The Monthly Update - September 2017

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A Note About Being Your Own Real Estate Advocate & Why Streeteasy Isn’t So Easy Anymore...

Like any large purchase or investment, one should always consult professionals in the relevant industry to provide guidance, advice and support. In real estate, where the purchases and sales can the biggest of your lifetime, it’s important to surround yourself with a go-to team consisting of a real estate broker, real estate attorney and real estate lender (banker). This can make all the difference in ensuring your transaction culminates in a successful closing.

Setting up your real estate team is crucial, yes, but being your own real estate advocate is equally as important. You’ll need to assert yourself as the head of your team. Select your real estate broker, attorney and lender with care, and make sure that they listen to your input. Finding a group that has worked together in the past can be helpful to your cause as it could be a good indication of strong communication skills between the three of them. They are all working together for your best interests, so communication behind the scenes is important.

As your own real estate advocate and the team leader of this ensemble, it falls on your shoulders to make sure your team works well together. So make sure, right off the bat, that you let your team know how involved you’d like to be. Some individuals prefer the hands-off approach, while others need to know everything, every step of the way. You will set the tone. You are responsible for holding the broker, attorney and banker accountable for communication with you and with each other throughout the entire process.

Never give up control of the process. Make sure the team is accountable to you. Remember to always be active in throughout the transaction. That's what being your own real estate advocate truly means.


StreetEasy.com Update.

Once known as the No. 1 real estate website for New York City, StreetEasy has made some extraordinary moves recently, including its deceptive Premier Agent feature and charging steep fees for rental listings. Although the site thought these moves would line its pockets with even more cash and put itself in a position to corner the Manhattan real estate market, the controversial plans have had quite the opposite effect.

Since REBNY launched its listing syndication service on August 1 (in direct response to StreetEasy's combative practices), listings on StreetEasy have plummeted by almost half, putting buyers (i.e. their consumers) at a huge disadvantage.

The value of a really good broker — and of being your own advocate — is even more important now than ever as brokers serve as your access point to all available listings on the market. Check out the numbers below, and please be in touch if my team can help you become your own real estate advocate.

 

StreetEasy sales inventory (7/31/17).

  • 11,841 Manhattan Sales
  • 5,708 Brooklyn Sales
  • Total: 17,549

StreetEasy sales inventory as of today (9/1/17).

  • 5,566 Manhattan Sales
  • 3,170 Brooklyn Sales
  • Total: 8,736
  • Decline of 50% since 7/31



  • Meet our new Chief People Officer MadanNagaldinne, former head of HR both Facebook and Amazon, we are thrilled to have him. 

  • The Hoffman Team was recently ranked the #8 team in Manhattan by The Real Deal Magazine, based on volume.

  • Stay tuned for some beautiful properties coming to market after the long weekend!

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