Douglas Elliman Doing More Rentals! Can YOU Adapt to a Shifting Market?

By
Real Estate Agent with Douglas Elliman Real Estate

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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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
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Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Morgan, I can see how difficult it must be just to locate the rentals--and then the building requirements.  I think it's great that your company is adapting to the changes.

Jan 24, 2009 01:43 AM #1
Rainmaker
121,759
Sonny Kwan
Quantum Group Commercial - Residential - Lease Seattle, WA - Mercer Island, WA
206-819-8228

Morgan , are you seeing that the rental price has changed dramatically since the shift of the markets?

Jan 24, 2009 08:28 AM #2
Rainmaker
622,210
Morgan Evans
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

Sonny-

Without a doubt I have seen rental prices change over the last couple of months. Take for example, we had a beautiful two bed two bath apartment at the Gramercy Starck listed for $6500 that came on in the middle of the summer.  6500 was a little over zealous at the time, but we gave it a shot, got no action and reduced to $5500, a little bit more interest, then we finally reduced again to $4200.  At that price we were the best priced unit in the building.  At that price people were lining up to get that apartment and it got a qualified tenant in the next 24 hours.  It's all about price, even in a slower market, price will conquer all. 

Jan 24, 2009 08:47 AM #3
Rainer
85,519
Rich Mielke
REMAX Results, Frederick MD - Frederick, MD
REALTOR, Frederick Maryland Real Estate

Thanks for stopping by my blog, Morgan. I have noticed that renters are offering less than asking rents and getting places for less.

Jan 24, 2009 02:16 PM #4
Rainmaker
732,603
Eileen Hsu
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

Thank you for getting this information out. It is important to shift and adapt when the market is changing. It is survival for the fittest. Since you are actively working in Rentals, we know that you will be very busy and helping renters finding their space. SHING NIAN QUAI LUH...!

Jan 26, 2009 12:18 AM #5
Rainmaker
246,926
Gena Riede
Riede Real Estate, Lic. 01310792 - Sacramento, CA
Real Estate Broker - Sacramento CA Real Estate (916) 417-2699

Morgan, we have to shift and think of new ways to do business if we plan on staying in business. Looks like you have a good head on your shoulders.

Jan 26, 2009 04:59 PM #6
Ambassador
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Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

Morgan - I too have seen the shift.  There are many agents who are now concentrating solely on rental.

Jan 28, 2009 09:31 PM #7
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