Be The Roadrunner, Not The Coyote — The 12 Things I Have Learned About Real Estate In New York.
There are several women sitting around in the locker room of a private club after exercising. Suddenly a cell phone on one of the benches rings. One of the women picks it up, and the following conversation ensues:
“Hello?”
“Honey, it’s me. Are you at the club?” — “Yes.”
“Great. I am at Mercedes dealership and saw the 2017 models. I saw one I really liked. I spoke with the salesman, and he gave me an excellent price .” — “What price did he quote you?”
“Only $96,000…” — “OK, but for that price I want it with all the options.”
“Great! But before we hang up, something else…” — “What?”
“It might look like a lot, but I was online this morning and saw the apartment we had looked at last summer. The price has dropped. Remember? The one on Central Park West, 4 bedrooms, with the chef’s kitchen, roof deck, and dedicated parking. — “How much are they asking?”
“Only $4.5 million now — a fantastic price” — “Well, then go ahead and buy it, but just bid $3.9million. OK?”
“OK, hon…Thanks! I’ll see you later!! I love you!!!” — “Bye, I love you too.”
The woman hangs up, closes the phone’s flap, and raises her hand while holding the phone and asks to all those present:
“Does anyone know who this phone belongs to?”
I have been pounding the pavement for a couple of months now as a New York City real estate agent. I have been fortunate to accumulate some great buyers, and a seller as well. Here are 12 important things, for real estate agents and for clients, that I’ve learned so far:
#12: Make sure you are talking to the right person: When the phone rings, make sure you know exactly who is on the other end of the line. Are you talking to a real buyer or a real seller? I have taken some lovely people, to see some lovely properties, only to find that they were’t truly qualified to transact.
#11: You’re an Escort: You’re an escort, embrace it. Many New York buildings require “escorts” to accompany Open House visitors from the lobby, up to the apartment. Whether you are escorting your visitors through the lobby, or from one side of town to the other, if you are a real estate agent, you are a escort. And if you are a good real estate agent, bringing tangible skills like active listening, negotiation expertise, and critical thinking to the equation, then you will quickly graduate to paid escort.
The best way to honor someone is to truly, deeply, and authentically listen to their words, body language, and emotions. — John Vechey
#10: Resilence and Persistence Serves You Well: Whether you are the agent, or the client, resilence is a great quality to have in New York Real estate. Chances are, you will lose at least one bid before your through transacting, or there will be other complications to contend with along the way to securing your deal. A steady, calm, resilent approach will serve you well.
Patience, persistence and perspiration make an unbeatable combination for success. -Napoleon Hill
#9: Photoshop giveth and photoshop taketh away: You know why that 2br, 1.5ba in the West Village priced -30% under market rate looked too good to be true? Photoshop.
#8: The Good, The Bad and The Ugly: Real Estate agents are like Music Business managers. Often, they are spectacularly hard working, buttoned up, and valuable. Sometimes, they are disorganized, chronically late, and ineffective. And on rare occassions they are unscrupulous and posess ill intent. Pick your agent wisely.
#7: Respectful Pushiness is Good: A good agent rarely takes no for an answer. You want an agent who can talk sellers into showing on short notice, herd lawyers, lenders, and other stakeholders, and is intrepid in fighting for your needs. Pushiness is good.
Nothing in this world can take the place of persistence. Talent will not: nothing is more common than unsuccessful men with talent. Genius will not; unrewarded genius is almost a proverb. Education will not: the world is full of educated derelicts. Persistence and determination alone are omnipotent.- Calvin Coolidge
#6: Something Has Got To Give: In just about every price range, you can find a great apartment in New York. These homes will have an awesome view, renovated kitchen, good square footage, high ceilings, southern exposures, and many building amenities. Unfortunately, the only trouble is that no ONE apartment will have all these things. In New York real estate, somethng has to give.
#5: There IS Something Good In Every Price Range: So, while it is true that something has to give, it is also true that there is a good apartment in just about every price range, as long as you have the downpayment. In Manhattan, there are incredible studios under $350k, beautiful 1BR’s from $400k-$1mm, and spectacular homes for almost every budget over $1mm. They are not easy to find, and they are not perfect, but there is absoluetly something good in every price range. All it takes is a dose of reality about your budget.
#4: Technology Is Your Friend: If you are comfortable with the digital world, and have an analytical and curious mindset, technology will definitvely be your friend. I encourage my buyers to search online, read message boards, and dig as much as they can. It makes no sense to endlessly visit properties, that could be ruled out by a good quantatative and qualatative online search.
#3: Be The Roadrunner, not The Coyote: Once you have found the home you want…be fast, and be strategic. Lack of speed kills slow buyers, slow sellers, and slow agents. He who hesitates, is…not transacting. Beep Beep!
#2 Cash is King: Let’s say you are the buyer. Your agent has put together the perfect offer letter, with your REBNY financial forms, lender specifics, lawyer information and a bio that makes you seem like the second coming of Tom Hanks. If a competing buyer comes to the table with an all cash offer, chances are you are losing the deal.
#1: The Golden Rule, Rules: Above everything else clients want to feel protected, heard, and understood. They want to know that you will be their unflinching advocate. They want to be able to trust that you will quarterback their deal, as if it was your deal. They want you to make it be possible for them to feel 100% at home. Do to others as you want them to do to you.
Special Bonus: John Mulaney Loved his suburban Real Estate Agent.
