Real estate agents with extensive market knowledge can make all the difference for a smooth transaction, providing assistance throughout each stage of the process.
Brokers across New York are riding an unprecedented tide of demand, amassing sales and closing deals like never before.
Local Knowledge
When purchasing or selling property in Manhattan, finding a real estate agent who understands your desired area is essential. A local agent will have extensive market knowledge and access to thousands of exclusive listings; additionally they’ll have connections with professionals such as home inspectors and mortgage loan officers that will aid the process.
New York Squared Real Estate LLC provides clients in NYC with services for buying and selling properties. Their agents specialize in property searches and tours, comparative market analysis and real estate marketing; high-end properties like brownstones and townhouses are their specialty; sales director Constantine Hrisikos has experience working with celebrities, sports figures, royalty as well as other high-profile clients.
The Hudson Advisory Team, based out of New York City, provides clients looking to purchase luxury homes expert help in finding suitable properties within West Village and Tribeca neighborhoods as well as selling luxury apartments and condominiums.
Douglas Elliman stands out among Manhattan’s premier real estate companies as one of the highest performing firms, thanks to their vast portfolio and vast network of agents – an ideal solution for buyers, sellers and investors. They are also widely respected for their expertise in new development projects.
Selecting an experienced Manhattan real estate agent is key when buying or selling property in Manhattan. Do your research, ask questions, and make an informed decision before making a selection decision – the right agent can save both time and money!
Marketing
Real estate agents depend on attracting and retaining clients for their success, meaning that a deep knowledge of their local market, with ability to anticipate trends. Furthermore, they must devise and implement marketing strategies tailored specifically for target audiences that fulfills these criteria.
Effective marketing requires an effective balance of online and offline tactics. Leveraging social media to market listings can be an excellent way to reach prospective buyers; however, overdoing it may result in too many property posts that are less engaging than intended. To avoid this pitfall, focus on posting news and events relevant to your local community as this builds trust with prospective clients. Likewise, targeted advertisements on Google provide cost-effective means of driving traffic back to your website and increasing awareness.
Personal branding is also essential to building a successful real estate career. Successful agents create their own distinctive brands to set themselves apart in a highly competitive market and build client trust. Furthermore, top agents encourage satisfied past clients to leave reviews on their websites or social media pages so that happy past clients may return.
Agents in NYC must also be prepared to travel extensively when showing properties, as public transportation can often be unreliable and finding parking is difficult. Therefore, many agents rely on Metrocards and taxis as modes of transport between appointments. Furthermore, agents need to find ways to charge their phones between meetings – either investing in a power bank or being particularly mindful about saving battery power; many may plug their phones in at showings in order to speed up time management while protecting phone charge levels.
Pricing
Mortgage rates of more than 7% have driven away some potential home buyers; however, Manhattan remains an attraction for those seeking the iconic NYC experience – making it imperative that real estate agents can determine an appropriate price recommendation for potential buyers.
As such, it is vital for Manhattan real estate agents to quickly recognize market trends and adjust their pricing strategy accordingly. Doing this also enables them to recognize off-market listings which typically do not appear in MLS databases.
New York City property sales typically carry a typical broker commission of 6% of the sale price, split between listing agent and buyer’s agent if successful, otherwise both agents accept the entire 6%. If neither agent have buyers available they will typically take on all 6% themselves.
New York City seller closing costs extend far beyond brokerage commission, including NYC transfer taxes and flip fees charged by co-op buildings – these additional fees can easily add up to 2% of sales price! Luckily for sellers, however, they may be able to avoid or substantially reduce these fees altogether by selling as an agent-assisted FSBO or listing under full service listing arrangements with significantly lower brokerage commission fees.
Real estate agents in New York City must not only be adept at listing properties on the Multiple Listing Service (MLS), but must also possess skills for finding buyers through “off-market” transactions. This requires mining public records for owners who may be open to selling their properties before connecting them with agents that specialize in these deals – something every NYC real estate agent must be equipped with. This skill set makes for invaluable service provision in NYC real estate sales transactions.
Negotiation
Negotiation skills are of utmost importance in New York City’s real estate market, where price fluctuations and competition often create tight margins of error. Being able to use pricing trends, sales data, and property specifics as leverage for negotiation is especially useful in co-op or condo buildings where buyers often have specific concerns and requirements.
Buyers appreciate an agent’s local knowledge and expertise when purchasing real estate. When asked what they wished their agents knew more about during the buying process, three top answers included local knowledge such as specific buildings (48%) neighborhood or borough (41%), and type of home desired (29%). Leveraging your local expertise can set you apart from your competition while connecting with eager homebuyers.
Maintaining confidence and poise during negotiations can go a long way toward being successful. Remaining calm, avoiding body language that suggests nerves or stress levels, using effective communication techniques, and remaining open-minded are all invaluable assets in negotiations. When counteroffers or offers arises, being flexible is crucial.
Finally, always have a backup plan in mind. A well-timed lowball offer can be an effective strategy in negotiations; it demonstrates your client’s interest and positions you to negotiate a better deal. But be wary of using such offers as personal attacks against other brokers; doing so will only be used against yourself in the long run. Remember that those competing are colleagues trying to negotiate the best possible terms for their client.