The Necessity of Brokerage Support

This month I would like to highlight the utmost importance of aligning yourself with a brokerage that truly supports you in your professional journey. If you found the right place to call home and you’re thriving, congratulations! For those of you who are unsure, remember not every brokerage and agent are going to be the perfect fit. It is critical that you find the right place for you.?

Choosing the right brokerage can make a significant difference in your success by providing invaluable resources, lead generation opportunities, and unparalleled support. Let's delve into how choosing the right brokerage can truly elevate your real estate career.

1. Lead Generation: A steady stream of leads is crucial for any real estate agent's success. Look for a brokerage that offers robust lead generation systems and effective marketing strategies. By partnering with a team that prioritizes lead generation, you can save a significant amount of time and effort, allowing you to focus on what you do best – building relationships with clients and closing deals.

2. Training and Education: Continuous education and professional growth are key to thriving in the ever-evolving real estate industry for agents at all levels. Seek a brokerage that provides comprehensive training programs, mentorship opportunities, and access to industry experts. By investing in your knowledge and skill development, you'll be better equipped to handle the unique challenges and complexities of the NYC market, ensuring your clients receive the best service.?

3. Administrative and Marketing Support: A supportive brokerage understands that your time should be spent on client interactions and closing deals, not on administrative and creative tasks. Look for a brokerage that offers administrative support services, such as transaction management assistance, client communications support as well as marketing materials creation and photography. By offloading these time-consuming tasks, you can maximize your efficiency and focus on what truly matters – providing exceptional service to your clients.

4. Collaborative Environment: A positive and collaborative work environment can make all the difference in your professional growth and overall satisfaction. Choose a brokerage that fosters teamwork, encourages idea exchange, and promotes a culture of support. By surrounding yourself with like-minded peers and industry experts, you can tap into a wealth of knowledge, insights, and potential collaborations that can take your business to new heights. Back when I was managing agents, I loved to see them send clients to their colleagues who were working on other buildings and closing deals together. Half of something is better than nothing and a great agent won’t just fill an apartment, but will do their best to find their clients a home.?

5. Technology and Tools: In today's digital age, utilizing advanced technology and tools is essential for staying competitive. It is incredibly important for an agent to seek a brokerage that invests in its technology platform, customer relationship management (CRM) systems, and data analytics tools. These resources can help you streamline your processes, enhance client experiences, and stay ahead of the curve in the fast-paced market. The brokerage who holds my license has one of my favorite backends to date. They have made it so easy for me to close out my deals on the go and it’s also very client friendly.?

Remember, the brokerage you choose should align with your professional goals, values, and aspirations. When interviewing , always ask them what they do for their agents. For the smaller firms, happy hours and catered lunches are great, it gives the agents a place to bond, blow off steam and unwind.? One of my favorite Manhattan based brokerages does wellness retreats, daily meditations and regular wellness check-ins on their agents. A Brooklyn based team I partner with does monthly incentives to encourage teamwork and collaboration. Take the time to research and explore different options, interview current agents within the brokerages you're considering, and ask questions about the support and resources they provide.

By selecting a brokerage that genuinely supports you, you'll have a solid foundation to grow your real estate business and achieve remarkable success in the world of NYC real estate.

Wishing you continued success and prosperity!

“Where have all the renters gone? - Paula Cole” -

Erin Honto Schaeffer

August, formerly known as the busiest month of the year, has always been an exciting time for NYC rental agents. Unless you’ve been living under a rock, then you noticed we are seeing a drastic shift in the market this month. On a good note for renters at least, there is a slight dip in the prices which can only be attributed to a slowdown in demand. According to the US Census, the city as a whole shrank in the past 2 years. Manhattan by 80,000 people and Brooklyn by as many as 130,000. Despite that, rent prices this year overall have continued to increase to nearly 20% higher than pre-pandemic prices (just ask my landlord who has increased my rent by 11% YOY).?

So why the deficit? Data shows that Brooklyn rentals are down by nearly 30% this year compared to 2022 with Manhattan trailing not too far behind. The answer is there is no single explanation, but rather multiple factors at play: changes in rent laws, inflated interest rates and a lack of supply.?

• Due to the change in the rental laws the number of new developments has fallen sharply this past year with REBNY reporting plans for fewer than 30 multifamily buildings citywide each month since early Spring with only 11 of those buildings having 100 units or more.?

• Mortgage Rates: Part of the reason rents remain so high is because mortgage rates remain elevated, keeping people in the rental market rather than buying a home.

• Renters who are considering reentering the market are capped out with fewer comparables in their price range bringing far less re-rental units to the market.?

So what does this mean for the NYC rental agents? According to Streeteasy, because of inflation, renter?demand will continue to cool for the rest of 2023. Renters will continue to see a price drop however, the process will be slow due to limited inventory. With that being said, if you’re lucky enough to be associated with a brokerage that has New Dev’s in the pipeline, there is still plenty of money to be made. Now is also the perfect time for rental agents to grow in their careers and expand their knowledge. Make some moves, learn sales, work on acquiring your own listings or expand into a new market and get out of your comfort zone.?

The Not Back To School Reading List:

As the days grow shorter and the air turns crisp, we find ourselves embracing the excitement and anticipation that comes with the back-to-school season. While we may not be heading back to the classroom ourselves, but rather to Starbucks for our seasonal PSL fix,? there's no reason why we can't indulge in the joy of diving into a fresh new reading list. Dedicated to all the passionate adult learners among us, I curated a collection of captivating books that will not only entertain but also inspire and empower us in our real estate and life journeys. So grab a warm latte, cozy up with a blanket, and let's explore the pages that hold the keys to our continued growth and success as real estate professionals.

In The Company of Women?

If you're an entrepreneur seeking motivation, "In the Company of Women" is a must-read book. It brings together 100 incredible female entrepreneurs from various industries, backgrounds, and races, each with their own unique story. What makes this book so powerful is the honesty and inspiration these women provide through sharing their real-life experiences, challenges, mistakes, and lessons learned. By delving into their journeys, they offer readers a fresh perspective and valuable insights that can be absorbed from their own missteps. Both the author and the featured entrepreneurs stress the importance of learning, and their invaluable guidance serves as a beacon for aspiring and established entrepreneurs alike.

ReWork - Change The Way You Work Forever

Unlike typical business books, Rework doesn't delve into traditional strategies for managing and strategizing a business. Instead, it emphasizes the importance of productivity and offers valuable insights on how to effectively compete, make progress, and evolve as an individual entrepreneur. The book adopts a minimalist perspective and challenges commonly held business myths. It encourages readers to overcome obstacles and excuses that hinder their growth. While unconventional, the book contains numerous impactful insights and advice that can greatly benefit any entrepreneur.

The ONE Thing: The Surprisingly Simple Truth About Extraordinary Results

Written by Gary Keller, founder of Keller Williams, this book expertly weaves in real estate examples to emphasize a crucial point: focus is the key to real success. While it's true that diversifying your real estate endeavors can lead to triumph, this book drives home the idea that directing your energy towards your "one thing" is like adding gasoline to a fire. After delving into its pages, you'll come to appreciate the profound impact of unwavering dedication and how it can propel you towards unparalleled achievements in the industry.

How to Win Friends and Influence People

Even though it was published back in 1936, this book remains just as impactful and relevant today. Its focus on the importance of effective communication and social skills in both personal and business contexts is invaluable. The book serves as a valuable resource for entrepreneurs, providing insights into the complexities of business psychology. It is especially crucial for new entrepreneurs who often overlook the significance of communication skills. The timeless advice and wisdom shared in this book have been proven to help build numerous successful businesses. For entrepreneurs to truly reach their potential and gain a competitive advantage, it is essential for them to develop strong people skills and a deep understanding of business psychology.