Tag: nycrealestate

Posted on

Should I rent or buy an apartment in New York City?

So it’s been a most unusual spring in New York City. The timeline for renters has been turned on its ear. In the past starting a search for a “straight rental” 7 weeks early would have ended in frustration. I used to beg people to search 3.5 weeks before their move date, when they would have the most options and leverage.

Now any good apartment has applications within 48 hours of being listed. Even less sometimes. And on May 6 we are already seeing listings on StreetEasy for JULY!

As a listing agent I don’t think that is the most effective time, you want something to hit the market at at the time the most and best qualified renters are looking, but perhaps I will be singing a different tune soon. I just took an application for an off market listing for July 16.

Buying in Manhattan and inner Brooklyn and Queens is different in so many ways from the rest of the US. But with the rental market almost absurd, more relocation clients are starting to wonder, ‘Should I buy?”

While the rental market is out of control, the sales market still offers some deals. The rest of the US is in a sales frenzy, but a number of factors make Manhattan different.

The market was soft before the pandemic, the pandemic hit harder and longer here, and finally– the investment market here is different than the rest of the country, where investors will offer competitive cash for almost anything and do the deal in warp speed.

A few things to know.

If you are browsing I suggest using a NYC-centric search tool. Line City is good, StreetEasy is popular, you can also use almost any REBNY agency site. Try to avoid Zillow, which is the same data as StreetEasy but can be confusing.

The cheapest deals you see probably have a big asterisk. They are income-restricted, or occupied units with a tenant that is rent regulated, or cash-only.

Then you need to think about co-op versus condos.

If you are looking in the lowest price ranges most apartments will be co-ops not condos. To make this post efficient I linked an article that explains that. Many of the least expensive co-ops may have policies that make them less flexible as an investment property, which is another major difference with NYC. Condos are simpler to qualify for and to rent out, but they tend to be more expensive. Another key factor is the monthly building charges. Those have more to do with the co-ops finances than the size of the apartment or the amenities.

Even with all of that– there are appealing studios in the 300K range…check out this sweet sunny studio. Parents who are buying for an adult child or people wanting a second home in the city should discuss those plans with an agent.

So while buying still requires a down payment and a vision of your future, if you are moving to NYC it may actually be the more sensible and rewarding option.

Posted on

NYC Rental Real Estate Agent: Why Pressuring People is Dumb

Always be closing!

You have heard that motto. The most important part of a sale is making sure it happens.

But I think in real estate pressure doesn’t work. I see people do it, I kind of admire the moxy, but it is not for me.

If you are looking for an apartment right now you are under enough pressure. Apartments are renting crazy fast. Often it only takes one hour of showing. If you have not looked in a while or are new to NYC, buildings that don’ have elevators or dishwashers may be a shock to your system.

When you pressure people, deals fall apart. I truly want people to only apply for the places they want with the terms they are willing to close the deal with.

Somewhere out there is an article saying you should negotiate after you put in your application. IGNORE THAT ADVICE. That is the surest way to lose an apartment you want. You should ask for any concessions, special requests, and a specific move date when you apply, not after.

I keep this blog going in the hopes that apartment seekers will be better informed.

I look for people who are confident the apartment is right for them and are want to close the deal.

If you are unsure about your roomate, or your guarantor isn’t sure they want to be responsible or you need a corporate guarantor like Insurent, or you are not sure you really want to move, figure out those things before you start making appointments and applying.

Posted on

NYC 2022: Rental Season Strategies

So “rental season”started early this year. After a winter of low supply/high demand now at least there is inventory. But I would say traffic is a month ahead of 2019. I feel like we are at the end of April not March.

If you are relocating to NYC my number 1 tip.

BE PREPARED BEFORE YOU HUNT

If you are working with a tenants’ agent they may have sent you a list of what most landlords ask for. The best thing you can do is look at the required paperwork, income, and check your credit. Landlords can be choosy, so you want to make your side as polished as possible. If you are representing yourself have everything ready to go. This means guarantors too. Your parents in Peoria, or Plains, or Portland may be surprised at the level of documentation renting an apartment in NYC requires. It’s that not far off from qualifying for a loan.

HAVE YOUR TEAM READY TO GO

So 2 years ago we were doing tons of remote deals. And if you are working with a luxury building, it may be just fine to work remotely with an agent. If you are looking at walkups, or your budget is tight it really pays to have all the tenants at the showing, making a good impression, and being able to decide together. I have had listing agents tell me that a clients physical absence cost them the apartment. Again if you are looking at 5K 1 bedrooms in FiDi it’s probably not that big a deal. But a 2300 1br, the listing agent will probably go with someone they met. Be watered up, wear comfy shoes, get some sleep, don’t be hungover. AND make a nice impression on the listing agent. Say hi, introduce yourself, show you are a pleasant easy person to work with. If you love the apartment ask if they have applications and what will win the lease. Offering a bit over may make sense if you think the apartment is a deal.

BE KIND

It may seem like we have all the power, but trust me, having 100 people request to see an apartment has its own challenges. At an open house I always notice how someone treats the other people there. That kindness and consideration stands out. Also at this point most apartments on the market are OCCUPIED. This means you are in someone’s home. They may only want to show it at certain times. This can be tough when you want to visit a lot of places. Show respect for the tenant and their belongings. Backpacks are the devil if you are a vase.

BE FLEXIBLE

Move dates are a big deal when everything is so busy. It may make things a lot easier to have an overlap between the move out and start dates, or a mover who uses storage. Also if the first of the month falls on a weekend you may have to wait until a weekday to move in. If an apartment is vacant, that landlord wants a lease that starts asap, not a month out. You may need to be less rigid on location, or having a dishwasher, or something. If you are searching online and there is only one apartment that fits your criteria, you are not in good shape. You need to have search parameters that give you multiple options. Don’t get fixated on one listing!

DON’T BE SHY

If you love an apartment let the person showing it know it’s at the top of your list. Let them know why. If you have a pet or pets make sure the building policy is a good fit.

I wish I had a magic wand. I love making people happy. I HATE having to tell people no. I had a dad call me up SCREAMING because his daughter lost out on a place, and I really liked her too. It broke my heart. Yes you may have to adjust your expectations, but I promise if you are qualified and put in the work it will turn out ok.

Happy Hunting!

Posted on

Will those bargain NYC rents go up next year?

I said I didn’t have a crystal ball!

So clearly a lot has happened since we last spoke.

Currently it is a renter’s market the likes of which has not been seen in years.

So why is getting the perfect place a challenge?

The prices may be lower but the system is the same. Landlords have gotten choosier. While the rents may be lower they are still looking for well qualified tenants with good credit and qualifying income.

Then there are the CRAZY pricing schemes. I actually saw a place that has a two year lease, with a 500 dollar jump. Where do you go when you are at the bottom of pricing? One of the thing that makes clients crazy is a lot of net effective pricing. That means the landlord is discounting the rent by averaging in free months, and the regular rent. Some landlords are beginning to average this over a 12 month basis which has historically been rare.

Tenants looking for long term stability wonder what the catch is. The truth is nobody knows what will happen in a year. People are coming back to the city for sure, but are they outpacing the inventory coming on the market?

The one little nugget is that we are going in to a time of year that less inventory came on the market, for the next few months fewer leases expire. That should slow the rush of apartments on to the market. For now if you are looking to rent, realize those free months are a chance to save, invest, even vacation. Try to budget to the gross rent and you will be sitting pretty no matter what.

Posted on

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.

Posted on

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.