What's with real estate marketing restrictions?

The first thing is targeting: you can't target people by age, location, interest, or really any of the million ways ads can specify who they're trying to go after. This is because of fair housing policy, and I support it, but it means I don't pay for ads. There's no point in my boosting a post about NYC real estate on IG if it's just going to send to a bunch of random men in CA for them to slide into my DM's.

Then, for similar reasons, there are a lot of regulations around HOW you can advertise, and the info requirements on any ad. Assuming you're the agent representing the buyer or seller, you need to include your real licensed name, your brokerage, the address and the price. If you want to advertise a listing that isn't yours, you ALSO need explicit permission from the listing agent. And then you must also include the listing agent's name and brokerage, and the address and price on the ad. Technically, if the price ever changes, you're actually supposed to go back and update the prior ad accordingly.

The exception to this is open listings (which could technically be rentals or sales, but I’ve never seen an open sales listing), which agents are able to advertise themselves. If you're a rental agent trying to grow your business, advertising these is actually a great way to do it.

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What do you care though?

Some of it is my annoying dedication to transparency, and a frustration with agents who act as gate-keepers rather than actual value adds. I want people to WANT to work with me, not feel that they have to because I misled them.

Any agent can show you any listing, from any company. That's it. You do NOT need to choose a certain agent for access; you choose them because you like them and trust them and know that they'll do a good job. Yes, some people are better at finding off-market listings than others. Some firms have more "pocket" listings than others (which still doesn't mean only they have access). But anyone who tells you that only THEY can get you XYZ, they're lying.

And at the end of the day, this does nothing to help anyone get a home, learn anything about real estate, or make people hate my industry less. If your only value as an agent is blocking information and lying until someone works with you out of confusion, I don't get it and I don't support it.

What's with home inspections?

Home inspections are common in most markets, but in NYC they happen AFTER an accepted offer but BEFORE you sign contracts and put down 10% of the purchase price, during what we call the "due diligence" period. Attorneys review board minutes, offering plans, financial statements, certificates of occupancy, violations, etc, and a licensed home inspector gives an honest evaluation of the property.

I do inspections on almost everything, but some agents don't bother with apartments in most cases. I find that an inspection gives a buyer ownership over the home and tells them a bunch of cool info they may not otherwise know, so I always leave it up to them. I insist on inspections for any small building or standalone house, but will usually pass if it's a large co-op and not a first time buyer. Condos vary but I almost always recommend it, because you are more on the hook for repairs on these than co-ops.

Unless it's new development, you're buying the home "as is," meaning that there may be some wear and tear. That's not the point of an inspection. What you're trying to figure out is whether there are leaks, electrical issues, or something else that could be a big expense in the future. Inspectors don't open walls, but they will use things like moister readers to see if there is water damage hidden in ceilings. It's not a guarantee of no future issues, but it's part of a risk evaluation process that's important when

And unlike in other parts of the country, I'm not seeing buyers being asked to waive inspections EXCEPT for in some very competitive townhouse situations, or "do not approach" short sales.

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What about for renters?

When you're moving into a rental unit, you don't get an "inspection," but there are things you should look for when viewing. Does the lobby have signage stating the super's information? Does everything seem clean or is it all broken and in disrepair? What does it say about the landlord on OpenIgloo?

You are guaranteed to move into a broom-swept apartment, but the landlord doesn't have to deep clean it before you move in. Unless it's newly renovated (and sometimes even then because of dust), I recommend being ready to do a deep-clean on moving day, or hire a cleaner to come in the day before.

You should also learn from my mistakes and take a video of the whole apartment before your furniture is there. Many landlords provide a checklist where you can write down any known damage, and better ones like Akelius will actually do a pre-move walkthrough with you. But the point is you want to make sure you have a record of any damage, so you aren't on the hook for it when you move out.