5 Things I Learned My First Year in Real Estate

Entering the world of real estate is an exhilarating journey filled with challenges and rewards. Your first year in the field is often a steep learning curve, a time when you build the foundation for a successful career. Here are five valuable lessons I learned during my inaugural year in real estate that might help other newcomers navigate this dynamic industry.

1. Choose the right brokerage

Your choice of brokerage can profoundly impact your career in real estate. A supportive and reputable brokerage can provide essential training, resources, and mentorship, while a less-effective one can limit your growth and potential. A brokerage with a strong brand and a solid track record can boost your credibility and help you build a client base. On the other hand, a brokerage with a poor reputation may hinder your ability to attract clients. In the competitive real estate industry, aligning with the right brokerage is often the difference between a successful and fulfilling career and one fraught with challenges. It's essential to carefully consider your options and select a brokerage that complements your professional goals and values.

2. Treat it like your business

Although choosing the right brokerage for you can be a stepping-stone to a very successful career in this business, you are still an independent agent. Your sponsoring brokerage will only be your foundation and it's up to you to build your career from the ground up. Treating your career in real estate as your personal business, with your name as the brand, is a fundamental mindset for success. It means taking full ownership of your endeavors, from generating leads, managing your clients, building a strong relationship with them to closing the deals. Just as an entrepreneur nurtures their business, you should nurture your real estate career by setting SMART (Specific, Measurable, Attainable, Realistic, Timely) goals, making informed decisions, and constantly seeking ways to improve.

3. Persistence Pays Off:

In real estate, persistence is the name of the game. The industry is filled with ups and downs, and rejection is common. However, those who persist, adapt, and continue pushing forward ultimately reap the rewards. In this business, it's not always the quickest who wins the race, but those who keep moving, learning from setbacks, and remaining persistent and confident in their pursuit of excellence. Every "no" has the potential of becoming a "yes" but you'll never know if you don't persist.

4. Networking is Key:

Building a strong network is essential, you never know where your next client will come from. The relationships you establish with past clients, colleagues, relatives, industry professionals or even your mailman can lead to valuable referrals and opportunities.

5. Don't take it personal

If you're in Real Estate, you will definitely be spending more time with your clients than with your loved-ones. The worst thing you can do to yourself and your business is get too attached and expect everything to go as planned. You can't control everything. People can change their mind, and most of the time, you will get ghosted, dumped for another agent or, if you're lucky, you might get a text saying: " Sorry, no longer interested'. Never take a client not willing to work with you personal and always move on to the next.

Your first year in real estate is a time of growth, learning, and adaptation. Embrace these lessons and experiences, and you'll be well on your way to establishing a successful and fulfilling career in this exciting field.

If you are looking to rent, buy or sell in NYC, I would love to be your agent!

Christine Marcel (Licensed Real Estate Salesperson)

Oxford Property Group

cmarcel@opgny.com

Closing a Rental Deal in One Week: 12 Tips for renters looking to move ASAP

Finding and securing a rental property is often a time-consuming process, but sometimes, you need to expedite it and close a deal within a week. Whether you have a tight schedule, are competing with other renters, or simply want to streamline the process, there are ways to make it happen. Here's a guide on how to close a rental deal in just one week.

1. Plan Ahead:

Before you start your one-week countdown, be well-prepared. Understand your budget, desired location, and specific requirements for the rental property. Knowing exactly what you need will save you time during the search.

2. Online Research:

Begin your search online through real estate websites, rental platforms, and social media groups dedicated to housing. Narrow down your options by comparing rents, locations, and property features. Reach out immediately to agents or landlords to schedule a viewing and make sure to follow up!

3. Work with one Agent:

Although there are so many listings on line that you can choose from, by exclusively collaborating with a single agent, you benefit from undivided attention and an in-depth understanding of your unique preferences and requirements. This close working partnership often results in more efficient and effective property searches, reduced confusion, and a streamlined communication process, which, in turn, can lead to smoother and more successful transaction.

4. View Properties Efficiently:

When attending property viewings, be efficient and thorough. Prepare a checklist of questions to ask and factors to consider, such as safety, amenities, and maintenance. Take photos or notes for reference later.

5. Know What You Are Willing to Compromise On:

Simply put, you can't have everything. There are plenty of apartments with balconies but small bedrooms and plenty of great apartments in luxury buildings with no washer and dryer in the unit but there is laundry in the basement. Know what you are willing to compromise on to not miss out on a good deal.

6. Be Ready to Commit:

If you find a property that meets your requirements, express your interest immediately. Be prepared to fill out an application on the spot and provide necessary documentation, such as references and proof of income. Remember, your dream home might also be someone else's.

7. Complete Required Paperwork:

Fill out rental applications, provide all necessary documents, and pay any application fees promptly. Ensure you meet all the criteria to be a qualified tenant.

8. Secure Funds:

Prepare your security deposit and the first month's rent as well as the broker fee if applicable ensuring you have the financial means to close the deal swiftly.

9. Schedule the Move:

Plan your move well in advance. Coordinate with the landlord to schedule a move-in date that suits both parties. Be organized, so you're ready to transfer your belongings quickly.

10. Follow Up:

Throughout the process, keep lines of communication open with your agent or landlord. Regular check-ins can help ensure everything is proceeding smoothly.

11. Be Professional and Courteous:

Maintain professionalism and courtesy throughout the process. A positive attitude can go a long way in securing the rental deal quickly.

12. Sign the Lease:

As soon as you are approved, review the lease carefully to understand your responsibilities and rights as a tenant. After reviewing, promptly sign the lease agreement and make the necessary payments. Lease signings are generally required within 24 hours of approval so be ready to not lose the apartment!

Closing a rental deal in one week requires determination, efficiency, and proactive communication. By following these steps, you can streamline the process and secure your new rental property promptly. Good luck with your quick rental hunt!

If you need help with finding an apartment, I am a real estate agent in NYC and would love to be your agent!

Christine Marcel (Licensed Real Estate Salesperson)

Oxford Property Group

cmarcel@opgny.com

Qualifying for an Apartment Rental in NYC: A Comprehensive and up-to-date Guide

Renting an apartment in the bustling metropolis of New York City can be a competitive and challenging endeavor. To secure the apartment of your dreams, it's essential to understand the qualification process and what landlords typically look for. Here's an up-to-date guide on how to be qualified for an apartment rental in the Big Apple.

1. Financial Stability:

Landlords often require proof of financial stability, including a steady income that's approximately 40 to 50 times the monthly rent. Prepare to provide your two most recent pay stubs, most recent bank statements stating that you have enough money to cover at least 3 months of rent, tax returns as well as proof of employment to demonstrate your financial capacity. If you are a student, your only required document would be your enrollment letter.

2. Good Credit Score:

A solid credit history is crucial. Most landlords in NYC require a credit score of 700 or higher. Check your credit report in advance, address any discrepancies, and take steps to improve your score if necessary. If your bank does not give you the option to check your score, Credit Karma is your go to. It is renowned for its user-friendly interface and intuitive design, making it exceptionally easy to use and the best part is, it does not affect your Credit. The dashboard offers a clear snapshot of your credit profile, daily credit scores and reports as well as helpful tools and insights to help you improve your credit.

3. Rental History:

A positive rental history can set you apart. Be ready to provide references from previous landlords, demonstrating that you are a responsible and reliable tenant.

4. Good Faith Deposit and Security Deposit:

While not all landlords require this, expect to provide a good faith deposit to take the apartment off market. There is no set amount and it varies by landlord. If your application is approved, in most cases, you will be required to pay a security deposit, typically equivalent to one month's rent and if you did pay the GFD, it will be deducted from you balance. Ensure you have these funds available when you start your search.

5. Guarantors:

If your income or credit score doesn't meet the requirements, you may need a guarantor. It can be a personal guarantor such as a friend or relative, or a third party guarantor. A personal guarantor would need to make 80x the monthly rent annually and have a credit score of 700 or higher. Your guarantor would also have to fill out the same application as you and provide the same documents as proof of their finances. If you wish to learn more about personal guarantors and third party guarantors, make sure to read my next article!

6. Broker's Fee:

In NYC, many rentals involve a broker's fee, which can be a significant cost. Be prepared to cover this fee, usually equivalent to 12-15% of the annual rent.

7. Document Verification:

You'll need to provide identification, such as a driver's license or passport, and proof of your legal status in the U.S. if applicable.

8. Be Proactive:

Apartments in NYC move quickly. Be proactive and ready to act when you find a suitable place. Have all necessary documents prepared in advance to submit your application promptly.

9. Be Honest:

Honesty is crucial throughout the application process. Providing accurate information helps build trust with landlords and management companies.

10. Work with a Real Estate Professional:

Consider enlisting the services of a real estate agent who specializes in NYC rentals. They can guide you through the process, help you find the right listings, and navigate the complex NYC rental market.

In the competitive NYC rental market, being qualified for an apartment involves careful planning, financial preparedness, and timely action. By addressing these key factors and understanding the expectations of landlords, you can increase your chances of finding the perfect rental in the city that never sleeps.

If you are looking for an apartment in NYC, I would love to be your Agent!

Christine Marcel (Licensed Real Estate Salesperson)

Oxford Property Group

cmarcel@opgny.com

Top 5 Features Renters Are Looking for in an Apartment

Whether it's for a short or long term stay, the quest for the perfect apartment often leads renters to consider several factors that align with their lifestyle and preferences. In today's rental market, although it's quite rare to find the IT apartment, many units come with certain features that make them stand out as particularly desirable. Whether it's about enhancing comfort, convenience, or sustainability, these top five features are on the wish lists of many apartment seekers.

1. Location, Location, Location:

The old adage still holds true—location is paramount. Renters are keen on proximity to work, schools, public transportation, and recreational areas. A central location can save time and money, making daily life more efficient and enjoyable.

2. Modern Appliances:

The heart of any home, the kitchen, is a focal point for many renters. Modern appliances, such as energy-efficient stoves, full size refrigerators, and dishwashers, are in high demand. A well-equipped kitchen not only streamlines meal preparation but also adds to the overall appeal of the apartment.

Although the kitchen is often times the first thing you see in an apartment and where most people with a passion for food spend their time, there is another room that deserves as much attention: the bathroom.

This often neglected room in the apartment, when designed properly, can convey a sense of luxury but also speak to the overall care and attention given to the apartment's interior. Such a bathroom can elevate the apartment's appeal, making it more enticing to potential renters. Beyond the obvious comfort and convenience, a well-designed bathroom acts as a reflection of the apartment's contemporary and sophisticated character, leaving a lasting impression and enhancing its overall image.

3. In-Unit Washer and Dryer:

The convenience of an in-unit washer and dryer cannot be overstated. Renters are increasingly seeking apartments with this feature, as it eliminates the need to spend time and money at laundromats and ensures greater flexibility in managing laundry.

4. Energy Efficiency and Sustainability:

With environmental consciousness on the rise, renters are gravitating toward apartments that offer energy-efficient amenities and sustainable features. LED lighting, smart thermostats, and high-quality insulation are seen as eco-friendly and cost-effective additions.

5. Gorgeous Views

Whether its from a wrap around terrace, a balcony or floor to ceiling windows, a breathtaking view can do wonders in enhancing the image of an apartment. Whether it's a picturesque cityscape, a tranquil waterfront, or a scenic natural landscape, a spectacular view has the power to elevate the apartment's desirability and perceived value. It not only brings an element of beauty and serenity into the living space but also adds a unique character to the property. A great view offers an ever-changing, living piece of art, a calming retreat, and a source of inspiration right outside one's windows. In the competitive real estate market, a captivating view can set an apartment apart, making it a highly sought-after gem, offering more than just a place to live but a lifestyle to cherish.

While personal preferences may vary, these five features are consistently at the top of renters' wish lists when searching for the ideal apartment. By focusing on these factors, renters aim to find a home that not only meets their immediate needs but also enhances their quality of life and convenience. As the rental market continues to evolve, apartments with these sought-after features are likely to stand out as the most desirable choices.

If you are looking for an apartment in NYC, I would love to be your agent!

Christine Marcel (Licensed Real Estate Salesperson)

Oxford Property Group

cmarcel@opgny.com