Is Food the Way to a Broker's Heart?

By
Real Estate Agent with Douglas Elliman Real Estate

If I walk into a new development building with a buyer in today's market, we will be treated like royalty.  It's pretty much standard practice to be offered refreshments and the occasional bite to eat. 

To set their development apart from the rest, the developers at 211 E 51st St are offering a hosted complimentary, personalized luncheon for small groups of buyers' brokers.  The developer is inviting groups of brokers over for a catered lunch in the model apartment at the building.  One of the reasons why the developer has chosen this method of promotion rather than just the typical open house set up is that this format requires the buyer's broker to take a little more initiative to RSVP to the event.  I'm assuming this effort to RSVP and the actual luncheon will create a lasting memory of the building and will keep it at the top of the buyer's broker's minds when they are speaking to prospective buyers. 

The luncheons have been lucrative as they have created more potential leads for the developer.

Buying in a new development has become increasingly tricky in the past six months.  Financing guidelines have made it much harder for buyers to qualify for loans.  A new development has to do everything they can to set their development apart from the crowd.  Luncheons will attract the hungry broker looking to kill two birds with one stone, previewing a new property and also getting something to eat along the way.  But buyers are worried about prices right now and if that development is still holding tightly to the peak pricing of 2007 and 2008 it is going to make it very difficult for them to get any buyers in regardless of what they are doing to entice brokers. 

Posted by

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Morgan Evans is a Licensed Real Estate salesperson in Manhattan New York specialize in neighborhoods such as: Greenwich Village, Soho, Union Square, Upper East Side, Upper West Side, Chelsea, Midtown West, Midtown East, Nolita, Lower East side, Financial District in Manhattan. Morgan specialize in working with international buyer, high net worth buyers,  parents buying for children and investors buyers. Contact him today by calling (917)837-8869.

https://www.eileenandmorgan.com/
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Rainmaker
732,753
Eileen Hsu
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

I love being fed free food. Especially when they bring on the fancy appetizers and great wine. SELLING A NEW DEVELOPMENT and HAVE SOME FREE GRUB is how I like to work!

Jan 05, 2009 02:03 PM #1
Rainmaker
129,204
Gaye Granice
Robert Defalco Realty - Staten Island, NY
Associate Broker

Sounds like a plan - everyone likes a nice lunch!

Jan 05, 2009 02:04 PM #2
Rainmaker
1,317,551
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

We have had some developers do this and it has been quite successful -- also one gave away a $50 gas card (when gas was $4.00 /gal) just to visit the development and give written feedback!

Jan 05, 2009 02:04 PM #3
Rainmaker
1,317,551
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

We have had some developers do this and it has been quite successful -- also one gave away a $50 gas card (when gas was $4.00 /gal) just to visit the development and give written feedback!

Jan 05, 2009 02:06 PM #4
Rainmaker
468,350
Marcy Moyer
eXp Realty of California Silicon Valley Probate, Trust, and Investment Sales - Mountain View, CA
Probate, Trust, and Investment Specialist

Oneadvantage of this down turn is how nice the builders are to realtors. It is a nice change from the days when it was impossible to get a commision from them.

Marcy

Jan 05, 2009 02:06 PM #5
Rainmaker
224,121
Laurie Mindnich
Centennial, CO

Morgan, do they encourage you to bring prospective buyers with you at the luncheons? If it's a good one (good food), I'd think that that would be a great way to solidify a relationship with a buyer- a fun afternoon, and one that the developer pays for!

Jan 05, 2009 11:14 PM #6
Rainmaker
2,781,403
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Morgan, I think it's a wonderful idea--I, too, wondered whether potential buyers are invited.  Either way it seems like a creative idea to me.

Jan 06, 2009 09:34 AM #7
Rainmaker
121,815
Sonny Kwan
Quantum Group Commercial - Residential - Lease Seattle, WA - Mercer Island, WA
206-819-8228

All you have to say is free and I'm sure all the Chinese will come out of the woodwork to see this place .. I can only say this because I'm Chinese!

Jan 06, 2009 03:12 PM #8
Rainmaker
732,753
Eileen Hsu
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

Sonny - I think your comment may be racist? Are you bad mouthing a Chinese person? As a fellow Chinese person myself, I am deeply disappointed by your expressions of our culture. Did you know 2009 is the year of an OX? ok.

Jan 06, 2009 03:34 PM #9
Rainer
226,765
Richard Ives
Chicago, IL

Hi Morgan.  Great information in your blog.  Have a wonderful 2009!  Success Always!

Jan 11, 2009 05:46 AM #10
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