Being a real estate professional in an ever-fluctuating industry means you have to be a habitual problem solver. In the following interview, Jane Estes and Nicholas Constantino of Engel & Völkers Hoboken talk about keeping up with today’s unique challenges.
Licensed Partner/Broker of Record
Engel & Völkers Hoboken
Region served: Concentration on Hudson and Bergen Counties
Years in real estate: Jane: 14; Nicholas: 15
Number of offices: 1
Number of agents: 41
Average time on market: Less than 30 days
Average sales price: $695,000
Favorite way to connect: Face-to-face meetings. Meeting in person goes a long way these days with so many people using social media.
Top time management tip: Creating to-do lists. Being a real estate agent is very much like being a television producer. The more organized you are, the smoother your transaction will be.
What are the current market conditions in your area?
Nicholas Costantino: We have very low inventory and high demand, which is moving prices quickly to the upside. Buyers need to be prepared to make an offer as soon as they find a home they like, as most homes are getting multiple offers within the first week on the market.
Jane Estes: Hoboken is a very unique market in that we get a lot of buyers from New York City who find that they get more living space for their money over the Hudson River here in Hoboken. We also have a number of families who are deciding to stay in Hoboken as we get better and better schools in town.
What are some of the most difficult challenges buyers face today?
JE: Due to the lack of inventory combined with the high demand for properties, buyers are faced with bidding wars on a daily basis.
NC: As agents, we have to make sure our clients are educated in regard to current market conditions and how best to position their offer to stand out.
How does your company work to solve these challenges?
JE: Overcoming the challenges that bidding wars create is complicated, so we work with our agents to help them fully understand the consequences of waiving certain contingencies in a negotiation.
NC: We’re constantly taking the pulse of the market, studying the most current data and meeting with the whole company to talk about what they see. By having everyone share their input, we get some great suggestions on what is and isn’t working in today’s market.
What is your team doing to stay ahead of the competition?
JE: We recently transitioned to Engel & Völkers from Empire Realty Group. Empire Realty Group has been our firm for the last 10 years, and we’ve grown it to a wonderful boutique firm with a great reputation and culture in Hoboken. We feel that joining the Engel & Völkers global brand will bring us to the next level as far as reach and exposure are concerned. By joining with Engel & Völkers, we’re standing out amongst our competition, in addition to staying ahead.
NC: By partnering with Engel & Völkers, we’re putting our company in a great position for the future. The real estate market is becoming more global every day, and with Engel & Völkers, we feel we’ve aligned our company with an amazing global brand.