Hi everyone. I took a hiatus the last few months after getting COVID and getting myself together. Last year was a bust for the most part as I was entering my forth year in Real Estate and just starting to get momentum when the pandemic hit. The bad is that I got behind on my overall goals, but the good is that it helped me to re-invent myself once again!
I have come to realize that if one wishes to be a successful real estate agent today without having a big lifelong network in NYC, already living in a condo building, or having started earlier in the business, the only alternative today is to build a community through the internet along with all the other analog style network techniques, like walking the neighborhoods, attending community events, cold calling, and looking for real estate owners attempting to sell on their own.
All said, you can find me here on this website 24/7, chat with me anytime RIGHT HERE! I will be working mostly in Greenpoint, LIC this year, but will travel for good opportunities! If you would like to sell or rent your property, commercial or residential, please reach out! I hope you all have a great year! Here's to looking ahead into a rosier future!
At the beginning of COVID, I thought there would be a big opportunity for doing deals in Commercial Real Estate. I quickly found out that many owners were dealing directly with customers and not working with agents. The old school, "take cover" mentality had kicked in "BIGLY!"
Coupled with the uncertainty of the market and having a current tenants breaking leases, owners have been hesitant to relinquish control to a broker.
Also, the nature of commercial deals seems to have consolidated and specialized. The movie industry has swooped in to snap up bargain basement big box warehouse lease deals. Alternatively, small kiosk storefronts seems to be the rage for such businesses as coffee brewers.
Alternatively, small retail business owners in larger storefront spaces are failing. Many of these businesses have under-utilized income producing square footage, and even with the city allowing for sidewalk table access, many restaurants have been strapped with staffing problems and short/long term financing issues.
What's the next move? Commercial Real Estate deals in Manhattan hit an all time low since 2009, only twenty one (21) deals were completed in Q3. So, it's kind of like investing in the stock market at this point. If you have money saved and want to start and/or expand a business, you have leverage to find a good deal right now. Keep in mind that owners/landlord's are wary of entering into long term leases. Also, all parties signing a lease MUST have it thoroughly reviewed by an attorney making sure to include clauses related to catastrophic events and insurance liabilities related to COVID. All good reasons to HIRE a competent and professional Real Estate Agent (like yours truly!) to help you (owner/landlord and/or customer looking for space) transact these deals.
Please feel free to contact me at anytime to discuss further! alan@modernspacesnyc.com
During these Covid times, I have encountered countless landlords who are still thinking this is 2019. It ain't. The market is flooded with all kinds of rentals, many of them offering deep discounts, up to three months free and also paying the broker fee on a twelve month lease!
There is a saying that some of us NYC real estate agents joke about when negotiating with a landlord: "I can do the deal now at a lower price and then you can be mad at me in six months when the market goes back up, or we can try to get the deal done at a higher price, and you can get mad at me when it doesn't rent for the next six months."
Some landlords, but not all, rather have a lower rent NOW, than NO rent for the next six to twelve months. I research pricing every day and can tell you that the rental market has stayed just about the same since Q2. (see below) That said, the election will probably have another impact on pricing and another pricing litmus test will be in order. Here is a snapshot from the Modern Spaces Q3 report that highlights these price movements on rentals between Q2 - Q3.
Prices may actually start coming back, but let's not forget, we are in the waning rental season now as winter approaches and COVID numbers are up again! This will most likely make it more difficult to rent into next spring at the earliest.
This stark view is even more so in the condo rental market, where amenities are fewer, and some/most condo owners do not understand the pricing competition that has been created by a sluggish rental season with high supply and deeply discounted deals to be had. One of my fellow agents not only has asked the landlord to pay the broker fee, but to also offer one or two months free just like the luxury buildings do.
Yes, these are hard times for landlords/agents and the rental market. A long view of how to mitigate short term losses by offering lower prices and with more incentives for long term gains would appear to be a the strategy of choice!