Today, there are more than 28,000 residential real estate agents and brokers doing business in Manhattan. Because of the record breaking run-up in sales prices over the last several years, the field has attracted an increasing number of newcomers. Many will not stay the distance.
If you’re a buyer, a seller, or a developer, how do you choose from among the vast numbers of professionals? What makes a good broker? And why hire a broker at all when the Internet provides access to a global marketplace for available inventory?
If you’re a seller today, proper pricing is more important than ever. While it’s tempting to sign on with the broker who says your apartment can fetch a higher price than other broker estimates, expectations need to be real and achievable. When agents overprice properties—or when sellers fail to heed conservative pricing advice—valuable time is lost as the real estate sits on the market only to be ignored and ultimately discounted. Some sellers get no respect.
Prices are up, but so are anxiety and disappointment. For every accepted bid, there are probably three also-rans. With Wall Street bonuses higher this year than last by nearly 40%, and apartment inventory still shrinking, demand for quality apartments continues to exceed supply. In the current, heated market that’s rife with record breaking highs, here is some food for thought.
