Help Me Help You

The market is in a bit of a fickle phase. For real time insight, check out “Talking Manhattan”, a video podcast on which I recently had the pleasure of being the guest with hosts Noah Rosenblatt and John Walker, two industry veterans whom I consider THE data OG’s on the New York City landscape. Warning: it’s “TLDR” - so catch a snippet if you’d like, and if you do, I hope that you enjoy watching it as much as we enjoyed filming it!

Most importantly today, I’m thinking about YOU. At the end of the day, real estate brokers are in the relationship business. Yes, our data based insights are important, but without human insight, data is virtually worthless. As I consider new projects in the pre-development phase, the planning is different now than it was just a year ago, which differs from that of two years prior to then, and so on. The market is a live act, constantly changing with the culture and, thereby, people’s needs and preferences. Our work involves keeping a constant finger on the pulse of what our clients need and want. The closer that sellers and buyers needs are to matching, the more balanced the market. Sometimes, matching sellers and buyers to their respective needs can be a process akin to threading a tiny needle; at other times, the process can flow like an estuary running downstream into a river.

Our clients often think that by holding their cards close to the vest with the agent or broker representing them, they gain leverage. This couldn't be further from the truth. So long as you trust your broker (and if you don’t, find one who you do trust!) the more information they have about your needs, situation, and desires, the better it is for YOU. The relationship between client and broker should be as symbiotic as possible for the best possible representation. An example of making your broker’s job to represent you more difficult is “testing” them by throwing out a minnow-bait scale of information and asking them to find it, or price it, to see how anticipatory they can be. If you’re seeking a psychic or a soothsayer, this is a good plan. But if you have a goal or multiple goals you’d like to achieve through a real estate transaction, “testing” brokers is a waste of your time and theirs.

If you’re a cynic, you may suspect that my perspective is self-serving. To an extent, that’s true. I love my work, and I don’t mind working hard. I thrive on it. However, when sellers and buyers create unnecessary obstacles, not only does it make our jobs as brokers harder, it’s unproductive work that distracts from what needs doing for YOU.

On a bit of a separate but related note, I had a funny conversation with a client recently, and it’s the second such conversation I’ve had in the last dozen years. A client said he needed to divest of an asset as quickly as possible. To be clear, it wasn’t a desperate situation. I priced the asset where it should be priced to get the highest price within the shortest period of time. I worked quickly to create a stellar marketing position, and we went to town on promoting it. Within ten days, after having vetted dozens of prospects and showing on demand nonstop, we procured a deal with a buyer who is a perfect fit for the property. The seller was overjoyed that he was relieved of the burden of carrying a property he no longer has a use for. One might think that he’d be appreciative, which he was, but his response a split second later was to say “can we do something about the fee? That’s a hefty fee for something that ‘happened’ so quickly.” What do you think about this situation? Should I have lowered the fee because I achieved what I set out to achieve in record time? This is a case of a client who did what I recommended by putting his cards on the table so that I could be most effective and efficient for him, and he got what he needed, time being a key factor for him, at the price that he wanted. It’s rare that these two factors come together seamlessly. Despite my client’s impression that I didn’t deserve a full fee, I’m proud of my work and am happy that he gave me the tools in the form of insight and information to do my job well. The fee that brokers are paid is a different topic for another day, but for now, suffice it to say that, from my vantage point after having pounded the pavement for days, weeks, months, and years, brokers are underpaid, period.

The bottom line in my nugget of wisdom to you in working with your real estate professional harkens back to Tom Cruise’s notorious line in Jerry McGuire:

Help me help you.

If you are my client, know that when I give you a professional opinion, whether on pricing or any other aspect of a property listing or a deal, it comes from deep experience, copious research, and “boots on the ground” expertise. Of course, I’m not always right, but my record speaks volumes, and my diligence and persistence have paid off in spades for the vast majority of my clientele. THAT means the world to me. I’d venture to guess that the same is true for virtually all of my top broker colleagues whom I’ve been fortunate enough to work closely with throughout my years in the business. So, find a good broker, and once you have, whether it’s me or someone else, help your broker to help you. Also, recognize that, despite our true passion and the fun that many of us inject into the process, real estate brokerage isn't a hobby. It's a professional service for which payment is deserved.

That’s my recipe for success to achieve your real estate goals in the most seamless way possible!

On a personal note, my daughter, Emma, is due to give birth to her baby girl, to be called Ellie Joy (in honor of my mom, Elizabeth Joy), mid-August. More love will arrive in our family soon! In honor of Ellie Joy, we've included a special song by Beyonce from her new album "Cowboy Carter" called Protector on our playlist. I recommend that you give this beautiful song a listen! ♥️

Love,

Wendy