Competition & Cooperation
Dear Friends and Family,
2022 has been a memorable year! So many ups and downs, lots of growth, and so much change. I've been musing about how to integrate everything - to see it all together, rather than just separtately celebrating the highs and lamenting the lows. It's important to realize that we need both - the ebb and the flow are always connected. Recently, I've been thinking that the same is true about competition and cooperation -- in so many ways we need one in order to have the other.
Take the World Cup: It’s the biggest sporting event in the world, and while every team is vying for individual victory, the event overall is one of togetherness. Each team is in competition, but with a cooperative understanding of the tournament, respect for their challengers, and pride for their country. This huge competition is only possible through cooperation.
The same is true for real estate. With thousands of Compass agents across the US, we generate our best outcomes when we work together. Compass Curated is a prime example: 100 leading Compass agents send the luxury listing magazine to our respective spheres of influence. This collaborative effort puts everyone's clients' properties in front of potential buyers around the country.
Productive cooperation is part of the reason I co-founded the New York Residential Agent Continuum, NYRAC. We're a community dedicated to maintaining real estate ethics for ourselves and our clients. Last month, we took this even further, meeting with the Mayor's administration to foster cooperation between real estate and city hall to improve the experiences of our clients.
Another great example is how we use "comps" - comparable, active properties nearby - with our sellers. Individually, similar properties are our competition, but it's when we put them together in a dynamic Compass Collection that they help us see the trends in real time - price reductions, quick sales, new inventory, languishing listings - and inform our decisions.
In NYC "co-op"eration has a specific meaning: Nearly 75% of apartments are "co-operatives" rather than condos. To own a co-op is to co-own the entire building with all of your neighbors. This allows for more control over how the building is run, but also results in more restrictions on purchases and use. Coops typically sell for less than condos - a tradeoff that works for some purchasers, but not everyone!
Throughout the country, co-ownership is on the rise. Pacaso, for example, is using the model to revolutionize second home buying by assembling co-owners to purchase fractional shares of a single family home. Unlike a timeshare, each owner has a stake in the property itself (or in multiple properties!) and can make financial decisions accordingly, including the ability to sell at anytime.
If you already own a second home that you rarely use, Pacaso can also facilitate bringing in other buyers so that your ownership better reflects your usage. I see this as a really exciting development - call me if you'd like to hear more about it!
Wherever you find yourself this holiday season, I wish you friendly competition, loving cooperation, and all around growth and good cheer. And if I can help in any way, please don't hesitate to reach out.
All the best,
Toni Haber
Licensed Associate Real Estate Broker
Founder, Toni Haber Team | Private Client Advisors
TONI@compass.com | 917.543.1999
