MANAR Introduces Certified International Property Specialist Classes

Published by Douglas Heddings
January 25, 2012

NEW YORK, NY  - The Manhattan Association of REALTORS (MANAR) is holding the first of many International training classes required to become a Certified International Property Specialist.  Classes are being held at The Manhattan Association of REALTORS office in The Empire State Building.

MANAR’s Global council has taken the lead in planning global programs, hosting global-oriented REALTOR accreditation courses, and collaborating with neighboring boards to build awareness among members of the global business opportunities that are increasingly important to the NYC real estate industry. In October 2011, MANAR’s Global Business Council hosted its first major symposium, The MANAR Global Real Estate Symposium: Riding the Next Foreign Buyer Wave in Manhattan. Hundreds of brokers, agents, attorneys, bankers, academics and real estate industry experts from around the globe attended this unique program that examined how new global real estate investors hailing from the emerging powerhouses of China, Brazil and Russia are advancing on NYC’s real estate market bringing both opportunities and challenges.

Robb Pair, Chair of The Manhattan Global Council and Vice President of The Manhattan Association of REALTORS says “being that we are in New York City, it only makes sense to stay on top of the international market, the majority of my clients at Harlem Lofts Inc. are international.  It’s also great to see fellow REALTORS taking advantage of MANAR’s international efforts.”

And check out what other things we’re up to at MANAR and the Manhattan MLS!

About CIPS Certification
By earning your CIPS Designation, you will gain access to the CIPS Network. This members-only group is specifically for international practitioners of the National Association of REALTORS®. Comprised of over 2,000 real estate professionals specializing in all types of real estate, the CIPS Network provides a 360° view of the global market. In any type of international real estate transaction, members are consumers’ best and most trusted resource for navigating the international market.

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MANAR and Manhattan MLS Making Great Strides for Consumers and Agents

Published by Douglas Heddings
January 25, 2012

The Manhattan Association of REALTORS® [MANAR] is a professional trade association representing the real estate industry in Manhattan.  In cooperation with the National Association of REALTORS® and the New York State Association of REALTORS®, Manhattan REALTORs® are part of the largest and most influential professional trade organizations in the country, this partnership affords members access to a multitude of programs, resources, education and industry briefing that enhance their effectiveness in assisting clients and consumers with real property transactions.

MANAR and the Manhattan MLS are quickly moving forward to not only re-invent how they operate and support the real estate industry, but also to take advantage of Manhattan’s global role in the real estate market by transforming the way local brokers and agents compete in this new business environment.

MANAR and the Manhattan MLS are now launching its groundbreaking new “REALTOR-optional” MLS service allowing non-Realtors to participate for the first time.  The new MLS will feature enhanced search/list capabilities and a competitive low, monthly flat fee.

The Manhattan MLS will offer enhanced prospecting opportunities and CRM capabilities, enhanced data integrity standards, and the ability to send listing data to over 40 websites, including the world’s largest listing site, REALTOR.com.  With only one comprehensive subscriber level, subscribers will also be able to have their listings fed to Streeteasy and Buyfolio and can also have their listings placed on the new REALTOR.com/international.

All brokers and agents will now have the most comprehensive and technologically advanced tools available to succeed in NYC’s globally-oriented real estate market.

Posted in A Broker's Job, Market Insight, Tips & Advice | 1 Comment

Dear Maura: Buyers, Trust Your Instincts and Take the Leap! FOLLOW-UP

Published by Maura Jarach
January 12, 2012

Thanks to those of you who commented & this entry should put some of the debate to rest!

I’ve worked with many buyers who have trusted their instincts and some who have not.  I have found that the the latter has been mostly as a result of the downturn and questioning the direction of the market.  But recently one couple with whom I worked a couple of years ago resurfaced to see a very beautiful triple mint home.  They still weren’t sure that the timing worked for them but the property was SO amazing that they ran straight to their financial advisor to get the skinny on their “position” and what would be financially feasible for them.  Fully armed and ready to submit an all cash offer, the doubting 3AM “instincts” kicked in. After painless consideration and despite their emotional reaction to the space, they had to pass because it just wasn’t large enough.

Because this had all happened very quickly and quite unexpectedly, I absolutely supported their decision to pass.  However, that same day I was out showing another buyer properties and stumbled upon a wreck.   I knew that they didn’t really want to undertake renovations but I also knew that they’d love the layout. Although they had just made the incredibly difficult decision to pass on what they believed was the “nearly” perfect home was being nagged by my instinct as their agent which told me that they needed to see this property.   I sent them the listing and within 10 days they viewed it, bid, and signed a contract of sale!

Here are two examples of buyers trusting their instincts.  First by passing on a home that they loved at “first” sight and then by taking the leap to purchase “THE ONE!”  Congrats to them for trusting their instincts and making a this major decision that they will enjoy for many years to come…after the renovation :-)

Posted in A Broker's Job, Dear Maura, Market Insight | 1 Comment

Dear Maura: Buyers, Trust Your Instincts & Take the Leap!

Published by Maura Jarach
October 6, 2011
Lately I’ve been thinking about the many buyers whom I’ve helped find homes over the years and how much each experience has varied.  Sometimes its smooth sailing but other times it can be a long road from A-Z.  If you’re a buyer or plan to be in the future take the time to read this and be careful about falling into the following patterns.

1.Some buyers are lucky enough to find that perfect fit on their first day of looking. This is great and amazing!  BUT sometimes they don’t move forward because they haven’t “seen enough real estate” and feel compelled to look further. So, they pass on it & often by the time they go back to that same property feeling “educated” from shopping the market, their “dream home” is either in contract or sold.  Remember, chances are if you liked it that much others did too!
2. If you’re a buyer coming into the market for the very first time you may begin to suffer from the “looking for the perfect home forever” syndrome. This often happens to people who have never owned a home, so they are uncertain about taking the leap of making an offer! Intuitively, the buyer(s) know its perfect, but they just aren’t sure because they’ve never experienced the emotions which accompany a decision of this kind before and this unknown territory prevents them from trusting their instincts. 

Example: Last weekend I held an open house and was visited by a lovely a couple who spent 45 minutes sitting in the living room visiting with me. I knew they LOVED  this home because they didn’t want to leave. From observing them & I could also tell without asking that they had the “syndrome” because they looked so torn about what to do next.  I casually asked how long they had been looking in the same 10 block radius of Manhattan for a home.  The answer: TWO YEARS! I told them what I tell every buyer. “Listen, you could potentially look forever. If you can’t figure out how you feel make a bid.”
Being proactive and making that bid will solidify your decision and determine how you feel about it. Because finances will most likely limit what you can afford, I’m direct with buyers and tell them to expect that 2-3 items of your priorities may not make it on the list, but you’ll have a great home!  It’s all relative-If your budget is $500K, this may mean giving up a full time door man. If your budget is capped at $2M you may get everything you want except that private outdoor space. Almost no one who purchases in Manhattan gets everything on their “list”.  Even those with a $25M budget end up compromising on something.

Here’s the thing about educating yourself about the market, price per square foot and every other factoid: It won’t change what makes any property the perfect HOME for you.  As professionals we can supply you with every fact available and give you our guidance, but at the end of the day it’s how a property feels to you. It’s that “ahh” feeling that you’re looking for and when you “feel that” YOU ARE HOME!
Making this commitment is monumental NO doubt, so make sure you purchase at the right moment so you don’t miss your dream home!
Posted in A Broker's Job, Dear Maura, Market Insight, Tips & Advice | 5 Comments

Hamptons Market Philosphy is Bass Ackwards

Published by Douglas Heddings
September 26, 2011

It has only been 6 months since our office started operations in the Hamptons and I can tell you that this market is in desperate need of an overhaul and a shift in perspective from both consumers and real estate agents.

First I would love to know what has been done to create the most distrusting pool of buyers and sellers that I have ever come across?  It is mind boggling that most of those who we are meeting have not only a distrust of the industry as a whole but a pure disdain for real estate professionals in general.  In just a short time speaking with buyers and sellers, we have a clearer concept of what the consumer believes is wrong with the Hamptons residential real estate market.

Here are just a few things:

  • PROBLEM:  The “collecting” of listings – it seems common practice in the Hamptons for some agents to share a philosophy of just listing as much property as they possibly can at any cost with the hope of maybe selling some of it. SOLUTION:  Consider doing sellers a service by pricing their properties accurately and actually selling them.
  • PROBLEM:  Empty promises – In the 6 months since we started operating in the Hamptons, I would go out on a limb and say that 99% of the sellers whom we have met have shared that they have been promised the world only to feel forgotten once they signed an exclusive agreement.  SOLUTION:  Only promise what you can deliver and please honor your word.
  • PROBLEM:  Questionable loyalty – We have also met numerous owners who have suggested that once offers have been submitted, their agent became a bully trying to get them to accept bids as much as 20-30% below market.  Can you say desperation?  SOLUTION:  A reminder…as the seller’s agent, you are their ADVOCATE and need to be armed with the necessary information to support your asking price…hard to do if you have overpriced to begin with (see “collecting” of listings)
  • PROBLEM:  Lack of rules and guidelines – It seems to us that most East end agents avoid the MLS like the plague.  This is mind boggling as more exposure can only be good for an owner.  I can only imagine that there is a reluctance to be on MLS because then you are bound by MLS rules and guidelines…OH NOOOOOO!!!!  Listing on the MLS also allows the property to be syndicated globally on a variety of real estate web sites.  SOLUTION:  List on the MLS for maximum exposure for your owner.
  • PROBLEM: Fear of change – Agents who don’t put the consumer first are a dying breed.  It is not YOUR house.  It is theirs!  SOLUTION:  Embrace change and your customer.  Have the mindset that you must always do what is right for your customer.  Don’t have a transactional view of your profession focusing only on the commission for that particular sale but rather embrace a relationship approach to selling real estate that will keep people coming back to you because of the ways you run your business.
  • PROBLEM:  Proprietary information – data and information are everywhere and one of the last places in the world to embrace this fact seems to be The Hamptons. It is NOT in your sellers best interest for you to perceive their home as proprietary information for which you will CONTROL every aspect of dissemination.  SOLUTION:  Share with EVERYONE.  Those who have surrendered to the fact that they are no longer gatekeepers of information but rather consultants who must help their customers make sense of the market and ADD value to a transaction will rise to the top.

For the agents who are part of the solution, and there are many, bravo!  For those who are the problem, embrace change or become a dinosaur.

The exciting part about the current inner-workings of this market is that fresh perspectives are gaining momentum and the disdain that the Hamptons consumer has for the real estate industry can and is being changed.  I am watching it happen first hand and look forward to embracing and being part of market change which has never been so necessary.

Posted in A Broker's Job, Dirty Real Estate Tricks, Market Insight, The Hamptons, Tips & Advice | 22 Comments

Dear Maura; When Brokers Get Caught in the Middle?

Published by Maura Jarach
September 26, 2011

Several months ago I helped a great couple sell their home which after living there for over 20 years was in fair condition. Certain areas of the property were a bit dated. With a little staging we were up & running & the feedback was great! After testing the price point at the seller’s preferred asking I reduced the price to a more realistic number for the current market & sure enough was able to bring them a couple of decent “opening bids” that same week and I thought with the proper negotiations we’d have a sale in no time.

One would think that the longevity of ownership would safeguard a loss in this scenario but unfortunately the realities of their financial circumstances were not only kept from me, as is often the case, but there were also some skeletons in the financial closet of this home that only the person handling the bills knew about:( Therefore, one of them was open & receptive to the numbers coming in & the person “in the dark” was upset with me for not bringing them better numbers. I found myself stuck in the middle of something negative which I couldn’t put my finger on. I was just plain confused by the distance between the contentment of one person & the hostility of the other towards the offers & me.

I finally asked for a sit down to figure this out before we lost the two offers on the table. This instigated a long overdue dose of honesty between them. After an admission of multiple home equity loans & several business deals gone wrong the bold truth was that without the sale they were broke & they HAD to take one of these offers in order to get out from under and walk away somewhat whole. In this case it was the wife who was in the dark. I believe she had an idea about the problems but was in denial. There certainly was regret about her treatment of me, but I understood her frustrations about the sale because she thought they had time to hold out for a better price, so she was frustrated and thought I was pushing them away from a better decision. With the truth exposed the misdirected anger at me was replaced by reality, relief and a renewed level of trust between them and me as their broker. They were finally able to accept my advice without hesitation and everyone was finally on the same page which is essential to the end goal.

Luckily theirs was a very strong marriage, so there was a happy ending for them. They sold for a number they could live with which also left them financially whole for the first time in years. It may not have been their “dream number” but what sellers want & can obtain for their homes can often be two different realities for a host of reasons. That’s the great thing about property in Manhattan; it holds its value!

Posted in A Broker's Job, Dear Maura, Market Insight, Tips & Advice | Leave a comment

Dear Maura: The Emotions of Moving; Can I Afford to Move?

Published by Maura Jarach
August 16, 2011

As an agent we’re always excited by a call to visit a potential client’s home to take a look and evaluate the property. The most frequently asked question regardless of the property’s size: “Is this the best time to put my home on the market”? Well, the answer just  isn’t that simple.

As a potential seller you may not understand that the other equally important part of the equation is can you afford to move within the scope of your desires? The reasons for selling are many and can range from needing more space, changing your neighborhood & environment, upgrading to a full service building or the most unfortunate for all concerned, divorce:(

Any of these reasons whether desired or not can be an emotional roller coaster ride especially because the reality of where you’d like to move or what you want may not be possible for you. In addition, if you are forced to sell you may have to take a hit financially to change your living circumstances.

The other reason agents visit your home & ask what may be perceived as “prying” questions is to help you understand and determine whether or not this enormous decision is even possible. One of the best ways to become educated on the ever changing rules & requirements of the loan process is to contact a mortgage broker. This is a professional who can take your data & help explain to you what your possibilities are and how much can ultimately borrow or qualify for a loan.

Here is an example of a recent analysis from a trusted mortgage broker Dan Shlufman who delivers the hard knocks answers in a respectful way:

“Dear Maura, With respect to the potential of a mortgage loan I can tell you that it is going to be difficult for your clients to qualify for an amount which will allow them to accomplish their goals of an upgrade to the type of home they want. Their income is fairly modest by New York standards. In addition, their liquid assets are very limited, which would most likely cause them to dip into their retirement account. As a result, they will likely not be approved for a loan of much more than _____and, likely a lot less, depending on the amount of monthlies for the unit they end up wanting. With respect to the mortgage loan I can tell you that it is going to be difficult.”

So, back to the most frequently asked question: ” Is this the best time to put my home on the market”? The truth, there is no one answer that applies to all sellers.  Each situation requires an analysis by both mortgage and a real estate professional.

To save yourself time and energy, it is always a good idea to reach out to a mortgage specialist to determine whether you qualify for financing and if so, how much.  You can reach Dan Shlufman, The President of FCMC at dshlufman@fcmc.net.

Please send your questions to Dear Maura at mjarach@heddings.net.

 

Posted in A Broker's Job, Market Insight, Tips & Advice | 4 Comments

Dear Maura: The Emotions of Moving; Change is Scary!

Published by Maura Jarach
August 3, 2011

I was recently invited to a potential client’s home to visit and assess their choices regarding selling & buying. For privacy lets call her Susan. So, Susan hasn’t moved in 24 years! Can you imagine how the functions of the Manhattan market have changed since 1987? Well, the list GOES ON & ON! Where to start?

While we sat & talked getting to know one another, it became unfortunately clear that while exploring her options Susan had already encountered several brokers who never replied to her numerous calls for help. Had visits from agents who scrutinized her home. Was told that, ” that there was no way she could do this” by a mortgage broker who threw numbers at her instead of having a calm conversation. Wow-by the time I got there I was left holding her hand and apologizing that she had been ignored, screamed at and almost scolded about her predicament-How to upgrade to a larger home.

The reasons for anyone wanting to change their circumstances becomes somewhat irrelevant when compared to how scary this can feel. After all, even when we know it is the right thing to do; CHANGE IS SCARY!
After answering questions and giving support we embarked on a relationship of trust based on communication. We will see if she can make this move-but while we find out together she knows someone is on her side to help navigate and explain the changes of how to approach this epic decision after 24 years~
How did you feel when you decided to move……..or what are you feeling today while trying to decide IF you should move?
Posted in A Broker's Job, Dear Maura, Market Insight, Tips & Advice | 4 Comments

Real Estate Industry Discovers Importance of Consumer

Published by Douglas Heddings
July 28, 2011

Yes you read that correctly. Two times per year, one of the largest real estate conferences is held to discuss new technology and innovations to assist real estate professionals in improving their businesses. I have spoken a few times on panels at this conference and have always come away with some incredibly useful information. The exposure to new technology innovators is invaluable. So you can likely appreciate my surprise when I heard that one of the main themes of said conference was a “consumer-centric” approach to real estate. REALLY? I mean REALLY????

Is it being suggested only now in the summer of 2011 that real estate agents put the consumer first? HELLO!!!! Perhaps this is precisely why the consumer thinks we are a bunch of morons who get paid entirely too much money. I’m sitting in my room right now on vacation typing this post because I just find it shocking that “consumer-centric” has just been discovered by the “innovators” of the real estate industry.

NEWSFLASH: I don’t care if you’re selling homes or widgets, you better make sure that EVERYTHING is geared towards making the experience as smooth, efficient and pleasant for the consumer as humanly possible. And if this is surprising to you, perhaps a new profession is in order.

Posted in A Broker's Job, Market Insight, Tips & Advice | Leave a comment

Rent Stabilization, Rent Control, and Shadow Inventory on NY1 News

Published by Douglas Heddings
July 22, 2011

Our very own Kristin Hurd is featured on NY1′s Ask the Expert segment today with the second part of the segment to air Monday. Check it out:

Experts Explain Real Estate Lingo

Posted in Tips & Advice | 2 Comments