The Power (of Working with a) Broker

Apr 2

Dear Friends and Family,

Spring has finally arrived here in New York. From the budding tulips on Park Avenue to the awakening pin oaks along Riverside Drive, the air is fragrant and fresh. With the change in seasons, the real estate market is also shaking off its winter lull and entering one of its most active periods, as well as a historic change in the way real estate is transacted—all emphasizing the importance of a strong client-broker relationship.

**New Paradigm**

As many of you may have read, there has been a “seismic shift” in the real estate market with the recent settlement of the National Association of Realtors (NAR)—one of the biggest stories in real estate in the past 30 years. While it will take time to understand the full impact, here is what we know for sure. One clear implication is underscoring the value that a real estate agent brings to each and every deal.

**You don’t know what you don’t know**

Working with a trusted, veteran broker is paramount to ensuring your needs are valued and executed. While you may do a handful of deals in your life, I’ve done more than a thousand. And while each transaction is unique, and no one can know *everything*, there are certain topics that are best covered with a trusted pro: mansion and flip taxes, capital gains, co-op fees, exemptions, just to name a few.

**Guiding Light**

Seeking out advice, clients often come first to guides that outline a general scenario across the entire market. While useful for key terms, they cannot answer details about each individual listing, especially the quirks of New York real estate with land-leases and co-op boards. After over four decades in the market, I know the nuances and the questions clients ask before they know to ask them. Only by working with a seasoned broker can you get an immediate answer, or rational advice, with a phone call.

**Exclusivity**

Among the questions I’ve been asked recently by clients, many have been about off-market exclusives. Current below-average inventory, doesn't account for deals happening off-market. While most New York listings don’t have a yard to plant a for-sale sign, the high-visibility of a public listing might not always be the best route. Reasons to keep a listing private vary, but there are advantages on both sides of the deal that I’d be happy to discuss with you.

**Off market**

It might surprise you that a significant portion of NYC transactions actually happen off-market. These off-market deals are solely available through consultation with a trusted broker with deep connections to the market and the industry. Through long-standing personal and professional relationships, I’ve been able to connect countless buyers and sellers any public listing. In addition to private exclusive listings, which are circulated only among Compass agents, I personally have sellers who are not ready to list, but would be willing to do a deal.

Speaking of our commitment and dedication to clients, I'm proud to share that the team was included on the Real Deal's list of Top 50 Resale Brokers for Q1 2024.

**Implications**

Empowering and educating clients to make the best decisions for themselves is why it’s important to maintain a strong relationship with a trusted real estate broker. Our advice and consultation over decades, through multiple moves and homes transcend any one settlement or decision, regardless of how historic it is. And because of this shift, from my point of view, buyers and sellers will benefit from more transparency and brokers will benefit from their ability to differentiate themselves and their services to each customer and transaction.

I look forward to this exciting new chapter that is being written. If you or a loved one have any questions about the NAR decision or real estate in general, I’d be happy to hop on a call and discuss.

All the best,