NS_AGENT MANUAL

Introduction

Success in real estate isn’t solely about selling properties, it’s about building a sustainable business, fostering trust, and continuously adapting in a competitive and ever-evolving market. Whether you’re just beginning your journey or are an established professional looking to refine your approach, growth in this industry requires more than just sales skills. It demands introspection, strategic development, and an unwavering commitment to excellence.

At its core, real estate is a business of people. Transactions may center around properties, but relationships are what drive success. The way you communicate, anticipate client needs, overcome objections, and navigate complex deals determines your ability to thrive in this field. Beyond the mechanics of a transaction, there is an art to building lasting client relationships, positioning yourself as a trusted advisor, and creating long-term value for those you serve.

This manual is designed to be more than a guide, it is a blueprint for business development and growth, crafted to help you elevate your practice through introspection, best practices, strategic communication, and mastery of transaction processes. Through this framework, you’ll learn how to turn challenges into opportunities, streamline interactions, and position yourself as an indispensable resource in the eyes of your clients.

Throughout this manual, you will:

• Develop a deeper understanding of yourself as a professional. Growth starts with introspection: identifying your strengths, acknowledging areas for improvement, and crafting a business model that aligns with your unique skills and aspirations.

• Refine your approach to client interactions. Understanding what clients truly need, even when they don’t articulate it clearly, is an invaluable skill. Learning to read between the lines, anticipate concerns and address objections with confidence will set you apart.

• Master communication shortcuts that save time and build trust. Efficiency in real estate isn’t just about closing deals faster, it’s about creating seamless,

stress-free experiences for your clients while maximizing your time and resources.

• Navigate transactions with precision and control. Every deal has moving parts, and mastering the process from lead generation to closing ensures you stay ahead of potential roadblocks. By systemizing your approach, you’ll maintain clarity and control in even the most complex transactions.

• Implement best practices that lead to sustainable growth. The real estate market changes, but fundamental principles of success remain constant. By incorporating industry-proven strategies and adapting them to your own style, you’ll create a foundation for long-term prosperity.

This manual is not just a collection of strategies, it’s a roadmap for professional evolution. It is designed to challenge you to think critically about your approach, refine your skill set, and unlock your full potential. Whether you are looking to scale your business, improve client retention, or navigate obstacles with greater ease, the insights within these pages will provide the clarity and direction you need.

How to Read this Book

As an in-depth manual on real estate, this book is rich and dense with ideas, checklists, frameworks, perspectives, one-liners, questions and introspection exercises. You will likely get the most out of this manual if you take some time between the chapters and sections to reflect on the notes you’ve highlighted and the ideas you’ve jotted down. It’s important to think about how you as a professional can relate as well as how you can implement these notions into every layer of your business.

To read this book cover to cover to then put it down and never see it again defeats the purpose. The engaging aspects of this manual are designed to stretch your comfortability of your business plan, your understanding of your role in the transaction and yourself as an individual.

This handbook serves multiple purposes. It is a way to develop foundations for a brand-new business for those new to the industry, it is a way to reflect on how your business is going compared to how it could be going for those a few years into the industry, and it is a way to identify opportunity gaps in your business if you are a veteran looking to scale and build a larger, more successful business.

It is a tool that should be revisited often to chart new paths, see how much you’ve grown over time as a professional and to reflect on what has worked as well as what hasn’t worked to help guide you to future successes. This tool works as hard as you do and is created with the longevity of your careers in mind. As you read, here are some exercises and insights to keep in mind while you go through the manual.

What is the Role of Salespeople?

A salesperson is a professional responsible for identifying customer needs, presenting solutions, and facilitating transactions that create value for both the client and the business. Their primary role is to generate revenue while building relationships, fostering trust and ensuring customer satisfaction. A great salesperson is not just a seller but a strategist, consultant and relationship builder who focuses on delivering value while driving business growth. As you go through this manual, you will see that your role far exceeds just being that of a salesperson.

What are the Challenges that Salespeople Face?

As a salesperson, there are three aspects of the business that continue to act as headwinds. These headwinds impact you whether you are selling real estate, cars, software or vacuum cleaners, and by identifying them at the outset, we can create a more strategic plan on how we can overcome them for our clients. The three biggest challenges salespeople face are:

1. Clients are now informed more than ever about what they want to buy (whether they are informed correctly or not is another conversation)

2. With the proliferation of new technology, salespeople are constantly chasing the next platform or the next trend which can feel like we are swimming against massive currents

3. Dealing with consistent societal changes whether its politics, new legislation or consumer sentiment impacts the client’s perception of who they work with.

Between where we sit as salespeople and where these three challenges are is a gap known as The Value Gap . The value gap is what we as salespeople need to bridge in order to limit the uncertainty and ambiguity in the mind of the client. The more value we can provide, the better position we’ll be in to have long term success and develop long term relationships. As you read through this manual keep in the back of your mind how you can bridge the value gap for people who you aim to work with.

Self-Reflection and Skills Model

There are two qualities that make a new agent good, a good agent better and a better agent great. Those are patience and introspection. Introspection is an exercise that we focus on heavily at the beginning of this manual because to understand where we want to go, we have to understand where we have been and where we are.

Putting pen to paper makes your understanding of yourself official, and is a great way to track progress or notice a regression in certain aspects of your business. Below you will see a skills model matrix. Mark an X under each proficiency level you believe your current skillset resides within.

Here is how you can define each of the proficiency levels.

Foundational is identified as a: Basic familiarity with core concepts, perform basic tasks with guidance, limited ability to solve problems independently, supervision and structured learning is required

Skilled is identified as a: Solid grasp of core concepts with practical experience, can apply knowledge effectively in routine situations, can apply learned techniques with moderate independence, require minimal supervision but need support for complex challenges.

Advanced is identified as a: Deep understanding of the subject, including nuances. Can adapt knowledge to new and complex situations, making informed decisions, capable of solving problems with creative solutions, works independently and can mentor others.

Expert is identified as a: Mastery of the subject with deep practical and theoretical expertise, can develop new methodologies, tackles complex and ambiguous problems with strategic solutions, could be recognized as an authority and capable of teaching subject matter.

Sales Skill

Prospecting and Qualifying New Leads

Identifying and Defining Client Needs

Creating Client Oriented Solutions

Articulating Your Value to Customers

On-boarding New Customers into Your Business

Maximizing and Reinforcing Value

Industry and Market Knowledge

Understanding of Macroeconomic Factors on Local Markets

Understanding of Transaction Processes

OUT OF THE NINE SALES SKILLS MENTIONED ABOVE, WHICH FOUR DO YOU THINK CLIENTS ARE IN MOST NEED OF? OUT OF THOSE FOUR, WHICH TWO DO YOU THINK ARE THE MOST IMPORTANT?

OUT OF ALL NINE SALES SKILLS, WHICH THREE DO YOU WANT TO IMPROVE THE MOST UPON? OUT OF THOSE THREE, WHICH ONE IS THE MOST URGENT YOU SHOULD FOCUS ON?

Structured Processes

As a real estate salesperson, we do not have the luxury of being told what to do like we would if we were just an employee at some corporate office who made a salary. We are creators of our own destiny and masters of our own universe. One of the biggest challenges for people in this business, new or not, is creating structure. Structured processes allow you to do the dozens of small things on a daily basis correctly so you can create long term success. Something as small as a daily checklist can make a huge difference in your business.

One of the most well-known stories about the power of structured processes comes from Dr. Atul Gawande, a surgeon and author of The Checklist Manifesto. In his research, he discovered that even the most skilled doctors and medical professionals could overlook critical steps in complex procedures, leading to preventable errors. A prime example comes from the implementation of a simple surgical checklist by the World Health Organization (WHO). In 2008, WHO introduced a 19-step Surgical Safety Checklist in hospitals across eight countries, including the U.S., India, and Tanzania. The checklist included basic but essential steps, such as confirming the patient’s identity, marking the surgical site, ensuring sterility, and verifying that the entire team was aware of potential complications.

The results were staggering:

• Surgical complications dropped by 36%.

• Postoperative deaths fell by 47%.

• The likelihood of infections and other preventable issues decreased significantly.

Another example of real-world applications of the checklist was in a Michigan ICU, where doctors used a simple five-step checklist to prevent central line infections (a common and dangerous complication). The steps included washing hands, using sterile gloves, and disinfecting the insertion site. Over 18 months, the checklist saved an estimated 1,500 lives and prevented 43 infections, reducing costs by millions of dollars.

This story highlights how even experienced professional’s benefit from structured processes. By reducing human error, checklists make medicine safer, more efficient, and ultimately save lives. It will do wonders for your business.

About the Author

Born and raised in New York City, Paul Cibrano is a Senior Vice President and Managing Director at Nest Seekers International. Paul attributes much of his success to the experiences and opportunities the city of New York has provided him.

With a keen eye for global and asset expansion, Paul approaches real estate not merely as a transaction but as a pivotal asset class responsible for 80% of global wealth. Fueled by a clear vision of scalability and growth, he embodies a philosophy of boundless possibilities.

Paul’s unique brand in the industry is marked by a client-centric approach, functioning not just as a service provider but as a trusted partner and advisor. Whether collaborating with families to expand their portfolios, working with seasoned investors, educating first-time homebuyers or fostering growth within the firm, Paul’s values remain steadfast — winning with integrity and doing what is right.

A graduate of Hofstra University, Paul Cibrano infuses his professional pursuits with a touch of humility, humor, and a recognition of the importance of work-life balance.

His leadership is grounded in the belief that success is best achieved by surrounding oneself with good people and consistently making ethical choices. Beyond the office, Paul indulges in his passion for music as a pianist, with his love for golf (even though he rarely ever breaks 90) and by making eye contact with dogs that pass him by on the street.

Paul is currently enrolled in Harvard Business School, is a member of the Real Estate Board of New York and the Education Director for the Manhattan Chapter of NAHREP.

WELCOME TO NEST SEEKERS INTERNATIONAL

Dear Friends,

Congratulations and welcome to Nest Seekers International! We are thrilled and honored that you have chosen us as your home for your business in Real Estate. NYC isn’t called the concrete jungle for nothing. It is a challenging place to transact and grow a business but it is our job provide you with the best tools, teaching, coaching and resources in order for you to not just build a business, but exceed far beyond what you thought possible.

Our core values are simple: our agents are our organization, they are the co-creators of our culture and the foundation for which this company is built. We’re here to maximize your excellence and grow your business. Our vision is clear. Regardless of technology, real estate is a human business and we work to elevate the relationships you have with clients so to make them life-long. We believe a rising tide raises all ships and that our experience transacting is a shared experience that is now yours to utilize.

This Business Development and Growth Manual is designed to help keep you focused, accountable, informed and committed to action. Success in this industry takes vision, understanding and action.

We greatly appreciate your faith in us and we look forward to giving you all the necessary tools to connect your clients with the world. Our promise to you, is to give you the best experience possible in here, so you can give your clients the best possible experience out there.

Yours Truly and Forever Available to You,

Paul Cibrano SVP, Managing Director Nest Seekers International

THE SCRIPT

The Rental Client

The Sale Client

Selling Nest Seekers

THE TRANSACTION

The Rental

The Sale

THE NEST SEEKERS DASHBOARD

Your Profile

Posting Ads

Continued Coaching

Documents for Transacting

Marketing Tools

THE PLAYERS

Competition

Mortgage Bankers

Attorneys

Clients

CONTINUING YOUR EDUCATION

Readings

INDEX

Open Listing Rental Directory

THE INTRODUCTION

MAXIMIZE YOUR POTENTIAL

Who We Are

Over the past two decades, Nest Seekers International has grown to over 2000 agents and employees, strategically positioned in 75 offices and storefronts within locations such as New York City, Los Angeles, Miami, London, Seoul, Lisbon, Dubai, Mallorca and more. We’ve evolved from transacting real estate to now being brokers in yachting, private aviation and fine art. Since our inception, our mission has remained the same, to provide exceptional service and extraordinary marketing to our clients, and delivering laser focus access across markets that enjoy natural synergy, all under one company and brand.

Our branding and marketing has made Nest Seekers International the market leaders and subject matter experts in real estate. Our expert brokers have become internationally known. They’ve starred in unscripted real estate shows, financial news outlets and lifestyle shows with distribution to over 100 countries and drive interest and inquiry from all corners of the globe.

Our ‘I AM EVERYWHERE’ campaign celebrates the Nest Seekers global agent. We empower and develop agents that sell across multiple markets and around the world, following our client’s real estate aspirations, wherever they may be.

Our unique value proposition, which is now also yours, is that Nest Seekers is a privately held globally integrated marketing company that sells luxury real estate worldwide. It is driven by our ability to scale globally, while also being nimble in a space that is constantly evolving, allowing us to be proactive in agent and client needs rather than reactive.

We appreciate you being here and look forward to bringing the world to you.

Why Real Estate

Understanding your why is paramount to undertaking a successful endeavor. Whether it be in real estate or other verticals of your life. The first step in creating any business is to become crystal clear about the reasons why you’re going to put the time and effort to build that business. From that point forward, your vision, goals and work flow will come from a positive and impactful place where you can create the assets necessary for sustained growth and development.

Your ‘Why Real Estate’ statement is a sentence that clearly expresses your unique contribution and impact. The impact reflects the difference you want to make in the world, and the contribution is the primary action that you take towards making your impact. A well-developed “why” can help you break through unexpected obstacles and guide you in prioritizing your time, focus and your talents.

WRITE DOWN SOME REASONS FOR WHY YOU JOINED REAL ESTATE AND NEST SEEKERS

NOW LOOKING AT YOUR REASONS, WHAT IS YOUR ‘ WHY REAL ESTATE ’ STATEMENT?

Your Vision

A vision is the mental picture of the future you desire. More than just a goal, a vision is the embodiment of your hopes and dreams in a particular area; the picture of what has not yet happened, but what the future may hold. In business, having a clear vision is absolutely critical. It is an extremely powerful tool to achieve the results you want.

Having a vision means we have a clear sense of purpose. It means we have a much larger picture of our business, or our life, than simply setting and reaching short term goals and tackling problems as they come along.

The 3 Key Reasons why having a vision for your own brand/company is crucial:

1. Its unifying - Clear visions define clear goals. It not only gives deeper meaning for the work but helps your marketing stay unified and keeps you focused

2. It’s Inspiring - An absolute visions inspires absolutely. It maintains your energy and enthusiasm while increasing commitment from clients and fosters change when things become stagnant.

3. A Focal Point for Goal-Setting and Business Planning - The vision pro vides purpose and direction, defines short and long term goals and guides your decisions along the way.

IN THE SPACE BELOW, IDENTIFY YOUR VISION . DOES YOUR VISION RECONCILE WITH YOUR WHY?

THE BUSINESS BUILDING

The R.O.I – Your Branding Statement

In most contexts, ROI stands for the Return on Investment. In this instance, it stands for Relevance, Originality and Impact. The ROI is an exercise that forces you to take an honest look at yourself, your business, the real estate landscape and the client base you wish to work with. The purpose of the first 12 questions is to help you answer the 13th question. What is your branding statement?

Your branding statement is one of the four major things that every agent needs. It will drive and determine the rest of your forward face marketing and internal approach to clients.

1) GIVE A BRIEF HISTORY OF THE AGENT AND HOW THEY VIEW THEMSELVES: GIVE AN OBJECTIVE AND HONEST ASSESSMENT OF YOUR TIME BEFORE YOU WERE AN AGENT AND HOW YOU FEEL YOU COME ACROSS TO OTHER PEOPLE.

2) WHAT MAKES THIS AGENT DIFFERENT FROM OTHER AGENTS IN THE INDUSTRY? USING YOUR HISTORY ANSWER, APPLY THAT TO HOW YOU THINK IT MAY GIVE YOU A COMPARATIVE ADVANTAGE OVER OTHER AGENTS.

3) STATE YOUR MARKETING GOAL AND DESIRED TIMING: YOUR MARKETING GOALS SHOULD QUANTIFY HOW MANY LEADS YOU WANT, HOW MA LISTINGS YOU’LL POST, YOUR NEWSLETTER AND SOCIAL MEDIA POSTING ALONG WITH A SCHEDULE OF WHEN TO HAVE ALL OF THESE GOALS COMPLETED.

4) WHO ARE THE AGENT’S CURRENT DEMOGRAPHIC AND TARGET AUDIENCE?

IDENTIFY WHO YOUR CURRENT CLIENTS ARE AND SEGMENT THEM. THEN IDENTIFY WHO YOU WANT YOUR CLIENTS TO BE AND SEGMENT THEM.

5) DESCRIBE THE LIFESTYLE OF THE AGENT’S CLIENT BASE: USING THE DEMOGRAPHIC RANGES FROM QUESTION 4, DEFINE EACH OF THEIR LIFESTYLES.

6) WHO ARE THE OTHER COMPANIES/TEAMS/AGENTS THAT ARE VIEWED AS COMPETITION? IDENTIFY WHO THESE PEOPLE ARE AND TRACK THEIR GROWTH, IT WILL INSPIRE YOU AND MOTIVATE YOU.

7) DESCRIBE THE POTENTIAL BARRIERS IN THE MIND OF THE TARGET THAT MAY PRESENT A CHALLENGE IN CREATING THE DESIRED ACTION: IT’S IMPORTANT TO IDENTIFY THE RE SONS WHY SOMEONE MAY NOT WORK WITH YOU. LIST THOSE REASONS HERE:

8) DESCRIBE THE STEPS WE WILL TAKE TO ADDRESS EACH OF THESE BARRIERS: LOOKING AT EACH PROBLEM OUTLINED IN 7, ADDRESS THEM.

9) STATE THE AGENT IMAGE WHICH SHOULD EMERGE FROM THE COMMUNICATION TO THE CONSUMER: WHAT DO YOU WANT YOUR PHOTOS, MESSAGING, STYLE ETC. TO SAY ABOUT YOUR WORK HABITS AND TRANSACTION ABILITIES?

10) DESCRIBE THE ACTION YOU WANT THE MARKETING TO CAUSE AS WELL AS THE ACTION YOU WISH TO REPLACE: IN OTHER WORDS, WHAT DO YOU WANT PEOPLE TO DO WHEN THEY SEE YOUR MARKETING AND WHAT PERSPECTIVE DO YOU HOPE YOUR MARKETING WILL CHANGE FOR THE CLIENT?

11) DESCRIBE THE TIME, PLACE & MEDIA WHICH ARE THE KEY POINTS OF ENTRY: WHEN ARE YOU LAUNCHING YOUR NEWSLETTER, SOCIAL MEDIA POSTS, ATTENDING OPEN HOUSES ETC.?

12) HIGHLIGHT THE ONE KEY INSIGHT THAT SHOULD BE THE FOCUS OF YOUR MARKETING: WHAT IS THE BIGGEST TAKE-AWAY YOU WANT FROM PEOPLE AFTER THEY SEE/MEET YOU?

13) WHAT IS THE “BRANDING STATEMENT?” LOOKING BACK AT THE PREVIOUS 12 QUESTIONS, WHAT IS THE SLOGAN THAT YOUR MARKETING WILL BE CENTERED AROUND? MINE WAS ‘CLIENT PARTNER AND ADVISER’ AND IT HAS DRIVEN MY BUSINESS AND OUTLOOK ON REAL ESTATE EVER SINCE!

Your branding statement should be short and concise. It should appear on all your marketing materials and in your email signature. It should give people an immediate understanding of who you are. This will be the foundation for the rest of your business building infrastructure.

Understanding Your Role – You Are a CEO

Real estate is an industry unlike most. It is NOT a job. This is a career. It is a career where on day one, you are the CEO. You have complete agency and autonomy over every single aspect of your business and brand. Realizing that you are a CEO takes more than just having entrepreneurial spirit. It takes fortitude, patience, grit, introspection and emotional intelligence to find longevity in an increasingly competitive environment. The average agent nationwide doesn’t complete a full year in real estate before dropping out. You will not be one of those agents.

How do we become successful CEO’s?

We emulate the habits and mindsets of already successful CEO’s. Begin by identifying your favorite brand or business and begin researching their CEO’s and how they achieved success.

We invest in our own leadership development by reading as much as we can on best ways to form habits, what makes other people successful, how to create accountability and self-awareness. We seek out mentors and peers who can help elevate our careers and take emotional investments into our success.

We think strategically through planning and problem solving. We do this by learning daily, putting ourselves in uncomfortable conversations so they then become comfortable in future engagements and we are reflective on what we can always do better.

We manage our time effectively. We do not work less because it is not a standard 9-5 job. We work MORE because no successful person ever started their day at 11am and finished at 330pm.

We understand nothing is EVER handed to us and that if we want to win business, we need to win relationships and demonstrate value.

We are experts across multiple disciplines. We do not just super serve ourselves with knowledge about real estate product, we understand economics, behavioral science, philosophy and history. Cross-disciplinary reading across numerous topics broadens our understanding of the world and generates inno vative ideas.

We set SMART goals that build clarity and direction. SMART goals are Specific, Measurable, Achievable, Relevant and Time-bound. We set new ones every single week.

We understand who it is we want to be to our partners and who it is we want to work with by clearly defining our values and virtues while working alongside people who share similar approaches.

We are introspective and do self-audits, regularly assessing our own performances, decisions and client engagements.

We master and are champions of adaptability. We do this by embracing growth mindsets, maintaining a long-term vision, staying client-centric and constantly collaborating and networking by creating our own rooms.

We surround ourselves with positive influences and learn how to strike a positive work-life balance.

We are not self-abusive, we do not belittle ourselves or colleagues, we work to raise ourselves up.

Steps to Identifying Your Business Model

As we begin to identify who it is we are as business people, the next step is to identify the model that we want to build for ourselves and work within. This business model exercise will give you more clarity in how your overall business plan will take shape.

Here are some questions you want to ask yourself as your business starts to take shape:

- Who is your target market?

- What is the problem that your target market encounters?

- What is your unique value proposition that can help solve the problem faced by your target market?

- What is your intelligence strategy that you are going to deploy to increase your unique value proposition for problem solving?

- What is your market approach? How do you plan to enter the business in order to deploy your intelligence strategy to potential clients?

- What are your operational practices going to be day in and day out that makes sure you are continually staying in front of the market place, super-serving your intelligence strategy and target market?

- What challenges can you anticipate that would stop you from being able to effectively achieve your desired outcomes?

- How can I best work backwards to achieve success?

Steps to Identifying Your Business Model

Identifying who it is you want your clients to be and then figuring out how to get in front of them is incredibly important to the overall business. It allows you to deeply understand their needs, behaviors and preferences which is critical for providing personalized and effective solutions.

Understanding client pain points as well as their decision-making process is a way to optimize your sales approach. Below is an example of what I needed to do in order to work with the $5 million client.

I identified the type of client I want to work with at the top. I then ask myself what are the client’s hobbies and interests and separated them. I believe the hobbies of a $5 million client circulate around fine dining, luxury sports like Golf and Tennis and self-fulfilling exercises like being a part of charities or non-profits. I then asked myself, ‘Where are the hotspots’, ‘Who can help advise’ and ‘which ones’.

Once I was able to identify where those places and things were I then asked, ‘How can I insert myself?’ I knew that if I hung out in the same places, did the same things and participated in the same causes, my chances of working with these types of people would grow exponentially and they have. What type of client would start out with at the top and how could you get involved with them?

The Business Plan

A business plan is essential to the long-term development of your business. It is the main thing that will hold you accountable for the goals you’ve set, the vision you wish to share, the development of your brand and the drive of your why. The business plan has two primary purposes.

Firstly, it should be used to help you run your individual business’ with the vision you set for yourself. It is also your roadmap. It analyzes your unique value proposition, the overview of your business, your objectives and overall marketing goals, campaigns and strategy.

The Benefits of Developing a Business Plan:

1. Helps Identify and Clarify Business goals for founders to clearly define objectives and determine the resources needed to achieve them

2. Guides strategic planning by forcing you to analyze the business model, competition, marketplace and drive strategic thinking

3. Reduces potential risks that your business could face, ask yourself tough questions that may need research and analysis to answer

4. Well-crafted business plans build credibility to yourself, keeps you focused and accountable

Now that you’ve already identified and asked yourself tough questions in identifying your business model and reverse engineering your clients, on the next page is a sample of a business plan that you should use to expand on these thoughts and concepts to be aggregated into one place.

Here are sone examples:

1. Subject Matter Expert when it comes to product knowledge, market knowledge and the overall global market place

2. Works to create equity and wealth for clients

3. Being a native New Yorker provides an advantage over those who are transplants to offer a unique perspective on the city, its hidden gems and its socially acceptable quirks

Business Overview – Your Bio

Your business overview encompasses your branding statement and your bio. It is what most people will first read about you. Share some fun quirks about yourself, let your personality shine through and STATE what your goals are for your clients. For example:

His/her brand is based upon a promise to his clients to work fervently on their behalf, help to create equity and wealth, establish a long lasting report and relationship that will exist well beyond the transaction of Real Estate. He/She is committed to being your unquestioned partner and advisor.

Business Objectives

A business objective is a result that a business aims to achieve, it also includes the strategies that will be used to get there. Most common objectives include ‘staying profitable’, ‘excellent customer service’, ’sustainable growth’ etc. Try to make them more specific. For example:

1. Content Marketing Strategy that focuses on the issues some home buyers face, the current market, the problems renters face and their solutions etc.

2. Super-serve all clients with a constant flow of information, follow-ups, congratulatory notes, share Spotify playlists to develop human capital

3. Leverage personal relationships with PwC, Mercer, Chase Bank, Wells Fargo, CBRE, RKF as well as other banking and financial institutions and employees to show up at company happy hours and network.

IDENTIFY YOUR BUSINESS OBJECTIVES

Marketing Goals

Marketing goals are like business objectives but they happen to be more quantitative in nature than qualitative. Creating actual metrics for success. Here are some examples:

1. Consumer conversion rate of 20% within 6 months and a conversion rate of 40% within the following 6 months followed by a 50% conversion rate into year 2

2. $100,000 worth of Gross Commission Income in 12 months

3. Develop a content distribution network through lead generation

4. Development of an in-depth CRM platform

5. Develop and grow all social channels by 200% over a 12 month period with the rebrand mission

Marketing Campaigns

Marketing campaigns are the initiatives that will drive you to achieve your marketing goals. Referring to your ROI, what are some initiatives you would take on to address the barriers in the mind of the client as well as the action you want the marketing to cause as well as the action you wish to replace. Here are some marketing campaign examples:

1. The Whole City Is Talking About Me

Collect testimonials from clients who I have a positive experience with

2. Content Marketing

Creating videos and newsletters sharing my expertise

3. FSBO Strategy

Show individual homeowners the value you bring to the transaction. FSBO’s usually end up with a listing agent and those sold with an agent have a higher closing number than those without.

4. New Development Monday

Instagram posts about a new development project every Monday at noon

IDENTIFY YOUR MARKETING CAMPAIGNS

Media Used for Marketing

In marketing, there is an old adage that goes “Content is king, but distribution is the queen that runs the kingdom.” Now that you’ve thought of some marketing campaigns, by which social media channels will you use to distribute the content you’ve created, the newsletters you’ve made, the photos you take while on the street in between showings?

IDENTIFY WHICH MEDIA YOU WILL USE FOR MARKETING

Don’t just limit your unique value proposition, the overview of your business, your objectives and overall marketing goals, campaigns and strategy etc. to the lines provided to you. Be as creative as you’d like. These are the main areas of a business plan to help get you going. For more detailed business plans, feel free to reach out to your managers directly for theirs!

Your Website

The development of your own website may be one of the most valuable tools and money making avenues that you could invest time in. To be clear, not once has my website generated a single lead. What it has done though is validate my business and knowledge to clients. When typing my name into google or when viewing my email signature, one of the first things you will see is the URL to my website CibranoNestSeekers.com.

I’ve had clients tell me that they were between deciding who to work with until they visited my website and saw that I cared enough about my business to create one. Especially when you’re first starting and looking for comparative advantages over agents who have been in the field much longer than you, this is a great way for clients to trust that you know what you’re doing.

Developing a website has multiple benefits:

1. It provides brand awareness

2. It offers 24/7 Availability for Clients

3. It validates your business and your expertise while operating as a differentiator from other agents increasing your unique value proposition

4. Develops human capital and allows clients to develop a relationship with you even before meeting in person.

PLATFORMS FOR BUILDING YOUR OWN WEBSITE:

CibranoNestSeekers.com was built using SquareSpace. It is a seamless product experience with a great user interface that allows for sleek developments. Wix, Wordspace and Site Builder are also great options

WHAT SHOULD YOUR WEBSITE INCLUDE?

Your website should include a link to your Nest Seekers profile page where all your listings live. They should also have your client testimonials, what clients can expect from working with you and what you can achieve together, what support Nest Seekers provides you as well as your bio and overview that you created for your business plan.

The images that you use to build your website and the language you use should be consistent with the image, branding and marketing goals set forth in your ROI and Business Plan.

WHY DO YOU HAVE NEW DEVELOPMENT PROJECTS ON YOUR WEBSITE? HOW CAN YOU POST ABOUT BUILDINGS YOU DON’T HAVE AN EXCLUSIVE LISTING FOR?

To be clear, you cannot, under any circumstances post units that are for sale anywhere that has your name on it as it breaks REBNY rules.

What you CAN do though, is talk about why which New Development projects in the city are your favorite and that you would be happy to answer any questions that clients may have as it relates to the aforementioned New Development.

Your CRM

CRM stands for Customer Relationship Management, it helps businesses build a relationship with their customers that, in turn, creates loyalty and customer retention. Since clients loyalty and revenue generation are qualities that affect a business’ bottom line. CRM’s are a management strategy that results in increased profits for a business. They help streamline the entire sales cycle which results in closing deals in your sales pipeline and helping to reach targets faster.

Benefits of utilizing CRM’s:

1. Easier management of all your clients data and interactions in one place for easy access. The most valuable piece of data you can get from a client is their email address

2. Increased and improved customer service that makes you more efficient

3. Systems help understand customer needs better and target sales efforts more efficiently resulting in higher sales

WHAT’S THE BEST CRM TO USE?

There are a myriad of options to explore. Platforms such as Pipedrive, Salesforce, Zoho and Top Producer are all equally valuable. The cost of these platforms runs anywhere from $15-$40 per month

WHERE SHOULD I START IN COLLECTING MY CONTACTS?

Export already existing contacts from gmail, LinkedIn, and other social media platforms. When a CSV file is exported, you can then upload that and import the file directed into your platform.

Your Newsletter

This is the most effective client facing tool at your disposal. Our job as agents is to be proactive in the needs of the client while mitigating as much risk and uncertainty as we can. It’s also our responsibility to remind people that we are in real estate, that we are in THEIR network and that we have the ability to help them or anyone else they know rent, buy, sell or invest.

It is important to understand the difference between value-based marketing like a newsletter and digital engagement that you might get with social media.

Why a Newsletter is Imperative:

1. Keeps clients engaged and informed about market news, events, best practices which helps build relationships

2. They promote your services that promote your business and highlight your insights

3. Establishes expertise, especially as you first start in real estate where validating your business and experience is paramount to finding early success, makes you become a subject matter expert.

WHAT’S THE BEST NEWSLETTER TO USE?

There are several platforms you can use. Mailchimp is free for up to 2,000 contacts and is very user friendly. BeeHiiv and SendGrid are other platforms that you may come across but have monthly fees.

WHO DO I SEND MY NEWSLETTER TO?

Utilizing your contact list that you’ve aggregated in your CRM!

HOW DOES MY CRM HELP MY NEWSLETTER DISTRIBUTION?

Because your CRM is an aggregator for your contacts, it also syncs directly with platforms like Mailchimp where you can segment your contacts into renters, buyers and sellers so you can tailor your messaging to each.

DO I NEED SOMEONE’S PERMISSION TO ADD THEM TO MY LIST?

If you have their email they want to hear from you. If the individual decides they no longer want to receive your newsletter, make sure you have an unsubscribe button available for them.

Your Core Values and Virtues

Now that we’ve identified why you’re in real estate, what your vision is for your future, what your brand is, how that impacts your business plan as well as how you will communicate with clients, we now try to surmise this into how your business is defined and whether or not YOU believe in it. Having belief in yourself makes it easier for your clients to believe in you and it gives you confidence to walk into any room feeling like you belong.

The questions you should ask yourself when organizing your thoughts here are:

HOW DO YOU APPROACH BUSINESS?

WHO DO YOU WANT TO WORK WITH? HOW SHOULD PEOPLE FEEL AFTER WALKING AWAY AFTER MEETING YOU? HOW DO YOU DETERMINE WHO YOU WANT TO WORK WITH?

WHAT IS YOUR ROLE WITH CLIENTS?

WHY SHOULD SOMEONE WORK WITH YOU OVER SOMEBODY ELSE? WHAT IS YOUR DIFFERENTIATING FACTOR OR UNIQUE VALUE PROPOSITION?

WHAT IS THE STRONGEST BELIEF YOU HOLD ABOUT THE INDUSTRY YOU’RE IN?

YOU TRANSACT IN THE REAL ESTATE SPACE EVERY DAY, WHAT IS THE ONE CLEAR INSIGHT THAT NO MATTER THE CLIENT, YOU BELIEVE RINGS TRUE?

My response to these questions reinforces and reminds me of who I am as a professional. It has given me the fortitude to have a clear picture of my future and belief in the strength of my plan to get there. It forces me to accept the notion that the choice to make my vision a reality is mine and mine alone.

My Approach to Business: I want to win with good people by doing the right thing.

My Role with My Clients: I am their partner and advisor, I am an educator of an asset class. I am NOT a salesperson.

My Strongest Belief About Real Estate: Time kills ALL deals.

THE FIRST 90 DAYS

Setting Goals

Maximizing the first 90 Days in any new business, or at any new company, are paramount to the business that you will continue to build well beyond this timeframe. Setting daily, weekly and monthly goals allows you to stay focused, determined and committed to action.

Post 6 ads through the Nest Seekers dashboard 6 ads per day means 30 per week which means 150 per month. It’s a numbers game.

Read the Real Deal, Inman, Wall Street Journal

Constantly stay up to date on all the current news and events, even outside the world of real estate.

Work on my business plan

Always work on your business plan to stay disciplined and hold yourself accountable.

Watch CNBC

Real estate is an asset class, so are stocks, bonds etc. Watch what people who are invested in asset classes watch.

Complete my ROI

Develop your branding statement.

Develop my website

Validate your business to establish yourself as a subject matter and market expert.

Understand my branding statement

Understanding your branding statement is different from developing one. Continue to drive home to yourself what your business is and who you are.

Refer to my notes from training

There is always something to re-learn from the training. Either to reinforce what you already know or to see how your perspective has changed.

Maintain my CRM

This is your moneymaker, update it, go through it to see who you haven’t spoken to and who you need to reconnect with.

WHAT ARE YOUR DAILY GOALS?

Spend 20% more time in the office

50% of success is just showing up, so show up!

Write scripts for myself so I feel more confident when connecting with leads for the first time

Practice makes perfect. People respond to confidence, build confidence by practicing your pitch.

Touch base with old clients or my current network

Tell them that you’re looking to grow your business and that referrals are the #1 way in which agents do so.

See 4 new pieces of product in person

Seeing product allows you to understand the market you transact in.

Touch base with my colleagues and see how deal flow is going

A rising tide raises all ships and shared experiences are powerful, be in the office and talk to your colleagues.

Touch base with mortgage bankers and attorneys

What will make you even more valuable in your clients search is understanding the entire process from every angle. Talk to these folks to comprehend their side of the deal. WEEKLY GOALS

WHAT ARE YOUR WEEKLY GOALS?

Send out one newsletter a month

Newsletters are the number one way in which you will generate leads from your existing network for your business when you first start out. It will also operate as a means of communication with your clients between transactions.

Providing Value for our clients is paramount to your success as the more value you can provide, the more likely they are to transact with you not just once but numerous times as well as refer you to their friends, family and colleagues.

Physically meet with 3 clients for coffee or drinks to touch base and grow human capital

Interpersonal interactions and communications are a huge key to not just establishing relationships but also maintaining them, identify folks who you want to get in front of and get together with them.

Meet with my managers

You’re number one resource for all things real estate are your office managers. Reach out to them, set one on one meetings to go over your business, outlook and perspective. MONTHLY GOALS

HOW ABOUT MONTHLY GOALS?

THE POWER OF YOUR EXISTING NETWORK

Your Network

Your existing network is the most powerful lead generation tool that you have. These are people who know you personally, understand your work ethic, trust you with other aspects in their life and want to see you succeed. Engaging them early and often is a great way to build as well as develop your brand.

This is why CRM’s and newsletters are so important. Starting in this industry can be scary and feel lonely but it doesn’t have to be. You already have champions on your side but you don’t know it until you engage them. That’s the power of your existing network.

NETWORK SEGMENTATION

Looking at your network in your CRM, place people into groups based on the level of relationship you have with them. Separate them by family, close friends, regular friends, acquaintances and everybody else. Your method of communication and the content in which you share with them will be different. Tailor your messaging to speak directly to your audience.

When an audience feels like they are being spoken to directly instead of blanketed with information that doesn’t pertain to them, their retention levels increase as well as does their engagement with your content and message.

ASKING FOR HELP

Real estate is not a business in which you can allow your pride or hubris to get in the way of being successful. Agents all across the industry, regardless of how long they’ve been in it, have always and will always continue to ask their clients and network for help.

THE RENTAL TRANSACTION

The Transaction

Real estate is all theoretical until you get to the point of the transaction and it’s time to close the deal. Here we will look at the transaction from both the rental and sales perspective. The best thing about transacting, whether it’s a $2,000 studio or a $10,000 a month one bed, or it’s a $400,000 home or $25 million penthouse, the process remains the same.

The Rental

Renting an apartment in New York City is no easy task. The demand is high, the market is fast paced, and there is a lot of financial paperwork that landlords and management companies require in order to lock down a unit. The Internet is loaded with “bait and switch” ads, dishonest brokers and lots of false hope. It’s our job to be the honest agent, who knows the neighborhoods, is up front about fees, manages client’s expectations graciously and can make the moving experience in this crowded city seamless. Understanding what they need to prepare and also what they should expect to spend up front is the first step in securing their next home.

Different Rental Types

Open Listings versus Exclusive Listings- There are two different types of rental listings to be aware of, especially when advertising.

Open Listings are found normally in large luxury buildings where there are a lot of units and a lot of turnover. The owners/managers of these buildings allow agents to post available units on their company profile pages. These units often offer concessions such as free months and OP’s. Posting open listings is a great way to drive new business and validate your experience by having listings on your page.

Exclusive Listings belong EXCLUSIVELY to the agent that is representing it and they are the only agent authorized to advertise. If you have a client who is interested in an exclusive listing you are more than welcome to bring them and collect a commission, the only thing you are not allowed to do is advertise it and claim it as your own.

Different Depending on the unit you are showing will determine how you get paid. There are three different types of commission structures for rentals.

Owner Pays

One Months Rent

15% of the Comission Structures Years Rent

commonly seen and referred to as an OP, is when the owner of the unit or the leasing company representing a building offers to pay a broker fee to the tenants agent as an incentive for them to choose their building over another.

is also commonly referred to as ‘CYOF’ or Collect Your Own Fee. When you are working with a client directly and you bring them to a ‘No Fee’ listing. The client is responsible for paying 1 months rent as a fee to Nest Seekers.

is a fee structure that occurs when there are two agents involved in the deal and the owner of the unit is not paying the listing broker a commission. The tenant then pays 15% of the years rent as a commission that is split between the tenant agent and the landlord agent, 7.5% each. You will see this more often than not in markets with high demand. This structure has gone away due to the FARE ACT

Clients Objections to Paying Commission

Everyone likes things for free, our services are not one of those things. How do we overcome talking about money and articulate positive responses to client objections.

Objection 1: Moving in NYC is expensive, I want only No Fee

Response: I completely understand, I want to work to make this process as solvent as possible for you, I will focus our search on units that pay my fee on your behalf.

Objection 2: I Can Do This By Myself and Don’t Want to Pay Anyone

Response: You are free to work with whoever you choose, in my experience, those that do it alone without a broker tend to pay more, ask the wrong questions, move apartments more frequently costing them more money in the long term and put themselves in a corner.

Objection 3: I’m Working with Someone Else

Response: That’s totally fine! In my experience, whether you work with me or someone else, you’re best served working with one agent.

Objection 4: I’ve Had Bad Experiences Working with An Agent Before

Response: I have bad agent experiences everyday working in real estate and am empathetic to your experience. I’m transparent and view myself as your partner in this process and operate as your fiduciary.

Objection 5: You Only Worked With Me For a Few Hours, Why Am I Paying You So Much?

Response: There is a time value to money, and I saved you a lot of time by leveraging my years of experience to find you the best home in the shortest amount of time possible.

UNDERSTANDING NO FEE

What does it mean when a listing shows as No Fee?

No Fee means that the owner or the landlord is paying the person representing the listing, meaning there is NO FEE to the landlord’s agent, but there IS a fee for utilizing our services, representing you as the tenant, and that fee is one month’s rent.

Now the question you’re asking is:

Why would someone work with me and pay me when they can go directly to the building or unit without me?

Why Should Anyone Use a Rental Agent?

This is a question that not only clients may ask, but that you may ask yourself as you begin this process. It’s important to understand what our main roles are:

REAL ESTATE IS NOT ABOUT LOOKING ONLINE FOR LISTING

StreetEasy and Zillow is to Real Estate as what WebMD is to the medical profession, they are systems use for people to misdiagnose their symptoms or the marketplace.

IDENTIFYING VALUE AND MAXIMIZING QUALITY OF LIFE OPPORTUNITIES

We transact in this space everyday where renters may only transact once every 2-3 years, markets are dynamic and people leverage our collective experience.

THE TRANSACTION PROCESS

It’s our responsibility to ensure a smooth transaction process where our knowledge creates a comparative advantage in beating out other potential renters while protecting the client in a transaction worth ten’s of thousands of dollars a year.

PARTNERSHIP

Rent is the single largest net outflow of capital for any individual and to spend that money alone is not advantageous. Creating long term value allows clients to stay in their homes longer versus moving every single year.

RENTAL APPLICATION REQUIREMENTS

Requirements vary from building to building but for the most part are similar across the board minus a few variations if the client is self-employed or international.

Income: Client must make 40-45 x’s the monthly rent (ie: a $3,000 apartment would require the client to make an annual salary of $120,000 to $135,000)

“Guarantors” aka “co-signers” will need to make 80 - 85 x’s the monthly rent in annual salary

Credit: 700 + credit score is ideal, anything less, landlords and management companies may balk or go with another more qualified renter

Proof of Income: - 2 most recent tax returns

- 3 most recent pay stubs

- Offer or employment letter

Assets: 3 most recent bank statements

How to Maximize the First Call with a Rental Client

First impressions are everything and client communication is all about understanding their needs. Here is a list of questions you should ask on your first call with a potential new client:

What is your timeline? Ideal price point?

How has your search been thus far? Have you seen anything in person yet?

Are you open to other areas?

Do you have any pets?

What are your must haves and deal breakers?

Are you familiar with the rental process in NYC? (Use this questions to qualify renters)*

Are you working with anyone currently?

Share with your client how you view your role in the transaction in helping them get an apartment.

Are you willing to pay a fee of one months rent to Nest Seekers?

*We cannot come right out and ask clients how much money they make. Since we know a tenant needs to make 40x the rent in order to be accepted into a home, we ask ‘Are you familiar with the rental process in NYC’, if they say no you tell them what’s required.

If they say yes, your response is:

‘That’s great, just as a reminder in order to be approved for a unit we’ll need two months of bank statements, last two paystubs, copy of your photo ID and since this apartment is $5000 per month we’ll need to show $200,000 in income. Will any of this be a problem?’

Tips For Maximizing Your Search

1. Keeps clients engaged and informed about market news, events, best practices which helps build relationships

2. They promote your services that promote your business and highlight your insights

3. Establishes expertise, especially as you first start in real estate where validating your business and experience is paramount to finding early success, makes you become a subject matter expert.

4. Utilize StreetEasy to send listings to clients, it has a friendlier UX than OLR, although on OLR you can hide the addresses when sending.

5. All client relationships are built on trust, if you’re concerned that a client might go behind your back that is not a client you want to work with. They will work with you because of the relationship you’ve cultivated, don’t give them a reason to not want to work with you.

6. When sending listings to clients, use the phrase “in my experience, these are the best available units currently on the market”, you are there to provide value not waste time

How to Route and Schedule Your Showings

When preparing to schedule the units and buildings you are showing your client, it’s important to utilize google maps to make sure you are creating the most efficient route to get your clients from point A to point B. In the below routing, I added the five buildings that I am planning on showing my clients.

As you can see by the route, its not very efficient. I am doubling back, walking in circles and spending 44 minutes of walking time between all the buildings. A small way to demonstrate your expertise and value is to have your route pre-planned so you know where it is you are going, what it is you will be passing on the way and what areas, if any, that you would need to avoid.

The next step once I put in all the addresses, is ordering them in the most efficient route that puts me and my clients continually walking in the right direction. The below image shows what the most effective routing for viewing these buildings would be.

From the above routing, you can see that I am now taking my clients in one fluid direction, I cut down our walking time almost in half from 44 minutes to 23 minutes and now I can most effectively schedule my showings. From looking at this map, I am either going to start my day at 8 Spruce and end it at 1 West Street, or I am going to start my day at 1 West Street and end at 8 Spruce.

Since my client has blocked out Thursday afternoon from 2-5pm to view apartments with me, I’m going to call 8 Spruce and ask “Hi, I’d like to bring my client John and Jane Smith to view some of your one beds up to $6k, can I bring them by at 2pm on Thursday?” The listing agent says sure and then I move onto 180 Water and call them. “Hi 180 Water, I’d like to bring my client John and Jane Smith to view some of your one beds up to $6k, can I bring them by at 3pm on Thursday?” The listing agent for 180 Water says no problem and then I doe the same for 70 Pine, 63 Wall Street and 1 West Street.

The reason why I scheduled 8 Spruce and 180 Water an hour apart is because I’ve previewed 8 Spruce and know that it will take us at least 45 minutes to view the units and all three floors of amenities. Allocating for a few additional minutes of walking time an hour would be enough buffer. I would only schedule 180 Water, 70 Pine, 63 Wall St and 1 West 30-45min apart. So at the end of this exercise, this is what my schedule should look like:

2pm- 8 Spruce

3pm- 180 Water

330pm- 70 Pine (I’ve previewed this building and know that there are a lot of amenities so will give 45 minutes to view this building)

415pm- 63 Wall Street

445pm- 1 West Street

It is IMPERATIVE that you preview as many buildings as you can in the areas in which you are advertising open listings. When a client sees that you are organized, have an established relationship with a leasing agent and already know the buildings before viewing with them, it provides the client with an immense sense of security that they are working with a seasonal professional.

The Showings

You’ve previewed the buildings, you know the marketplace, you know the differences and comparative advantages buildings have over one another. Advise and share your knowledge with your client. It’s our job to provide the best level of information possible in order for your clients to make the best decision possible about their quality of life. Share market info, when your clients expectations are unrealistic, manage them by sharing that you work with buyers as well and even when transacting millions of dollars you never find everything you want in a single unit.

We’ve established that you are not a salesperson. You are a subject matter expert and a partner and advisor to your clients. When out on showings, your value is not in telling the client how gorgeous the backsplash is or how nice the floors are. Your clients have eyes and know when something is aesthetically pleasing. Everyone has different tastes as well, so what you might find to be hideous, someone else might find to be stunning.

Most importantly, be yourself… have fun! Nerves are always a part of real estate and when interacting with new people. When you’re relaxed, the client is relaxed and confident that they are working with a pro. Clients are remarkably emotionally intelligent and can tell when you’re having a bad day, so walk into the appointment with confidence and a smile!

Here are some best practices for when meeting with your clients:

ARRIVAL

SHOWING THE UNIT

Be at the starting location 10 minutes prior to the appointment, give a brief overview of what your time will be like together and that you’re there to be their partner throughout the entire process. When in the apartment, we say nothing. Our time to communicate with our clients is outside the unit. Never give your opinion until you hear theirs. The last thing you want to do is establish that you have different tastes than your client. It will adversely impact your feedback when sharing your insight to the client.

LEAVING THE UNIT AND THE PROCESS OF ELIMINATION

As you leave each unit you see, ask open ended questions about their thoughts and how the previous unit compares to other units you have seen together. That way at the end of the day you’re able to easily identify the favorite and can move them to submit an application. Take the below as an example utilizing the client mentioned previously.

Arrive at 8 Spruce with your client and in the first apartment alongside the leasing agent

You: What are your thoughts about this unit? What do you like and don’t like about it?

Client: I like the size of the bedroom but don’t like the kitchen being a walk through, I would also prefer to be on a higher floor.

You: Great, lets see the second unit.

Leasing agent brings you and your client to the second apartment

You: ‘Did you like the first unit or second unit better and why?’

Client: I liked the second one better, I prefer the open kitchen concept and the unit was south-facing which I enjoyed.

You: That’s great to know, lets see how the third unit compares.

Client sees third unit

You: How would you compare this unit to the second unit?

Client: Still like the second unit the best.

At this point, you have helped your client identify that unit two in 8 Spruce is the best in the building, so they can eliminate units 1 and 3. When you get to 180 Water, you do the same. At the end of seeing the units at 180 Water, your client tells you their favorite unit in that building is unit 1. The next question you should ask is:

You: Between unit 1 here at 180 Water and the second unit we saw at 8 Spruce, which one is your favorite?

Client: I definitely like the first unit we saw here at 180 Water.

Amazing, now at this point we can completely eliminate 8 Spruce from where the client wants to end up and out of the 6 units we’ve seen, 5 have been eliminated. We go through the same process for 70 Pine, then compare it to unit 1 at 180 Water, same for 63 Wall Street and same for 1 West St. At the end of the showing your conversation should look like this:

You: Between unit 1 at 180 Water and the third unit we saw at 1 West, which one is your favorite?

Client: 180 Water is still the building and unit that was my favorite.

Now that we are at the end of the showing and we’ve gone through the process of elimination your response and communication to the client is going to include key phrases that create urgency.

You: So after all the units we saw, you’ve said that unit 1 at 180 Water is your favorite. I think we should put in an application with the building.

Client: You know, we do like it but I think we want to sleep on it, I want to make sure we’re making the right decision and don’t want to put in an application right now.

This is where you exhibit empathy, expertise and urgency

You: I totally understand, this is an expensive decision to make. In my experience,

the rental market is incredibly dynamic and I know that if you guys like it, there is a very high probability that someone else likes it too. I know that the leasing office has been showing that unit all day today. I believe that 180 Water is a huge value play and when it comes to real estate, time kills all deals. Submitting an application will commit you to nothing and will begin the process of letting the building know that you are serious about pursuing this unit further.

Key Phrases that Create Urgency

We need to relay to clients that if they do not act quickly, they will lose the apartment they want. Here are some powerful phrases to leave your client with as you spend time with them:

In My Experience

Nothing is more powerful than this phrase, it exhibits strength, expertise and knowledge.

The Market is Dynamic

The rental market moves, inventory is low, demands is high, if you like this unit, it’s a good bet someone else does and they are showing it all day.

This Is A Pocket of Value

Exhibits that in all of your transactional experience, this is a neighborhood where you can get the most value for your dollar.

Time Kills All Deals

Remember this for as long as you live, get people to commit to the next steps and give them a call to action before leaving them.

If the client decides to submit an application, connect with the listing agent for best practices for the unit. There may also be a scenario where the client does decide to sleep on the apartment and LOSES the unit to someone else. In those cases, its helpful to us

Our job is to provide our clients with the best information possible for them to make the most informed decisions about their quality of life. Sometimes we can give them the best information available but they will make a decision that runs counter to our insight. That is their decision to live with, not ours. Sometimes clients need to experience loss in order to win the next one.

The FORD Method

While out with clients, although we don’t say anything about the units until we hear the client’s opinion and after we’ve left the apartment, this is your time to start to create a deeper relationship and more human capital. Real estate is an experience and people want to work with people who they like and trust. If you are nervous about what to talk about on your showings just remember the FORD Method.

Family

Create connections and understand how clients meet, where they are from, siblings etc. Do not ask super personal questions like “What is your relationship with your Dad like?”

Occupation

Find out through conversations what they do and try to relate, be interested in their profession, ask questions.

Recreation

Where do your hobbies and interests align that you can participate with them outside of real estate

Dreams

Where do your clients see themselves in 3, 5, 7 years? How can you help facilitate.

We win business by winning relationships, we win relationships by creating human capital, do not be afraid to be vulnerable with clients within reason to create deeper relationships.

Explaining the Benefits of Self-Amortization to Clients

In lower demand/higher supply rental markets. Certain buildings may offer incentives such as paying an OP or offering clients free months-worth of rent to get them to move in. Self-Amortization is the process in which a client uses their free month incentive in a new lease to spread out the cost of the gross amount with net amount payments.

Situation

You’re taking out a rental client with a budget of $3500 for a luxury studio apartment. Because supply is exceeding demand, the building your client likes is offering new tenants an incentive of 1 month free on a 13-month lease. The gross price of the unit is $3750 but with the free month, the net rent is $3461 which is within their budget. The building offers this incentive at the beginning of the lease term.

How to Advise Clients

Upon move in your client will pay the first month’s rent and a security deposit that are each equal to 1 month’s rent at the gross price of $3750. It is important to tell clients that every time they pay their rent they are paying the building the gross price.

Here is How Self Amortization works

Below is a table that will show the schedule of payments a client will make to the building as well as how the self-amortization will work.

Money to building

Represents client money

Represents difference between gross and net amount monthly

The first month’s rent is covered before move in.

The second month is free, this is where you advise your client to put the net amount of $3,461 aside in their rent account and self-amortize for the remainder of the lease.

For months 3-13 (only shown up to month 9 in the chart), the client will continue to pay the $3461 net into their rent account, the $289 difference between the gross amount and the net amount will pull from the remainder amount throughout the life of the lease completing the full payment of $3750 to the building each month

After the difference is taken out, the Remainder of funds shrinks to $3172 in month 3 and will continue to shrink until it reaches $0 by the end of the lease.

HOW TO ADVISE CLIENTS

This is the most challenging aspect of a rental transaction to explain to rental clients about how this process works. Because this is NYC though, and we can’t have nice things for long, here is a major drawback from self-amortizing. Once it comes time to renew the lease, the building will raise the rent on the gross price, not on the net . A 2% increase on $3750 is $75 which creates a new price of $3825. When the client was previously self-amortizing at $3461, it’s a price difference of $364 or a 10.5% increase in rent.

Our job is to provide all the information available to our clients and allowing them to make the best decision possible for their quality of life with the most amount of information. Use the above tables and explanation to send to your clients to help them visualize the option!

THE SALES TRANSACTION

Differences Between Condos and CO-OP’s

In NYC, we transact two main types of properties and they are called Condo’s and COOP’s. Understanding these differences is crucial to your Real Estate success and provides you with an incredible tool to validate your experience to new clients. For the most part, clients only have a superficial understanding of the differences so relaying to them deeper nuance will make them feel more confident in your abilities to guide them through this process.

- Smaller minimum down payment of 10%

- Monthly costs are called Taxes and Common Charges

- Condo Owners Receive a Deed

- Best for Investors

- Easier Board Application

- No Additional Financial Requirements for Purchase

- They are Newer but More Expensive and Smaller than CO-OP’s

- Condo’s Do Not Care Where Your Down Payment Money Comes from

CO-OPs

- Minimum down payment is 20%

- Monthly costs are called Maintenance

- Owners receive a stock & lease

- Very strict rules, not ideal for investors

- Very Invasive Application Process and Board Interview

- Requires Debt to Income (DTI) minimums (25% for strict boards, 35% for lenient boards) and Post Closing Liquidity equal to two years of mortgage and maintenance payments in your account after closing in cash

- Older than Condos but Cheaper (anywhere between 10-30%) and Bigger

- May restrict alternative purchasing options such as parents buying for children and gifting

What are CONDOP’s and HDFC Buildings?

In NYC, these types of buildings are outliers but will be things you come across

What is a CONDOP?

These are buildings that are CO-OPs but operate like Condos with condo rules. Most CONDOPs are built on leased land which is land that is not owned by the building. Most land leases are signed for terms up to 99 years. It is important to know how much time is left on the land lease before getting serious with an offer. If a land lease has less than 30 years on it, banks will not lend to the building. With the average loan term for a mortgage being 30 years, banks will not finance a purchase in a building that could lose its land lease. These types of buildings are cheaper than their condo counterparts and newer than CO-OPs. The kicker for these units is that although they are cheaper, they have monthly maintenance costs that are MUCH higher than similar buildings.

What is an HDFC Building?

HDFC stands for Housing Development Fund Corporation and these are labeled as ‘restricted sales’ on StreetEasy and OLR. These units are CO-OPs and are income restricted, meaning that individuals who make TOO MUCH money are not qualifies to purchase. Banks also have a challenging time lending to the buildings as they normally lack capital reserves since their maintenance payments per unit are very low.

New Development

New Dev projects are the lifesblood of any city. It is essential to maintaining a healthy, balanced housing market while keeping up with population growth and leading the way for neighborhood revitalization. Understanding the power that new development has, not just for cities and neighborhoods but also for the individual buyer is another way to differentiate yourself and add to your unique value proposition.

More Appreciation Buyers are more than likely to experience a higher ROI if they are within the first 10-15% of purchasers in a new building

First One In Being the first person to occupy a home where everything is brand new and unused is a huge value add.

Tax Abatements

Effective Rates

Most New Dev are given tax abatements that they pass on to the owners where the monthly taxes are much lower than the fully assessed amount. 421A and 51J are types of tax breaks owners experience.

New Dev projects cannot begin to close until they hit an effective rate. That number is usually 20% of total inventory. If a building has 100 units, they cannot begin closings where banks allow for financing until they’ve had 20 units under contract.

Blended Averages This is for understanding what the average price per square foot the building is trading at. Taking the price point of all the apartments and dividing that by the entire amount of square footage will give you this number.

Raises Values of Older buildings appreciate around new development as the neighborhood median and average home prices go up.

Nearby Buildings Costs

Higher Closing In New Dev purchases, the sponsor passes on what are normally sale side closing costs onto the buyer, increasing the amount of closing costs they will need to pay.

Understanding New Development also does three things for you with your clients:

1. It lets them know you do sales

2. It lets them know that you do LUXURY sales

3. It lets them know that you have your finger on the pulse of the city you’re in, validating your business and experience.

Understanding DTI Requirements for CO-OPs

With CO-OPs being a more challenging purchase process than Condos, there are some relevant questions that you as a buyers agent should ask the listing agent while in a unit with your client. Some of those questions include:

What is the post-closing liquidity requirements from the board?

Are there any assessments coming up in the building?

What is the minimum down payment/maximum amount of financing allowed?

What is the board like?

These questions allow you to demonstrate your knowledge of the process to your client, validate to them that you are the person they should work with, and provide emotional security that you are looking out for their best interests. Another big question to ask is:

What are the DTI or Debt to Income limits are for the building?

Most listing agents will say they ideally want a buyer with DTI less than 25% but that the board will look at “the total profile” of a buyer.

We know our clients DTI because we have them fill out a REBNY financial statement that shows us all their assets and liabilities. DTI is based on the yearly income and debt that your client has.

For example:

Your clients are married and have a combined income of $250,000. Currently their expenses are rent payments ($3500 per month), credit card payments ($600 per month), car payment ($350 per month), student loans ($1,200 per month). So, $42,000 a year in rent, $7,200 a year in credit cards, $4,200 a year in car payments and $14,400 a year in student loan payments totals yearly expenses of $67,800. To figure out the DTI percentage, multiply $67,800 by 100, then divide that number by total income of $250,000 and you come to a debt to income ratio of 27.12%. In a majority of CO-OP’s that

number would work. Under 35% is acceptable for lenient boards but for more strict CO-OP boards, they will require no more than 25%.

CO-OP’s though, do not care what your DTI is when your client is renting, they want to know what it will be with the monthly payments once they own. Say maintenance is $1750 and mortgage is $5000. Combined monthly housing payments are now $6,750, $3,250 more a month than their rent and $39,000 more a year. Let’s do the same DTI math again but with new numbers. Income remains the same at $250,000 a year, yearly expenses now rise from $67,800 to $106,800.

Multiply $106,800 by 100, then divide that number by total income of $250,000 and your new DTI ratio is 42.72%. That’s above the 35% most buildings will allow. Your clients WILL get rejected by the board if their DTI is too high.

Controlling the Transaction

You are at the center of your clients transaction. Getting a deal from start to finish is challenging enough, the last thing we want are curveballs being thrown into the mix of different people we are not used to working with. It is important to be the go between for your client to the:

By establishing relationships with people in these fields, you immediately validate your business and your experience to your clients. If you need a banker, just ask me! Need a general contractor? Just ask me! My network is your network and we can help you close deals together.

How to Communicate with a Buyer

You are at the center of your clients transaction. Getting a deal from start to finish is challenging enough, the last thing we want are curveballs being thrown into the mix of different people we are not used to working with. It is important to be the go between for your client to the:

First impressions are everything and client communication is all about understanding their needs. Here is a list of questions you should ask on your first call with a potential new client:

- What is your timeline? Ideal price point?

- How has your search been thus far? Have you seen anything in person yet?

- Are you open to other areas?

- Do you have any pets?

- What are your must haves and deal breakers?

- Are you familiar with the differences between a Condo and COOP and the financial requirements necessary?

- Are you purchasing all cash or financing? If you’re financing, have you gotten pre-approved?

- Do you need to sell your current home in order to purchase a new one?

Explain your Role in the Process

The last point is something that almost no other agent does. By sharing with your client how you view your role in the transaction it shows them that you are introspective, you have expectations for yourself and the standard of care that you are going to provide for them has been established. If a client is talking to several agents, unsure of who they want to work with, I guarantee you that by sharing your vision of your role in the process will win you the business every single time. Here is a sample: “I really appreciate the time you’ve taken to connect with me and share your thoughts on your search, before I let you go I just wanted to share with you how I view my role in the transaction. I operate as your partner and advisor throughout the entire process and whether it takes a week, a month or a year I’m here with you as your fiduciary throughout and looking forward to working with you”

The Sale Process

Before getting into a step-by-step process of a sales transaction, there are a few concepts you should be aware of that you will come across while completing a deal.

The one thing you do need to be successful in any negotiation is LEVERAGE. Your job is to help your client transact and get a home they want. It is not your job to ‘win’ a negotiation. We do not strive to win a negotiation; we strive to reach a medium in which a buyer wants to buy a property that a seller wants to sell. Here are some tips:

Identify Leverage Points

Research the property to understand its issues or perks. Identifying how long it’s been on the market will give you the most insight.

Communication Listen carefully and ask questions to understand the position of your buyers and the sellers when talking with their agent. The seller has already begun the negotiations with their list price

Flexibility

Manage your client’s expectations and make sure they are willing to compromise on some points in order to reach an agreement.

With thorough preparation, active listening and strategic compromises, you can achieve your goals in a negotiation.

This document is incredibly important and can mean the difference between getting an accepted offer or being rejected. This document lays out the assets and liabilities of the buyer. It is a great way to qualify your buyers and it helps the listing agents determine the strength of a candidate to present to their sellers as to whether or not they can pass a CO-OP Board. CO-OP boards utilize this document to look at the debtto-income ratio and the post-closing liquidity that a buyer has. Clients DTI should be less than 35% for lenient boards/buildings, and less than 25% for stricter ones while post-closing liquidity should be two years of mortgage and maintenance, in cash, in

Below is a sample REBNY statement:

Name (s)

Address

The following is submitted as being a true and accurate statement of the financial condition of the undersigned on the ________day of ______________________ 19_____. ASSETS

Cash in banks

Money markets Funds

Contract Deposit

Investments: Bonds & Stocks

Investment in Own Business

Accounts and Notes Receivable

Real Estate Owned - see schedule

Personal Property & Furniture

PRE-APPROVAL LETTER

The pre-approval letter is what your clients banking institution provides them after a brief questionnaire and financial check. A pre-approval does not guarantee financing but it’s a fantastic indicator that the bank is confident enough to lend the potential borrower money. If your client has a “Pre-Qualification Letter” tell them that that letter means nothing and they need to get the pre-approval. If you are lucky enough to work with a client that is paying all cash, you do not need a pre-approval letter. The letter is also an indication of what your clients PURCHASE POWER is and should dictate your search parameters.

THE OFFER LETTER

As the buyers agent, you always submit this on behalf of your client. In the letter you must include the REBNY financial statement, a pre-approval If they are financing and the attorneys information. Also include a short bio about your client to paint a picture for the listing agent that the buyer will pass a board interview. If a client is financing, ALWAYS make the offer CONTINGENT UPON FINANCING. Include an ‘on or about’ closing date, Condos are 30-60days to close while CO-OPs are 60-90 days. If anything else was negotiated, like seller covering the mansion tax or furniture being left behind, make sure to include that as well.

Below is a sample offer letter:

Hi (sellers agent name),

Thank you for all your help in showing (address/ apartment number). On be half of my client (clients name), I would like to present to you an offer of (insert price point), contingent upon financing, closing on or about May 1st, for unit (unit number). I have attached their Pre-approval letter from Citizens bank, as well as their REBNY Financial Statement. We would like to get a contract out ASAP and hope to have a signed contract (assuming due diligence could be completed quickly) by latest end of next week.

Below is (client’s name) attorney’s information:

(Attorney Name)

(Attorney Firm)

(Attorney Address)

(Attorney Address 2)

(Attorney Phone)

(Attorney Fax)

(Attorney Email)

(Clients Name) is graduating from UConn School of Dental Medicine in May and will begin working this summer at New York Presbyterian for his Oral and Maxillofacial surgery residency. (Client Name) was an EMT in his hom town for their volunteer ambulance association for many years and is very passionate about being involved with the community.  He hopes to one day

That last paragraph provides context as to who your buyer is for the seller. Especially if in a CO-OP, it’s the seller’s agent responsibility to view the strength of each individual offer and its candidate as to who will most likely pass a board interview. Highlighting who your client is may be the single comparative advantage necessary to winning and getting the apartment over someone with a similar offer.

This is created by the listing agent once there is an accepted offer. It outlines the information of all the parties involved. The Buyers and Sellers, Buyers Attorney and Sellers Attorney, Buyers Agent and Sellers Agent, information on the management firm for the building and all of the deal info including price, commission, monthly fees, assessments etc.

On the next page is a sample deal sheet.

www.hauseit.com

Address:

Apt.

SAMPLE NYC REAL ESTATE DEAL SHEET

https://www.hauseit.com/nyc-real-estate-deal-sheet

Date: 11/14/2018

Name:

Address: 305 East 23rd Street, Apt. 11

New York, NY 10010

SSN:

Office:

Name: Melissa Whitaker

Address: 45 Madison Avenue, Apt. 23

New York, NY 10010

SSN: 234-56-7898

Email: Email: whiterm8393@yahoo.com

Office: (212) XYZ-XYZX Cell: Cell: (917) XYZ-XYZX Fax: Fax: N/A

Name:

Firm:

Albert Choy N/A (347) XYZ-XYZX (212) XYZ-XYZX achoy12345@gmail.com 123-45-6789

15 Water Street

Jackson Markov, Attorney at Law New York, NY 10004

Name: Rick Feldman

Firm: Feldman, Smith and Jones, LLP

Address: Address: 14 East 60th Street, 8th Floor

New York, NY 10022

Office:

Note:

Email: Email: paralegal@fsjllpnyc.com

Name:

markovlaw481232@mlawnyc.com

Office: (212) XYZ-XYZX Fax: Fax: (212) XYZ-XYZX

(212) XYZ-XYZX

Address:

Agent License #

New York, NY 10038 111222333 111222444 Jack Smith

Name: Andy Eldrin

Firm: Firm: Andrew Eldrin, LREB

Office:

Firm Name: Contact: Address: Email: Phone: Fax:

Address: 145 Attorney Street New York, NY 10002

Agent License # 111222555

Firm License # Firm License # 111222666

Email: Email: aeldrinrealestate@compuserve.com

(212) XYZ-XYZX

Jackson Markov, Attorney at Law (718) XYZ-XYZX

Global Real Estate Brokerage LLC jsmith@globalrealestatenycbrokerage.com 28 John Street

Office: (212) XYZ-XYZX Cell: Cell: (347) XYZ-XYZX Fax: Fax: (212) XYZ-XYZX

(212) XYZ-XYZX (212) XYZ-XYZX

Jackson Realty Management Company LLC

Butch Jackson

butch@jacksonmanagement12345.com (212) XYZ-XYZX (212) XYZ-XYZX Contingencies:

through

The Steps of a Transaction

Here is a step-by-step process for the entire transaction, to give you a foundational understanding of what to expect.

First Contact

Learn the Market

Showings

Discuss with the client their needs vs. wants, understand if they are looking to finance vs. go all cash and lock in a day to view (use the previous section as a guide for communicating with a buyer).

We win business by winning relationships. That is the goal of the first call. If you can eloquently discuss high level real estate matters with clients, they will feel good about your ability to help them. If a buyer is looking to purchase in an area you are unfamiliar with, use this opportunity to learn their specific segment of the market.

Say they are looking for a 1 bed/1 bath in Sutton Place, after you end your conversation with them, learn the 1 bed/1 bath market in Sutton Place by digging through OLR and StreetEasy for where things are going into contract price wise and how long they’ve been on the market. Take that knowledge and bring it to your showings.

We schedule showings by creating the most efficient routing we can, walking in the same direction as much as we can without having to double back. When viewing the apartments, pay attention to the client’s body language, facial expressions and where in the apartment they spend the most time. Once you leave the apartment ask open ended questions and go through the process of elimination after seeing each home. Find out their opinion before sharing yours. Provide insight into the market place and by the end of the day you should have a favorite home that the client likes. FROM MEETING THE

Submitting an Offer When submitting an offer, you will need three things. You will submit with a REBNY Financial Statement, the clients Pre-Approval letter if they are financing and their attorney information. For CO-OP’s you will want to include a small bio about the purchasers. Submitting an offer commits your client to absolutely nothing!

Negotiating the Offer Understand your leverage points to effectively engage the listing agent, seek to understand the seller’s motives and manage your clients’ expectations. There is no such thing as a deal in real estate. It is what the market bears. It’s also important to understand that we can never understand the psychology of a seller and the biggest leverage point we can identify on a listing is how long the unit has been on the market.

Say they are looking for a 1 bed/1 bath in Sutton Place, after you end your conversation with them, learn the 1 bed/1 bath market in Sutton Place by digging through OLR and StreetEasy for where things are going into contract price wise and how long they’ve been on the market. Take that knowledge and bring it to your showings.

Accepted Offer

Once you’ve successfully negotiated the deal and both parties agree to terms the deal is still not secured. At this point the listing agent will create a deal sheet and send to both sides’ attorneys. This then leads to attorney involvement in the process and begins the due diligence phase.

Due Diligence

During this period the sellers attorney will send a draft contract to the buyers attorney and the listing agent will send over any due diligence material for the buyer’s attorney to review. Those materials include building board minutes, building financials, the offering plan for the building, any sort of assessments etc. Buyers attorney will discuss with buyer once they have reviewed.

Contracts

Fully Executed Contract

Buyers attorney reviews the draft contract that the sellers attorney sent over with the buyer, slight changes may be made to reflect the deal sheet more accurately and once the buyer agrees with their attorney on the changes, the buyers attorney sends the revised contract to the sellers attorney. Sellers attorney will review those changes with their client, they agree to the changes and then send back to the buyers attorney for execution. The buyer then signs the contract and puts anywhere from 5-10% of their down payment into escrow. Once the buyer has signed and the wire has been confirmed for the escrow funds, the seller will then sign the contract and now we have a fully executed contract.

Once you receive a copy of the contract (sometimes abbreviated as FEK), you will tell your buyer to send over a copy to their bank so the bank can begin the underwriting process. While the bank is doing that, you prepare your client to complete the board package.

The Board Package

Only begin this phase when a contract is fully executed. The board package will either be available to complete online through platforms such as Domicile or First Service Residential or will need to be done physically, in which case the sellers agent should provide you with the application to complete. Board packages are needed for the purchase of BOTH condos and co-ops but they are

Board Approval

not needed when your client is purchasing a sponsor unit. This phase, especially for CO-OPs, is incredibly critical. Work with your clients to gather all the necessary information. Save their financial information for last as they can expire and new ones may need to be added the longer the process takes. The part of the board package that takes the longest is the documents you will need from the bank. For Condos you will need to submit the mortgage application and a commitment letter. For CO-OPs you will need both of those and something called Aztech or Recognition Agreements. Once the package is complete, you send to management of the building for them to review to make sure nothing is missing, they then send to the board of the building to review.

Once the board approves the application for a condo, all parties will begin to schedule the closing. In a CO-OP, board approval of the package then leads to a board interview. Management for the building will reach out to coordinate a time for your clients to either zoom with the board or meet in person. Advise your clients, that during the interview they are to SAY NOTHING AT ALL except to nod and smile and share that they are thrilled to be in the building. Even if the client has questions, tell them to hold off on sharing them until the board gives approval. Once the interview ends, the board informs management of their decision to accept the buyer and then scheduling for closing begins.

Closing

Congrats! You’ve made it. Your whole job at the closing table is just to help pass papers back and forth between all the people at a big conference table and most importantly, to collect your commission.

The Buyer

Buying a home can be a life changing decision - often times the biggest financial commitment an individual can make. That’s why it is vital to have a strategy in place before jumping into the New York City real estate market. Clients need a buyer’s agent, a mortgage broker, and a real estate attorney. Below is a step-by-step process for a smooth, enjoyable, and successful purchase here in NYC for the buyer.

THE SALE-PROCESS FOR BUYERS

Step 1: Determine the Budget

We always recommend our buyers to have a conversation with an experienced mortgage broker to help them determine what they can afford. Mortgage brokers can quickly tell you based off your level of income and assets what your budget can be. At this point, the mortgage broker will draft a “Pre-approval” letter indicating how much the bank is willing to lend you. This letter is also used when submitting an offer to prove to the seller that you are pre-approved by a bank and able to legitimately buy. Buyers who are not prepared with this step can often times lose out on properties because of delays in getting this letter which is why it is crucial to have this complete early on. This is also a great time to decide who will represent you legally in the transaction. You should always use an experienced Real Estate Transaction Attorney who does consistent business in the area and neighborhood you are purchasing in.

STEP 2: Understanding What They Want vs. What They Need

Once you know what your client can spend, you will then need to find out what their money can and can’t buy. Having realistic expectations is very important when searching for their next home, and It’s our job to help manage those expectations by educating them on the current inventory. Is location more important than the size and quality of the finishes? Do they need a doorman and other building amenities? Do they have pets? Will they need to sublet the apartment in the future? Transportation access? These are basic questions that you should be asking your client and future owner, and prioritizing what is most important. Whether their budget is big or small, you will always have to compromise somewhere in the process.

STEP 3: Viewing Apartments

Often times, the more apartments a client sees, the more they learn about the above step. So the more you see, the closer clients will get to finding that perfect apartment. Most buyers see between 10 and 30 apartments before making a decision, and 9 out

of 10 transactions in the city are closed with a buyer’s agent.

Step 4: Submitting An Offer And Negotiating Terms

In a market where most apartments are going for just about 3% below asking price and often times for full asking price, there are other major factors that play an important role in the negotiating process: price, financing amount, contingencies, transfer taxes, flip fees, inclusions, exclusions, closing date, etc. Sellers will have the upper hand in most of these factors - especially when there are multiple bidders. But understanding what your clients leverage is and why they are more qualified to purchase an apartment over another buyer can be the difference between securing their next home, or getting beat out. This is where you advise your client on what they need to do in order to get an accepted offer. In your offer letter, you will include the clients pre-approval letter, their signed REBNY financial statements and a little blurb about who they are.

Step 5: Going Into Contract

Congratulations, your client has an accepted offer! Not so fast. They don’t technically or legally ‘have’ anything yet. They still need to put down 10% for escrow and their trusted Real Estate Attorney needs to conduct their due diligence on the transaction. That may include looking at the building financials, the offering plan, and deal specifics. Usually this take about 5 days. Once everything is cleared by their attorney, the client is ready to sign the contract and put down your deposit.

Step 6: Purchase Application

At this point, you will be handed a condo or co-op purchase application. This serves as your clients application to live in the building and be approved by its board members. The condominium application approval process is much easier and quicker than the cooperative approval process by which the client would have to literally be interviewed in person by its board members. As the agent, it’s your job to walk your client through each step and make sure that their board package is organized and impressive so that there are no issues getting approved.

Step 7: Closing

While you wait for approval from the condo or co-op, the mortgage banker will be getting your loan cleared by the bank. Once you are approved and cleared, the agents, attorneys, bank and property managing agent will schedule a closing by which the client will take possession and title of their new home. Clients are always granted a “walk-through” before the closing to check that the apartment is in the same

condition as when you first decided to purchase it. The keys will be handed over to the client at the closing and they are now the owner of their new dream home!

The Seller

Selling a home can be an emotional decision. That is why it’s our responsibility to take the emotion out of it, and focus on the business part of it. Our job is to price the apartment just right so that your clients maximize their investment and close at an efficient pace. There are many moving parts to a sale in New York City that most owners overlook which is why 9 times out of 10 properties are sold by a real estate professional.

Step 1: Go On The Pitch

You’ve secured a listing pitch opportunity and are nervous beyond belief. You’ve spent hours creating a Comparative Market Analysis, studied the market inside out and feel prepared to answer about 30% of the questions a seller may ask you. People work with people who they like, if you walk into a potential clients home and immediately hand them paperwork you will probably fail. Sellers are people, talk to them the way you talk to all the other people you know. Selecting a broker that they can trust to get them the highest price for their property, while executing a transaction smoothly is vital. You will work very closely with this person throughout an emotional process, so it is important that as an agent you remain level headed, knowledgeable, and confident.

Step 2: Price Your Home

Provide your client with all information regarding recent comps in the neighborhood and in their building, current competing listings in the area, and market trends. It is important to understand that in a market where nearly everything sells, only the market itself will determine what their property will actually sell for: that means above or below the asking price. That said, you should always discuss with your client how quickly your client needs/wants to sell, therefore determining initial price point. The number one reason why units that don’t sell stay on the market is because of price.

Step 3: Advertising The Listing

All photographs, floor plan and facts about the listing need to be put together before launching the listing to the public. Once the content is gathered, the listing will be sent out to as many potential buyers as possible through ways of major outlets, real

estate sites, and the local and international brokerage community.ket itself will determine what their property will actually sell for: that means above or below the asking price. That said, you should always discuss with your client how quickly your client needs/wants to sell, therefore determining initial price point. The number one reason why units that don’t sell stay on the market is because of price.

Step 4: Showings And Open Houses

Show. Show. Show. As much as possible. The more you can provide access to an immaculate apartment, the better chance your client has of selling it quicker and at a higher price. If you are demanding a premium price, then it should look and feel like a premium property.

Step 5: Negotiating And Accepting An Offer

Your negotiating techniques and communication skills will affect the selling price. Also, understanding a potential buyer’s financial situation is just as important as their offer number. In the situation of a co-op sale, it’s your job to determine what a prospective buyers chances are in receiving board approval.

Step 6: Executing The Contract Of Sale

Once an offer has been accepted, the attorneys will work diligently to iron out all details of the transaction. A deposit usually in the amount of 10% of the purchase price will be put down in the seller’s attorney’s escrow account.

Step 7: Condo Or Co-Op Approval

This is where you will work hard with the buyer or buyer’s agent to make sure they are approved by the building condo or co-op board. This can take anywhere between 2 weeks to 2 months depending on the board - generally co-ops take longer because of the extensive financial documents and references required, as well as the in-person interview that will take place.

Step 8: Closing

Once the buyer is approved by the board and cleared by the bank, the attorneys and managing agent of the building will coordinate a date and time for closing.

Closing Costs

Depending on what side of the transaction your client is on will determine their closing costs. Here are a couple of things to be on the lookout for:

Mansion Tax: Any home, condo/coop/condop/townhome, that is purchased over $1 million, is subject to the mansion tax. The more expensive the home the higher the rate of the mansion tax.

Buyers vs. Sellers: Sellers always have higher closing costs versus buyers, mainly because they pay commission

New Development Sales: Sponsor units have higher closing costs for buyers than a normal resale, the reason being is that the sponsor passes along some of their closing costs to the buyer. Those costs are the NYS Transfer Tax, NYC Transfer Tax and the Sponsors Attorney fee. All of those can be negotiated as part of a new development deal.

BUY-SIDE CLOSING COSTS

• Mansion Tax (>$1m)

• Title Insurance

• Buyers Atty Fee

• Mortgage Recording Tax

• Appraisal Fee

• Recording Fee

• Anywhere from 3-5% of purchase price

• Mansion Tax (>$1m)

• Title Insurance

• Buyers Atty Fee

• Mortgage Recording Tax

• Appraisal Fee

• Recording Fee

• NYC Transfer Tax

• NYS Transfer Tax

• Sponsors Atty Fee

• Capital Reserve Fund

• Anywhere from 5-7% of purchase price

• Mansion Tax (>$1m)

• Buyers Atty Fee

• Bank Attorney

• Board Application Fee

• Appraisal Fee

• Anywhere from 0.062% of purchase price

Condos CO-OP

• NYC Broker Commission

• NYC Transfer Tax

• NYS Transfer Tax

• Sellers Attorney Fee

• Building Move Out

• Anywhere from 7-9% of purchase price

• NYC Broker Commission

• NYC Transfer Tax

• NYS Transfer Tax

• Sellers Attorney Fee

• Building Flip Tax

• Building Move Out

• Anywhere from 8-10% of purchase price

Commission Structures for Sales

Depending on what commission has been negotiated at the onset of the exclusive agreement, will determine the commission at payout.

6% This is the industry standard, commission is split 3% to the buyers agent and 3% to the sellers agent

5% We do deals all the time at 5% if a seller pushes back on 6%, commission is split 2.5% to the buyside and 2.5% to the sale side

4% We see this sometimes as an incentive from New Development projects or occurs when a listing agent gets a direct deal, meaning the buyer did not come to the transaction with an agent.

You are given a lot of latitude to charge for your services. Nest Seekers in no way, shape or form is a discount brokerage. We understand our value to clients and you should understand yours as well. Do not agree to list a home for 1% or 2% unless it is an incredibly high valued home. The only instance in which you should consider payouts like that is if:

- You are representing a seller in the sale of their home and you are also going to be representing them in the purchase of their future home. It’s better to get 4.5-5% of commission across two deals than just 3% of one deal.

- New Development projects that offer a lot of volume can be done at reduced rates.

- A home is over $10 million.

DEFINING REAL ESTATE

THE FOUR MARKETS OF NYC

What is Real Estate?

It might seem like a simple question but if you ask any client they may struggle with really trying to define ‘What’ it actually is. So lets get more granular on how we can effectively define real estate and why having an evolved understanding of it, will allow us to change our clients perspective.

- Real Estate is an asset class responsible for 80% of Global Wealth and no other asset comes even close.

- Unlike other assets such as stocks, gold or crypto, real estate is a physical asset that not only can you touch but you live in creating a quality of life for the owner. It’s an asset that aside from monetary appreciation, has day to day utility and is a place where owners create invaluable memories.

- Real Estate allows you to use other people’s money to create equity for yourself, whether that’s through financing or generating rental income that pays down your loans, allowing you to create generational wealth.

- Real Estate also provides immense tax benefits like being able to deduct mortgage interest and depreciation to reduce taxable income.

Real estate is a unique asset class that makes up a majority of global wealth, can be physically occupied, generate income and provide tax benefits.

Defining Success - One of the most frequent questions you will get from clients is, “Is now a good time to buy?” I like to answer that question in two ways:

1. It is never a bad time to own and;

2. In real estate, ROI (return on investment) is not determined by TIMING the market but by time spent IN the market.

Defining success for clients is not something we can do for them. That is only a determination that they can come to. Where it becomes our job is when we have opportunities to change their perspective and provide as much insight as we can. As educators of an asset class the more information we share, allows for them to make informed decisions about their quality of life.

The Four Types of Markets

One of the challenges that we must overcome in real estate is countering negative headlines that our clients may read or see. There is an old adage in the news industry that ‘if it bleeds, it leads’ meaning negative stories are more likely to grab people’s attention than positive ones. Its our job to be able to put some of those stories into perspective for clients and one of those ways is to explain that there are really four different types of markets.

1. The National Market

2. The Local Market

3. The Neighborhood Market

4. The Building Market

THE NATIONAL MARKET

When we discuss the national market, we are talking about aggregated information from all 50 states. With most TV programs like CNBC, Bloomberg, Fox Business etc. playing to national audiences, on very rare occasions will they ever focus specifically

on one marketplace. Reports on homebuyer sentiment in the Sun Belt or in Appalachia does not impact NYC but may put a negative connotation in the mind of clients here where they feel this news could be the beginning of a trend nationwide. Even if a CNBC does a report on home builder confidence in Phoenix Arizona, that story is hyper specific to that market.

THE LOCAL MARKET

This marketplace is much closer to home and encompasses NYC as a whole. How is NYC real estate competing with surrounding local markets like Westchester, Hoboken or Greenwich CT? Its also a way to see how NYC compares with the overall US real estate market. There are times when US housing is down but the NYC housing market is vibrant and vice versa.

Within each local market are several neighborhood markets. How does SoHo compare to the Upper West Side or how does TriBeCa compare to the Financial District? The entire island of Manhattan could be on fire and certain neighborhoods will always yield higher demand than others. SoHo, West Village, Gramercy and TriBeCa are areas that regardless of market conditions elsewhere, will always have low supply and high demand.

As an example, the West Village as a marketplace can be outperforming the overall NYC market and the US market. So, if a buyer looking to purchase in the West Village thinks they have leverage because the NYC market is slow and they’ve seen some national stories about a decrease in housing activity, that mindset will not be effective for them since we know the neighborhood is always high demand/low supply.

THE NEIGHBORHOOD MARKET THE BUILDING MARKET

Within every neighborhood there are buildings, and within those buildings are their own markets. This refers to the interactions that buyers and sellers have within a specific property and how quickly units are absorbed from the marketplace once they get listed. If demand continues to outpace supply in a building, we can identify that

building as a place people are yearning to purchase in.

As an example, 130 William was the fastest selling building in NYC during Covid. 130 William is in the Financial District which is one of the slowest selling neighborhoods within the NYC market and the 130 William building market was more vibrant than the overall NYC market per capita while the NYC market was struggling compared to the rest of the nation.

So regardless of how international buyers or local buyers viewed the marketplace during this timeframe, the demand for the building dictated that buyers would need to be near asking price and that the sponsor would not give many concessions to close. Not all news impacts these markets the same way and its important to view news through the markets we operate within.

What is Real Estate?

When working with clients in NYC, one of the questions you’ll get asked is, ‘Why should I invest in NYC Real Estate over other markets?’ There are three main qualities for New York that separate it from every other real estate market in the world.

Track Record of Appreciation No other marketplace has the unparalleled track record of growth than NYC. On average, real estate in NYC appreciates 3-5% per year, and that is not including an additional 2% that we may see on a yearly basis due to cost-of-living increases

Safe Haven of Capital

Flight to Quality

Being a global city and the real estate capital of the world, wealthy individuals invest in NYC real estate to protect assets from currency collapses and government seizures

As an investment vehicle for many international buyers, NYC operates as a market place for foreign investors to experience increased appreciation and portfolio growth while converting from local currency into USD

Regardless of any sort of black swan events (like Covid) or housing crisis’ that were experienced in 2008 due to subprime mortgages, the NYC market is incredibly resilient and will always be the desired destination for people world over.

With a proven track record of appreciation, global investment, financial safety and stability, NYC real estate is a prime investment opportunity.

What is Real Estate?

When working with clients in NYC, one of the questions you’ll get asked is, ‘Why should I invest in NYC Real Estate over other markets?’ There are three main qualities for New York that separate it from every other real estate market in the world.

Track Record of Appreciation: No other marketplace has the unparalleled track record of growth than NYC. On average, real estate in NYC appreciates 3-5% per year, and that is not including an additional 2% that we may see on a yearly basis due to cost-of-living increases

Safe Haven of Capital: Being a global city and the real estate capital of the world, wealthy individuals invest in NYC real estate to protect assets from currency collapses and government seizures

Flight to Quality: As an investment vehicle for many international buyers, NYC operates as a market place for foreign investors to experience increased appreciation and portfolio growth while converting from local currency into USD.

Regardless of any sort of black swan events (like Covid) or housing crisis’ that were experienced in 2008 due to subprime mortgages, the NYC market is incredibly resilient and will always be the desired destination for people world over.

With a proven track record of appreciation, global investment, financial safety and stability, NYC real estate is a prime investment opportunity.

Investment Benefits of Multi-Family Ownership

The fastest way to growing wealth in real estate is through the procurement of multi-family homes. Venture Capital and Private Equity firms build out the crux of their portfolios with these types of homes. They are incredibly easy to acquire, do not require a massive upfront investment and depending on size, you can more than cover the monthly payment of holding it through your rent roll.

Owning Multi-Family Homes Builds Wealth Quickly in Real Estate: This property type has the lowest barrier to entry for first time investors with minimal taxes and monthly costs

Leverage with Financing: Buyers can typically finance a large potion of multi-family home purchases, allowing investors to own more properties. Some banks may only require 5-10% down if you are adding to your portfolio or as low as 3% if a first-time homebuyer uses this as their primary residence.

Provide Stable Cash Flow: Multi-family homes generally have lower turnover of tenants and provides consistent month to month cashflow from rent payments. Depending on location, 3-4 family homes can yield anywhere between $8,000-$12,000 in monthly rent roll.

Appreciation of Property Value: They tend to appreciate greatly over long periods of time.

Easiest Property type for 1031 Exchanges: Allows investors to defer capital gains taxes when selling the unit and by purchasing another ‘like-kind’ asset.

Investment Benefits of Condo Ownership

In NYC, instead of selling wood framed houses, we mostly sell pieces of concrete in the sky. Condos are easy to manage and the process for ownership is quite simple, being able to close within 45-60 days if financing.

The formula here: Put down 30-40% (minimum is 10%) and depending on the size of the apartment and location, you can rent to cover the remainder of your monthly payments. Even if the rent does not cover their entire monthly, having someone else pay the majority of your buyers monthly payments is free equity for them.

Amenities: Many Condos have on-site amenities such as gyms, in building-laundry, community outdoor space and staff such as concierge, porters, doormen and supers.

Easier Management: Unlike trying to maintain an entire town home, owners are only responsible for the interior of the unit. Plus with having on-site staff, any issues your tenant may run into can be easily fixed by the buildings staff.

Easier Financing: Only requires 10% down and banks have an easy time lending to condo buildings in good standing.

Tax Abatements: Some New Development/newer properties may have tax abatements that offer owners discounted taxes on the property that can exist for decades.

Higher Rents: Condo units demand higher rents as tenants will pay a large premium to live in a building with amenities and staff than in a regular rental building with high turnover and transience.

Investment Benefits of CO-OP Ownership

Long story short, there aren’t any.

If you are working with an investor its best to focus them on the condo or multi-family front. People will purchase in a CO-OP because of the benefits such as the apartments being larger and cheaper than condos and in knowing that all of their neighbors have been through an incredibly extensive board process, providing a sense of safety and security.

CO-OP’s are not investor friendly as nearly all of them require the home to be a purchasers primary residence and subletting policies are not conducive to long term income generation.

UNDERSTANDING BEHAVIORAL MINDSETS OF THE CLIENT

The Clients Mindset

We can never truly understand the individual mindset of each and every client we come across, but we can prepare ourselves by understanding the behaviors of people. That understanding can allow us to be better equipped with handling individual client’s specific needs. If we can understand what moves people to action or keeps them in place, we can move more clients to transact.

People are inherently emotional beings, and the most powerful emotion anyone can experience is fear. Fear of missing out, fear of making the wrong investment, fear of making the wrong decision, fear of being perceived a particular way that is negative to how they may view themselves. Any of these reasons is why people will sometimes make irrational short-term decisions at the behest of long-term gain. As we know, real estate is best served as a long-term asset class.

The mindset of someone transacting real estate is a balance between practicality and emotion. They are highly goal-oriented, with a clear focus on achieving specific outcomes. Whether it’s finding the perfect home or maximizing profit on a sale, their actions are driven by defined objectives, timelines, and financial targets. Being research-driven is also a key characteristic. Buyers and sellers invest time in understanding market trends, property values, and neighborhood dynamics. They analyze comparable sales, assess future growth potential, and consider the timing of their decision in relation to market conditions. While they may view this information in a vacuum its important to provide your insights as someone who transacts in this space every single day.

Risk and reward awareness is central to their thinking, as real estate transactions involve significant financial stakes. They carefully weigh the risks of market fluctuations against the potential for future gains, seeking a balance between security and

opportunity.

For many, emotional engagement plays a big role, particularly for those purchasing a home. They envision their future lifestyle and personal aspirations within a property, often balancing their emotional connection with the need to make a sound investment decision. With this being the single largest purchase in their lives, remaining analytical as an agent is imperative to helping the client make an informed decision. Trust is crucial in real estate transactions, making these individuals trust-focused. They rely on real estate professionals for advice and guidance but are mindful of ensuring their own priorities are met. A strong rapport with agents or brokers is essential to their decision-making process.

Most people enter transactions negotiation-ready, prepared to advocate for their interests while understanding the need for compromise. They approach deals with a flexible yet determined mindset, aiming to secure the best possible outcome.

Finally, they maintain a future-oriented perspective. Whether buying or selling, they consider long-term factors such as the property’s potential for appreciation, resale value, and how it aligns with their future life plans.

The Mindset of the FSBO

Listings that are on the market as For Sale By Owner (FSBO) are one of the more challenging types of listings to procure for representation. These are homes that are being sold with direct representation from the owner. The number one reason why someone decides to sell as a FSBO is to save on closing costs as sellers take on the brunt of closing costs for a transaction. These are owners who also believe that they can transact and market the property themselves without broker representation. They may have previously had a bad experience with an agent and would prefer to follow their own lead versus that of a licensed professional. In the end, 90% of FSBO listings end up listing with an agent and in the timeframe that they are a FSBO to when they actually list with an agent they are CONSTANTLY solicited by brokers.

To identify where a seller might be in their journey of selling their own home and how tired they may be of doing it on their own, all we have to do is look at the listing to

see how many days it has been on market. The days on market is the most important indicator for whether or not a FSBO might even considering listing with an agent. If a listing has been on the market for only 10 days, the FSBO will have no desire to even talk to a broker about listing their home. In those 10 days they haven’t experienced enough failure to believe that they need to bring someone else on to sell their home. Now, if a listing has been on the market for 75 days, 100 days, 120 days, those are the listings and the sellers you want to target.

In order to win these types of listings its important to approach them with a longterm mindset. It takes anywhere from 5-8 different points of contact in order to win business. In order to win this business, it takes consistency, value added marketing initiatives and strong emotional intelligence.

Here are the points of contact for the owner of a FSBO listing that you should follow:

First Point of Contact: Contact the owner of the home to schedule a time to preview the property on behalf of a potential client

Second Point of Contact: Arrive at the appointment with a gift (bottle of wine), to thank them for their time and allowing you into their home. Use this to talk only about the home and ask them open ended questions about why they are looking to sell, what their experience has been like living in the building and if there are any upcoming assessments for the unit. DO NOT talk about how you can list their property. Take photos and videos of the apartment. As you leave, tell the owner you will put this in front of your clients for their thoughts and feedback, and that you will be back in touch.

Third Point of Contact: Touchbase with the FSBO that you’ve connected with your buyers and they feel that the home is not for them. Provide feedback such as things that were great about the apartment and things that you found to be barriers in the mind of the buyer.

Fourth Point of Contact: Follow up again a few days later with a news article or a comp report for homes in their area saying “I came across this article and thought about you. Selling your home on your own can be tough and thought this would be helpful for you.” At this point you have still not told them that you have the ability to help them sell their home. You are still developing human capital and working to win the relationship.

Fifth Point of Contact: Call and connect with the FSBO about what their experience has been like thus far trying to sell their home. Tell them that you also work with sellers and would be happy to send them more information on Nest Seekers and how we can help get them more visibility.

Sixth Point of Contact: Send over Nest Seekers marketing materials and examples of previous work from the firm as well as the Nest Seekers Advantage book. Ask for an in-person meeting again at the home to pitch more formally.

Seventh Point of Contact: In-person pitch meeting at the home, bring them another gift.

If you’re not able to get in front of a FSBO right away either through phone call or email, sending them a direct mail might be a beneficial avenue to engage them. Below is a sample letter that can also give you a deeper understanding on how to focus on the potential pain points of the seller that comes across as empathetic and that you have a track record of success in the FSBO world.

Sample FSBO Outreach Letter

Hi (Insert owner name),

My name is (Name) of Nest Seekers International. I came across your property on Zillow and noticed that you are trying to sell your home on your own. New York can be a tough selling market given the savviness of buyers and the dynamism of supply shifts.

Nest Seekers International is a globally integrated luxury marketing firm that happens to sell real estate. Our website attracts hundreds of thousands of visitors monthly from around the globe and with our Yachting, Fine Art and Private Aviation divisions, we’re able to put your home in front of a lot of buyers and investors.

Did you know FSBOs that end up listing with an agent sell for a higher price than they would have if they were sold directly by you the seller? My objective is to get your property sold as quickly as possible for the highest

price. If you haven’t already sold your home here are some questions to think about. What are some of the barriers you’ve experienced in selling your home? What are ultimately your goals in selling your home? Where in the process have you had positive and negative experiences? How can I get more traction on my listing?

Any barriers that you were able to think of or negative experiences you’ve encountered, are things that I can help you to overcome. I will operate strategically with your input and have an experienced team of professionals by my side that get the job done.

Let’s schedule 5 minutes to discuss your goals and what I will do to find a buyer for you home. I’m happy to accommodate whatever your availability is. Thank you and talk soon!

Warm Regards, (Name)

Licensed Real Estate Salesperson

REBNY Member

(phone number)

(email address)

The Mindset of the Expired Listing

Another listing type that you will come across for pitching opportunities is the Expired Listing. These are listings that were on the market that have not sold and the exclusive agreement with the previous brokerage has expired. The number on reason why something doesn’t sell is because of PRICE. Expired listings are a warmer type of lead than say a For Sale By Owner because the owner of the expired listing has already demonstrated a willingness to work with a broker to sell their home. Some times a listing may be pulled down or left to expire because of a life event that was experienced by the owner so we should not assume they are unrealistic about price and expired listings normally do not become a FSBO.

Understanding your leverage points as when to reach out to the expired listing also comes down to how long the listing has been expired and how long it was on the market. Some owners like to immediately get back on market with another listing agent once the previous agreement expires, some like to wait a few months for mar -

ket conditions to shift, others will decidedly wait longer periods of times depending on any sort of personal or financial issues they may be dealing with privately

The Mindset of the Renter Who Wants to Purchase

As mentioned, people are emotional and the prospect of buying a home as someone who may have been renting their whole lives can be an intimidating process. If we can understand the pain points in the mind of our target audience, we can then work to re-position the client’s perspective. Here are a few reasons that may stop a renter from becoming a buyer:

Down Payment : 20% is a high barrier to entry for a lot of people for purchasing a home and the individual may not have that amount of cash to put down on a home.

Their Existing Lease: Clients might be afraid to break the terms of their current lease, concerned about being penalized for not realizing the full commitment of their lease

Lack of Understanding: Clients may not know the process, what their purchase power is or what the correct market conditions are to make informed decisions.

Fear: Clients are afraid of change and to take the next step in their life while concerned about making the wrong decision and purchasing at the ‘wrong’ time. Life is about perspective and positioning. Our perspective determines our positioning in life. For example, being known as a salesperson or a realtor demeans in my opinion what our role and responsibility is for a client. My perspective is that I operate as my client’s partner and advisor in an asset class responsible for 80% of global wealth. Because that is my perspective, I can position myself as subject matter expert with the knowledge and insight necessary to for my clients to make informed decisions about their quality of life.

Here is how we can change the renter’s perspective on the issues they outlined to re-position their mindset:

Down Payment : Yes, 20% is a lot for a down payment but not all properties require that much down. Condos only require 10% and have much lower financial hurdles to purchase than a COOP.

Their Existing Lease: Most landlords are understanding that if you are purchasing a home and have a long time left on your lease that they will let you out with ample notice. Same if your lease is expiring and you only want to go month to month until you close. As long as you tell your landlord that you will give them 60 days heads up, they should be okay with that.

Lack of Understanding: For as much as this process is a purchasing process, it’s also an educational one. At the end of the day, the more we see together and the more insight I can share, the deeper your understanding of not just the process but also how to identify value will come into sharper focus.

Fear: Change is scary but this is a positive change. It is never a bad time to own and your ROI on your investment is determined not by timing the market, but by time spent in the market.

Now that we’ve been able to gently move the client from finding excuses as to why they can’t buy and positioned each of their objections softly, now we can start sharing hard numbers as to what waiting to purchase will cost.

HOW DO WE NOW CONVERT THE RENTER TO A BUYER?

There are three very important points to make to renters who say they want to buy, but believe they will wait a year.

Cost in Rent: Quantify how much money someone is spending in rent a year paying someone else’s mortgage. If they are paying $5,000 a month, that is $60,000 in equity they’ve given to someone else.

Cost of Rising Rates: When rates increase, a 1% increase on a $1 million loan is an extra $180,000 in extra interest charges over the course of their mortgage. Locking in a lower rate is an exercise in hedging against future inflation.

Cost of Loss Appreciation: NYC has a track record of appreciation of 3-5% a year, the $1,000,000 apartment today could be $1,050,000 a year from now. By waiting a year the client will spend $60,000 in rent, could need to pay another

$180,000 in interest payments and will lost out on $50,000 of potential appreciation. There is a time value to money and telling a renter that they could lose up to $290,000 by waiting a year to purchase will give them reason to rethink waiting.

HOW DOES THE STATE OF ECONOMY IMPACT THE MINDSET OF BUYERS AND SELLERS?

The state of the economy plays a critical role in shaping the mindset of both buyers and sellers in the real estate market. Real estate, being a significant financial commitment for most individuals, is highly sensitive to economic conditions. Shifts in interest rates, employment levels, inflation, and overall consumer confidence can alter how buyers and sellers approach transactions, influencing decisions about whether to buy, sell, or wait.

For buyers, economic conditions directly affect affordability, borrowing costs, and their long-term financial security. A booming economy typically encourages buyers to enter the market, as favorable conditions such as low interest rates and rising wages create a sense of financial stability. On the other hand, economic downturns often cause buyers to be more conservative, hesitant to take on large financial commitments amid uncertainty.

For sellers, the economy influences pricing strategies, market timing, and overall expectations. In a strong economy, sellers may feel confident listing their homes at higher prices, anticipating competitive offers and faster sales. However, in a weaker economy, sellers may be forced to lower prices, offer concessions, or wait for more favorable conditions before putting their property on the market.

Thus, understanding how the state of the economy impacts the mindset of buyers and sellers is crucial for navigating the real estate landscape. The interplay between economic factors and market behavior creates cycles of booms and slowdowns, with each party adjusting their strategies to align with the broader economic environment

What is an Interest Rate?

Simply put, an interest rate is the cost of borrowing money. It is a large indicator for many people as to whether or not the current moment may be the right moment for them to buy. The higher interest rates are, the more expensive money becomes to borrow which keeps people on the sidelines from purchasing their next home or from even purchasing at all, leaving them as renters. Inversely, the lower interest rates become, the less expensive money becomes to borrow which acts as an incentive for people to go out and borrow money.

In Federal Reserve lingo, lowering rates is known as quantitative easing while increasing rates is known as quantitative tightening. The Fed lowers or raises rates depending on the needs of the economy. If the market is oversaturated and leading towards high levels of inflation, the Fed will raise rates to limit spending. If the market on the other hand is at a standstill, the Fed will lower rates to incentivize spending and investment into the economy. The Federal Reserve is always trying to strike the right balance between what keeps the economy humming along/growing without having it overheat and create monetary issues.

What is an Interest Rate?

With interest rates being one of the more predominant factors in whether or not a person would look to buy a home it’s important to put into perspective for our clients how much rates actually cost. What is the difference for someone who’s rate is 7% versus 5%? Check out the chart below to understand more deeply what rates cost.

For every $100,000 you borrow on a mortgage, depending on your rate, the above chart lays out what you will pay. If you borrowed $500,000 at 7%, your mortgage

payment would be ($665 x 5) $3,325 per month. If you borrowed the same money but at 5% your mortgage payment would be ($537 x 5) $2,685 per month. That’s only a $640 difference a month or $7,680 a year.

In high-rate environments, prices are lower. And when rates do drop, they only drop by a quarter to a half point at a time.

Saving $50,000-$70,000 on asking price is more advantageous than saving $7,680 a year in a lower rate.

You Are Better Off Buying in a High Rate Environment with Lower Prices, Than a Low Rate Environment with Higher Prices.

WHAT TWO WORDS CREATE THE MOST HESITANCY FOR BUYERS AND SELLERS?

When prospective homebuyers are preparing to purchase, much of their focus tends to center on one key factor: interest rates. It’s no surprise, as interest rates directly affect monthly mortgage payments and the overall cost of borrowing, making them a critical consideration. However, while interest rates are undoubtedly important, there are two other economic forces that can provoke even greater anxiety for both buyers and sellers alike—forces that can shape not just individual transactions but the entire real estate market. These forces are inflation and recession , and their influence extends beyond the cost of a loan, affecting home prices, purchasing power, and market sentiment on a broad scale.

WHAT IS INFLATION?

Inflation is defined as --the general increase in prices and fall in the purchasing value of money. It directly impacts the affordability of homes. When inflation rises, the cost of goods and services increases, including materials for home construction and renovation, which can drive up home prices. For buyers, this means that the same dollar buys less, stretching their budgets thinner. Inflation can also influence interest rates, as central banks often raise rates to combat rising inflation, leading to higher mortgage costs for buyers.

WHAT IS A RECESSION?

A recession signals a period of economic decline and shrinking economic activity. During a recession, unemployment tends to rise, consumer confidence drops, and people tend to tighten their budgets. For buyers, a recession may offer lower home prices as demand weakens, but it may also create uncertainty about long-term financial stability, making them hesitant to commit to large purchases. For sellers, a recession can lead to longer listing times, price reductions, and overall market sluggishness, forcing them to reconsider their pricing strategies. A recession is defined as two consecutive quarters of negative GDP growth.

While interest rates remain a critical focus for buyers, both inflation and recession loom large as factors that shape the broader economic landscape and influence the decision-making process for both buyers and sellers. Understanding these forces and how they interplay can help market participants make more informed and strategic decisions in an ever-evolving real estate environment.

What is an Interest Rate?

A thorough understanding of how market economies function is key to both navigating uncertainty and mitigating risk for clients. Market economies are dynamic systems, influenced by factors like supply and demand, government policies, interest rates, and global economic trends. When we comprehend how these forces interact, we can anticipate potential market shifts, whether they are opportunities or threats, and respond proactively.

For instance, by recognizing patterns in inflation, property values, or interest rate fluctuations, we can help our clients make informed decisions—be it purchasing, selling, or investing—thus reducing their exposure to financial risks. This insight allows us not only to help our clients feel more secure but also to guide them toward actions that protect their long-term equity and wealth.

REFRAMING RISK AND UNCERTAINTY

More importantly, shifting how we position words like “risk” and “uncertainty” can drastically alter a client’s perspective. Rather than viewing these terms as negative or anxiety-inducing, we can frame them as inevitable yet manageable aspects of market participation. Risk becomes a necessary component of growth, and uncertainty can

be viewed as a gateway to opportunity. By fostering a more positive and strategic understanding of these concepts, we empower clients to approach decisions with confidence, knowing they have the right tools and expert guidance.

Ultimately, this refined understanding creates a symbiotic relationship between agent and client, where both parties are aligned in their ability to mitigate risk, capitalize on opportunities, and build lasting financial security.

SCRIPTING AND OVERCOMING CLIENT OBJECTIONS

Scripting allows you to visualize and hone in your messaging to clients. People respond confidently to confidence. This is an exercise in making you confident on the phone with complete strangers. It is imperative to call clients immediately when you get a lead because if you do not, there will be 4 or 5 other agents who will. Time is of the essence and if you can communicate your knowledge clearly while simultaneously understanding the client’s needs. You will get them out on appointments 9 times out of 10.

Situation 1: You get a lead through the Nest Seekers platform on an ad that you posted. Dave reached out on a $4600 1 bed apartment in a luxury building down in the financial district. You see the lead and that he left a phone number. In the space below, write out how you would greet Dave, what you would say and what some of your talking points would be throughout the conversation:

Situation 2: You get a lead through RentHop on an ad that you posted. Karen reached out on a $9500 2 bed/2 bath apartment in a white glove, Upper East Side building. You see the lead and that she left a phone number. In the space below, write out how you would greet Karen, what you would say and what some of your talking points would be throughout the conversation:

THE RENTAL CLIENT

Depending on if you’re talking to a buyer or a seller will depend on the language and talking points that use to move them to action. Below are 3 separate instances where conversations will occur between buyers and sellers.

Situation 1: You’re at a social setting and run into a friend who you have a great relationship with but only see once a year or so. In conversation, you mention that you’ve been working in real estate and growing your sales business. Your friend mentions that he and his wife have been thinking of buying in the NYC area, but are unsure of the overall market. You realize this as opportunity to show you are a subject matter expert. In the box below, write down overall talking points you would want to hit on in the conversation:

Using the talking points written in the above box, put together what your elevator pitch would be to explain to your client why now is a good time to buy:

Situation 2: You get a lead through the Nest Seekers platform for a 1 bed apartment in a luxury building that’s asking for $7500 a month. Looking at the price point and through your experience, you know that someone can own a home and have monthly payments that are lower than that rent in similar luxury buildings. You see an opportunity to potentially move a renter to a buyer and initiate the conversation after speaking with them about their rental needs. In the box below, write down overall talking points you would want to hit on in the conversation:

Using the talking points written in the above box, put together what your elevator pitch would be to explain to your client why buying now, is a better alternative to renting:

What are some barriers as to why a renter who can afford that monthly rent NOT be able to buy an apartment?

Situation 3: Through a degree of separation, you get introduced by a friend to a friend of theirs who is looking to sell their home. You lock in a time and date for the listing pitch, do your research on the 1 bed UES market and have armed yourself with the same data that every other broker in NYC has access to. In the box below, write down overall talking points you would want to hit on in the conversation about what separates you from other brokers and why you’re the best option for them when it comes to selling their home:

Using the talking points written in the above box, put together what your ‘elevator pitch’ would be to explain to the owner why you’re the best person for the job:

Utilizing your knowledge about the market landscape and Nest Seekers unique value proposition in the real estate market; in the box below outline, what your talking points would be when trying to sell a client on Nest Seekers.

Using the talking points written in the above box, put together what your ‘elevator pitch’ would be to explain to a potential client why they should choose Nest Seekers International:

OVERCOMING OBJECTIONS

Client objections are a constant part of this business and being equipped with the right responses can make the difference between you winning or losing a client.

Utilizing your knowledge of the market, the transaction process and client behaviors, how would you respond to the below objections in order to minimize client uncertainty and moving them towards a transaction.

Scenario 1: You and your client are on showings all day and go through the process of elimination exercise to narrow down the entire days search to one unit. When you tell them that they should submit an application, they respond “I think I want to sleep on it, I will give you an answer tomorrow”, how do you relay urgency?

Scenario 2: Your $8,000 a month rental clients are interested in buying but want to wait a year. What do you tell them to re-position their thinking and move to purchase sooner rather than later?

Scenario 3: You have a conversation with a potential rental lead, after the initial conversation they ask you why would I use an agent if I can just go directly to the building myself? What are you telling them to validate your experience and why they need someone like you?

Scenario 4: You are out and about NYC with some friends and meet an individual who asks you what you do for a living, you reply ‘I’m in real estate’, their next question to you is, ‘how’s the market?’ What is your response to that question?

Scenario 5: You call an expired listing owner after sending them a few pieces of marketing material over the mail. How are you going to differentiate yourself in your conversation with them from other agents?

Scenario 6: You are out with your buyer but they are nervous about taking the next step in submitting an offer, how do you ease their mind and how would you describe the process that comes next once we have an accepted offer?

Scenario 7: Your client wants a 2 bed/ 2 bath Condo in the West Village for $800,000. How are you going to relay to them market conditions and what your next steps should be?

TEST YOUR KNOWLEDGE

How many of these can you answer without having to look back? Which questions did you not know the answers to right away? Which were you the most confident in answering? Aggregate all of your knowledge in one place to see if you have mastered the manual

1. What is your title/role?

2. What are the two types of rental listings?

3. What is required to rent in NYC?

4. What does it mean when a rental listing is an open listing?

5. How do you qualify someone’s income in conversation?

6. What are two benefits of owning a COOP?

7. Name four benefits of buying a Condo?

8. What are the 4 things that any CEO needs to build a business?

9. Who is the seller in a New Development sale?

10. What is KYC/KYS?

11. How do you relay to a client that although the listing may say no fee, that you are still owed a fee?

12. Who creates a deal sheet? When does it get created?

13. What are two types of rental concessions?

14. What is the name of the document that lists assets and liabilities?

15. What do you need in any negotiation to be successful?

16. What is an Interest Rate? What is Inflation? What is a recession?

17. What phrase do you use to validate your business to new clients?

18. In a re-sale which party has the highest closing costs? Why?

19. What three additional closing costs does a buyer need to pay when purchasing a sponsor unit?

20. What two things does a COOP board look at on a REBNY financial statement to qualify a buyer’s purchase affordability?

21. When submitting an offer for a buyer, what 3 things are required?

22. What is your job at a closing table?

23. How long does it take to close in a Condo if you’re financing? COOP? What about all cash?

24. What is the name for the monthly cost in a COOP?

25. If a condo gets a deed, what does a COOP get?

26. What are the 4 types of markets?

27. When talking to buyers about the NYC market, what are the three things we are selling to provide confidence in the market?

28. What is the average loan term?

29. When do you get a mortgage banker involved?

30. Name 3 other types of mortgages?

31. What does it mean to reverse engineer your clients?

32. How much is escrow?

33. What is Human Capital?

34. What are 3 points we use to convert renters to buyers?

35. How do tell a buyer to hedge against future inflation?

36. What is the mindset of a FSBO?

37. What is the mindset of an Expired?

38. How much do renovations cost?

39. How many points of contact do you have to make with an individual in order to win their business?

40. How do you have an introductory conversation with a buyer?

41. How do you overcome the objection of a buyer that working with an agent may cost them money and impact their position to negotiate?

42. How’s the market?

THE NEST SEEKERS DASHBOARD

Your Profile

This is the most important part of the Nest Seekers dashboard. It’s the first impression you will leave on clients after they visit the site and come across one of your listings. Make sure you have an updated head shot and a complete bio.

BIO

There are 30,000 agents in NYC competing for the same business that you are. Your bio is an opportunity to cut through the noise and develop human capital with a potential lead. Let your voice and personality shine through. Humanize yourself. Refer back to your branding statement from the ROI and let that guide the development of your bio. Include any organizations that you belong to, weird quirks and what your goals are for working with a client. Stand out from the rest of the group. Included below is a sample bio:

Born and raised in New York City, Paul Cibrano has a deep, long lasting love and admiration that inherently exists in his DNA for the greatest city in the world. New York has provided him with the experiences and opportunities in his life that it would take a poet to accurately articulate the gratitude he feels. An avid musician, yogi, master puppy cuddler, unabashed fan of Yanni and Equinox member, Paul works diligently to provide a fantastic experience, bring immense value and offer nothing short of unparalleled service to his clients.

Paul Cibrano is the aircraft carrier that shows up at a knife fight, he is the peanut butter to your jelly, the Bill Belichick to your Tom Brady, the Beyoncé to your Jay-Z. His brand is based upon a promise to his clients to work fervently on their behalf, help to create equity and wealth, establish a long lasting report and relationship that will exist well beyond the transaction of Real Estate. He is committed to being your unquestioned partner and advisor.

Paul Cibrano is the Associate Vice President of Nest Seekers International, is on the REBNY Membership Committee and a graduate of Hofstra University.

Posting Ads

Posting ads is one of many ways to generate business for yourself. The Nest Seekers platform is a great tool for syndicating your ads to numerous sites and with 5 million unique visitors, is an incredible way to get in front of people from all over the world. The big differentiator between the Nest Seekers platform and other platforms like it, is the money put in for something called Search Engine Optimization or SEO. SEO focuses on key words and makes them highly searchable for people looking for certain features. Below are some best practices that can help you stand out and maximize your SEO as well as the entire process.

HOW TO POST AN AD

From the Nest Seekers Dashboard homepage, go to the tool bar on your left and click MY LISTINGS then click on LISTINGS. On the following screen hit the “+ For Rent” or “+ For Sale” button to start to add a listing.

This is the most important part of your listing as this is where the SEO tools will pull from. Here is a sample headline for a unit:

‘ No Fee, 2 bed/ 2bath Apartment in Luxury Financial District Building, W/D in Unit ’

There’s a simple formula I follow:

‘(is it no fee) (size), (type of building), (location) (unit highlights), (building highlights)’

So as not to have all your listings look the same and to jazz up your headlines, move some words around, another sample headline for the same unit:

‘ No Fee, Financial District 2 bed/2 bath Apartment in Amenity Filled Luxury Building, W/D in Unit ’

YOUR DESCRIPTION

For the body of your listing, if it’s an open listing building, you can just copy and paste the description from the ad you find on StreetEasy. BE SURE to read it though and remove any references to the buildings address. You do not want clients seeing your ad and going to the building directly without you knowing!

Building

Apartment Building: In this field, put in the apartment building. It will auto-populate all the amenities in the building when you save the ad.

Apartment Number: Put in the apartment number.

UNCHECK THE BOXES that say show address and show unit number

Address

Full Postal Address: Again, place the address in this field and it will auto-populate on the google map

UNCHECK the box that says show house number

Rental Type

Check the box if it’s a furnished apartment or a No Fee apartment

Ownership: Open the drop down menu and hit rental if it’s a rental

Property Type: Open the drop down menu and hit apartment if its and apartment

Administrative

Leave all the information as is unless the listing you are posting is an exclusive listing. In that case:

Listing Type: Open the drop down menu and hit ‘exclusive’

Regardless of its an Open or Exclusive listing you need to put the Available Date

Available Date: What day is the unit available to be occupied?

Rent

Other than the rent field, you can leave the rest of this section as is.

Rent: Put the rent amount in this field. If you put the net effective amount in the rent field, in your description field, make sure to note that the price is net effective.

Features

You can skip a majority of this section because the features will auto-populate when you hit save since you put in the building profile earlier in the posting. You should fill out a few fields though.

Num Bedrooms: How many bedrooms does the listing have? If it’s a studio you can leave this blank

Num Bathrooms: How many bathrooms does the listing have?

Comments

You can skip this section

Owners Information

You can skip this as well and hit save in the lower right hand corner.

Pictures

You can find the best pictures for units on StreetEasy as well, just make sure that there is no watermark on the photo from another company. Your first photo for a listing should ALWAYS be something called ‘the hero shot’. That photo is usually of the living room/main space with the most light. Do not have the first photo of your listing be the bathroom. That’s the best way to never get a lead.

Once you hit save, look at the tool bar on the left and under MEDIA you will see PICTURES. Click on Pictures. When you arrive to this screen, highlight and drag all the photos you saved to your desktop and drag them over into the grey box. Once the images populate, rearrange the order they will appear in, making sure the hero shot is first.

Once your pictures are in the order you want to see them in, hit SAVE CHANGES.

Hitting save changes will keep you on the same screen, look on the left tool bar and click the word STATUS.

Once on the STATUS screen, you will see a grey button that says APPROVE LISTING, hit that and it will bring you to your ads page. On the right side you will see a purple button that says REQUEST APPROVAL and your manager will be sent a notification to review your posting and approve it.

Ad Strategy

Real estate is a numbers game, the more listings you have up, the more opportunity you’ll have to get in front of people. Once you post an ad though, you should not forget about it. Every time a new ad gets added to the Nest Seekers Dashboard, your listing moves further down in the ecosystem, so updating your ads weekly is encouraged.

Change the availability date to make the listing re-appear at the top of the ecosystem. Also, utilize the Rental Building Directory at the back of this manual for which buildings you should post.

COACHING

Your office managers and team leaders do the best they can to be proactive in addressing your needs and providing the leadership necessary to grow your business. Nest Seekers created an immersive coaching section to the dashboard in order better to serve our agents and provide them the tools necessary to be successful.

Everything from scripts, to business plan templates, business planning tools, how to write the perfect thank you note, best practices for marketing your brand and growing your business, managing client relationships, understanding the luxury market and webinars/educational resources.

You can access the coaching section on the Nest Seekers Dashboard by clicking the ‘Coaching’ tab on the left tool bar as demonstrated by the screenshot below. Once in the tab, scrolling down on the page will provide you with the myriad of resources mentioned above.

Documents for Transacting

Real estate entails a lot of paperwork. From leases, to disclosure agreements, to REBNY Statements to exclusive contracts. You can find templates for all of these things and more on the Nest Seekers Dashboard. On the left tool bar, click on the documents tab, then click on New York as shown in the screenshot below.

Marketing Tools

Another incredible tool on the Nest Seekers Dashboard is the marketing tools tab. Here you can create showsheets, postcards, email blasts, websites, a pitch packet, order photos for a listing and have a comparative market analysis, or a CMA done through our partnerships with OLR and Compit. The best thing about the CMA is that even if you’ve never done one before, the dashboard has a tutorial that can help you build one!

THE PLAYERS

Understanding the market landscape in which we transact is important, but it’s also important to know who is in the market we transact. Understanding what their roles are, how they impact the deal, what value they bring to your clients and the transaction, as well as how we should manage our client’s expectations as well as our own. The people who are best at what they do understand every part of the transaction, regardless if it is their job or not. They do this so they can best advise their clients in how to move forward or what to expect from a particular action.

MORTGAGE BANKERS

These are the people we work closest with as more often than not, clients will not have a preferred lender when they begin searching. Developing relationships with individuals at the below institutions are great ways to understand the mortgage market, solicit pre-approvals, gain insights into different mortgage products as well as get an idea of how each institution works.

- Chase - Wells Fargo - Bank of America - Citizens Bank - TD Bank - HSBC

Mortgage bankers will become your best friends when it comes to financially qualifying your clients. Since we can’t ask clients how much they make, when they are trying to get pre-approved they have to provide several financial documents to the lender in order for the bank to issue that pre-approval. You can have discussions with the lender to make sure everyone understands the buyers purchasing power so you can effectively lead the client through the homebuying process.

ATTORNEYS

As well as needing a mortgage banker to help move your buyer client along, your client will also need an attorney. Since NY is an attorney state, it is the attorneys who handle the contract process for the client. Attorneys are also responsible for going through due diligence materials which includes, reviewing board minutes, the offering plan for the building as well as the buildings financials.

A great attorney can be the difference between getting a deal over the finish line or having a deal completely fall apart. Developing relationships with attorneys is a great way to understand the closing process better and creates more human capital which makes them want to fight harder for you as well as your client. In real estate, attorneys are transactional attorneys and are hired on retainers. They are not litigators and should not be charging your clients by the hour.

Attorneys are a great resource for any questions or issues you may have that can help you think creatively about solving a problem. If your client tell you that they have an attorney already and say:

“My uncle is a divorce attorney on Long Island and he will handle the deal”

Your response is:

“I’m sure your uncle is a great divorce attorney on Long Island, but we need a real estate attorney who operates and practices in NYC. There are a lot of moving parts to a transaction and we’ll be doing ourselves a disservice by not going with someone who transacts regularly in the market”

It is so important that you advise clients that attorneys who may be licensed in an area, does not necessarily mean they are the best person for the job. For example, someone who mainly practices real estate law in Connecticut but is also licensed in NY. Sometimes you will have clients tell you that one option was cheaper than another. I always retort that buying a home is the most expensive purchase of your life, the last place you want to cut corners on cost are with the attorney.

Whether they come from your network, StreetEasy, the Nest Seekers platform, RentHop or any other different lead gen platform, one thing is certain, no two clients are alike. When we talk about clients, we sometimes talk about them as if they are just a single entity in which every situation or dynamic will always be the same. All of their needs are drastically different from one to the next and their abilities to understand the information as well as the sentiment we are relaying are very different too. Although we absolutely value everyone equally, we need to treat everyone equitably.

Under equality, every person gets exactly the same thing, regardless of whether it is needed or not. Equality only works if everyone starts from the same place and we know that our clients are vastly different from person to person. Treating them with equity though, is giving them the tools that they need to be successful, catered to the place where they started from. When you attempt to treat everyone the same, you ignore their uniqueness and minimize their perspective and experience. It devalues them. Selling or renting real estate is an experience, tailoring your interactions and your messaging to the individual you are working with will create more value for them and make them feel seen. Don’t listen just to reply, listen to understand. Value people equally and treat them equitably.

ATTORNEYS

Competition allows us to look at the landscape and then be introspective in how we differ and what our comparative advantage is over other firms. We also are all members of the Real Estate Board of New York (REBNY) which protects us with co-broking. Transacting in the outer boroughs with smaller firms who aren’t associated with REBNY creates potential problems when trying to collect commissions. Below is a small list of other REBNY brokerages that we co-broke with and that operate in the same space as Nest Seekers:

- Douglas Elliman

- Compass - Corcoran

- The Agency

- Brown Harris Stevens

It’s important to know who other companies and agents are in the space as a means

to see which methods you may want to emulate. It’s also imperative that you understand what is going on in real estate not just from a market perspective but from an industry perspective. The last thing you want is for a client to talk to you about something happening in your industry that you are not aware of. You do not want that client walking away from the interaction thinking they know more than you about the industry you work in. That is a recipe for the client to leave you behind and work with someone else more knowledgeable.

The best resources to stay up to date on the NYC real estate market is The Real Deal, Curbed, Crain’s New York and Inman. It is your responsibility to keep your finger on the pulse of everything that is happening in the city you transact in.

CONTINUING YOUR EDUCATION READINGS

We are firm believers that if we’re not learning, we’re not growing. And life is all about growth. It’s about the next adventure, the next interaction, the next deal, the next loss, the next win. We also know, that the only thing we do know, is that we don’t know everything. Learning is a natural instinct. We constantly absorb information, determine what’s important, and decide how to act. Transformative learning is the expansion of consciousness through the transformation of worldview and capacities of the self. It’s an act of changing how we see and do things. Learning allows for development… to realize unrealized potential. We work and operate in a landscape that is always changing. The needs of clients, the market itself, the people and places that make up a neighborhood, are all variables that we need to be prepared for.

The role of learning is to maximize the potential of your business by maximizing the potential of yourself. Do not treat learning as an event to be scheduled. It’s an unbounded resource because it’s in our very DNA to be lifelong learners. View things through a different lens and view what you’re already confident in, abstractly. Cultivate potential to boost performance and encourage risk taking and failure within yourself. Failure is just a great a driver for learning as is reading or attending seminars.

One of my favorite quotes comes from social philosopher Eric Hoffer, he believes that “In times of change, learners inherit the earth, while the others find themselves equipped to deal with a world that no longer exists.” Below is a list of great books that will help supplement your growth and learning throughout your career:

- Seven Habits of Highly Effective People by Stephen Covey - Art of the Deal by Donald Trump

- Ninja Selling by Larry Kendall

- How to Win Friends and Influence People by Dale Carnegie

- Atomic Habits by James Clear

- The Power of Habit by Charles Duhigg

- 12 Rules to Life: An Antidote to Chaos by Jordan Peterson

- Rich Dad/Poor Dad by Richard Kiyosaki

- Buyers are Liars and Sellers Are Too by Richard Courtney

- Start with Why by Simon Sinek

- Good Profit by Charles Koch

- Deep Work by Cal Newport

- The Three Questions That Sill Matter by Ken Fischer

- The 80/20 Principle by Richard Koch

OPEN LISTING BUILDING DIRECTORY

Below is a list of Open Rental listing buildings whose units you can post on your page through the Nest Seekers dashboard. A vast majority of these buildings will offer concessions such as free months for the tenant, waived amenity fees as well as offering an OP (Owner Pays) which means the building will pay your fee on behalf of your client. Call the buildings to confirm what concessions they are offering as they are constantly subject to change.

CLOSING STATEMENT??

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