My Top 30 Real Estate Tips for Buyers & Sellers

10/14/20 • 31 min

Real Estate Investing in New York by Christina Kremidas

Welcome to Episode 16 in my Series REAL ESTATE INVESTING IN NEW YORK!!
THIS SERIES IS ALSO ON YOUTUBE:
Watch: https://www.youtube.com/watch?v=Vez5QUwqnB0&list=PLizl0_41aCfl_bFhI1KUp8upypyqSZIF1&index=16
Contact me:
Email: [email protected]
Instagram @downtownnative: https://www.instagram.com/downtownnat...
My Top 30 NYC Real Estate Tips for buyers and sellers.
BUYER TIPS:
1. Credit score affects your mortgage interest rate.
2. Place initial offer close to the price you want to pay for the apartment instead of way below.
3. A property priced below market value is using a pricing strategy that is going to end up in a bidding war.
4. There are ways to save money in a transaction that don’t involve just negotiating down the sale price.
5. To save cash, consider financing a bit more than you originally planned to, offering more $ for the apartment and requesting a closing credit = to the amount of the increase.
6. Have an inspection and be observant: property issues aren't always disclosed.
7. Once you sign a contact for a property and enter into a formal agreement to purchase, expect to immediately second guess it.
8. For more space and a yard at a good value, check out Washington Heights and Brooklyn.
9. Keep in mind Warren Buffet's investing principle which also applies to real estate.
10. Have an idea of your most important property must-haves, but do not sweat your ‘nice to have’s’.
11. Make your offer more competitive by putting more $ down in cash.
12. Be prepared for closing costs!
13. Do not let your pride get in between you and a successful negotiation.
14. Be clear on the differences between a co-op and a condo.
15. There are significant extra closing costs on New Devs that = almost 2% of the purchase price.
SELLER TIPS:
1. Don't accept an initial offer.
2. Always respond with a counter offer vs no response.
3. Always stage an empty apartment.
4. If you are selling an apartment that is furnished and the buyer is getting a mortgage, when it comes time for the appraisal do not mention the value of the furnishings.
5. Be sure that you are clear on the 3 pricing strategies and when to use them!
6. Host as many open houses as possible.
7. Always opt for professional photos!
8. Respond promptly to any offers that come in.
9. Do not be in the home during open houses / showings.
10. Be honest with your real estate agent.
11. Keep all upgrades you make to your home prior to listing as generic as possible.
12. If you choose to upgrade one thing in your home before listing, make it the kitchen.
13. Lighting is very important. Replace your bulbs with daylight bulbs.
14. Empty out closets so that buyers can see their depth.
15. It is best to keep emotions out of the transaction and focus on the end goal.
Don’t miss Episode 17, where I’ll be talking about due diligence!!
Discover the value of your home: https://bit.ly/2Z91OLE
Please subscribe to this podcast and leave a positive review!

Previous Episode

Getting into Real Estate: What to Expect, How to Succeed & My Personal Experience

Welcome to Episode 15 in my Series REAL ESTATE INVESTING IN NEW YORK!!

THIS EPISODE IS ALSO ON YOUTUBE:
https://www.youtube.com/watch?v=p_5L1TG9hFE&feature=youtu.be
I created this episode specifically because so many of you asked for it. I am discussing everything you need to know if you are interested in getting into real estate.

If you are interested in a career in real estate and would like to work with me, email [email protected]

WHAT I DISLIKED ABOUT OFFICE LIFE:
★Job security dependent on client’s budget.
★ Waiting for review season for promotion.
★ Pre-determined processes.
★ Requesting days off.
★ Income wasn't directly correlated to level of effort or talent.

REAL ESTATE IS DIFFERENT:
★ I am in control of income.
★ I am fully autonomous.
★ I choose who to work with.
★ Always can look at scenarios w/ fresh perspective.
★ Every client experience is a clean slate.
★ Complete freedom.

The idea of getting into real estate & being my own boss brought me the greatest sense of calm I had ever felt in my life, so I knew I had to do it.

WHEN I GOT STARTED:
★ I did not have sales experience.
★ I did not have experience in real estate other than personal experience.
★ I did not have a portfolio of clients or connections looking for real estate.

WHAT I HAD:
★ Basic understanding of purchase process from buying a condo in NYC.
★ Knowledge of NYC neighborhoods: had lived in Manhattan for 9 years.
★ Roots in Brooklyn: I expanded my area of coverage to BK.
★ Prior experience in Advertising: communication w/ clients & working long hours.
★ Some $ in savings.

THE 2 SCARIEST THINGS FOR ME:
★ Giving up my salary.
★ Being my own boss.
JOIN A TEAM OR WORK INDEPENDENTLY?
★ Team benefits: getting to work on existing clients, training by the team.
★ Independent Agent benefits: more freedom, autonomy, first-hand learning.

COMMISSION SPLIT:
★All commissions are split with your brokerage.
★ Negotiate for the highest % split.
★ If you are interviewing with a team, ask how your commission split will work.

I chose to join a small brokerage as an independent agent where I knew that I would get the training and support that I needed.

MY RESULTS:
★ I completed ~ 20 transactions in my first year.
★ I was ranked in the top 5% of agents at the entire company.
★ Won 1st place for # of deals closed within my department.
★ I am now at Douglas Elliman, a larger brokerage with more brand recognition.

MY ADVICE FOR SOMEONE GETTING INTO REAL ESTATE:
★ Spend a lot of time weighing which firm you want to join.
★ If you do not want to join a team, I recommend joining a small firm that offers training.
★ A brokerage that offers leads/clients is ideal.
★ Negotiate for a better commission split.

THINGS TO KNOW ABOUT WORKING IN REAL ESTATE:
★ You work 24/7.
★ You are showing apartments to clients when they are not working (evenings and weekends). During typical work hours, you are getting new clients, negotiating deals, working with attorneys and lenders, scheduling client appointments etc.
★ A real estate transaction is an emotional experience for the client. You need to be able to deal with people and talk them through the biggest change of their life.
★ You must anticipate issues and have the solution figured out before it happens.
★The most successful agents are highly organized.
★ I recommend having some money saved. Managing your money becomes more important. Pay checks are not always consistent. Taxes are not taken out of your commission check.
★ Must be optimistic.

Email me: [email protected]
Instagram: @downtownnative
Please subscribe to this podcast and leave a positive review! It is so appreciated!

Next Episode

Home Inspections in NYC Apartments: Are They Necessary?

Welcome to Episode 17 in my Series REAL ESTATE INVESTING IN NEW YORK!!
YOU CAN ALSO WATCH ON YOUTUBE: https://www.youtube.com/watch?v=4R-uH1AJEDg&t=963s
Contact me:
Email: [email protected]
Instagram: https://www.instagram.com/downtownnat...
In this Episode, we are discussing everything you need to know about Home Inspections and Building Inspections in New York City.
Our guest for the Episode is Peter Panagopoulos, P.E. LEED AP
Peter is a Home Inspector and Engineer in New York with a background in Construction.
Peter’s company is Pantec Engineering: https://pantec-engineering.com/
Peter’s Cell # is (347) 575-2903
Questions that Peter answers in this Episode:
☆What do you charge for an inspection and what do your typical inspections include?
☆What are the most common issues you find on inspections in NYC buildings?
☆What is a problem that most people may think is not serious that ends up being a costly repair?
☆Are there any issues that come up a lot that worries your clients that usually ends up not being a huge issue?
☆What are you looking for when you access the roof and basement of a building?
☆Do you look for different things in a condo / co-op building than you look for in a private home?
☆Water damage/leaks: when is it a real issue vs. minor issue?
☆How do you spot water damage?
☆Do older buildings have more issues than new buildings?
☆Is there ever a circumstance when doing an inspection is NOT necessary?
☆For someone who is not choosing to have an inspection done, what ☆would you recommend that they look for as a sign of an issue?
☆What is the craziest thing you ever saw on an inspection?
Don’t miss Episode 18, where I’ll be talking due diligence!!
Discover the value of your home: https://bit.ly/2Z91OLE
Please subscribe to this podcast and leave a positive review - it is SO appreciated!! Thank you in advance!