NYC Real Estate: Open for Business!

So a bit of me wonders if there is anyone who showed an apartment at midnight!

We are back open for business, legally phase two starts today!

We worked hard, we shared videos, we did virtual, we tried our best!

Honestly I learned so many new skills.

But I am glad it’s over.

Let the games begin!!!!

Coming Out of the Dark

It is finally here. Cue Gloria Estefan.

It is exciting, real estate is not a video business it is a property business. I hope people continue making videos of exclusives, it really does help narrow things down for the client.

But we now really get some work done, which requires, most of the times, showings.

So what should you do if you are moving to NYC?

Understand that we have pictures and videos of exclusive listings and some larger buidings that are open listings.

(Want to know the difference? I have a very detailed post!)

So before you get to town look at a some videos, learn what a post war vs a pre war apartment looks like. As always, learn the neighborhoods, learn the styles of buildings. Your agent will not be able to be as spontaneous, in many cases showings will have to be planned in advance. Don’t wake up on Saturday morning and decide an hour before your showing start that you want to change the agenda, it will be hard. Now more than ever we need folks to do homework before they get to NYC.

I do wonder if walk ups, townhouse units, and small buildings will be more popular or if people will go back to their old tastes.

We have a YUMMY new listing , tell me what street compares with Mott Street in July?

As always if you need to break a lease, find a place to live, or rent one out I am here at 929-429-0240!

An Educated Consumer is our Best Customer

If you are of a certain age, the commercials for Syms are probably etched in memory.

That old tagline come to mind when thinking about the current NYC apartment rental market.

It’s true rents are down about 6 percent, and there are a lot of apartments out there.

But something else I have noticed is that when a client picks a place they are not alone. The best bargains, the best layouts, the best locations are not going unnoticed. There are no tumbleweeds.

So what is up?

I have been working quite steadily thought the pandemic. I kept waiting to get to do spring cleaning and catch up on TV. I just watched the Homeland finale last week. All those people who were home from work, zooming in their mom’s basement in Pittsburgh and Cleveland, and Miami used that time to look at apartments online.

As they head back to work and back into the market they are smart and decisive.

Why? We have completely changed the way people look for a place. The old method was make an appointment, pick up some keys, and go explore. The best deals often had no pictures, let alone videos, let alone 3-D’s. I always worked with people remotely, but I was the exception. Doing video chat was considered sort of a iffy proposition for agents.

Now most exclusives have videos, even floorplans, and people have been watching. They know what they want when they see it, and often will apply without even setting foot in NYC. The expectation of transparency is higher for better or for worse.

I sort of miss the exploring, the getting to see peoples reactions, exploring cafes and parks, an apartment in NYC isn’t just an apartment, it’s a ticket to a lifestyle, and that is hard to do on youtube. But the end result is folks who have spent 2-3 months searching and know a deal and what they want.

Speaking of apartments, I have some lovely no fee 2BRs on Lexington Ave. in Kips Bay/Murray Hill looking for their people!

If you need a NYC real estate agent call me– 929-429-0240

Making NYC a better place through real estate

Last year I spent Memorial Day by myself in a gutted about-to-close office.

My first broker had said,”Don’t take memorial day weekend off!”

So I didn’t. I had clients and did not realize that for the most part New York City real estate takes holiday weekends off.

I even ticked off a broker who I really respected calling during dinner. (Don’t disturb a frenchman’s dinner!)

My office was moving, and I was probably changing brokers, so it was a challenging time. I did get an application in Friday, another client applied then changed her mind, my MIT grads looking for a 6 bedroom turned out to be challenging, and I got to spread out my stuff on a folding table.

I find this holiday weekend even more unsettling. Due to the Covid-19 pandemic, face to face showings are not allowed, and even the loopholes are tricky. Last month we did virtual deals, now clients are confused. Many agents are showing. I am competitive by nature and it is HARD to turn away business.

But I thought about my early days, and my belief that I can make NY a better place through real estate. I love showing off public gardens, art galleries, independent cafes. I love getting people to be part of a neighborhood where they can make a contribution to a community. And sadly, skirting the law to get a deal done doesn’t fit.

Will rents go down in NYC?

I don’t have a crystal ball.

Not really.

But there was a moment today where I seemed like a fortune teller.

A very nice client said to me right now my moving plans are a bit flexible.

Which I answered means: July 15.

She said, “Yep.”

July 1 and 15 seem to be very popular move dates, and with the uncertainty about everything people are starting early.

Landlords don’t want to hear it. To them time is money.

So will rents go down in NYC.

Probably, a bit.

Remember NYC real estate is actually a bunch of separate marketplaces. I do a lot of downtown 2 bedrooms. I have seen concessions here and there, and as always a mover with good qualifications who is going soon has power. But while there are some perks and discounts, nobody is giving away the store.

There are a lot of apartments on the market for 6/1 and we are running out of May. All those July movers may get some of those listings. We should start seeing 6/7 come on the market in the next few weeks.

September 1. We will see what happens with NYU, the New School, Cooper Union, and Columbia University housing. Will dorms become less popular? Will people want to live in smaller buildings. Will the September wave fizzle? Stay tuned.

Need a kind, honest, and hardworking real estate agent? Email Suzanne! suzfindsnycapts@gmail.com.

How to rent an apartment in New York City during a pandemic

“Necessity is the mother of invention”

So people ask all the time how the pandemic is impacting the real estate market. In rentals there is a dramatic dichotomy. Two trains running on different tracks.

On one track it is Christmas in May. We are seeing discounts that you might normally see in December.

There in another factor in play. Some landlords want to get deals done, other are feeling cautious, concerned about the financial stability of new tenants. I take a lot of pride in getting people approved.

This week we had someone rejected for a decent but not outstanding credit score. I knew instantly it was a symptom of the pandemic, a real estate cough. I get it landlords are frightened, making that tell tale swerve like people trying to socially distance on the sidewalk.

If I can get people matched up with a rare deal you know you are changing their lives for the better, it’s a great feeling. But there is an uneasy realization, those landlords offering enticing specials might be reluctant to “put a ring” on it.

We have a nice opportunity for someone who needs a nice 1BR on the Upper East Side. 309 East 61 #10. My latest listing.

Along with all of you we spend our days zooming and face timing and keyboarding, video has become real estate gold. It is a big change from the world where sometimes the best apartments had no photos. Getting customers excited to see mystery apartments was part of the game. Now it is a scavenger hunt for video.

Ironically one of the skills that no longer counts is the ability to sniff out a deal without seeing pictures, right now if a tree falls in the forest and nobody films it, it ain’t gonna rent.

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Virtual showings of NYC Apartments

Necessity is the mother of invention.

Yep. It will really be interesting to see how the coronavirus crisis changes NYC apartment rentals long term.

Right now instead of hunting for keys we are hunting for videos.

It’s a big change.

In the past we would go see listed apartments, sometimes, many times, without seeing pictures first. This is part of the craft of being a NYC real estate agent. You have a hunch, a super gives you a tip, you know your landlords, and then you and the client go see some places. You gauge their reaction, see what they respond well to, adjust, get a cup of coffee, admire the dog park, it’s a process and if a client trusts it, it works.

But now due to the pandemic, we are trading in video. Yes it’s a good tool, but I am not sure it is satisfying. Yes, so many people were willing to take 110 Greene Street from a short video, it was a once in a lifetime deal on a SoHo loft. Yes about 1 out of 10 apartments are rented without people seeing them.

But I find the time spent emailing and clicking is less productive, it’s nice to see a video of an apartment, but it is very different from experiencing it. It also it is my job to read your mind, to figure out what you want BEFORE you do. So many people get here and admit, what they thought they wanted changed when they started viewing.

It is ok, it is expected, you are not ordering a Big Mac and a side of fries, I know you may decide having a place that feels bright and roomy is more important than laundry in unit. Just like a shrink our job is to guide you.

Don’t get me wrong, a video is a great storytelling tool, especially in sales, but it just doesn’t replace the real thing. Cue Marvin Gaye and Tammi Terrell.

If you want to work with Suzanne email sgoldklang@corcoran.com. I promise someday will climb stairs, sip iced coffee, talk about life and see apartments soon.

How will the Coronavirus crisis impact renting an apartment in NYC?

So this is a question I get a lot and of course I have no crystal ball.

Renting an apartment in Manhattan is VERY seasonal.

Busy season typically starts around Easter as students move out of dorms due to graduation or a desire to live off campus. The prices increase, concessions increase as we move through the summer. In August all hell breaks loose, as people start looking for places for September 1, the start of school and new jobs. The first few weeks of September are busy too. Then in October prices drop, concessions are added, by November we start to see deals. December is a mixed bag, low inventory, good discounts, January is similar.

So already we have missed that first wave of students leaving dorms. The short term market is on fire with thousands of health care people looking for temporary housing which is always tricky. There are good deals out there if you are comfortable renting remotely.

I think if NYU and Columbia and the New School start classes on time, we will see the market return to normal in August. I am guessing we will actually see a bump in professionals looking for places when work restrictions end.

There is one thing you can do it is start getting smart about finding and apartment in NYC. Go ahead and start learning about qualifying for an apartment, what documents you will need, what the costs are, whether you will need a guarantor, what fees you are comfortable with, and so forth. Adrianna Darling and I are always happy to help you start planning.

Stay safe and good luck! We are here to serve.

To work with NYC real estate agent Suzanne Goldklang email sgoldklang@corcoran.com.

Getting out: How can I break a lease in New York City?

So one of the best kept secrets of Manhattan real estate is that it can be easy and inexpensive to break a lease by using a real estate agent.

If your apartment is a good value, a real estate agent like me will be happy to list it at no cost to you.

Even better, we pay of all of the advertising costs on places like Craigslist, Facebook, StreetEasy, Zillow, Renthop and Naked Apartments.

You will first need to check with your landlord for their lease break policies. Some landlords will charge you a fee for breaking a lease, and some may have restrictions on how your lease break can be advertised.

The rest of the transaction is painless.

Realtors want listings, I am no exception.

I will list your property, take pictures and video, screen prospective tenants, set up showings, negotiate terms, help them complete an application, and get approved. Your listing will be in the REBNY database and other agents will be able to bring their clients to the table as well.

If your listing is an attractive one, you should be able to easily find someone who will put down a new deposit, pay the rent, pay the broker fee, and minimize any cost to you.

If you are looking to list a lease break please call me at 929-429-0240 or email sgoldklang@corcoran.com.

Understanding Manhattan Apartment Listings: Open vs Exclusive

So you are coming to NYC to look for an apartment, you may have looked on line, or spoken with me on the phone. If you want to make the process less stressful and confusing, it’s great to know that there are different types of listings, and the application process may feel very different based upon that.

EXCLUSIVE LISTINGS

In most of the country when you want to sell a house you find a realtor.

That listing agent lists the house. Posts ads, puts signs in the yard, hosts open houses.

Most buyers chose to work with a buyer’s agent, who will help them find places, and get them to showings.

Many EXCLUSIVE NYC rental transactions mirror this system.

We sometimes will call the broker on the other side of the deal a co-broker. There is a listing agent and a tenant’s agent, the main difference is we are negotiating a lease not a sales contract.

As a tenant’s agent, I set up your appointments, talk to you about options, help with an application, and do any negotiation on concessions with the listing agent. I like working with listing agents, and that has sort of become my specialty. That listing agent controls the application process, and getting them on your side is a key to getting an apartment lots of people are interested in.

For people who are relocating, it is a big help to have a tenant’s agent. It can be overwhelming to plan 2 days of appointments with listing agents and it is a good idea to see a mix of exclusives and open listings. It also makes the most of your time. I had one client see 12 buildings in a day. I think that is a lot, but we did it.

OPEN LISTINGS

Some landlords chose not to have an exclusive listing agent, and simply allow any agent or perhaps a select group of agents to bring renters to the table.

Other times the landlord will hire a leasing agent who is an employee, and represents the landlords interests.

Those listings are called open listings.

Many, but not all open listings allow agents to advertise their properties, and bring them clients.

My listing page on Corcoran.com features open listings, as does my page on Renthop which is one of the few public platforms to advertise open listings.

Applying for an open listing is a bit different, especially if we are working with a landlord. We don’t always know how many other agents might have someone looking at an apartment, so if you like an open listing, have your application documents ready to go quickly.

So why should you care?

What part of town you choose to live in makes a difference. There are relatively few open listings on the Lower East Side. Open listings exist but do not dominate in the East Village, West Village, or Greenwich Village. On the other hand move uptown to Midtown East or the Upper East Side and there are many appealing open listings.

Almost all condo and co-ops that go up for rent are exclusives, large buildings with lots of rental apartments are generally open listings.

Becoming familiar with open listings and marketing them is an important part of being a NYC rental agent.

Of course I love working as a listing agent too. You get to meet other brokers and a wide variety of clients who sometimes decide to have me help them find a place.

Want someone to break it down in person? Hire a trustworthy agent who has experience with all types of listings! Work with Suzanne by calling 929-429-0240 or email sgoldklang@corcoran.com.