Sell-Side Marketing Launches

You 100% should have this service on your blog! Although I sold my apt 10 months ago, before I knew of urbandigs, I have learned pretty much everything about nyc real estate from your blog.

Its a great resource and if I knew of it a year ago, I would have no question asked you to represent me in selling my apartment. I actually didnt even like the broker I used and felt like he only cared about getting his check. Dont feel bad about promoting your business on your blog; its well deserved given the effort you put into the site.

Thanks for all the tips!

thanks alyssa! Ill be here next time you need to sell!! Thanks for the kind words about the site and content.

This blog was the only thing that kept me sane in the crazy world of NYC real estate! I can't believe people actually go into a real estate transaction *without* reading this.

It's an innovative and great site. Keep it going! Go Digs!!

I met Noah soley b/c my good friend who was a RE broker became suddenly ill & could no longer market my apt that was for sale. As you could imagine, I was understandably a bit panicked at being assigned a broker by Citi-habitats, who was handling the exclusive.

Thankfully, my concerns were unfounded. Noah was honest, knowledgeable & kept me informed of everything that was occurring throughout the process. His predictions of how things would pan out were spot on! His web site is an extension of his knowledge & sincere desire to help customers navigate what can be treacherous waters for the uninformed!

sounds good, but how is this any diff from a listing by a broker? is there a diff in fees?

Wayne - Well if you believe that every broker is the same in how they work for their clients, I guess it is no different. Commission fees is something I discuss with sellers privately, after a property valuation.

This is my version of how I work for my sellers. What I discuss with seller clients is specific to their property and their situation. How I go above and beyond in terms of marketing, is something I discuss with clients at property valuations. How I consult to prepare the property for showings, how I handle buyer clients, how I present the property, how I pre-qualifying buyers, how I handle negotiating, etc, is what I have to offer.

Every broker is different and some brokers are more educated, more savvy, better negotiators, better consultants, better marketers, than others.

But if you dont break it down like this, yes I am a broker and yes this is my way of marketing the listing services to potential clients. The content on UrbanDigs is a better way to see what type of broker I am and how I view the markets/investing.

I don't think you should be worried. You are providing a needed service in New York. Competent and honest real estate advice is not as easy as picking up the phone and talking to the first agent that answers.

Seems to me this is another needed service that only you can provide. Keep up the good work.

We're adding a little something to this month's sales contest. As you all know, first prize is a Cadillac Eldorado. Anybody want to see second prize?

congrats noah!

you're always one step ahead.....

blogspeed my friend.

rudy.sellsius°

Now that you're jumping in with both feet into representing sellers, I guess it will be only natural that the advice you will put on this blog going forward won't be as unbiased and helpful to buyers. How could it? Let's say that you see that market demand is low, and you anticipate significant price drops, and that a smart buyer who doesn't need to buy right away would do well to wait it out. Can you really post something like that on your site, if you have all these sellers as clients? Aren't you breaching some kind of fiduciary duty to them by not spinning the situation favorably to them (or at least not broadcasting the negative market news publicly to thousands)?

John - Excellent question! I've been representing sellers for 2 years now; however only sold 3 exclusives. Honestly, I havent devoted any time marketing to sellers until only recently, as the past clients were referral/urbandigs based.

The answer is, NO, I am not breaching any fiduciary responsibilty to seller clients by writing content on my blog about the state of the current market. When I was selling 372 Fifth, I stated numerous times that the market was soft and that price reductions were necessary to move product. It boils down to what the seller client is willing to move a property for.

Its my job to sell the property in the best light to potential buyers and consult with the seller client on how to get the property in the best showing shape possible for the least amount of money; and of course marketing reach! I dont talk about interest rate policy or inflation pressures at showings! I do that here.

And the most important part, I WILL NOT TAKE ON AN OVERPRICED EXCLUSIVE PROPERTY BECAUSE THE SELLER IS UNREALISTIC IN WHAT THEIR APT WILL SELL FOR. If a seller client wants to price at the high end of my range, than I enter an agreement where we would slash the price after X weeks should no bids come in.

In short, I WILL MAINTAIN MY HONEST ASSESSMENT OF THE NYC MARKETPLACE AND CONTINUE TO REPORT WHAT I SEE ON THE FRONT LINES AS I CONDUCT BUSINESS - I WILL REPORT ON FUNDAMENTALS/RISKS THAT I SEE POSSIBLY AFFECTING THE NYC MARKETPLACE. This includes economic data and changing policys.

If powers that be say I can no longer do what I love doing, providing unbiased content, than I will move somewhere else or go out on my own! I've thought about this contingency and prepared for it if I hit any resistance from my employing broker.

As much as I'd like to give Noah credit for being able to simultaneously manipulate both buyer and seller in his favor despite market conditions... its more likely that being truthful to what he thinks the market will bear will give Noah the best results since his thoughts are captured on the web for all to see. You might say it also makes him more accountable for his thoughts which may give him an edge. Good luck!

Thanks, Noah, for your reassuring answer to my previous question. I have another question for you.

If, as a buyer, I decide to work with a broker, and the broker puts in a lot of time into the search for me, what happens if I end up wanting to buy a place from a seller who has a "No Brokers" policy? I know that legally I'm not obligated to pay the broker for his or her time, but what's the "right" thing to do?

Do I offer to pay the broker 3% out of my own pocket (seems unnecessarily generous)? Send him or her a nice fruit basket? Or should I just avoid having this problem altogether, and once I decide to work with a broker, just not consider any FSBO places that have "No Broker" policies (but this seems silly too)?

Spaceboy - Thanks, but Im not that good that I can manipulate ALL parties in a transaction. Actually, in every deal I did where I represented both buyer and seller, all parties were happy in the end. If your honest, then your not really manipulating anybody. Rest assured, I care MUCH MORE about my pet project urbandigs and speaking my opinion than any one deal can make up for!! I will not stop doing what I have been doing and talking about how I feel about what I see; in my twisted mind.

John - I have a similar situation with a buyer client now. First thing I did is CALL the owner and clearly mention I am NOT pitching her but that I have a client that I put alot of time into and would like to show them all properties that meet their needs. Would they consider a 2.5% commission to buyer broker? They said YES! Im bringing them over on Sunday even though NY Times ad said NO BROKERS!

If they still say no, and my client found the FSBO listing and brought it to my attention, I would say, "GO FOR IT!". In the end, a broker should only be looking out for their buyers best interest.

In your case, I would go to the property (perhaps first find out if they would deal with a buyer broker - as most end up doing anyway) anyway and look to see if that is your new home! If you end up buying it w/out your broker, give them a nice gift certificate or something; perhaps $500 or so as a nice gesture. 3% out of your pocket is too much. Since your probably saving thousands by buying from a FSBO w/out a broker, a small gift would be very nice!

Thanks, Noah, for your guidance through the process of learning about NYC real estate (much different from South Carolina) to successfully buying a condo there. Your candor, honesty and truthfulness made this an interesting and beneficial experience. You are a credit to your profession.