice has to say about alternative real estate models
What the NYS Attorney Generals Office Has to Say: (They have interviewed me a few times, they like what we are doing).
NYS ATTORNEY GENERAL --Illegal anti-competitive practices hurt the real estate industry as well as the consumer
January 23, 2014
Contact The Antitrust Bureau
Participants in the real estate industry are closer to daily real estate activity and more
likely to observe anti-competitive conduct. We rely on reports from real estate lawyers, brokers, purchasers, and others in the industry. Please feel free to contact us with your questions and concerns.
likely to observe anti-competitive conduct. We rely on reports from real estate lawyers, brokers, purchasers, and others in the industry. Please feel free to contact us with your questions and concerns.
Antitrust Bureau
State of New York
Office of the Attorney General
120 Broadway, 26th Floor
New York, NY 10271
antitrust.realestate@ag.ny.gov
212-416-8262
State of New York
Office of the Attorney General
120 Broadway, 26th Floor
New York, NY 10271
antitrust.realestate@ag.ny.gov
212-416-8262
What to Look for
Illegal anti-competitive practices in real estate transactions can include:
- Agreements among brokers not to charge
commissions under a certain level; - Agreements among brokers not to work
with discount brokers; - Refusals to deal with brokers who offer
rebates to their clients; - Refusals to show properties that are for
sale by owner (FSBOs) or listed by a discount
broker; - Agreements among brokers or multiple listing services (MLSs) to prevent competition from real estate websites.
Agents and Fiduciary Responsibilities
Frequently, a real estate agent’s fiduciary duties are not well understood by consumers, and even by some real estate professionals. Consumers should receive full disclosure of all the information they need for a fair real estate transaction. For example,
- Buyers must receive the required disclosure form listing the broker’s fiduciary duties and disclosing whom the broker represents.
- Buyers should be informed if the agent representing them is going to be paid by the seller’s broker.
- Buyers should feel free to inquire about how much commission their broker will earn on a transaction.
- Both buyers and brokers should know that rebating commissions is legal in New York.
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