Brokers Blog

Multi-million homeowners are doing extra effort to sell theirs estates. A real estate broker was even offered 7 percent commission, higher than the average of 5 to 6 percent commission.

High end sellers think that by offering higher commission and by adding in some bonuses, real estate brokers will do the best they can to sell their property. But for this commission and this bonus to materialize, home brokers must seal a deal and sell their home. But knowing the current state of the economy, this is not easy. There are only few successes that actually received the good commission and the said bonus.

The East End did not dodge the effects of the bursting of the real estate bubble. Prudential Douglas Elliman says that the first quarter home sales is just around half of last year’s 400. Median sales price even faltered 23.4 percent from $790,000 to $605,000. This is due to the 24 percent increase in homes available in the market. There are about 2,289 homes in the inventory.

Real estate brokers must do extra work with only fewer transactions and the down dollar value.

So, East End real estate brokers are taking their sells to the buyer. Instead of buyers coming to see the properties, forty East End real estate brokers set up an East End rental expo so they could bring the market to the potential buyers. This is an unusual step since wealthy owners can usually wait. But the brokers cannot.

Luxury market sales were down from last year’s 40 to only 20 successful deals in this first quarter. Luxury sale price average also fell by 46 percent and is now only $308 million. This depreciation is caused by the increasing inventory that rose a whopping 33 percent to 470 properties.

The market is very dull and real estate brokers are having a tough time attracting buyers to purchase a property.

Daniel Gale Sotheby’s International Realty’s Southold licensed associate broker Eileen Tonsmeire said buyers do not see that if they want to purchase a good property with a great offer, they must act fast. You must never let a considerably great property in a descent location slip from your hands for these estates can go out of the market fast.

Real estate brokers, like Jay Flagg the senior managing director at Prudential Douglas Elliman’s Southampton, are also meeting a new trend of buyers: younger (between their 20s to 30), and there are those who were once priced out of the high end market.

Real estate brokers hope that the top end luxury market will recover. It might not be now, but it will come.

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There are a lot of home brokers now. You can search in the Internet and be presented with long lists of real estate brokers. How do you know who to choose? Here are some qualities and criteria for you in looking for the best home broker:

• Experience. As they say, experience is the best teacher. This is one of the most important things you have to look for in a home broker. Aside from knowing that they know well in their industry, experience would also give you more trust in a home broker, that he is not just scamming you.
• Knowledge: a home broker, a good one at that, knows the twists and turns in the real estate industry. When you are looking for your home broker, it is best to get the one that knows your area very well.
• Presence. Your home broker should be the one who actually deals with prospective buyers and sellers, and not their assistants. Make sure that they are getting paid for the job that you hired them for, and this is dealing with your sellers or buyers.
• Availability. If you have buyers or sellers who cannot make an appointment within 9 am and 5pm, then you should tell your broker that he should be available for this. He should be able to present himself to buyers or sellers at whichever time they are most convenient. You never know when the right buyer or seller comes along.
• Marketing. Your home broker should not just be able to talk with buyers or sellers. He should be able to go the extra mile to sell your house. He should be able to come up with creative ideas to get your house at the top of the list, and get the best deal for it.
• Speed. A good home broker knows the dynamics in the industry, and knows that it is not a slow one He should be able to act fast so that you would not lose important prospective buyers or sellers.
• Perseverance. This is a very important quality that you should look for in a home broker. You should e able to see how persevering he is in selling or buying a house. This way, you know that he would be able to build a good relationship with you, the buyers or the sellers, and will in turn lead to a beneficial deal.

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