All Forum Posts by: Jason Lee

Hi Carlos,

I've been an agent in Manhattan for about 10 years. You didn't mention how much time you can commit to working as an agent. The amount of time you can spend on it will also somewhat limit your options. You could get a lot of experience and be kept busy by working on a team at a big firm but as a newbie you'd probably be expected to do a lot of showings on rentals and hold open houses. This would be tough on your schedule if you're already working full-time as an architect and perhaps not the most rewarding aspects of being an agent. As you suspect, online only would probably be sink or swim. No one's going to hold your hand and I would only recommend it to those with experience who want the independence and potential flexibility. If I were you, I'd go with the boutique office where you can get mentored and have more flexibility. Someplace you can set your own schedule and get hand holding if needed.

To get MLS access in different states you have to be licensed in different states. I'm also licensed in NJ. There's no true reciprocity but if you have the NY license then you can have the education requirement waived and you just have to pass the NJ tests. You'd then have to have your licensed sponsored by an NJ broker as well.

Anyways, PM me if you'd like to discuss further.

Hi Yuliana,

I'm licensed in NJ. Currently your license needs to be sponsored by a broker and the broker needs to be a member of the MLS you want to join. NAR is changing this in the spring so you will be able to join the MLS of your choice regardless of where your broker is a member. Where you are looking to invest will determine which MLS you want to join and you might want to join more than one as there could be some overlap. I belong to NJ (mainly Bergen County) and Hudson. Please PM me if you have any specific questions or if you'd like to discuss further.

78 showings in one week should lead to a best and final scenario. If the overall feedback was the price is too high then the price is too high. None of the feedback included numbers where the buyers would get a deal done? 78 is a lot of buyers and your agent should have been able to gain a lot of insight on pricing needed to get a deal done.

The first thing you need to do is figure out the true ARV (the lender or appraisal ARV aren't worth anything). Yes, ask for comps. Closed ones from within the past 6 months. Also look at the available inventory right now and see who your competitors are and see how you stack up. 9K is a relatively small amount at this price point and so it's possible 429K is too high, too. 9K shouldn't keep offers away.

The other thing to consider is there could be something about your listing (neighboring properties, location, renovation, some other condition) that’s not readily apparent from your listing description and photos, but is a deal breaker in person. Examples would be brick wall views that aren’t visible in photos, really wide angle photos that make rooms appear much larger, etc. Very often if you’re more transparent about some negative aspects then buyers are accepting of them, but if they come as a surprise they can become deal breakers. If you take an objective look around are there any changes to the listing, photos, or staging, that could be improved upon?

If you do a price cut after one week it won’t look good. From the info you’ve provided I’m not even sure 9K would really move the needle either. I would first have your agent reach out to any buyers/buyers agents that seemed really interested and have a conversation about pricing. Have him hint that there’s some wiggle room on price and that you’re negotiable. Once he’s exhausted those 78 leads then you guys can talk actual price cut.

Good luck!

Hello!

Looking for Heloc lenders in NYC area for primary residence. Ideally no limit with good rates. I've looked at Wells and TD but wondering if anyone has had any other positive experiences recently. Thanks in advance for your help!

Keep in mind there are often additional in and out transaction costs with most condos, like move-in and out fees, alteration fees (if you're renovating, etc, which can add up. You also need to take into account the common charges or HOA fees that will add up while you're holding the condo. But like Joshua said, if you can buy it at the right price, the numbers could work out.

Yes, in general, if it's done well it will get more/longer views online and it should attract more buyers to your home, which should lead to a quicker sale at a higher sales price. I'm a real estate agent in NYC and I've had listings that I could not stage that sat on the market for awhile. Once I was able to stage them they received offers immediately. It works particularly well for unusual or odd shaped rooms where the use and/or furniture arrangement isn't immediately apparent.

I don't think we have enough info to give the best advice here. You used the word "disclose" so are you concerned about whether or not you're required to (ethically or legally) let your boss know you're getting licensed? Or, are you worried your boss might think you're not fully committed to your job and you might start slacking off? I can't imagine you'd be required to let your boss know, and since you're already open about your investing, I wouldn't think being open about getting licensed would hurt. Having said that, I would probably let it come up in conversation related to your investing. If anything, I personally would view it as wise move for an investor as you cut down on your transaction cost, and hopefully get better access to deals on the mls. If you're doing it on your own time then I don't think it's anybody's business unless it starts interfering with your full time gig. I also echo Jake's point about getting the word out. As a licensed agent who also started out part time, most of my deals came through referrals, and that doesn't happen if know one knows you're licensed. Regardless, good for you for thinking of getting licensed at 24. I wish I had!

Hi Janice,

If you're in an older apartment building these are probably vents that lead to fans on the roof that draw air out of the bathroom and kitchen which is fairly common for windowless baths and kitchens. You can confirm by sticking a sheet of toilet paper against the grill cover and see if it sticks. You shouldn't connect any fans to these vents.