Prudential Douglas Elliman is opening a new office specifically for rentals. The company is going to be recruiting 50 to 75 new agents whose sole focus will be the rental market.
A website specifically designed for rentals, will be released as this new office opens. Jonathan Miller, president of real estate appraisal firm Miller Samuel, who prepares the company's sales reports, will also be generating a new rental market report. As I have mentioned in a previous posting, the rental market has become more advantageous for the renter in the 2008 market.
When the sales market slowed down this summer, many buyers became renters. There was an opportunity to be made and it looks like Douglas Elliman is going where the business it at.
Over the last year I have seen a shift in the focus of rentals versus sales business. Many agents would refer out their rental customer's to agents who specialized in the rental market. Now as the sales market has shifted I see firsthand many of these bigger agents now working these leads that they once would have happily given to somebody else.
The rental market in Manhattan is a tough business for agents. One of the hardest parts of finding apartments for customers is the access to information. There is not just one database that you can go to and look for a certain set of customer criteria. There are so many different management companies that have their own apartments and they release these apartments at all different times and as an agent or renter you have to know where to look. Finding the perfect apartment demands knowing where to look, who to talk to, and understanding which buildings will work for your customer.
As the market has shifted in New York City, Douglas Elliman has made a conscious effort to go to where the business is at. Providing a complete set of services to an already established customer base is the key to staying on top of the market.
For The Rental Market Year in 2008, Click Here!
For more information, please contact Morgan Evans or call 917-837-8869
Disclaimer: All information in this post is subject to change without notice. Subject matter: is an opinion, is not guaranteed, may be time sensitive, and may be based on information collected from several sources which may or may not be reliable at the time of sourcing.
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