If you’re a buyer in a market that favors buyers, you might feel safe making a low offer or taking your time.
Though you may be in a position of power, don’t let your guard down too soon.
In this episode, I interview Jeremy Stein—co-founder of the number one sales team for Sotheby’s International Realty in New York City—who shares some common mistakes that buyers make when they think they have the upper hand.
We also discuss marketing in cities with global reach, how sellers should behave when pricing their home, and more!
***IN THIS EPISODE, YOU’LL DISCOVER***
- Common mistakes that buyers are making right now.
- Why you shouldn’t overplay your hand.
- Why you shouldn’t throw in offers that are too low.
- What happens when a bidding war erupts.
- What it means to make a reality-based offer.
- How to navigate meetings between buyers and seller.
- The story behind Jeremy’s boutique real estate team in New York.
- How a small team can produce big results.
- Tips/advice for marketing on a global scale.
- Strategies behind selling in a city with global reach.
- Advice for hiring a broker.
- How to behave right now as a seller.
- Tips for pricing your home sale.
- What caused the shift in the New York market.
- Some leading indicators of market conditions.
- The difference between supply and demand on a macro vs. a micro level.
- The most important thing about a piece of real estate.
- “Don’t just give me an offer, give me a reason why you’re making that offer.”
- “If it doesn’t feel special, people are less inclined to pay a lot of money for it.”
- “You’ve gotta hire somebody you can trust.”
- “I think that too many people spend too much time focused on ‘Can I get this for literally the lowest penny possible?’”
- “Don’t let the finances of the whole thing lead the decision, because it’s not just a financial investment. It’s also a way for you to have a roof over your head and a way for you to live quite happily.”
- “Focus on the big picture. If it’s a home you’ll love having for the next five years, or even the next ten years to raise your family, you’re going to forget about that money. When you go to sell, prices are going to be way up, and it’s not going to matter…or they’ll be way down, and it’s not going to matter.”
***ABOUT THIS WEEK’S GUEST***
Known as one of the top real estate professionals at Sotheby’s International Realty, Jeremy Stein is a co-founder of The Stein Team which continually ranks within the top 1% of Sotheby’s International Realty brokers nationwide and consistently sells in excess of $100,000,000 annually.
Throughout his career, Jeremy and his team have been repeatedly recognized as the #1 Producing Sales Team for Sotheby’s International Realty, Inc. in New York City, a Top 5 Sales Team companywide and a Top 75 Team in the United States by The Wall Street Journal. They have been featured in publications such as The New York Times, New York Daily News, The Wall Street Journal, The Real Deal, The New York Post and Avenue Magazine.
***ABOUT THE SHOW***
Welcome to Luxury Real Estate Talk, where you get expert advice on buying and selling Luxury Real Estate. Learn from the best and brightest real estate agents, brokers, and other professionals, as they share real-life stories about the art and business of listing, marketing, selling, and buying high-end homes. Through casual but insightful conversations, the Talk’s host Rob Jensen will help you master your understanding of the luxury real estate market.
Rob is the president and owner/broker of the Rob Jensen Company, which exclusively specializes in working with buyers and sellers in 42 guard gated and select gated communities in Summerlin, Las Vegas, and Henderson, Nevada. Rob’s 15+ years of local industry expertise have made him a sought after real estate expert source with the media. He has served as a guest commentator for numerous national broadcast television networks including MSNBC and BRAVO. He has also provided content and commentary to The Wall Street Journal, Forbes.com, BusinessWeek.com, the Las Vegas Review-Journal, Real Estate Executive magazine, Growing Wealth magazine, and the Los Angeles Times, among others. Additionally, Rob has penned a recurring monthly real estate column for the Las Vegas Business Press.