If you are invited to a business or real estate networking event, it is crucial to enter it with a game plan.
First, Know Your Purpose for the event. Are you there to socialize and have a good time or to generate referrals? If your answer is to generate referrals, keep reading.
When you are at the event, be prepared to work the room and talk to at least 15 people. And when you approach these people, don’t simply hand out your information, ask them for theirs. This will allow for easier follow-up and you hold the cards.
During the conversation make sure you let them know right away what you do for a living. “What do you do for a living? I’m a real estate broker.” Inevitably, someone will ask you: how’s the market? The best way to answer is to say that it depends if you are buying, selling, renting or investing.
This can spark a conversation as you they are in the market for real estate, and if so what type. Once the talk is over, make sure to have a business card ready and ask for theirs. If they do no have one, kindly ask for their information (have your Blackberry, iPhone, etc. ready).
If someone seems reluctant to hand out their info, offer an incentive such as “I send out an email newsletter once a month with valuable information about the market. It’s free, easy to read and very informative.”
Once you have a list of names and contact information, don’t forget to send a follow-up email. This will show that you are diligent and help separate yourself from the competition.
Additionally, this unique tactic I ran into at a networking event can also be used: I once met one of the best salespeople in the business and I asked her for her business card. She told me she didn’t have one. I was pretty shocked and asked her: how come one of the best in the business doesn’t carry a business card, and she replied: Give me your information and I’ll be happy to send you one…”
It was a great way to get my information and assure another contact.
We’ll see you home.
Monday, December 27, 2010
Tuesday, November 30, 2010
Board Interview Tips
A board interview can be one of the most stressful days of your adult life. After all, this is to purchase your new home and possibly your place of residence for the next 10-20 years.
If this is your first co-op purchase, then the words “Board Interview” might be foreign and daunting. Here at BARAK, we would like to help facilitate the process and offer valuable advice as you head into your board interview.
#1 – Dress to Impress – While this may go without saying, treat this like any other job interview. For men, wear a suit and tie; and for women dress in business attire with minimal jewelry.
#2 – Prepare for Personal Questions – Since this is from the building, they want to know you’ll be a good neighbor. Handle the questions without acting defensive.
#3 – Don’t Ask Questions – Remember this is your interview, not theirs. Especially leave out questions if they pertain to issues that should have been discussed prior to the interview, such as building financials. If the board gives you the opportunity to ask questions, make it some “feel good” questions such as: “What’s a good Italian restaurant in the area?”
#4 – Enjoy It – Lastly, be relaxed and confident. Approach it this way and it will feel more genuine and the board will know that you are a great fit for the building.
We’ll see you home.
If this is your first co-op purchase, then the words “Board Interview” might be foreign and daunting. Here at BARAK, we would like to help facilitate the process and offer valuable advice as you head into your board interview.
#1 – Dress to Impress – While this may go without saying, treat this like any other job interview. For men, wear a suit and tie; and for women dress in business attire with minimal jewelry.
#2 – Prepare for Personal Questions – Since this is from the building, they want to know you’ll be a good neighbor. Handle the questions without acting defensive.
#3 – Don’t Ask Questions – Remember this is your interview, not theirs. Especially leave out questions if they pertain to issues that should have been discussed prior to the interview, such as building financials. If the board gives you the opportunity to ask questions, make it some “feel good” questions such as: “What’s a good Italian restaurant in the area?”
#4 – Enjoy It – Lastly, be relaxed and confident. Approach it this way and it will feel more genuine and the board will know that you are a great fit for the building.
We’ll see you home.
Wednesday, November 17, 2010
The Buying Process: Part 2
Signing a Contract
Now it’s time to sign a contract. Your attorney will conclude that the contracts and property conditions are satisfactory before the contract is signed. Don’t forget that until the seller has also signed the contract, he/she is still free to entertain and accept other offers, so make sure to move forward quickly and efficiently.
The next step will be preparing your board package for the co-op board. Many first-time Manhattan buyers are unfamiliar with the process. You will need to gather all of your bank and investment statements, tax returns, and business and personal references. After that, you will obtain your “bank commitment letter” from your mortgage provider and then submit your board package.
Submitting the package is the first step in the board approval process. An interview with the building board of directors is next and is a crucial part of the application. Make sure to be punctual, and dress appropriately. Do not ask unnecessary questions or volunteer extra information. Your real estate agent will train and guide you through the process.
Once you’ve received board approval it’s time to schedule a closing. Make sure everyone involved in the purchase (banks, lawyers, seller, buyer, etc.) all coordinate a mutually convenient time. Usually this process takes 10-14 days after board approval.
When it’s all over and the closing papers are signed, it’s time to celebrate. One last thing… don’t forget to pick up your keys!
Now it’s time to sign a contract. Your attorney will conclude that the contracts and property conditions are satisfactory before the contract is signed. Don’t forget that until the seller has also signed the contract, he/she is still free to entertain and accept other offers, so make sure to move forward quickly and efficiently.
The next step will be preparing your board package for the co-op board. Many first-time Manhattan buyers are unfamiliar with the process. You will need to gather all of your bank and investment statements, tax returns, and business and personal references. After that, you will obtain your “bank commitment letter” from your mortgage provider and then submit your board package.
Submitting the package is the first step in the board approval process. An interview with the building board of directors is next and is a crucial part of the application. Make sure to be punctual, and dress appropriately. Do not ask unnecessary questions or volunteer extra information. Your real estate agent will train and guide you through the process.
Once you’ve received board approval it’s time to schedule a closing. Make sure everyone involved in the purchase (banks, lawyers, seller, buyer, etc.) all coordinate a mutually convenient time. Usually this process takes 10-14 days after board approval.
When it’s all over and the closing papers are signed, it’s time to celebrate. One last thing… don’t forget to pick up your keys!
The Buying Process: Part 1
Part 1 of our Two-Part Series on The Buying Process
The Pre-Buying Process
Buying an apartment in Manhattan can look daunting at first. However, with the right knowledgeable and personable real estate agent it can be transformed into a fun, enlightening and rewarding experience. We’ve put together a series of steps for you to expect and help you stay prepared for the process.
The first step is to choose an agent. Here’s a list of tips we compiled in conjunction with The Brick Underground to help you pick the right agent.
Speaking with mortgage professional is the next and perhaps the most vital step before you look at properties. A mortgage professional can quickly assess your financial profile before you start perusing properties. It is a no-cost, no-obligation process and will give you a sense of what you can afford and offer some peace of mind.
Since brokers in New York City do not prepare contracts, you must hire a real estate attorney. Your attorney will review the contract, the property financial condition, the board minutes and the building by-laws.
Starting the Process
After you’ve chosen an agent, spoken with a mortgage professional and hired an attorney, now it’s time to look at properties. Most buyers look at an average of 15-25 properties prior to making their purchase. Your agent will show you as many places as possible, but in order to look at this many apartments, try to be as flexible with your schedule as possible.
Once you have found an apartment that fits your price range and lifestyle it’s time to make an offer. This is where the process becomes thrilling. In New York City offers are made verbally and through your real estate agent. There may be a “counter offer” from the seller until the negotiation process reaches an agreement. Your agent will serve as a trusted advisor and consultant at every stage.
Next Up:Signing a contract
The Pre-Buying Process
Buying an apartment in Manhattan can look daunting at first. However, with the right knowledgeable and personable real estate agent it can be transformed into a fun, enlightening and rewarding experience. We’ve put together a series of steps for you to expect and help you stay prepared for the process.
The first step is to choose an agent. Here’s a list of tips we compiled in conjunction with The Brick Underground to help you pick the right agent.
Speaking with mortgage professional is the next and perhaps the most vital step before you look at properties. A mortgage professional can quickly assess your financial profile before you start perusing properties. It is a no-cost, no-obligation process and will give you a sense of what you can afford and offer some peace of mind.
Since brokers in New York City do not prepare contracts, you must hire a real estate attorney. Your attorney will review the contract, the property financial condition, the board minutes and the building by-laws.
Starting the Process
After you’ve chosen an agent, spoken with a mortgage professional and hired an attorney, now it’s time to look at properties. Most buyers look at an average of 15-25 properties prior to making their purchase. Your agent will show you as many places as possible, but in order to look at this many apartments, try to be as flexible with your schedule as possible.
Once you have found an apartment that fits your price range and lifestyle it’s time to make an offer. This is where the process becomes thrilling. In New York City offers are made verbally and through your real estate agent. There may be a “counter offer” from the seller until the negotiation process reaches an agreement. Your agent will serve as a trusted advisor and consultant at every stage.
Next Up:Signing a contract
Monday, November 8, 2010
Establishing Value With Buyers
When you’re pitching potential buyers to work with, the most important question you have to ask is: What Value do You bring to the table?
The first step in the process is to iron out your company bio. Your bio is a pitch that describes yourself as a professional, as well as a person. While you must list your business credentials in detail, do not forget to add a personal touch. What are your hobbies? Do you have a peculiar skill that shows how you spend your free time? Buyers want to deal with a human being, not a machine.
After your bio is crisp, develop your pitch packet with the following: press about you and your company to show the exposure you receive in the media; sold listings with similar characteristics; and a market analysis. This will show your preparedness and knowledge of the market.
The next step is to demonstrate - through examples - how you can save them money. People gravitate toward stories. Glossy papers and pages of data surely help your cause but don’t forget that you are there to sell yourself, not just your plan. Staying both informative and personable at the same time is the perfect combination.
Finally, show what makes you valuable in 2010. Anyone can browse the Internet for apartments. Your value as a broker includes your knowledge of the inventory, negotiation expertise, industry contacts and financial savvy.
We are no longer gatekeepers of information; we are now consultants and trusted advisors.
The first step in the process is to iron out your company bio. Your bio is a pitch that describes yourself as a professional, as well as a person. While you must list your business credentials in detail, do not forget to add a personal touch. What are your hobbies? Do you have a peculiar skill that shows how you spend your free time? Buyers want to deal with a human being, not a machine.
After your bio is crisp, develop your pitch packet with the following: press about you and your company to show the exposure you receive in the media; sold listings with similar characteristics; and a market analysis. This will show your preparedness and knowledge of the market.
The next step is to demonstrate - through examples - how you can save them money. People gravitate toward stories. Glossy papers and pages of data surely help your cause but don’t forget that you are there to sell yourself, not just your plan. Staying both informative and personable at the same time is the perfect combination.
Finally, show what makes you valuable in 2010. Anyone can browse the Internet for apartments. Your value as a broker includes your knowledge of the inventory, negotiation expertise, industry contacts and financial savvy.
We are no longer gatekeepers of information; we are now consultants and trusted advisors.
Monday, November 1, 2010
Following Up With Landlords
Last month, we explained our method in approaching landlords and gaining their trust. Now, we’ll revisit the topic and help you when you encounter objections from landlords.
Today we’ll explore the most common objection: No, thanks! I don’t work with brokers, I do it myself!
At first, show you understand where the landlord is coming from with something like this: “I’m not surprised to hear that Mr. Smith. It seems you may have had a poor experience with a broker before.”
Then, extol the virtues of your services and WHY a broker can help them: “However, I truly believe an honest, trustworthy and efficient broker can be a huge asset to you.
“Our services will save you a lot of time and headaches! First, instead of running advertising and spending your time trying to rent your apartments, we will take care of that end at no cost to you.”
Make sure you explain your value as a screener of potential tenants through credit reports, background checks and offering a different perspective. The key in this conversation is to emphasize that you will make the landlord’s life easier all without hurting his/her wallet.
If the conversation is still negative after you have run down your benefits, don’t forget to tell them you will send an informational packet and follow up with a phone call. Persistence is king in acquiring new business.
We’ll see you home.
Today we’ll explore the most common objection: No, thanks! I don’t work with brokers, I do it myself!
At first, show you understand where the landlord is coming from with something like this: “I’m not surprised to hear that Mr. Smith. It seems you may have had a poor experience with a broker before.”
Then, extol the virtues of your services and WHY a broker can help them: “However, I truly believe an honest, trustworthy and efficient broker can be a huge asset to you.
“Our services will save you a lot of time and headaches! First, instead of running advertising and spending your time trying to rent your apartments, we will take care of that end at no cost to you.”
Make sure you explain your value as a screener of potential tenants through credit reports, background checks and offering a different perspective. The key in this conversation is to emphasize that you will make the landlord’s life easier all without hurting his/her wallet.
If the conversation is still negative after you have run down your benefits, don’t forget to tell them you will send an informational packet and follow up with a phone call. Persistence is king in acquiring new business.
We’ll see you home.
Friday, October 29, 2010
Prospecting at Netoworking Events
If you are invited to a business or real estate networking event, it is crucial to enter it with a game plan.
First, Know Your Purpose for the event. Are you there to socialize and have a good time or to generate referrals? If your answer is to generate referrals, keep reading.
When you are at the event, be prepared to work the room and talk to at least 15 people. And when you approach these people, don’t simply hand out your information, ask them for theirs. This will allow for easier follow-up and you hold the cards.
During the conversation make sure you let them know right away what you do for a living. “What do you do for a living? I’m a real estate broker.” Inevitably, someone will ask you: how’s the market? The best way to answer is to say that it depends if you are buying, selling, renting or investing.
This can spark a conversation as you they are in the market for real estate, and if so what type. Once the talk is over, make sure to have a business card ready and ask for theirs. If they do no have one, kindly ask for their information (have your Blackberry, iPhone, etc. ready).
If someone seems reluctant to hand out their info, offer an incentive such as “I send out an email newsletter once a month with valuable information about the market. It’s free, easy to read and very informative.”
Once you have a list of names and contact information, don’t forget to send a follow-up email. This will show that you are diligent and help separate yourself from the competition.
Additionally, this unique tactic I ran into at a networking event can also be used: I once met one of the best salespeople in the business and I asked her for her business card. She told me she didn’t have one. I was pretty shocked and asked her: how come one of the best in the business doesn’t carry a business card, and she replied: Give me your information and I’ll be happy to send you one…”
It was a great way to get my information and assure another contact.
We’ll see you home.
First, Know Your Purpose for the event. Are you there to socialize and have a good time or to generate referrals? If your answer is to generate referrals, keep reading.
When you are at the event, be prepared to work the room and talk to at least 15 people. And when you approach these people, don’t simply hand out your information, ask them for theirs. This will allow for easier follow-up and you hold the cards.
During the conversation make sure you let them know right away what you do for a living. “What do you do for a living? I’m a real estate broker.” Inevitably, someone will ask you: how’s the market? The best way to answer is to say that it depends if you are buying, selling, renting or investing.
This can spark a conversation as you they are in the market for real estate, and if so what type. Once the talk is over, make sure to have a business card ready and ask for theirs. If they do no have one, kindly ask for their information (have your Blackberry, iPhone, etc. ready).
If someone seems reluctant to hand out their info, offer an incentive such as “I send out an email newsletter once a month with valuable information about the market. It’s free, easy to read and very informative.”
Once you have a list of names and contact information, don’t forget to send a follow-up email. This will show that you are diligent and help separate yourself from the competition.
Additionally, this unique tactic I ran into at a networking event can also be used: I once met one of the best salespeople in the business and I asked her for her business card. She told me she didn’t have one. I was pretty shocked and asked her: how come one of the best in the business doesn’t carry a business card, and she replied: Give me your information and I’ll be happy to send you one…”
It was a great way to get my information and assure another contact.
We’ll see you home.
Friday, October 22, 2010
Thinking Forward
After finding an outstanding article by Inman News, we at BARAK Realty would like to echo the strong goal-oriented thoughts written by Bernice Ross.
Ross mentions an impressive statistic on how goal-setters are routinely more successful in their careers. According to a study devised by Mark McCormack on Harvard Business students: “At the beginning of the study, only 3 percent of the graduates had written goals, 13 percent had goals that were not in writing, and 84 percent had no goals whatsoever. Ten years later, the 13 percent who had goals were earning twice as much as those who had no goals at all.”
The process of setting goals and writing down affirmations are often overlooked and can jump-start your career and productivity. Practice writing down goals and personal affirmations and before you know it, you will see immediate dividends. Especially in real estate, – where income is a concrete figure – set your goals for the year beforehand and monitor them.
No. 3 and No. 4 are also items that we preach at BARAK: Lead and Referral Generation. The first step in building a large business is to generate leads. This should be at the top of your list. Focus on your Web presence and sphere of influence and target ones who are more inclined to do business with you, not ones who will waste your time.
Generating referrals is also a major step in keeping your business running on all cylinders. Stay in touch with your past clients and send them information, reminders, anniversaries or thank you cards at least three times a year.
Our last point of emphasis revolves around monitoring your progress. If you don’t keep up with your goals, who will? Remember to stay in control and keep yourself motivated and watch the results follow.
We'll see you home.
Ross mentions an impressive statistic on how goal-setters are routinely more successful in their careers. According to a study devised by Mark McCormack on Harvard Business students: “At the beginning of the study, only 3 percent of the graduates had written goals, 13 percent had goals that were not in writing, and 84 percent had no goals whatsoever. Ten years later, the 13 percent who had goals were earning twice as much as those who had no goals at all.”
The process of setting goals and writing down affirmations are often overlooked and can jump-start your career and productivity. Practice writing down goals and personal affirmations and before you know it, you will see immediate dividends. Especially in real estate, – where income is a concrete figure – set your goals for the year beforehand and monitor them.
No. 3 and No. 4 are also items that we preach at BARAK: Lead and Referral Generation. The first step in building a large business is to generate leads. This should be at the top of your list. Focus on your Web presence and sphere of influence and target ones who are more inclined to do business with you, not ones who will waste your time.
Generating referrals is also a major step in keeping your business running on all cylinders. Stay in touch with your past clients and send them information, reminders, anniversaries or thank you cards at least three times a year.
Our last point of emphasis revolves around monitoring your progress. If you don’t keep up with your goals, who will? Remember to stay in control and keep yourself motivated and watch the results follow.
We'll see you home.
Friday, October 1, 2010
Ways to Get Motivated and Improve Productivity
Working long hours can be draining on an emotional and personal level. It can be easy to fall into a rut. At BARAK Realty we’ve put together a series of tips to help motivate and inspire people whether they are in the real estate business or any other for that matter.
No. 1: Forget About What’s Missing: Focus on What You Have
When things change for the worse, many desirable resources are inevitably missing – including information, knowledge, tools, systems, personnel, and capabilities. These deficiencies can paralyze many people, who believe they can no longer make decisions and take action. A strategic response is to take advantage of every resource that is immediately available in order to achieve as many small results and make as much daily progress as possible.
Work with every resource and opportunity at hand, and your confidence will continually grow. This goes for both your professional and personal life. Focusing on what is at your disposal will increase productivity and overall morale.
No. 2: Forget About Events, Focus on Your Responses.
When things are going well, many people think they are actually in control of events. That’s why they feel so defeated and depressed when things turn bad. They think they’ve lost some fundamental ability. The most consistently successful people in the world know that can’t control most events, but they continually work toward greater control over their creative responses to events. Since you can’t control the forces of nature, the weather or the economy and given that times are uncertain right now, it is best to focus all of your attention and energy on being creatively responsive to all of the unpredictable events that lie ahead.
No. 3: Forget About Who You Were, Focus on Who You Can Be.
Many people are stuck living in the past and dwell on mistakes or their own shortcomings. The same people define themselves by external circumstances. When these abruptly or unexpectedly change, they don’t know who they are, so they keep trying to be who they used to be. Right now is a great time to take your cues from the inside – from your dreams, ideals, values, and operating principles. These need never change, regardless of the circumstances. Become self-directed, self-managed and self-motivated.
It is our hope that this motivates everyone to reach for their dreams and look ahead at a brighter future.
We'll see you home
No. 1: Forget About What’s Missing: Focus on What You Have
When things change for the worse, many desirable resources are inevitably missing – including information, knowledge, tools, systems, personnel, and capabilities. These deficiencies can paralyze many people, who believe they can no longer make decisions and take action. A strategic response is to take advantage of every resource that is immediately available in order to achieve as many small results and make as much daily progress as possible.
Work with every resource and opportunity at hand, and your confidence will continually grow. This goes for both your professional and personal life. Focusing on what is at your disposal will increase productivity and overall morale.
No. 2: Forget About Events, Focus on Your Responses.
When things are going well, many people think they are actually in control of events. That’s why they feel so defeated and depressed when things turn bad. They think they’ve lost some fundamental ability. The most consistently successful people in the world know that can’t control most events, but they continually work toward greater control over their creative responses to events. Since you can’t control the forces of nature, the weather or the economy and given that times are uncertain right now, it is best to focus all of your attention and energy on being creatively responsive to all of the unpredictable events that lie ahead.
No. 3: Forget About Who You Were, Focus on Who You Can Be.
Many people are stuck living in the past and dwell on mistakes or their own shortcomings. The same people define themselves by external circumstances. When these abruptly or unexpectedly change, they don’t know who they are, so they keep trying to be who they used to be. Right now is a great time to take your cues from the inside – from your dreams, ideals, values, and operating principles. These need never change, regardless of the circumstances. Become self-directed, self-managed and self-motivated.
It is our hope that this motivates everyone to reach for their dreams and look ahead at a brighter future.
We'll see you home
Wednesday, September 29, 2010
Keys to Approaching Landlords
For brokers who are thinking about going into the rental business or ones looking to improve upon their existing business, we’ve put together a series of tips to securing rentals listings. The first in our series is on approaching landlords.
It can be a struggle when approaching landlords. Because you are only one of the 40,000 brokers in New York City these very landlords receive dozens of calls a week from other agents. If you sound like everybody else, you will not get very far. Always remember to stand out to make an indelible impression.
If you are looking to approach a landlord, I suggest following these three steps:
1. First get them to welcome your calls. Be welcoming and make sure not to sound pushy on the first phone call. This is simply an introduction about yourself and your company. If the landlord seems reluctant at first, ask them if it’s OK to send a follow-up letter with more information. There is a good chance the letters will start to build a relationship with them.
2. Build the Relationship. There is no recipe for this as every relationship is unique. This is where your talent and ingenuity come into play. Real estate is a “people business” from the bottom up. Connecting with people and getting new accounts is no exception.
3. Solidify the Relationship. This should naturally flow from step two. However, this doesn’t come easy as you will need to continue working hard on bringing in tenants for the landlord. If you are able to establish and keep the relationship working, it can do wonders you and your company’s business.
We'll see you home
It can be a struggle when approaching landlords. Because you are only one of the 40,000 brokers in New York City these very landlords receive dozens of calls a week from other agents. If you sound like everybody else, you will not get very far. Always remember to stand out to make an indelible impression.
If you are looking to approach a landlord, I suggest following these three steps:
1. First get them to welcome your calls. Be welcoming and make sure not to sound pushy on the first phone call. This is simply an introduction about yourself and your company. If the landlord seems reluctant at first, ask them if it’s OK to send a follow-up letter with more information. There is a good chance the letters will start to build a relationship with them.
2. Build the Relationship. There is no recipe for this as every relationship is unique. This is where your talent and ingenuity come into play. Real estate is a “people business” from the bottom up. Connecting with people and getting new accounts is no exception.
3. Solidify the Relationship. This should naturally flow from step two. However, this doesn’t come easy as you will need to continue working hard on bringing in tenants for the landlord. If you are able to establish and keep the relationship working, it can do wonders you and your company’s business.
We'll see you home
Wednesday, September 22, 2010
Determining Types of Sellers
As a broker, when you encounter a prospective seller it is important to pinpoint what type of seller you are dealing with. Just as it is crucial to qualify buyers for the properties they are looking to purchase, figuring out the type of seller is also imperative.
There are generally two types of home sellers that brokers run into. The first kind is someone who needs to sell. This seller could be there for many circumstances. Possibly they are downsizing after losing a job, or even upsizing due to a child on the way. The urgency to sell here is at the highest and should be treated that way. Most of your time and energy should be devoted to these types of sellers as they will progress faster.
The second type of lead from a customer who is a discretionary seller. These sellers have certain goals but also can afford not to sell. Ninety-nine percent of the time these customers are looking for the best deal. They’ll say something like “if you can get be $1.5 million for my apartment, I’d love to make it happen." That is their wish price and they usually don't accept anything less. Not to say this is a waste of your time, but it’s prudent to be aware of this type. Know the sellers intentions before taking on a seller who might be tough to work with.
Not every owner is the same. Before you take on a listing always be prepared for the type of seller you will be dealing with. This will save you countless hours of time and energy.
We’ll see you home.
There are generally two types of home sellers that brokers run into. The first kind is someone who needs to sell. This seller could be there for many circumstances. Possibly they are downsizing after losing a job, or even upsizing due to a child on the way. The urgency to sell here is at the highest and should be treated that way. Most of your time and energy should be devoted to these types of sellers as they will progress faster.
The second type of lead from a customer who is a discretionary seller. These sellers have certain goals but also can afford not to sell. Ninety-nine percent of the time these customers are looking for the best deal. They’ll say something like “if you can get be $1.5 million for my apartment, I’d love to make it happen." That is their wish price and they usually don't accept anything less. Not to say this is a waste of your time, but it’s prudent to be aware of this type. Know the sellers intentions before taking on a seller who might be tough to work with.
Not every owner is the same. Before you take on a listing always be prepared for the type of seller you will be dealing with. This will save you countless hours of time and energy.
We’ll see you home.
Friday, September 17, 2010
Picking a Broker
It is always a good practice to sit down and meet with your potential broker and hear their marketing pitch. Signing an agreement – up to six months - with someone who often times is a stranger isn’t always an easy proposition. The well-read New York City based blog, BrickUnderground recently put together a comprehensive guide for consumers when it comes time to hire a broker.
We found many of the questions to be helpful for both prospective home sellers and brokers looking to acquire listings.
First, everything comes down to examples and anecdotes. People gravitate toward and buy into concepts with the use of stories. Two of the first three questions the guide poses begin with “Give me an example of.” As a home seller, you want to know what the broker has done in specific detail, especially during their interactions with clients. After all, you will be the one working with the broker to get your home off the market.
The same goes for asking about how you will communicate. It is good to set a fair and balanced schedule for updates on the property’s progress. While some agents will be in constant contact with you, others work on a difference schedule. Before hiring a broker, set guidelines to track the status of your home.
Make sure you have the broker explain their specific value as well. Many brokerages are equipped with the same tools in terms of databases and Internet presence. Ask what separates them from the competition. What can they do that the others cannot? This will help differentiate the good brokers from the great ones with something extra.
Lastly, like any good interview, ask for references and/or search for testimonials. This is usually the final check and if you are at this point you probably know who you want to hire. But, as always, it’s good to be thorough during the entire process. Buying or selling a home is often one of the largest financial and personal decisions of your life. Treat it like one when you choose a broker to work with.
We'll see you home
We found many of the questions to be helpful for both prospective home sellers and brokers looking to acquire listings.
First, everything comes down to examples and anecdotes. People gravitate toward and buy into concepts with the use of stories. Two of the first three questions the guide poses begin with “Give me an example of.” As a home seller, you want to know what the broker has done in specific detail, especially during their interactions with clients. After all, you will be the one working with the broker to get your home off the market.
The same goes for asking about how you will communicate. It is good to set a fair and balanced schedule for updates on the property’s progress. While some agents will be in constant contact with you, others work on a difference schedule. Before hiring a broker, set guidelines to track the status of your home.
Make sure you have the broker explain their specific value as well. Many brokerages are equipped with the same tools in terms of databases and Internet presence. Ask what separates them from the competition. What can they do that the others cannot? This will help differentiate the good brokers from the great ones with something extra.
Lastly, like any good interview, ask for references and/or search for testimonials. This is usually the final check and if you are at this point you probably know who you want to hire. But, as always, it’s good to be thorough during the entire process. Buying or selling a home is often one of the largest financial and personal decisions of your life. Treat it like one when you choose a broker to work with.
We'll see you home
Wednesday, September 15, 2010
Debunking Common Myths For Buyers
Buying a home can often be a daunting task. It takes a lot of knowledge just to feel comfortable starting the process. Uninformed buyers often listen hear the same uninformed suggestions. Here at BARAK Realty, we want to make sure you are on the right path!
Myth #1: Waiting for the market to get to the bottom is the way to go.
The only way to know the market has reached its bottom is when the market actually recovers and prices start to go up again. Then, you’ll find yourself chasing the rising prices along with everybody else. By then, it's too late! Don't wait. If it makes sense now for your personal or investment needs, go for it.
Myth #2: It's OK to submit an offer on a home before financial pre-qualification.
Talking to a mortgage professional allows you to determine the best price range for your situation and also enables you to search and buy with confidence. It takes 15 minutes, it’s free and there’s no obligation. So get educated on what you can actually afford as early in the process as possible.
Myth #3: Co-ops boards are simply a formality.
Each co-op has a different set of rules and restrictions, such as sublet policies, percent of required down payment, debt to income ratio, gifting, co-signers, etc. Make sure you discuss those important questions with your agent before you make an offer on your new home. Sometimes co-op boards can be very strict. By doing this , you will be one step ahead of the co-op boards.
Stay tuned to the BARAK Realty Blog for more tips for buyers.
We’ll see you home.
Myth #1: Waiting for the market to get to the bottom is the way to go.
The only way to know the market has reached its bottom is when the market actually recovers and prices start to go up again. Then, you’ll find yourself chasing the rising prices along with everybody else. By then, it's too late! Don't wait. If it makes sense now for your personal or investment needs, go for it.
Myth #2: It's OK to submit an offer on a home before financial pre-qualification.
Talking to a mortgage professional allows you to determine the best price range for your situation and also enables you to search and buy with confidence. It takes 15 minutes, it’s free and there’s no obligation. So get educated on what you can actually afford as early in the process as possible.
Myth #3: Co-ops boards are simply a formality.
Each co-op has a different set of rules and restrictions, such as sublet policies, percent of required down payment, debt to income ratio, gifting, co-signers, etc. Make sure you discuss those important questions with your agent before you make an offer on your new home. Sometimes co-op boards can be very strict. By doing this , you will be one step ahead of the co-op boards.
Stay tuned to the BARAK Realty Blog for more tips for buyers.
We’ll see you home.
Debunking Common Myths For Buyers
Buying a home can often be a daunting task. It takes a lot of knowledge just to feel comfortable starting the process. Uninformed buyers often listen hear the same uninformed suggestions. Here at BARAK Realty, we want to make sure you are on the right path!
Myth #1: Waiting for the market to get to the bottom is the way to go.
The only way to know the market has reached its bottom is when the market actually recovers and prices start to go up again. Then, you’ll find yourself chasing the rising prices along with everybody else. By then, it's too late! Don't wait. If it makes sense now for your personal or investment needs, go for it.
Myth #2: It's OK to submit an offer on a home before financial pre-qualification.
Talking to a mortgage professional allows you to determine the best price range for your situation and also enables you to search and buy with confidence. It takes 15 minutes, it’s free and there’s no obligation. So get educated on what you can actually afford as early in the process as possible.
Myth #3: Co-ops boards are simply a formality.
Each co-op has a different set of rules and restrictions, such as sublet policies, percent of required down payment, debt to income ratio, gifting, co-signers, etc. Make sure you discuss those important questions with your agent before you make an offer on your new home. Sometimes co-op boards can be very strict. By doing this , you will be one step ahead of the co-op boards.
Stay tuned to the BARAK Realty Blog for more tips for buyers.
We’ll see you home.
Myth #1: Waiting for the market to get to the bottom is the way to go.
The only way to know the market has reached its bottom is when the market actually recovers and prices start to go up again. Then, you’ll find yourself chasing the rising prices along with everybody else. By then, it's too late! Don't wait. If it makes sense now for your personal or investment needs, go for it.
Myth #2: It's OK to submit an offer on a home before financial pre-qualification.
Talking to a mortgage professional allows you to determine the best price range for your situation and also enables you to search and buy with confidence. It takes 15 minutes, it’s free and there’s no obligation. So get educated on what you can actually afford as early in the process as possible.
Myth #3: Co-ops boards are simply a formality.
Each co-op has a different set of rules and restrictions, such as sublet policies, percent of required down payment, debt to income ratio, gifting, co-signers, etc. Make sure you discuss those important questions with your agent before you make an offer on your new home. Sometimes co-op boards can be very strict. By doing this , you will be one step ahead of the co-op boards.
Stay tuned to the BARAK Realty Blog for more tips for buyers.
We’ll see you home.
Monday, September 13, 2010
Identify Your Purpose
There are many strategies to take when a broker acquires a listing. Are you in it just for the quick sale? Do you want a pricey listing to boost your profile on the company Web site? Maybe to get other buyers? Or is this a case where you are simply trying to block the property from your competition?
The problem is that brokers often don’t know their purpose when they actually get the listing. When I ask a new salesperson: “why did you take this listing?” they look at me like I’m from Mars. “Of course”, they tell me, “I want to sell it” to which I reply: “Well, but how come it’s over priced?” Before you even take a listing, know your purpose for taking that business. If sellers are not motivated to sell, and are not willing to price to market, why blow through your marketing budgets advertising this and why spend your weekends sitting in open houses which nobody attends?
Many sales managers proclaim: “never take overpriced listings” but yet our market place is full of them and thousands of agents waste valuable time and money marketing them. BARAK says: know your purpose for taking the listing, develop a strategy that makes sense and conduct yourself accordingly.
By developing a strategy to move forward with, you will prioritize your clients and properties and improve productivity with a carefully orchestrated plan in hand.
We’ll see you home.
The problem is that brokers often don’t know their purpose when they actually get the listing. When I ask a new salesperson: “why did you take this listing?” they look at me like I’m from Mars. “Of course”, they tell me, “I want to sell it” to which I reply: “Well, but how come it’s over priced?” Before you even take a listing, know your purpose for taking that business. If sellers are not motivated to sell, and are not willing to price to market, why blow through your marketing budgets advertising this and why spend your weekends sitting in open houses which nobody attends?
Many sales managers proclaim: “never take overpriced listings” but yet our market place is full of them and thousands of agents waste valuable time and money marketing them. BARAK says: know your purpose for taking the listing, develop a strategy that makes sense and conduct yourself accordingly.
By developing a strategy to move forward with, you will prioritize your clients and properties and improve productivity with a carefully orchestrated plan in hand.
We’ll see you home.
Tuesday, September 7, 2010
Negotiation Do's and Don'ts
A blog post last week written by Warburg’s Fred Peters really highlights some critical Do’s and Don’ts of the negotiation process. Most importantly he discusses how essential it is to be prepared BEFOREHAND. Too often the stress is put on what to do in the actual negotiations; however the work prior is overlooked.
First, Peters writes that you must know comparable sales in the area and in property size to back your findings. This is crucial for your side of the negotiations - as a knowledgeable real estate broker - to state your case. Having a strategy, as Peters says, is also part of the plan. Anticipating a back and forth and what your opposing broker may counter with will keep you one step ahead.
Another interesting point made by Peters is that you must always remember other critical dates and events. When you are in the negotiation process, it isn’t all about money. Some other details may come up including furniture, contingencies, closing dates, inspections, etc.
Lastly, while hammering out certain details is a must, Peters make a point to not let your ego get in the way. In the end your goal is to serve the client and help them achieve their goals. If you let your persona take over it can have negative effects on the negotiation process.
Negotiations are always something you can improve on. Remember to learn from both past mistakes and successes.
We'll see you home
First, Peters writes that you must know comparable sales in the area and in property size to back your findings. This is crucial for your side of the negotiations - as a knowledgeable real estate broker - to state your case. Having a strategy, as Peters says, is also part of the plan. Anticipating a back and forth and what your opposing broker may counter with will keep you one step ahead.
Another interesting point made by Peters is that you must always remember other critical dates and events. When you are in the negotiation process, it isn’t all about money. Some other details may come up including furniture, contingencies, closing dates, inspections, etc.
Lastly, while hammering out certain details is a must, Peters make a point to not let your ego get in the way. In the end your goal is to serve the client and help them achieve their goals. If you let your persona take over it can have negative effects on the negotiation process.
Negotiations are always something you can improve on. Remember to learn from both past mistakes and successes.
We'll see you home
Friday, September 3, 2010
Dealing With Rejection as a Broker
While we speak a lot about touching prospects in numerous ways here at BARAK, learning to deal with what happens after the touch can be just as critical. We all are handed various levels of rejection by clients, even the most successful brokers.
Even if you were spurned badly and you felt cheated, keeping your composure after being turned down can go a long way. Always be gracious of the potential client’s interest and remember our touch system to follow afterward.
The first thing you should do is to send a thank you email doing the following: thanking them for the opportunity and wishing them luck in the future. Also remind them that you’re always open to new business and that if they know anyone looking to buy or sell, you would appreciate the referral.
In a world controlled by email, differentiate yourself from the competition by sending a handwritten note repeating the same valuable information in the email. And don’t forget to keep every potential lead in your database and make sure you send all useful information, articles and newsletters to these leads.
This will keep your profile as a professional, educated and forthright real estate broker. Building a business requires an insatiable work ethic. Following up with prospects - even ones that rejected you - is a great start.
We’ll see you home.
Even if you were spurned badly and you felt cheated, keeping your composure after being turned down can go a long way. Always be gracious of the potential client’s interest and remember our touch system to follow afterward.
The first thing you should do is to send a thank you email doing the following: thanking them for the opportunity and wishing them luck in the future. Also remind them that you’re always open to new business and that if they know anyone looking to buy or sell, you would appreciate the referral.
In a world controlled by email, differentiate yourself from the competition by sending a handwritten note repeating the same valuable information in the email. And don’t forget to keep every potential lead in your database and make sure you send all useful information, articles and newsletters to these leads.
This will keep your profile as a professional, educated and forthright real estate broker. Building a business requires an insatiable work ethic. Following up with prospects - even ones that rejected you - is a great start.
We’ll see you home.
Wednesday, September 1, 2010
Standing Out in a Weak Market
We’ve all seen the news and reports that housing is sluggish in the waning summer months but rest assured there are still ways to stand out. Supplemented by a recent article from MSNBC.com, we at BARAK Realty want to give you a few skillful ways to accelerate your home selling process.
It all starts with the right price. The first thing author Allison Linn writes is also at the top of our list. In 2010, a fair and stable price in the marketplace is paramount to selling your home AND getting top dollar for it. Although you may want to price it high with the expectation of low offers, a glaringly high price might scare away consumers. Stay true to your market analysis and keep your price in the range of similar homes that have sold, not homes that are on the market.
One of our chief concerns in selling a home at BARAK is staging. When someone visits a home for sale they immediately imagine themselves in it. The worst thing for them to see is a messy or unkempt living space. Make sure to keep everything neat and expose the spaciousness of the property. A cluttered area will turn off the prospective buyer and leave you shaking your head.
The final point we took from the MSNBC article pertains to professional photos. With nearly every apartment searcher first scanning the internet, the use of grainy, non-descript photos becomes more obsolete. The old adage – you have to spend money to make money – rings true here as hiring a professional photographer, or going with a broker that offers the service, will keep you up to date with the competition.
Although it can seem like an uphill climb, there are always ways to get your home moving in a slow market.
We’ll see you home
It all starts with the right price. The first thing author Allison Linn writes is also at the top of our list. In 2010, a fair and stable price in the marketplace is paramount to selling your home AND getting top dollar for it. Although you may want to price it high with the expectation of low offers, a glaringly high price might scare away consumers. Stay true to your market analysis and keep your price in the range of similar homes that have sold, not homes that are on the market.
One of our chief concerns in selling a home at BARAK is staging. When someone visits a home for sale they immediately imagine themselves in it. The worst thing for them to see is a messy or unkempt living space. Make sure to keep everything neat and expose the spaciousness of the property. A cluttered area will turn off the prospective buyer and leave you shaking your head.
The final point we took from the MSNBC article pertains to professional photos. With nearly every apartment searcher first scanning the internet, the use of grainy, non-descript photos becomes more obsolete. The old adage – you have to spend money to make money – rings true here as hiring a professional photographer, or going with a broker that offers the service, will keep you up to date with the competition.
Although it can seem like an uphill climb, there are always ways to get your home moving in a slow market.
We’ll see you home
Friday, August 27, 2010
Organizing Your Database
As we’ve discussed in great detail here before, it’s invaluable to log your prospects and keep them in a database for further use. It’s one thing to expand your database of contacts; it’s another to have them organized.
Emailing your potential clients by the hundreds opens the risk of being marked as spam, deleted from contact and looking less personal. As brokers, most importantly as trusted advisers, our biggest asset is to develop a welcoming relationship with our clients. Organizing your contacts can do just that.
First know that this may be time consuming. However, the reward at the end will be worth it. The key to starting this is to develop five to 10 groups of contacts. For instance, you could make groups of prospective clients, past buyers, past exclusives, lawyers, friends and family. This allows you to tailor certain news and notes to specific demographics and interest groups.
Once you’ve performed the initial undertaking, assigning each new contact to a group will seem like a breeze. Using Microsoft Outlook or any other commonly used mail program will help facilitate the process and have you on your way to a detailed database.
Remember that these are tactics that anyone can use, but not everyone does. Stay ahead of the game by organizing your database. It not only will help grow your business but will make emailing much easier.
We’ll see you home.
Emailing your potential clients by the hundreds opens the risk of being marked as spam, deleted from contact and looking less personal. As brokers, most importantly as trusted advisers, our biggest asset is to develop a welcoming relationship with our clients. Organizing your contacts can do just that.
First know that this may be time consuming. However, the reward at the end will be worth it. The key to starting this is to develop five to 10 groups of contacts. For instance, you could make groups of prospective clients, past buyers, past exclusives, lawyers, friends and family. This allows you to tailor certain news and notes to specific demographics and interest groups.
Once you’ve performed the initial undertaking, assigning each new contact to a group will seem like a breeze. Using Microsoft Outlook or any other commonly used mail program will help facilitate the process and have you on your way to a detailed database.
Remember that these are tactics that anyone can use, but not everyone does. Stay ahead of the game by organizing your database. It not only will help grow your business but will make emailing much easier.
We’ll see you home.
Wednesday, August 25, 2010
Closing Checklists
We’ve all heard someone say, “I’ve signed the contract; we should be closing in no time.” Not so fast. In the fast-paced world of 2010 we all live in, it’s become increasingly harder to get everyone in the same room, according to Coopandcondo.com. The site recently published an in-depth article with tips for buyers and sellers and their co-op deals.
Remember that your closing date is approximate and can be held up by a number of factors. It crucial to keep everyone in the loop including your attorneys, contractors and brokers to make sure the process runs smoothly. According to the site, “The best protection against a problem with the closing date is to communicate your needs up front and make sure the other party is capable of closing on the contractually specified date.”
The section on personal property brings across many valid points as home furnishings often get lost in the shuffle. Don’t expect even the smallest item to be left as sellers will take everything they claim their own. On the seller’s side, make sure everything is accounted for before moving out.
Another great point the article brings up is scheduling move-in and move-out dates. In elevated buildings and walkups especially, coordinating a time to move your belongings can be a stepping stone. Make sure to stay a step ahead and schedule a time.
There are many other useful tips inside this guide to co-op and condo closings. Stay tuned for more helpful info for buyers and sellers.
We’ll see you home.
Remember that your closing date is approximate and can be held up by a number of factors. It crucial to keep everyone in the loop including your attorneys, contractors and brokers to make sure the process runs smoothly. According to the site, “The best protection against a problem with the closing date is to communicate your needs up front and make sure the other party is capable of closing on the contractually specified date.”
The section on personal property brings across many valid points as home furnishings often get lost in the shuffle. Don’t expect even the smallest item to be left as sellers will take everything they claim their own. On the seller’s side, make sure everything is accounted for before moving out.
Another great point the article brings up is scheduling move-in and move-out dates. In elevated buildings and walkups especially, coordinating a time to move your belongings can be a stepping stone. Make sure to stay a step ahead and schedule a time.
There are many other useful tips inside this guide to co-op and condo closings. Stay tuned for more helpful info for buyers and sellers.
We’ll see you home.
Friday, August 20, 2010
Timeless Real Estate Skills
Real estate is a unique profession. It is one of the few in the world that deals with every walk of life on a daily basis. This makes it important to always sharpen your people skills and strive to extend your network of contacts.
This is why a recent blog post on realtor.org hit home for us at BARAK Realty. In their list of seven Timeless Skills for Any Real Estate Market, Kelle Sparta emphasizes the important of Meeting New People and Making Personal Connections.
It’s a fact that every type of professional, especially in New York City, is or will be in the market for real estate, either as a buyer, renter or landlord. This makes it important to leave an indelible impression on everyone you meet. So, when you are at a party, getting a sandwich or even waiting for the subway, don’t be afraid to meet someone and slip in that you are a broker. You never know where it may lead.
The best line to take away from Sparta’s article is this: People buy from people they like. Always find a way to appeal to the customer and bond with them. Part of this and any business is selling yourself. You aren’t there as much to help buy or sell a property as you are selling peace of mind and your trusted advisement. Being honest and forthright can go a long way in developing the trust it takes to build a business in this industry.
We’ll see you home
This is why a recent blog post on realtor.org hit home for us at BARAK Realty. In their list of seven Timeless Skills for Any Real Estate Market, Kelle Sparta emphasizes the important of Meeting New People and Making Personal Connections.
It’s a fact that every type of professional, especially in New York City, is or will be in the market for real estate, either as a buyer, renter or landlord. This makes it important to leave an indelible impression on everyone you meet. So, when you are at a party, getting a sandwich or even waiting for the subway, don’t be afraid to meet someone and slip in that you are a broker. You never know where it may lead.
The best line to take away from Sparta’s article is this: People buy from people they like. Always find a way to appeal to the customer and bond with them. Part of this and any business is selling yourself. You aren’t there as much to help buy or sell a property as you are selling peace of mind and your trusted advisement. Being honest and forthright can go a long way in developing the trust it takes to build a business in this industry.
We’ll see you home
Wednesday, August 18, 2010
Top Ten First Time Buyer Mistakes.
Yahoo Real Estate usually delivers insightful advice into real estate. In a recent article, Yahoo posted 10 common buyer first-time buyer mistakes. The article really hits home, both in the current market and in any home buying time. As part of our video series, we will also discuss similar mistakes in an upcoming post next week.
One of the biggest problems and mistakes home seekers make is No. 2 on Yahoo’s list: Skipping Mortgage Qualification. This is like going grocery shopping without knowing what is in your wallet. Knowing what the bank will lend you combined with your down payment allow you to start searching within a price range. In addition, you might go through the entire process of signing a contract and then watch it all fall through at the end. Not only does this waste your time but it wastes time for both brokers and the seller.
Being Too Picky, No. 4 on the list is also a common pitfall. A major reason in buying a home is to build equity opposed to renting. The longer you wait, the longer you keep feeding your money into a rental property. This requires a certain level of compromise. Remember that your first home won’t necessarily be your dream home.
No. 10 on their list is quite possibly the most important in the long run. You must think about the future when searching for a home. Do your research into the neighborhood. Is it undergoing a lot of construction or subway route changes? How have the home values fluctuated in the area recently? If you have or are planning to have children, what types of local schools are there? A great home depends a lot on the area it is in.
Keep these in mind when you are searching for your first home.
We'll see you home
One of the biggest problems and mistakes home seekers make is No. 2 on Yahoo’s list: Skipping Mortgage Qualification. This is like going grocery shopping without knowing what is in your wallet. Knowing what the bank will lend you combined with your down payment allow you to start searching within a price range. In addition, you might go through the entire process of signing a contract and then watch it all fall through at the end. Not only does this waste your time but it wastes time for both brokers and the seller.
Being Too Picky, No. 4 on the list is also a common pitfall. A major reason in buying a home is to build equity opposed to renting. The longer you wait, the longer you keep feeding your money into a rental property. This requires a certain level of compromise. Remember that your first home won’t necessarily be your dream home.
No. 10 on their list is quite possibly the most important in the long run. You must think about the future when searching for a home. Do your research into the neighborhood. Is it undergoing a lot of construction or subway route changes? How have the home values fluctuated in the area recently? If you have or are planning to have children, what types of local schools are there? A great home depends a lot on the area it is in.
Keep these in mind when you are searching for your first home.
We'll see you home
Friday, August 13, 2010
Finding the Right Prospects
It’s always important to develop an expansive database of leads and potential clients in sales. Without leads and prospective buyers, sales can quickly run dry. However, too many salespeople spread themselves too thin by focusing their attention to the masses with either cold calling or generic e-mails.
You can work as hard as you want in that fashion, but it isn’t working smart. Identifying the right prospects to expand your business is crucial to stimulating long-term growth and building a database. Throwing your time and energy into prospects who will never be interested is a waste of time and money.
Here’s what you should do. Examine your list of prospects and narrow it down to what you would consider your top 50 prospects. After you do this, develop a campaign targeted to them individually. This way you will sound more personable and intimate. When people are looking to hire a broker, they want someone they trust.
It’s a simple fact that people eventually do business with the ones they have a rapport with. Instead of shooting in the dark for business, narrow it down. You’ll save time and money.
We'll see you home
You can work as hard as you want in that fashion, but it isn’t working smart. Identifying the right prospects to expand your business is crucial to stimulating long-term growth and building a database. Throwing your time and energy into prospects who will never be interested is a waste of time and money.
Here’s what you should do. Examine your list of prospects and narrow it down to what you would consider your top 50 prospects. After you do this, develop a campaign targeted to them individually. This way you will sound more personable and intimate. When people are looking to hire a broker, they want someone they trust.
It’s a simple fact that people eventually do business with the ones they have a rapport with. Instead of shooting in the dark for business, narrow it down. You’ll save time and money.
We'll see you home
Thursday, August 12, 2010
Monday, August 9, 2010
Friday, August 6, 2010
Earning Buyer Loyalty
It’s easy for someone buying a home to try out the bevy of online sources for apartments. With so much information at their fingertips, prospective buyers usually head to their computers to explore options before signing on with a broker.
No longer gatekeepers of information nor apartment searches, brokers must now - more than ever - adjust their strategy to become trusted advisers or real estate consultants. That starts with establishing trust with your client. There are plenty of agents out there so it’s imperative to differentiate yourself as a trustworthy and experienced source.
The first step is to prepare a well thought personal biography and company summary to showcase. This includes but is not limited to: self and company press clippings, successful similar listings and closings, samples of comparative properties in the area and real-time market reports.
Demonstrating your skill set and ability to save the buyer time and money is the next step. The best way to do this is to speak about past success stories. Providing examples of how your service was beneficial to a customer is essential to establishing your expertise and attracting new clients.
Finally, educating the potential buyer on the many steps of the home buying process is another way to gain trust. “Has anyone ever showed you exactly what your monthly charges would be? Has anyone ever showed you how much you’re actually saving in taxes? Is there value in this for you? I can give you all these answers and more for any property you are interested in.”
Once all these steps are in place, it’s time to request loyalty and explain that you’ll be there for the long haul. Remember, your value isn’t in finding apartments for the buyer, it’s as a trusted advisor.
We’ll see you home.
No longer gatekeepers of information nor apartment searches, brokers must now - more than ever - adjust their strategy to become trusted advisers or real estate consultants. That starts with establishing trust with your client. There are plenty of agents out there so it’s imperative to differentiate yourself as a trustworthy and experienced source.
The first step is to prepare a well thought personal biography and company summary to showcase. This includes but is not limited to: self and company press clippings, successful similar listings and closings, samples of comparative properties in the area and real-time market reports.
Demonstrating your skill set and ability to save the buyer time and money is the next step. The best way to do this is to speak about past success stories. Providing examples of how your service was beneficial to a customer is essential to establishing your expertise and attracting new clients.
Finally, educating the potential buyer on the many steps of the home buying process is another way to gain trust. “Has anyone ever showed you exactly what your monthly charges would be? Has anyone ever showed you how much you’re actually saving in taxes? Is there value in this for you? I can give you all these answers and more for any property you are interested in.”
Once all these steps are in place, it’s time to request loyalty and explain that you’ll be there for the long haul. Remember, your value isn’t in finding apartments for the buyer, it’s as a trusted advisor.
We’ll see you home.
Wednesday, August 4, 2010
Getting Through the Final Walk Through
As anyone who has gone through the entire home buying process can attest, each step can be tedious and nerve-wrecking. Usually the last step before closing on your new home is a walk through. After months of debating, financial work and consultations, a final walk through may seem like a formality. But, as Carla Hill points out in Realty Times, there are many things to look for during your final walk-through.
This is a crucial step because, especially if the home is furnished, there are appliances, sets of furniture and certain fixtures that may have small structural or operational defects. During the first few visits to the home, many home buyers overlook these elements and focus on the overlook appearance of the house.
From Hill’s insightful article, here are a few highlights:
2. Major Systems – Do a check of the air conditioning and heat. If it isn’t central air, make sure the window units work properly. Flush the toilets a few times and run the sinks and showers. The last thing you want is for your shower to only pump cold water.
4. Repairs – Be on the lookout for any structural damage inside the property. If there is any you do not want to be stuck with it three weeks into owning the home. Inspect every nook and cranny before you leave.
5. Screens and Storm Windows – Replacing windows can be painfully expensive. Check on when the windows were installed and if they have warranties. This can save you thousands of dollars and dozens of headaches.
We'll see you home
This is a crucial step because, especially if the home is furnished, there are appliances, sets of furniture and certain fixtures that may have small structural or operational defects. During the first few visits to the home, many home buyers overlook these elements and focus on the overlook appearance of the house.
From Hill’s insightful article, here are a few highlights:
2. Major Systems – Do a check of the air conditioning and heat. If it isn’t central air, make sure the window units work properly. Flush the toilets a few times and run the sinks and showers. The last thing you want is for your shower to only pump cold water.
4. Repairs – Be on the lookout for any structural damage inside the property. If there is any you do not want to be stuck with it three weeks into owning the home. Inspect every nook and cranny before you leave.
5. Screens and Storm Windows – Replacing windows can be painfully expensive. Check on when the windows were installed and if they have warranties. This can save you thousands of dollars and dozens of headaches.
We'll see you home
Friday, July 30, 2010
Limit Your Time Wasters
A very insightful business blog, Criteria For Success, recently posted an article on six time wasters. I found this very poignant and all six can be found in the real estate industry.
What we have to remember is that, simply put, time is money. In a profession where all salespeople are compensated on commission, the key to success is time management. We spend 20 percent of our time doing 80 percent of our work. That means we must identify which activities carry a higher impact and work to focus our attention on those.
It’s one thing to create long and short term goals, it’s another to block off time to ensure they are fulfilled. With strict deadlines, we tend to become more productive, protect our time and eliminate unwanted interruptions.
Ask yourself this: What if we treated every day like it was the day before vacation? That is the most productive day of the year for many reasons. So go out there and treat every day like there’s a vacation on the horizon. You’ll be amazed at your productivity.
We’ll see you home.
What we have to remember is that, simply put, time is money. In a profession where all salespeople are compensated on commission, the key to success is time management. We spend 20 percent of our time doing 80 percent of our work. That means we must identify which activities carry a higher impact and work to focus our attention on those.
It’s one thing to create long and short term goals, it’s another to block off time to ensure they are fulfilled. With strict deadlines, we tend to become more productive, protect our time and eliminate unwanted interruptions.
Ask yourself this: What if we treated every day like it was the day before vacation? That is the most productive day of the year for many reasons. So go out there and treat every day like there’s a vacation on the horizon. You’ll be amazed at your productivity.
We’ll see you home.
Wednesday, July 28, 2010
More Common Buyer Misconceptions
If you thought buyers only had three common misconceptions, you’re in for a treat. At BARAK, we’ve seen buyers often fall into similar traps and remain dedicated to facilitating the buying process and that starts with education. Here are some additional tips to stay ahead of the curve.
Misconception #4 – Thinking you can get a better price by not working with a broker.
Not knowing the facts will actually cost you money. For example, you can think you got a good deal by negotiating on your own but later find out that a similar apartment went into contract for a lower price. Signed contracts are not public information and take months to show up in systems where you could easily find them.
Also, sellers pay the same commission whether you are represented by a broker or not- it's better having someone on your side to negotiate for you! That is what we do for a living.
Misconception #5 - Not Knowing All the Costs Involved
Often times, prospective buyers aren’t aware of closing costs. Especially with condos and new developments, closing costs can become substantial; so it becomes a good practice to inquire about them before the final stages. Your mortgage professional will provide you the exact costs later in the process, but can it hurt to plan ahead?
Misconception #6 – Failing to Consider Your Long-Term Needs
After you’ve calculated your monthly costs and debt-to-income ratio and it’s clear you can afford the home, it’s time to ask a few questions.
Will I be a parent in five years? Are college expenses on the way? Where do I see my career heading?
Keeping this advice in mind will allow you to stay objective and level-headed when buying a home. Purchasing a property can be an emotional undertaking but the right education can go a long way!
We’ll see you home.
Misconception #4 – Thinking you can get a better price by not working with a broker.
Not knowing the facts will actually cost you money. For example, you can think you got a good deal by negotiating on your own but later find out that a similar apartment went into contract for a lower price. Signed contracts are not public information and take months to show up in systems where you could easily find them.
Also, sellers pay the same commission whether you are represented by a broker or not- it's better having someone on your side to negotiate for you! That is what we do for a living.
Misconception #5 - Not Knowing All the Costs Involved
Often times, prospective buyers aren’t aware of closing costs. Especially with condos and new developments, closing costs can become substantial; so it becomes a good practice to inquire about them before the final stages. Your mortgage professional will provide you the exact costs later in the process, but can it hurt to plan ahead?
Misconception #6 – Failing to Consider Your Long-Term Needs
After you’ve calculated your monthly costs and debt-to-income ratio and it’s clear you can afford the home, it’s time to ask a few questions.
Will I be a parent in five years? Are college expenses on the way? Where do I see my career heading?
Keeping this advice in mind will allow you to stay objective and level-headed when buying a home. Purchasing a property can be an emotional undertaking but the right education can go a long way!
We’ll see you home.
Friday, July 23, 2010
Building a Network Through Your Sphere of Influence
When beginning a career in real estate the task can be daunting for a lot of entry-level agents. The most prominent questions becomes “where will I get my leads?”
Many first time agents fail to realize that those leads are already in place. Think about all of the contacts you’ve gained in your personal and professional life. If you are coming from another career - a common thread among brokers – there are already dozens, sometimes hundreds of contacts in your sphere of influence.
First it’s obvious to start off with your family and friends. Have them reach out to their networks and contacts to give a simple heads up that you are starting a new career. This also includes the people you come in contact with every day.
Think about the following in people: PTA associates, Doctors, Lawyers, Merchants, Insurance agents, Financial advisers, Hairdressers, Jewelers, Volunteer activity associations, Board memberships, Political organizations, Theatrical groups, Music groups, Restaurateurs, Holiday card lists, People you speak to on the subway, Bartenders, Doormen, Store managers.
You already have at least a casual relationship with them, so why not throw in that you are now a real estate broker. At the worst, it plants a seed inside their head. In sales, you want to be either the first or second name that comes to mind when a customer thinks about your industry. Expanding your sphere of influence will only help that effort.
We'll see you home
Many first time agents fail to realize that those leads are already in place. Think about all of the contacts you’ve gained in your personal and professional life. If you are coming from another career - a common thread among brokers – there are already dozens, sometimes hundreds of contacts in your sphere of influence.
First it’s obvious to start off with your family and friends. Have them reach out to their networks and contacts to give a simple heads up that you are starting a new career. This also includes the people you come in contact with every day.
Think about the following in people: PTA associates, Doctors, Lawyers, Merchants, Insurance agents, Financial advisers, Hairdressers, Jewelers, Volunteer activity associations, Board memberships, Political organizations, Theatrical groups, Music groups, Restaurateurs, Holiday card lists, People you speak to on the subway, Bartenders, Doormen, Store managers.
You already have at least a casual relationship with them, so why not throw in that you are now a real estate broker. At the worst, it plants a seed inside their head. In sales, you want to be either the first or second name that comes to mind when a customer thinks about your industry. Expanding your sphere of influence will only help that effort.
We'll see you home
Monday, July 19, 2010
Always Evolve Your Home Selling Approach
As a seller, it can become increasingly frustrating to watch your property sit on the market without many offers or showings. A blog post on the highly trafficked blog “The Apple, Peeled” by Mitchel Askinas offered some great tips on revitalizing your listing in the summer market. The three ideas Askinas brings all are great ways to stay on top of your game.
No. 1 is an exercise in refreshing your grasp on the market. If your property has been on the market for six months, ask your agent to run another market analysis. It is imperative to stay objective with your home’s price. A property that sold for $590,000 in March may only be selling for $550,000 in the summer.
His second point falls in line with that strategy. As painful as it is to lower your price, remember that time is money. The longer you let your home sit on the market, the longer until you end the process of selling your home. Askinas makes a great point that instead of worrying about pricing low you should concentrate on creating a possible bidding war.
Lastly, an evolving marketing effort is crucial to success in any business. Evaluate what you have distributed and make revisions. If something didn’t work, scrap it and move on. The key is objective evaluation and making the correct changes in your marketing techniques to improve the property’s presence.
Keep these tips in mind during your ongoing home selling process.
We’ll see you home.
No. 1 is an exercise in refreshing your grasp on the market. If your property has been on the market for six months, ask your agent to run another market analysis. It is imperative to stay objective with your home’s price. A property that sold for $590,000 in March may only be selling for $550,000 in the summer.
His second point falls in line with that strategy. As painful as it is to lower your price, remember that time is money. The longer you let your home sit on the market, the longer until you end the process of selling your home. Askinas makes a great point that instead of worrying about pricing low you should concentrate on creating a possible bidding war.
Lastly, an evolving marketing effort is crucial to success in any business. Evaluate what you have distributed and make revisions. If something didn’t work, scrap it and move on. The key is objective evaluation and making the correct changes in your marketing techniques to improve the property’s presence.
Keep these tips in mind during your ongoing home selling process.
We’ll see you home.
Friday, July 16, 2010
Ways for Home Buyers and Sellers to Get Through Turbulent Economic Times
A few months back, I attended a workshop sponsored by the Real Estate Board of New York where the speaker was Betsy Dean, a real estate colleague and a life coach. The material she offered was powerful and inspiring not only for real estate people but for all sales professionals.
1) Forget About Your Losses, Focus on Your Opportunities.
Things that you may have taken for granted before may sometimes disappear. Some people never get over this and keep trying to revitalize their old game. A better strategy is to let go of the past and begin an entirely new game, using new ideas, new energies and new resources. The world’s greatest investor, Warren Buffet said it best: “At times when everyone is fearful, it is time to expand.” There are many opportunities for growth and investment right now and those who focus on finding them will prosper during the next economic cycle.
2) Forget About Your Difficulties, Focus on Your Progress.
Many things today are not as easy as they once were, but new difficulties can either defeat you or reveal new strengths. Just like your body’s muscles always get stronger from working against resistance, the same is true for the “muscles” in your mind, your spirit and your character. Treat this whole period of challenge as a time when you can make your greatest progress as a human being. Identify weakness in your relationships and in your business and focus on strengthening them.
3) Forget About the “Future”, Focus on Today.
A gift is called “a present” because the present is a gift. The only future that has any reality is the one that you continually create for yourself through each day’s contributions, achievements, and results. Focus on the little victories you can achieve over the course of each 24 hours and you’ll essentially create your future one day at a time.
Come back for our weekly updates on the BARAK Realty Blog to continue receiving advice from powerful industry professionals.
We’ll see you home.
1) Forget About Your Losses, Focus on Your Opportunities.
Things that you may have taken for granted before may sometimes disappear. Some people never get over this and keep trying to revitalize their old game. A better strategy is to let go of the past and begin an entirely new game, using new ideas, new energies and new resources. The world’s greatest investor, Warren Buffet said it best: “At times when everyone is fearful, it is time to expand.” There are many opportunities for growth and investment right now and those who focus on finding them will prosper during the next economic cycle.
2) Forget About Your Difficulties, Focus on Your Progress.
Many things today are not as easy as they once were, but new difficulties can either defeat you or reveal new strengths. Just like your body’s muscles always get stronger from working against resistance, the same is true for the “muscles” in your mind, your spirit and your character. Treat this whole period of challenge as a time when you can make your greatest progress as a human being. Identify weakness in your relationships and in your business and focus on strengthening them.
3) Forget About the “Future”, Focus on Today.
A gift is called “a present” because the present is a gift. The only future that has any reality is the one that you continually create for yourself through each day’s contributions, achievements, and results. Focus on the little victories you can achieve over the course of each 24 hours and you’ll essentially create your future one day at a time.
Come back for our weekly updates on the BARAK Realty Blog to continue receiving advice from powerful industry professionals.
We’ll see you home.
Wednesday, July 14, 2010
Separating A, B and C Buyers
BARAK Realty President discusses the importance of separating potential leads into three categories: A, B and C buyers. By compartmentalizing your leads, you will improve time management and overall performance.
Friday, July 9, 2010
Touch Marketing
In the year 2010 there are countless ways to reach your potential client base. From emailing, to tweeting to the old fashioned hand-written letter, getting your message out to leads is easier than ever. But remember, just because this is the Internet age doesn’t mean it’s time to get lazy and hide behind a computer desk.
Yes, it is easy to sit back and send e-mail blasts and newsletters to mass listings. This is not to discourage that type of lead generation. The point we are trying to illustrate is that more intimate types of contact are still useful. We call this our Touch Marketing system.
Not every contact is with the intention of making a sale. Every single day we are constantly reaching out to different people in all walks of life and extending our networks. At a networking event, make yourself stand out against the competition. You can do this by simply relating to someone. The best salespeople act like chameleons and can morph personality traits and styles to fit client’s needs.
The next option is to pick up the phone and call your prospects. A phone call will differentiate you from the pack and make a lasting impression. Hand-written notes, especially in the form of a Thank You, are also tools to remind past clients of your services and generate referrals.
While the digital revolution has transformed the way we do business and collect leads, being personable still goes a long way.
We’ll see you home.
Yes, it is easy to sit back and send e-mail blasts and newsletters to mass listings. This is not to discourage that type of lead generation. The point we are trying to illustrate is that more intimate types of contact are still useful. We call this our Touch Marketing system.
Not every contact is with the intention of making a sale. Every single day we are constantly reaching out to different people in all walks of life and extending our networks. At a networking event, make yourself stand out against the competition. You can do this by simply relating to someone. The best salespeople act like chameleons and can morph personality traits and styles to fit client’s needs.
The next option is to pick up the phone and call your prospects. A phone call will differentiate you from the pack and make a lasting impression. Hand-written notes, especially in the form of a Thank You, are also tools to remind past clients of your services and generate referrals.
While the digital revolution has transformed the way we do business and collect leads, being personable still goes a long way.
We’ll see you home.
Monday, July 5, 2010
Detach Yourself from the Outcome
One of the hardest things for a broker to do in the middle of a prospective sale is to Detach from the Outcome.
First, let’s avoid confusing non-attachment from not caring. To say you don’t care suggests apathy and can mislead the potential buyer or seller. Make sure they know that you are putting 100 percent into the sale but if it doesn’t work out, everything will be OK.
If you are attached to the outcome of a sale, it requires an enormous amount of emotional energy. This means that even if the sale works out and you’re handed a substantial commission check, you could still remain attached long after. By staying unattached you can still hold on tightly, but also let go lightly. You can still try hard and care deeply, but also let go if the outcome isn’t favorable.
A good philosophy is to think in terms of either winning or breaking even. Granted, this is easier said than done, especially if you’ve been in a slump. However, remember that you aren’t putting anything on the line and can just as easily say “no.” By not worrying, it takes the pressure off and let’s you win regardless of the outcome.
The next time you begin negotiations or the process of selling or renting a home, think of it is a no-lose scenario.
We’ll see you home.
First, let’s avoid confusing non-attachment from not caring. To say you don’t care suggests apathy and can mislead the potential buyer or seller. Make sure they know that you are putting 100 percent into the sale but if it doesn’t work out, everything will be OK.
If you are attached to the outcome of a sale, it requires an enormous amount of emotional energy. This means that even if the sale works out and you’re handed a substantial commission check, you could still remain attached long after. By staying unattached you can still hold on tightly, but also let go lightly. You can still try hard and care deeply, but also let go if the outcome isn’t favorable.
A good philosophy is to think in terms of either winning or breaking even. Granted, this is easier said than done, especially if you’ve been in a slump. However, remember that you aren’t putting anything on the line and can just as easily say “no.” By not worrying, it takes the pressure off and let’s you win regardless of the outcome.
The next time you begin negotiations or the process of selling or renting a home, think of it is a no-lose scenario.
We’ll see you home.
Wednesday, June 30, 2010
Broker Beware: Keep Your Client's Profiles Clean
A fascinating article in the New York Times really caught my eye the other day and brought up some helpful points for brokers.
Many of our agents at BARAK Google the name of a potential buyer or seller prior to taking a buyer out on appointments, taking a listing or submitting an offer. Furthermore, it’s even a better idea to take a look at people’s Facebook, Twitter and LinkedIn pages to learn more about who these people are.
The co-op boards are definitely looking so brokers might as well be prepared. If you are already in the deal, and are about to submit a co-op application, I would take a long hard look at the client’s profile pages on Facebook. If there is anything that may portray them in a bad light, suggest that they “lose” any objectionable pictures, comments or posts.
Think of it as image management, similar to how you prepare a property for sale – your clients depend on you to get them through this tedious process and you’ve got to make sure that you do.
Many of our agents at BARAK Google the name of a potential buyer or seller prior to taking a buyer out on appointments, taking a listing or submitting an offer. Furthermore, it’s even a better idea to take a look at people’s Facebook, Twitter and LinkedIn pages to learn more about who these people are.
The co-op boards are definitely looking so brokers might as well be prepared. If you are already in the deal, and are about to submit a co-op application, I would take a long hard look at the client’s profile pages on Facebook. If there is anything that may portray them in a bad light, suggest that they “lose” any objectionable pictures, comments or posts.
Think of it as image management, similar to how you prepare a property for sale – your clients depend on you to get them through this tedious process and you’ve got to make sure that you do.
Monday, June 28, 2010
Follow-Up Systems
Ever wonder why a large majority of your prospects never call you back? As it turns out, in all types of sales, especially real estate, following up with potential leads is paramount to achieving that elusive sale.
According to renowned sales coach Jack Daly, an astounding 48 percent of sales people NEVER follow up with a prospect. A quarter of them stop at two contacts, 12 percent make three and only 10 percent are persistent enough to make three attempts at a possible lead.
Let’s compare these numbers with how buyers operate. Only 20 percent of all sales are made in the first four contacts while the additional 80 percent are transacted on the fifth interaction and beyond.
If you take a look at those numbers you’ll observe that there is a gap to exploit. Frequently contacting the right prospects and checking in is a way of reminding your leads that you are there. The goal is to stay fresh in their minds and be the first name that comes up when they think about real estate.
Often times we’re afraid to pick up the phone because we don’t want to seem pushy. Actually, if we don’t make contact then people perceive it as indifference. So now it’s time to get out there and follow your prospects. You’ll see that by staying in constant contact with your prospective buyers and sellers, sales will increase.
We’ll see you home.
According to renowned sales coach Jack Daly, an astounding 48 percent of sales people NEVER follow up with a prospect. A quarter of them stop at two contacts, 12 percent make three and only 10 percent are persistent enough to make three attempts at a possible lead.
Let’s compare these numbers with how buyers operate. Only 20 percent of all sales are made in the first four contacts while the additional 80 percent are transacted on the fifth interaction and beyond.
If you take a look at those numbers you’ll observe that there is a gap to exploit. Frequently contacting the right prospects and checking in is a way of reminding your leads that you are there. The goal is to stay fresh in their minds and be the first name that comes up when they think about real estate.
Often times we’re afraid to pick up the phone because we don’t want to seem pushy. Actually, if we don’t make contact then people perceive it as indifference. So now it’s time to get out there and follow your prospects. You’ll see that by staying in constant contact with your prospective buyers and sellers, sales will increase.
We’ll see you home.
Monday, June 21, 2010
Learning to Negotiate
"What's your best price?"
"That's too expensive."
"Your competitor is selling the same thing for…."
Most salespeople hear statements like this every day. When you’re thrown into a situation like this, it is important to know how to negotiate effectively.
Here are a few tips to improve the negotiation process:
1) Relationship First – In real estate, we’re not selling a one-of-a-kind product that trumps any competition. You MUST develop a relationship with the other side, which in this case is your buyer or seller. Don’t think because this is 2010 that you can establish a relationship with a client via text or email. Face to face is and always will be king when it comes to building a valuable relationship. Email is only valid as a confirmation tool, not a substitution for interpersonal interaction.
2) Do Your Research – Too many times we as agents are quick to pass along prices before knowing crucial client information. Do you know their true motivation to buy or sell? It is imperative to get a grasp of their financial picture and understand the dynamics of their situation before you can move forward in the process. By knowing the key facts, you are a step ahead at the negotiation table.
3) Know Your Competitors –Be prepared to hear that you have a competitor. Potential buyers in the internet age are savvy and look at many avenues when buying and selling. Find out who might be jockeying for your services, know their strengths and weaknesses and develop a strategy to beat them. You can’t do that if you don’t ask, so remember: God gave us 2 ears and 1 month so we can do more listening than talking. Get the complete information, be strategic and get yourself closer to a negotiated agreement.
Keep these in mind the next time you go into serious negotiations. You’ll see immediate dividends and might just impress your client.
We’ll see you home.
"That's too expensive."
"Your competitor is selling the same thing for…."
Most salespeople hear statements like this every day. When you’re thrown into a situation like this, it is important to know how to negotiate effectively.
Here are a few tips to improve the negotiation process:
1) Relationship First – In real estate, we’re not selling a one-of-a-kind product that trumps any competition. You MUST develop a relationship with the other side, which in this case is your buyer or seller. Don’t think because this is 2010 that you can establish a relationship with a client via text or email. Face to face is and always will be king when it comes to building a valuable relationship. Email is only valid as a confirmation tool, not a substitution for interpersonal interaction.
2) Do Your Research – Too many times we as agents are quick to pass along prices before knowing crucial client information. Do you know their true motivation to buy or sell? It is imperative to get a grasp of their financial picture and understand the dynamics of their situation before you can move forward in the process. By knowing the key facts, you are a step ahead at the negotiation table.
3) Know Your Competitors –Be prepared to hear that you have a competitor. Potential buyers in the internet age are savvy and look at many avenues when buying and selling. Find out who might be jockeying for your services, know their strengths and weaknesses and develop a strategy to beat them. You can’t do that if you don’t ask, so remember: God gave us 2 ears and 1 month so we can do more listening than talking. Get the complete information, be strategic and get yourself closer to a negotiated agreement.
Keep these in mind the next time you go into serious negotiations. You’ll see immediate dividends and might just impress your client.
We’ll see you home.
Wednesday, May 5, 2010
The Real Deal Ranks Boutique Firms 2010
An open letter from President Barak Dunayer to our agents regarding this month's The Real Deal ranking of NYC's boutique firms:
Dear Friends:
Dear Friends:
Some of you may have already seen the story from The Real Deal May issue ranking NY’s Top Boutique Firms. The link to the story is provided here for your convenience.
Upon reading the story, our steep drop from 4th place in 2008 to 10th place in 2009 may promote thoughts of decline and worries about our company’s direction and future. While we congratulate our competitors for making this list and we commit to working even harder to become a better company regardless of any “lists”, I feel it is important to clarify the company’s position regarding our perceived decline in these well publicized rankings:
The criteria for the rankings has been “Total $$ Value of ACTIVE Manhattan Listings” and the main reason for our plunge in these rankings was that our “Total $$ Value of ACTIVE Manhattan Listings” has precipitously dropped from 2008 to 2009. 2009 was one of the deepest real estate recessions in history, so many companies were accumulating active (i.e.: unsold) listings and thus increasing their total value for this criteria. Other companies like us were not collecting them – we were selling them.
I want everybody at BARAK to keep in mind that I am extremely appreciative and proud of all the work of so many people in our company are doing, and how our salespeople did the near impossible last year by reinventing themselves and refocusing their businesses, and therefore were able to get so many of our listings sold. It is a terrible, even a deadly situation for a real estate firm to accumulate listings and maintain them unsold, since the costs of human hours and marketing shoot through the roof while no revenues come in.
I am sending a letter to The Real Deal Reporter and Editor but regardless of what they’ll do and in spite of what anybody would ever write or say, I invite all of us to focus on the following: East Side Expansion, Best Quarter in Company History, 2009 Revenues 8% higher than 2008 during the worst recession since the 1930’s, Tripe R Program, etc. Let’s strive harder to get just a little bit better everyday and while we continue to pay attention to “lists”, rankings and publications, let’s just be confident of who we are and challenge each other to better ourselves. Let’s be proud of the work we do and of what we have accomplished, and let’s be humble because there is so much more we have to achieve.
Thank you for your association with us and have a wonderful day.
Barak
Wednesday, March 17, 2010
Upper West Side Market Report
Dear Friends:
This morning I attended a REBNY West Side Committee meeting where the keynote speaker was Mr. Michael Vargas from Vanderbilt Appraisal discussing the latest market reports. Here are some relevant statistics he mentioned which I wanted to share with you regarding the market on the Upper West Side.
- There were a total of 2000 closed sales in 2009 on the Upper West Side. In 2010, we are on pace for 2200 sales – an increase of 10% in deal activity.
- Average sales price on the Upper West Side in 4Q 2009 was 1.4M. 1Q 2010 is 1.47M – an increase quarter over quarter of 5%.
- Average price for an Upper West Side Studio went down 7-8% between 4Q 2009 and 1Q 2010. Call your studio buyers with this good news and educate your studio sellers to price correctly.
- Average price for an Upper West Side 1BR went up 8% between 4Q 2009 and 1Q 2010. Call your 1BR sellers who were sitting on the fence last year and tell them it’s a much better time to sell.
- Average price for an Upper West Side 2BR went up 3.5% between 4Q 2009 and 1Q 2010. Call your 2BR sellers who were sitting on the fence last year and tell them it’s a much better time to sell.
- Average price for an Upper West Side 3BR+ went down 7% between 4Q 2009 and 1Q 2010. Call your 3BR buyers with this good news and educate your 3BR sellers to price correctly.
Overall, it is believed that the market has hit bottom and has stabilized. We are seeing this based on increased activity and some modest price appreciation in select market segments (price increases or decreases vary based on apartment sizes, neighborhoods etc.). Over the next several months we expect deal volume to increase, inventory to shrink, time on the market to diminish and several bidding wars to occur and then, as the press starts talking about increased activity, many sellers would start demanding higher prices. NEVERTHELESS, WE MUST EDUCATE OUR SELLERS TO PRICE CORRECTLY or we may go back into the same dark hole of late 2008 and early 2009 when the gap between asking prices and bidding prices was too wide for us brokers to overcome. Let’s keep this in mind and price competitively, encourage our buyers to take advantage of the opportunities and ride this positive wave well into the end of the year.
Sincerely yours,
Barak Dunayer
212.799.0343
barak@BarakNY.com
Friday, March 12, 2010
200 West (with Trader Joe's Coming Soon) Opens Monday
We're very excited over here at BARAK Realty's West Side office for the new Trader Joe's to open across the street at 200 West, (nicknamed "The Corner")
Real estate blog Curbed gave a great wrap up of the Saga of 200 West, complete with "flashy" pictures. Way back in July, we took some pictures out the window of the building, (also featured on Curbed), and today, decided to brave the rain to take a new set of the building with no scaffolding.
Let's start at the beginning!
Scaffolding was the last to go.....
And this week.... the scaffolding disappeared!
The tenant's will be a Bank of America on the first floor and Trader Joe's in the basement!
This woman is excited about Trader Joe's too
And now, for the "From Our Window" Series:
Last August
Today!
And a bird's eye view of the Resident's Entrance (which didn't look finished as we walked past)
...but should end up looking like this:
We promise to keep our Twitter updated with any new developments with the Trader Joe's.
Have a great weekend! Rain or Shine, our open houses will go on as planned. Check them out here!
And thanks to Curbed.com for some of the pictures :)
Real estate blog Curbed gave a great wrap up of the Saga of 200 West, complete with "flashy" pictures. Way back in July, we took some pictures out the window of the building, (also featured on Curbed), and today, decided to brave the rain to take a new set of the building with no scaffolding.
Let's start at the beginning!
Before 200 West existed, it was just a rendering:
Then it got a shell...
Scaffolding was the last to go.....And this week.... the scaffolding disappeared!
The tenant's will be a Bank of America on the first floor and Trader Joe's in the basement!
This woman is excited about Trader Joe's too
And now, for the "From Our Window" Series:
Last July
Last August
Today!
And a bird's eye view of the Resident's Entrance (which didn't look finished as we walked past)
...but should end up looking like this:Have a great weekend! Rain or Shine, our open houses will go on as planned. Check them out here!
And thanks to Curbed.com for some of the pictures :)
Tuesday, February 16, 2010
To Sell or Not To Sell? Recouping Your Investment on Your Home.
Recouping Your Investment on Your Home.
I was recently approached by several home owners who bought at the height of the market and are now ready to move on to another home. Given that prices have since declined in some areas, they are facing the difficult question of whether to sell at a loss or to lease out and wait for better times. Since the same questions kept coming up, I wanted to share with all of you several key points to consider when faced with this question:
1) Put Your Home on the Market for Sale OR Rent - Not Both: I think it is a bad idea to put a property on the market for both sale and lease simultaneously in order to see which comes first. It sends a message of desperation to potential buyers or renters and would very likely encourage lower offers on either the sale or the rental. I recommend considering both options carefully, making a decision and focusing one's attention exclusively on either selling or renting.
2) Consider the Big Picture - Buying Now at a Discount May Offset a Loss: Unfortunately, if you bought at the height of the market and wish to sell now you will most likely not recoup your investment. However, you may want to consider the larger picture i.e. what happens after the sale has taken place. If you are planning to purchase a more expensive property, or move into another part of the country where prices declined further than your current neighborhood's prices, you are likely to offset possible losses on your sale with a hefty gain as a result of buying at a larger discount than what you sold.
3) Are Prices Going Up in the Forseeable Future? If you decide to wait, you are probably betting that prices will be higher next year or maybe 3 or 5 years from now. But nobody can predict with certainly how the market will perform in the future, and there are numerous signs of an L-shaped recovery and of prices remaining flat for a while. Rising interest rates, tightening lending standards and the expiration of government incentives may put further pressure on price appreciation for the foreseeable future.
4) Ask Yourself: Are You Ready to be a Landlord? If you decide to wait, you are most likely looking to rent out your place, but would the monthly rent cover your expenses including mortgage, maintenance and taxes? If you bought at the height of the market with anything less than 50% equity, the rental income is not likely to cover your apartment carrying costs, not to mention possible vacancies or any larger maintenance issues that may occur. At the end of the lease, there will probably be some rental wear and tear which may require additional investment in renovation or a price reduction which may further offset your future profits. So you are looking at subsidizing your tenants for a while hoping for larger future profits, but at any case, are you prepared to be a landlord?
5) Finally, Consider Your Tax Implications: Selling a primary residence entitles you to exclude up to $250,000 profit ($500,000 for married people filing jointly) from capital gains tax. However, leasing up your unit turns it into an investment property and therefore subject to capital gains taxes. You should check with your accountant about that, but capital gains tax rates are most likely to rise in the near future and very often, the tax savings on a primary residence sale will offset the tax liability on an investment sale despite the lower price.
If you found this information useful, please pass it along to your friends. If you or someone you know is looking to buy, sell, rent or invest kindly forward me their information so I can follow up with a complimentary market analysis and consultation.
Speaking Engagement: Thursday February 18, 2010
This Thursday, February 18, I will be speaking in a forum entitled: "The 2010 CEO Summit - The Future of New York Residential Real Estate" alongside other noted NYC real estate experts including:
Dorothy Herman - President, Prudential Douglas Elliman
Hall F. Willkie - President, Brown Harris Stevens
Shaun Osher - CEO, Core NYC
Diane M. Ramirez - President, Halstead Property
Frederick Peters - President, Warburg Realty
More information is below- seating is limited so please RSVP to appelevansgroup@gmail.com as soon as possible!
What: "The 2010 CEO Summit - The Future of New York Residential Real Estate"
When: February 18, 2010 from 5:300in (Registration at 5pm)
Where: The Auditorium in the Bank of America Tower at One Bryant Park
1111 Avenue of the Americas, 2nd Floor
Best Wishes,
Thursday, January 14, 2010
TOP 10 WEIRDEST REAL ESTATE MOMENTS with BUYERS, SELLERS and BROKERS
These are actual encounters that our agents have come across in their years of NYC real estate!
Buyers
10) Bringing a bag of dirty laundry to wash and dry “to study the effectiveness of the washer/dryer. (Who supplies the laundry soap?)
9) Testing the Water Pressure by using a cup and a stop watch, seeing how quickly the cup fills up with water. Broker suggestion: “use a smaller cup and see the difference…..”
8) Refusing to remove their shoes prior to entering because “someone stole their shoes in a previous open house” (How about carrying your shoes with you as you stroll through the apartment??)
7) Asking the broker to leave so they can stand on their head and meditate for 10 minutes to find out “how they can spiritually connect to the place”
6) Making a bid for their “lucky number” ($493,723.42) and later reducing the bid to $425,000 upon discovering that the mortgage rate will be 1% higher. (Good luck comes with a price….)
5) Asking to leave their favorite plant in the apartment for 1 week “to see how the plant likes it” (Do they have a debrief session with their plant afterwards? Or maybe a focus group?)
4) Asking to sleep for 2 nights in the apartment to see how quite/loud it becomes at night. (Yeah right, hotel rates were at peak season at the time…..)
Brokers
3) Recommending a home inspector. The home inspector turns out to be the seller.
Sellers
2) Refusing to accept a certified check at a $500,000 closing. “The contract says “ALL CASH” (priceless!)
1) We only have 9 for you today. Please share with us any weirdness that you may have encountered. Thank you and have a wonderful day :)
Buyers
10) Bringing a bag of dirty laundry to wash and dry “to study the effectiveness of the washer/dryer. (Who supplies the laundry soap?)
9) Testing the Water Pressure by using a cup and a stop watch, seeing how quickly the cup fills up with water. Broker suggestion: “use a smaller cup and see the difference…..”
8) Refusing to remove their shoes prior to entering because “someone stole their shoes in a previous open house” (How about carrying your shoes with you as you stroll through the apartment??)
7) Asking the broker to leave so they can stand on their head and meditate for 10 minutes to find out “how they can spiritually connect to the place”
6) Making a bid for their “lucky number” ($493,723.42) and later reducing the bid to $425,000 upon discovering that the mortgage rate will be 1% higher. (Good luck comes with a price….)
5) Asking to leave their favorite plant in the apartment for 1 week “to see how the plant likes it” (Do they have a debrief session with their plant afterwards? Or maybe a focus group?)
4) Asking to sleep for 2 nights in the apartment to see how quite/loud it becomes at night. (Yeah right, hotel rates were at peak season at the time…..)
Brokers
3) Recommending a home inspector. The home inspector turns out to be the seller.
Sellers
2) Refusing to accept a certified check at a $500,000 closing. “The contract says “ALL CASH” (priceless!)
1) We only have 9 for you today. Please share with us any weirdness that you may have encountered. Thank you and have a wonderful day :)
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