To successfully close a real estate transaction, it’s imperative you be thorough, diligent, and responsive. In the following interview, Cristina Carrion of Engel & Völkers New York City gives us a rundown on market trends, working with international clients, and remaining consistent and thorough.
Licensed Real Estate Salesperson
Engel & Völkers New York City
New York, N.Y.
Region served: Greenwich Village and the West Village area
Years in real estate: 3+
Number of offices: 1
Number of agents: 30
Favorite relationship-building strategy: Stay in touch with friends. I have a lot of friends who can introduce me to potential clients.
Please describe some of the current trends you see in your market.
We’re seeing a lot of competitive bidding for the right product at the right price. For example, in the downtown market, not only are two-bedroom homes very rare, they’re also in high demand. If a two-bedroom home that’s priced correctly comes on the market, we’re seeing multiple offers come in.
In terms of consumer confidence, where does your market stand?
Consumer confidence is really picking up, thanks in large part to low mortgage rates. In the past, we had seen an increase in all-cash deals due to the difficulty in obtaining a mortgage. Today, all-cash deals continue to be very frequent in NYC, but we’re seeing a steady increase in deals involving financing. As banks begin to lend again, buyers who require financing are taking advantage of the opportunities that are present before rates go up. New developments are another factor contributing to increased consumer confidence in today’s market. As developers continue to show confidence in the market, it’s playing a large part in inspiring consumers to get off the fence.
What demographic segments are driving your business these days?
We work with a lot of foreign buyers who are looking to take advantage of the New York marketplace. As part of the Engel & Völkers network—with offices in 39 countries—we have access to a robust communication system with offices all across the globe, so we’re constantly receiving referrals from every corner of the world. New York is a hot market for foreign buyers to invest in, and the firm’s brand recognition is a huge draw as well.
What are your best tips for working with international clients?
When working with international clients, you have to take the time to prepare them for every aspect of the process beforehand. Purchasing a home in New York is a rigorous process and prospective buyers—whether they’re familiar with the market or not—are often taken by surprise at just how involved the process is and the amount of information that needs to be disclosed. In the end, the more prepared the client is, the more comfortable they’ll be with you.
What is your top strategy for closing a transaction?
Once the buyer chooses a property, you have to keep on top of all the players involved and anticipate any issues that may arise. It’s also important to never assume that something that should work out by itself will. Getting to the closing table is all about making sure no little stone goes unturned.
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