Once you accept an offer, a few steps that need to be completed by different people, which is why it is so, so important that you get a competent team together to help you with your transaction. It’s another reason why you may be able to do a For Sale By Owner in other parts of the US, but it’s not a good idea in the city.
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New York Values #45 - Multiple Offers
Everyone handles multiple offers differently, and there are many schools of thought around it. Whether you’re on the buy side or the sell side, you definitely want to work with an agent who knows how to conduct him or herself throughout the process. While you may feel you are equipped to handle this on your own, I don’t agree.
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I’m really, really tired and this makes me think of a beach house so….here we go!
New York Values #44 - Seller Commission
Today on the docket: what does this commission pay for when I sell my place and hand over a hefty check? On the buy side you usually don’t end up paying anything, but as a seller you are paying both your agent and the buyer’s agent. But where does this money actually GO?
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What is the Buying Process and How Long Does it Take?
I’ve been thinking back to all the questions people ask me when they’re wondering whether home-buying is an option. Something that people don’t seem to know and that is very important when buying for the first time and leaving a rental is TIMING. What is the process like and how long will it take?
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This photo is a non-sequitur but also somehow perfect for this post.
Trump, Cohen, and Valuation
If you guys thought I wasn’t going to talk about the Cohen testimony, you must not know me that well. There’s way too much to cover, but because we are discussing how to buy in NYC, I will mention the absurdity of Trump inflating the value of his real estate holdings in order to buy the Buffalo Bills. Really, dude?
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The title of this photo is “group of people talking about chart paper”
Meta Monday: Marketing Trends to Leave in 2018
As we head into 2019 and I inch closer to my second year of real estate, I have some opinions on the marketing I’ve seen from agents in 2018. I actually wrote this for Compass to go into an online publication, but apparently I’m a little too hip and cool (and controversial?) for that, so I’m giving it to you, my faithful readers, instead.
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New York Values #24 - Dual Agency
Sometimes only the landlord, seller, or buyer is represented, and the other side comes to the table without their own agent. Or sometimes the buyer’s and seller’s agents work at the same brokerage firm on the same team. In these instances, the same agent/team represents both sides in what is known as “dual agency.”
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Pretending I'm here instead of writing this in the sauna of NYC
New York Values #23 - Tough Sell
But what about when you list this beautiful apartment and no one bites? Your open house only has a trickle of people through, or it’s busy but everyone leaves underwhelmed and doesn’t follow up with an offer? What happens when it’s been sitting on the market for weeks and your client, the seller, starts breathing down your neck?
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New York Values #9 - Visitors
Today’s New York Value is inspired by one of the reasons I’m so tired today: visitors!
After college, I moved home to Virginia to save up money before heading up to the Big Apple. I come from a beautiful part of the Shenandoah Valley. It’s amazing; it’s special; it’s historic. And yet, how many people visited me during that time? One. And it was just en route to DC. I’ve had more visitors than that this month. It's so routine now that I have friends just text me dates in advance so I can block them off my Airbnb calendar.
It’s fun, and exhausting, and occasionally stressful, but I love experiencing the city through an out-of-towner's eyes. Of course there are the occasional pleas to check out Time Square (you can go by yourself), but for the most part everyone has a unique list of things they want to see, places they want to go, and, most importantly, what they want to eat and drink.
When a visitor decides to move here, in real estate they’re called a relocation, or “relo” client (aren’t I so cool with the realtor lingo now?). I’m currently working with a few of these. A lot of these, actually. They can be buyers or tenants, and there are positives and negatives to working with relos rather than people who already live here.
Pros:
Have limited days to come tour, so process is more efficient
Less likely to be working with multiple brokers at once (don’t do it, guys!)
Realize they know very little about NY real estate
Enthusiastic about moving to the city
Cons:
Timing is always the hardest part of this job, and timing is even more complicated here
Require more guidance if they have never lived here before
Communication can be harder depending on where they currently live
Some places will not be available to see on the dates they can come to the city (very annoying and common)
Alright, everyone. Next week’s will be longer, better, faster, stronger, but right now I need to finish confirming tomorrow’s tour and take a NAP! Stay rested.
xo
Anna
New York Values #2 - Expectations
Along with our perceived selfishness and rudeness, there’s an idea of New Yorkers as unwilling to settle for less, our “go big or go home” mentality driving us to compete ruthlessly with one another, to send back dishes at restaurants, to scream at assistants, and to whine and moan about any perceived dip in quality.
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