Ask An Ambassador: One Of These Things Is Not Like The Others

Kat Palmiotti , that has certainly been a perk of participation.  My network of potential referral agents is significantly larger than when I first joined this community.  I include a lot of that network as people I consider friends and my "no-fly" list for this community is pretty short.

We used to participate in RealTalk, which is what led us here.  Pretty much everything else I've abandoned over the years, the pain vs. return was not a good ratio.

That fact that it it's not state secrets, but involves work, is the one thing that protects us from most of our competition doing the same.  I don't mind blogging regularly, creating IDX pages, etc.  (although I do have a cramping hand from addressing all those envelopes by hand!).

I've not found anything else like it, and doubt I ever will.

George Souto , I cannot count the number of times over the years I've reached out to people I consider specialists, and never once have they not provided the information I needed, or at least pointed me to someone else who could provide the answer.  In almost all cases, what I've learned here came faster than any local training I could have received.

Adam Feinberg , this makes if very clear that you have a handle on what you do, your market, and that buyers need someone like you in their corner providing the sherpa advice they need to make the correct decision for their needs. 

Adam, our first office was borderline toxic.  Just enough not nice people to keep agents from being the best they could be.  Our second brokerage was more what we were looking for.  Support.  Rules to allow the agent some freedom.  No favorites that had a different set of rules, etc. 

I'm so used to having Sold info in our market that it baffles me how it's not available in other markets.

Hi Liz and Bill Spear - sorry, I was unclear. While sold data is widely available in my market- what wasn't clear was new construction in contract deals or sold %'s. Ground Up new construction buildings can take 4-6 years in NYC from initial planning until the building has at least a Temporary Certificate of Occupancy (TCO) that allows buyers to start closings with a Perm Certificate of Occupancy hopefully to follow not too far behind. A new building has to have both a TCO and at least 15% in contract to be declared effective and for closings to begin. This % sold (which is actually in contract listings) wasn't previously available anywhere- and now it is. Also, if a buyer wants to finance with their own bank- rather than a preferred lender for the building- it helps to know the % in contract/closed so that an underwriter can determine whether the building will fit within their risk profile.

A few days ago I sent a buyer client a bunch of listings. Within these listings are 2 brand new buildings. I had to give the buyer a heads up on potential risks of buying into either of these buildings, though both buildings are very appealing for a lot of reasons.

In Building #1 -  In order to close (once in contract) – the building will need at least a temporarily certificate of occupancy (which it doesn’t have yet) and they need at least 15% of the apartments sold. The sponsor might get a certificate of occupancy in a month- or it could take a year. My guess is that they are probably closer to receiving it sooner rather than later based on where they are in the construction process. Next- the building needs 15% in contract for closings to be permitted. They are already 5% there in the first 3 months of marketing - so if I were to venture a guess, it’s likely to happen in 6 months based on the current pace of sales (though it could be faster- the first few contracts tend to be the hardest to get- and it could even happen in a few weeks).  But if my buyers is looking to take ownership fast- it’s entirely possible this could take a lot longer than anticipated.

Building #2- Received a Permanent Certificate of Occupancy last week- but has No units in contract. Since there are 271 units in the building- and no units currently in contract- that could be a big risk for my client- and to get to 15% sold- could take a year, two years or longer at the current pace. BUT- once a building has a Perm. Certificate of Occupancy sales do tend to move much quicker. 

The level of transparency is so much greater today in new construction than even a few years ago. Marketproof provides the number of units in contract; % sold, Breakdown of units sold/in contract - i.e. % of studios, 1 beds, 2 beds, etc that are sold, and so much more. I can now see if there are arbitrage opportunities for my clients to leverage with this data. For example- if my client is looking for either a large 1 bed or a small 2 bed- Market proof shows me which apartment size is selling better- and I can advise my client- "Hey client, the 2 beds at XYZ building isn't selling anywhere near as well as the 1 beds (2 beds are 25% sold while 1 beds are 65% sold)...perhaps it's worth looking at their 2 beds- and negotiate a better deal on the 2 beds as a result." Services like Marketproof are giving me the data and visualizations to be able to better serve my clients. It makes me look a whole lot smarter in front of the client. Also when it comes to collaboration -  New construction is the perfect example of my point. I can reach out to all the agents in the firm and ask if they have done a deal in the building and if so, I can approach them and ask- hey is the developer asking for buyers to pay for a portion of the super's apartment in the closing costs- or have they structured this differently or what about this community space on the 2nd floor- is a non profit maintaining the costs of this space or is this structured into the unit's monthly charges, etc.... - so when I do speak to the listing agent- I might already come in well informed. 

I've been in Facebook groups that were smaller from way back in the ActiveRain days, and slowly but surely most of the members either quit posting in the Rain or got out of the business entirely.  They're still in my feed, and every blue moon or two someone will post a "What's up?".

So, so many Facebook groups where the admins don't keep things in check, and to get a true answer is almost the exception to the rule.
Here?  I don't have to worry about that.

Fred Griffin Florida Real Estate , I still believe this community could use a Bob/Kerrie type present and participating, but that doesn't look like it's happening.

I get our SEO is way down, but I chalk that up as much to the significantly increased competition in the real estate sector, and I personally don't believe our percentage of pure real estate posts is high enough to convince the Google bots that ActiveRain should be their go to source for all things real estate. 

I dip in and out of the Q&A section to see if there's anything that catches my eye. 

And I did use your thicker paper suggestion in my mailing.  Thanks!

I count some of the members of this community as among my best friends.  Some I've met in person, some I probably never will.  This goes beyond just real estate life.

I'm here every day.  Other groups outside of AR rarely (if ever) get checked by me.

The drama is always there to some degree, even here in the Rain.

Hahahah! The best conversations go on behind the scenes. 

I'm going to keep with Go Navy! :)

Candice A. Donofrio , one of the things I value most about this community are the members that make it obvious that they put thought into their posts and comments.  It's not just a point exercise for them.  And while there's the occasional tussle in the Rain, it's infrequent, and for the most part I learn which people need to be left on their own island while I'm on mine. 

💯!!! 

John, no shortage of pros that know their stuff, pick a facet of real estate and someone knows what we need to know.

It's everything I seek, so no reason to keep seeking.

The core values (and many of the people) stay the same over the years.  We know how it's supposed to be here.

We do indeed Bill because that's how we live our lives every day and have for years........and over the years we've had the joy and pleasure of adding so much more to life from fellow rainers!!  Lucky bunch!!

I may not be as visible as in years past, but I'm still here daily.  But one of the great things about this community is people can come and go as suits them, and it will be like no time was skipped.

The fact that people are so willing to help each other is really appealing.  Maybe that's why it stands out so much when someone is not of the same mindset as the core culture.

Sometimes it's shocking to realize just how long I've known some of the people here!