Good Morning New York, Real Estate with Vince Rocco

On our show today: Will banning brokers’ fees actually save renters money? That question is being asked around the world as governments try to reduce move-in costs for renters. Over the past decade, Germany, Britain, Scotland and Spain have ruled that landlords, not renters, should pay brokers’ fees. In a surprise ruling this month, New York also adopted fee reforms. A judge though temporarily blocked the changes after real estate groups sued the New York Department of State. Investigating reforms abroad offers insight into what might happen in New York. The preliminary findings? A ban looks like it would be a good deal for apartment hunters. And they briefly celebrated. We will get into it this morning. We have members of NYRAC, the New York Residential Agent Continuum here to discuss.

On our show today: True New Yorkers are all obsessed with real estate. And New York is full of amazing places to live, which is why it’s not unusual to find oneself perusing real estate listings that are financially out of reach. Everyone has their personal preference when it comes to their fantasy place: the sleek penthouse with panoramic views, the updated brownstone on a leafy Brooklyn street, a classic loft in the Flatiron District. Here is where fantasy meets up with reality: All of this window shopping prompts the same question from everyone “Why on earth would you ever leave that place?” It is all about lifestyle or a change in lifestyle, and we will discuss. Also at this Hour: Approximately half of the luxury-condo units that have come onto the market in the past five years are still unsold. In Manhattan, the homeless shelters are full, and the luxury skyscrapers are vacant. Such is the tale of two cities within America’s largest metro. Even as 80,000 people sleep in New

If you are thinking of selling your NYC apartment and have been watching the market for an uptick in sales activity to help you get to the right price strategy, you may not find it. There are many reasons why the market flipped last year into a buyer’s market, - including a glut in luxury condos not sold and the political uncertainty for 2020 and it doesn’t look likely to change, but that doesn’t mean it’s the wrong decision to sell. Your priority is to get your apartment seen by as many qualified buyers as possible, and realistic pricing is key. So how do you do that? We will tell you in the next hour. Also at this Hour: The New Year is a time when everyone is making New Year’s resolutions for their professional and personal lives, but too often those goals and aspirations are abandoned by February or March. The gym is one example. So, how can real estate agents keep those New Year’s resolutions and stay motivated all year long, even when times get tough? The panel is going to

Your real estate marketing social media strategy can make or break your business in 2020. With an overcrowded marketplace and industry, it is crucial to put your mind to the task and show what makes your business unique. Yet throwing a few social media ideas at the wall and seeing what sticks simply isn’t going to cut it. A solid, well-rounded real estate social media strategy needs to be intentional and rooted in the fundamentals of a sound business. It requires a proven system that puts your clients first and keeps your business front and center. We are going to talk to Ali Rubenstein, Social Media Director at Halstead and find out the keys to a successful campaign. Also at this Hour: In case you’ve been living under a rock, what has the industry reeling since last week is the state’s interpretation of certain language in last year’s rent law. Specifically, that under the law, landlord’s must foot the commission bill for any rental brokers they use. Though owners of high-

The road to having a single, comprehensive Multiple Listing Service, or MLS, in New York City has so far been long and arduous. Most major U.S. cities have had their own version since the 1970s, but for a host of reasons - size, sheer number of listings, and fierce competition for listings among brokerages - an MLS for NYC has never really gotten off the ground. We are going to discuss all of this with the head of Hudson Gateway Association of Realtors, Richard Haggerty and the Chair of the Board of Managers for ‘OneKey MLS’, Leah Caro. Also at this Hour: How important is it to achieve near perfection in real estate photography? Do photos sell a listing? Does it drive traffic to your listing? Do you need to declutter or stage first? Michael Weinstein, one of the leading real estate photographers in NYC is here this morning to tell us.

At this Hour: You may have heard that the New York City sales market favors buyers right now—that's because sales have slowed and there are a lot of apartments for sale, and where there have been many price reductions, a dynamic that's been in play for over a year now. It's an important consideration to keep in mind whether you are thinking of buying or selling. How are buyers navigating this buyers’ market and how are agents advising them to do it? My panel of experts will break it all down for us. Also at this Hour: Special guest, James Nelson from Avison Young is here to discuss the latest trends in the commercial market place in NYC and to give us some clarification on the latest rent regulations, retail space vacancy and so much more.

Do you have a working real estate marketing strategy for the new year? Well, now is the time to figure it out. What will you be doing to get your name out there in 2020. In order to really market yourself, you need to build a strategy based on the fundamentals of sound business. This is the most effective way to ramp up lead generation and get more referrals in the new year. As you dive into creating your 2020 marketing plan, we will discuss the three must-have elements. Also at this Hour: When you are buying new construction, you need to pay attention to the fine print in the offering plan. In particular the Special Risks section. Special guest, Lior Aldad, a NYC real estate attorney is here to give us tips on everything NYC real estate.

I have personally lived in New York City for 25 years, and in that time, I’ve called six different neighborhoods home. Some felt more like “home” than others did but all had different qualities. These are the calculations that many New Yorkers end up making when choosing where to live: Do I want space, or do I want to be surrounded by people? How important is it to be close to a park for my pet? How important is being close to a subway line? And how much is all of this going to cost? Also at this Hour: Hundreds of new buildings with thousands of units are slated to open up in 2020 during what promises to be a tumultuous year for New York City's real estate market. The glut of high-priced luxury homes hitting the market during a presidential election means anything is possible in 2020, experts said. Presidential election always puts a cloud of uncertainty over the market. Let’s see about this one.

There were highs and lows for New York real estate in 2019. Sales records were broken, however the overall market hit the brakes and stalled even as mortgage rates stayed low. And several industry executives and agents believe that the upcoming presidential election year could temporarily sideline some buyers in the higher price points. Is there a brighter side? We will discuss. Also at this Hour: We will talk to two very special guests this morning. Matthew Leone, Chief Branding and Marketing Officer at Halstead Real Estate. He will take us through several successful achievements and tell us his plans for 2020. Nicole Hay, Halstead’s newest rising star is also here and we will discuss her achievements to land at the top of the crowd.

The real estate market throughout the years has benefited many people, from buyers to sellers to investors. But even with relatively low-interest rates and reduced selling prices today, there is still a big gap between the number of people that want to own a home and those that are able to make that purchase. Getting a mortgage is inevitable. Unfortunately, standard mortgages are not always accessible for many people, especially first-time buyers. But there are programs out there. We will talk to a banking expert this morning. Also at this Hour: The millennial generation and their consumption habits are largely blamed for fundamental changes in several industries like retail and the housing market. But according to CNBC there seems to be new interest in buying value and 2020 could be the year of change for Millennials buying homes. And what are the succession rights in rent stabilized and rent controlled apartments?

Co-op rules need to change. This has been the mantra of the NYC real estate industry for many years. Things like fair housing practices and time of board approval are becoming increasingly more of a concern. Can this city get there with new laws surrounding these “private” corporations? And while putting together your board package, you start to get curious and a bit worried. Co-op boards require so much personal information about your lives, your finances, and on everything. Also at this Hour: Buyers are moving more slowly. Negotiations are taking a lot longer. Contracts are taking longer to get signed. Constant follow up and communication is key with sellers, buyers, co-brokers and also with the attorneys, and the bank. We will get into all of this.

At this Hour: What we are going through some say is natural because we have been here before. I don’t buy it. Deals are harder to do which means we need to work harder to save each one of them. But that seems standard to me though. So what’s the rub here? Prices have come down but I think more is needed to meet buyer’s expectations but are the sellers there yet? If you want to stay in this business of making deals, you need to work very differently than ever before and find that coveted amount of patience within each of us. Both buyers and sellers need skillful expertise and very experienced representation now more than ever so let’s step up to the plate. Also at this Hour: Nikki Field from Sotheby’s International Realty is here with us today and we will get an update from this icon in our industry.

Chances are, if you love the energy and vitality of this city and you want to sell New York City real estate, you’ve probably noticed it’s full of people who have been in the business for a while, we call them Power Brokers. So, how do you become a success in real estate in the Big Apple? It is not easy, but with a lot of hard work and adopting best practices of top agents, it can be done. You can make very big money and improve your lifestyle greatly and beyond your expectations. But while that may all sound fantastic, the lifestyle of the average real estate agent in NYC is probably less glamorous. We have a power broker here with us today, Louise Phillips Forbes from Halstead and also a rising new team in the business for just 5 years that are breaking records and we will break all of this down. Also at this Hour: How important is it to set price cut expectations early in the process… like at the pitch presentation? Is it that important in today’s market?

Ordering food? Catching a ride? Looking for a date? Well people do everything on their phones today, and as such they expect to browse, buy, and sell real estate from the palm of their hand, too. Technology touches every aspect of the real estate industry today. Buyers can see a birds-eye view of a neighborhood 2,000 miles away through drone footage. You can buy a house online without ever taking out a pen to sign a contract. Searching for new listings is as simple as downloading an app, choosing your location, and awaiting notifications with options. More than 70 percent of today’s buyers search for homes online, and 85 percent of real estate agents use texting to communicate with their clients. Where is this all leading? Also at this Hour: We will get an update on the New Condo Development Market from Steve Kliegerman, President of Halstead and Brown Harris Stevens Development Mktg.

Today is Season 6 In a buyer’s market, there are more homes for sale than there are people shopping for homes. This means that buyers have the upper hand, since there are plenty of other choices out there. But is it a good time to buy a home just because it’s a buyer’s market? Should you rush to buy right now? We are going to discuss our thoughts on this.

At this hour: Technological developments in recent years have changed nearly every industry, and real estate is no exception. The process of listing, viewing, buying and selling properties has become much more streamlined with listing websites, e-signed documents and mobile apps. The Forbes Real Estate Council is most excited about one of these technologies, RealScout. Simple. User-friendly. These are key words that consumers attach themselves to when it comes to mobile applications to shop for apartments online. The Co-founder and President of Real Scout, Andrew Flachner is with us this morning and we will discuss Also at this hour: If you are a good broker, you don’t just talk real estate to your clients. You get deep into who they are and what makes them tick. You’re having conversations that get very intimate very quickly. A few minutes after “how do you do,” apartment hunters are laying bare their finances, and in many instances their domestic situation.

At this hour: While one of the smaller states in the U.S., Connecticut has the 19th longest shoreline at 618 miles. Approximately 125 of those shoreline miles are along the coastal towns of Greenwich, Stamford, Darien, Norwalk, Westport and Fairfield. The ability to live on the Sound in these sophisticated and amenity-rich communities, with proximity to New York City and the business centers in Fairfield County, has made this waterside landscape highly sought after. It is also a rare commodity. We will talk to an expert this morning. Also at this hour: The number of South Fork homes on the East End of Long Island has seen sales drops for the third consecutive quarter East End home sales slipped by more than 10 percent for the third quarter in a row, 27east reported. The third quarter dipped more than 13 percent compared to the same quarter in 2017. Sales at both the low and high end have fallen off. We will talk about it.

At this hour: The stars are shining bright on Broadway this fall with some legendary actors returning to the stage in multiple new shows. I am going to talk with a legendary Tony Award winning Broadway Producer about the business and his very successful career in the greatest city in the world.. New York City. Also at this Hour: As I have said on many occasions on this program, Real Estate Agents come from a variety of backgrounds and most did not set out to work in this field. It is usually a second or third career for most. But with that said, we are seeing young millennials coming into the business right out of school.. a tough thing to do but the hard working ones will make a successful career. Because we work so hard, we all look for outside interests to keep us focused and fresh. So what do agents do in their spare time? We will tell you.

At this hour: Mention the term “millennial” and you may as well run for cover. The generation of young adults who came of age during the financial crisis — and in the glare of social media — is both lauded for embracing innovation and social responsibility and also known for being lazy and self-indulgent. If you look at the research on millennials, they are not making decisions about where they’re doing in four years. They’re making decisions about where they’re going to do today and in the next few months. That along with their well-documented deferral of marriage, family and home buying — all trends that took off under Generation X — has concerned some people.

We came out of 2018 in reset mode for NYC sales including new condo development sales. The pace of sales has already slowed this year with homes spending more time on market prior to going into contract. More than 20,000 new apartments in New York, both for sale and for rent, will open their doors this year and likely just a fraction will find residents by year end.Sharp pricing and developer incentives seem to be the only way to get these units in contract. Also at this Hour: Hudson Yards has entered the list of most expensive NYC neighborhoods with a median sales price of $3.86 million. Tribeca remains the priciest neighborhood with a median sales price of $4.34 million, but Hudson Yards, the new luxury neighborhood on Manhattan's Far West Side, which opened in March this year, comes in a close second. Other neighborhoods that saw median price increases included Little Italy, Cobble Hill and Prospect Park South, where prices more than doubled year over year. Try LandGlide free for a week by visiting landglide.com/vince