Reporting from the front lines, Douglas Heddings brings us “True Gotham” – your source for NYC real estate tips, advice, anecdotes and general market insights that aim to inform and enlighten.
If there is one word that I would use to describe the current climate of the New York City real estate market, it would be complex. It seems that most every deal is posing different challenges. From buyer, seller and even agent and attorney posturing, to financial curve balls from banks, and co-op board and managing agent interventions, all too frequently an unnecessary wrench is being thrown into the transaction process. It has been my experience over the years that there are several best practices that anyone involved in a transaction may implement to maintain peace and harmony through the closing:
1. Manage expectations: Communication is key here and it is imperative that all parties are informed of possible hurdles before having to leap them. When all else fails, think like Amazon and under promise and over deliver.
2. Remove ALL emotion: Emotion creates drama and drama has no place in a real estate transaction. Check yourself regularly to make sure that you are not being driven by your feelings.
3. Let go: No one person in a transaction controls all facets. Don’t attempt to control the deal nor the people involved in the deal.
4. Be professional: Be mindful of being of service to your customer and others involved in the transaction which leads to the final point…
5. ADD value: Ask yourself throughout the transaction if you are an asset or a liability and make every effort to add value to the transaction by practicing the 4 points above.
It is possible to have a smooth real estate transaction, but in order to do so, all parties involved must let go of any potential drama and remember that the ultimate goal is to peacefully trade real estate. This isn’t always possible but is definitely more so than many believe.