Sue's News and Views, June 2024

NYC Real Estate and June Events, curated for you by me ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

Sue's News and Views,
June 2024

Dear All,

Sommer is now in full swing and people hang out in the streets and parks and life feels so different! I've been craving this time and now it is here to enjoy.

In April's newsletter I promised you to bring some light into the real agent's function and what would be the manifold reasons to collaborate with one, instead of going it alone.

My May newsletter featured an elaborate description of what I do as a listing agent - all the services I provide to sellers, who choose to be represented by a professional when selling their property.

And what do you need a buyer's agent for? You can browse the internet for properties, get a mortgage pre-approval, you think you know your budget... If only it were that simple. In NYC 75% of apartments are cooperatives (co-ops), 25% are condominiums (condos), and then there are single family and multi family townhouses. Those 3 concepts are 3 entirely different scenarios with entirely different rules and circumstances, and they require a very specific approach when purchasing.  

Below is a list of services you can profit from when working with an agent representing your interests and acting as your consultant in a home purchase. Did you know there are 98 steps of assistance, managing and consulting I'm going through to support you in your property purchase?
Enjoy the read, and feel free to reach out with any questions.

Have a happy summer!
Warmly,
sue

What does a Compass buyer's agent do?
What do I do when representing buyers?

UNDERSTANDING THE MARKET
· I ........ research and review current and recent past market inventory.
· Monitor the market and listing activity on a daily basis for new listings and updates on already listed properties.
· Check Compass Coming Soon and Private Exclusive listings to see new-to-market listings exclusive to Compass.
· Participate in office Sales Meetings and network with other agents to understand more about properties coming to market soon.
· Participate in broker tours to preview properties and network with community agents.
· Attend public open homes to understand on-market inventory and the activity at the open homes.

PREPARING TO BUY
· Establish a communication plan that suits the buyers’ preferences.
· Share market trends and data with clients so they understand the current state of the market.
· Understand financial goals and timeline.
· Learn goals, needs and preferences on home attributes, locations, etc.
· Share insight on pricing and availability of preferences in the current market.
· Set buyer’s expectations on hyper-local market conditions.
· Confirm areas of preference as they relate to home buyer needs and goals.
· Suggest pre-approval for mortgage and lender recommendations, if needed.
· Collect mortgage pre-approval letter.
· Qualify the buyer
· Calculate buyer’s debt-to income ratio (if interested in purchasing a co-op)
· Walk client through the process and approximate timelines outline plan and process.
· Gather client signature on Exclusive Buyer's Representation Agreement and the NYS required Agency Disclosure and Fair Housing Disclosure forms.

REFINING HOME SEARCH
· Search listings that match client preferences.
· Set up a Collection of property listings so client has an auto-update of all new and relevant listings.
· Gather client feedback on listings.
· Revisit/revise budget or search criteria, if necessary.
· Curate search and initial showing list.
· Share updated listings with client as they become available.
· Monitor relevant listings for changes in price and status.
· Review client notes on properties in the Collection and understand which homes to remove from consideration.
· Communicate with client through Collections or any other preferred means of communication.

VIEWING PROPERTIES
· Understand the client’s availability for seeing homes.
· Coordinate showings with the client and listing agent.
· Obtain showing information about the property, including how to access the property.
· Create and share tour sheets with itinerary and listing information with the client and all showing attendees.
· Tour listings with client.
· Understand and accommodate unique client needs for tours.
· Capture client’s feedback about each property visited.
· Share the client’s feedback with listing agent.
· Send client a tour recap email.
· Contact the listing agent for more information on disclosures and timelines.
· Understand if the client wants to submit an offer on a home.
· Repeat these steps until client is ready to make an offer.

PREPARING TO BID
· Provide market and property-specific insights and report Comparables to the client as they consider an offer decision.
· Create offer package, including all relevant forms.
· Collect and add client’s documentation to offer package.
· Strategize on how to best position the offer with regards to terms and conditions.
· Send offer package to client for review and signing.
· Contact listing agent to inform them of the offer.
· Present professional & organized offer package with all relevant documents.
· Submit completed offer package to the listing agent and confirm receipt.

NEGOTIATING AN OFFER
· Communicate progress of offer to client.
· Review any received counter offers from seller.
· Strategize with client on response to counter offer.
· Add and fill counter offer and relevant forms.
· Submit completed counter offer package to listing agent and confirm receipt.
· Receive executed offer package from listing agent.
· Contact client to inform them the offer was accepted!

INITIATING THE TRANSACTION
· Provide a list of qualified home inspectors that service the area.
· Confirm date and time of inspection with listing agent.
· Share offer package with client attorney.
· Communicate earnest money, down payment and contingencies with all parties.
· Track earnest money delivery with client attorney.
· Create closing timeline and transaction overview.

MANAGING THE CONTINGENCIES & TRANSACTION
· Track deal progress and timelines, and provide regular updates to client.
· Ensure earnest money funds are submitted to the sellers attorney.
· Communicate with buyer client attorney regarding updates on contingencies and title.
· Communicate with buyer lender regarding conditions and contingencies.

Condos and Co-ops: ASSISTING WITH THE PURCHASE APPLICATION
· Find out the requirements of the purchase application, and requesting it from Listing agent (in paper, electronically).
· Assist clients in gathering documents for the purchase application: Financial information and documents, employment verification, landlord/ professonal/ personal reference letters, disclosures, credit check, explain complex situations on behalf of client, notarizing of certain documents.
· Assist clients with loan application process.
· Complete and review purchase application with client (can be several hundred pages long).
· Review purchase application with listing agent (if all involved agree).
· Gather loan commitment.
· Co-ops: gather and deliver recognition agreements.
· Submit the purchase application/board package to the managing agent of co-op/condo or review electronic submission.
· Follow up with management regarding status of application.
· Prepare personal interview with client.
· Once board has invited the buyer to a personal interview, schedule and communicate date and time.
· Once approval (Co-op) or the waiver of first refusal (Condo) is granted, share the great news with client and buyer’s attorney.
· Communicate with client and lender regarding clear to close.
· Coordinate with seller's agent to arrange pre-closing property visits.

PREPARING FOR CLOSING
· Attend buyer client property visits
· Ensure RLS status has been updated by seller’s agent.
· Confirm closing date with Attorney.
· Create commission invoice.
· Request list of seller’s service providers from listing agent.
· Share utilities guide with client.
· Remind client to notify utility service about transfer of services on closing date.
· Remind client to update USPS mailing address.
· Recommend movers and design/construction vendors, if applicable.
· Coordinate final walkthrough with seller’s agent.
· Schedule final walkthrough with buyer client.
· Attend final walkthrough with buyer client; report any issues to attorney.
· Attend closing in the background, while buyer attorney facilitates the closing
· Receive commission check
· Submit commission check to Compass
· Ensure RLS status has been updated by seller’s agent.

PROMOTING & CELEBRATING THE SALE
· With approval of the client, create post closing social media and postcard campaigns, including “Just Closed” email and “Just Closed” social post.
· Gather client testimonial.
· Congratulate client on their new home!

Real Estate in the News

NYC Weekly Luxury reports

For Manhattan's Weekly Luxury report, click into the image. 
For Brooklyn: Click HERE
For Queens: Click HERE

Buy Like an A-Lister

Steal these 7 home buying secrets from celebrities!

SUNDAY JUNE 2, 2024
7:30 PM AND 9 PM

Michelle Lordi Quartett
Live Jazz at MEZZROW

Michelle Lordi / Vocalist
Ian Macaulay / Guitar
Matthew Parrish / Bass
Wayne Smith Jr / Drums
Mezzrow
163 W 10th St.
Tickets HERE

TUESDAY JUNE 4, 2024
6:30 PM

Maxine's Baby: The Tyler Perry Story. 

Perry (Diary of a Mad Black Woman, Madea's Family Reunion) is a writer, actor, filmmaker, studio head, and media titan. Maxine's Baby, a nod to his mother’s love, offers an intimate portrait of Perry. With unfettered access, directors Gelila Bekele and Armani Ortiz lead viewers into the inner-world of Perry as he becomes a father and a media mogul. A talkback with the directors follows. 
Schomburg Center for Research in Black Culture
FREE admission! Reserve your spot

JUNE 1 - SEPTEMBER 22,2024

Little Island 
presents a series of all new work across dance, music, theater and opera. With food, drinks and views - open air - all summer long! check out the calendar HERE - it's worth it!

New York City celebrates Pride every June by bringing millions together to celebrate and advocate for equality. Rainbow-clad activists and allies will take to the streets in support of this year's theme, “Reflect. Empower. Unite”. See below to learn more about this year's NYC Pride events. 
Click HERE to learn more! 

SUNDAY, JUNE 9, 2024
11:00 AM - 5:00 PM

67th Annual NYC 
Puerto Rican Day Parade

It's that time again! From 5th Avenue to a range of events throughout the city, experience a glimpse of Puerto Rico's rich culture, history, and impactful achievements across all facets of society. From the arts, sciences, to education, entertainment and more, this is an amazing celebration that you don't want to miss!
Click HERE to learn more!

Tribeca Film Festival

It's back and better than ever! Did someone say "De Niro Con"? Yes, that's right and there's even more! Explore a wide range of festivities at this year's Tribeca Film Festival. From exclusive galas, short film screenings, celebrity panels, participant voting, to exclusive music lounge dance parties, this is the experience for all the film buffs!
Click HERE to learn more!

Desire: The Carl Craig Story (World Premiere)

The World Premiere of Desire: The Carl Craig Story at TRIBECA Film Festival tells a story of an artist whose music tells a story all of its own — one of struggle and joy in the city of Detroit, all while bringing techno music far beyond what the world ever expected.
Written, produced and directed by Jean-Cosme Delaloye
After the Premiere Screening: Musical selection by Carl Craig.
Buy tickets HERE

Juneteenth Festival

Juneteenth has been celebrated by Black Americans since the late 1800s, but in 2020, the holiday garnered renewed attention as Black Lives Matter demonstrators called (and still call) for meaningful policy changes following the death of George Floyd at the hands of police officers. this year's theme is THEIR WILDEST DREAMS - events all over the city, from Harlem to Carnegie Hall.
Check out the many events HERE

SATURDAY, JUNE 15, 2024
11AM to 6 PM

6th Annual Schomburg Center Literary Festival
A daylong festival of conversations, author talks, and workshops with award-winning writers at the sixth annual Schomburg Center Literary Festival! Guests this year include Donovan X Ramsey, Diane Richardson, Elizabeth Acevedo, Vinson Cunningham, and B. Michael. Explore our Lit Fest website to view our full schedule of events.
Schomburg Center for Research in Black Culture, 
click HERE to learn more

JUNE 18-JULY 10

New Summer Movement Classes in Central Park

Personal trainer and Wellness Consultant Emanuela Villorini introduces two new summer classes in Central Park: Mindful Walking (Stress less, Release Anxiety and Gain Peace of Mind), and Strength/Flexibility (Unlock Your Body’s Strength, Flexibility, Mobility & Energy in 4 Weeks), at a limited time super attractive summer special rate!
To find out more, please email evillorini21@yahoo.com

Spring Soiree Benefitting Teens for Food Justice

Teens for Food Justice (TFFJ) is building a food-secure future through school-based, youth-led hydroponic farming, providing local, sustainably-grown produce to food desert communities and building health, education and opportunity equity for all New Yorkers and beyond.
To support this amazing organisation, join Spring Soirée at Undercote and celebrate TFFJ's successes with cocktails and bites to benefit youth and end food insecurity.
Tickets HERE

Lifestyle Tips and Tricks

9 Locations where Housing Prices are Skyrocketing Post-Pandemic

It’s no secret that real estate prices have increased substantially in the past few years, with the pandemic era of the early 2020s seeing massive spikes in home prices nationwide.

Design Choices Sellers Might Want to Rethink

Social media causes a lot of hype, but trends change frequently and could hurt resales. Sellers are wise to play it safe with timeless simplicity. 

6 Spring 2024 Tips for Home Buyers and Sellers

The housing market is in a strange place this spring...

21 Plants to Add Instant Curb Appeal

Before you plant that "For Sale" sign in your yard, plant shrubs and flowers to boost your curb appeal!

Featured Listings of the R-Team

725 Riverside Drive, Unit 4G

1 BD   1 BA   683 SF   $479,000

800 Riverside Drive, 
Unit 6E

4 BD   3 BA      $1,795,000

790 Riverside Drive, 
Unit 5B

4 BD   2 BA      $1,185,000

102 West 80th Street, Unit 87

2621 Palisade Avenue, Unit 16A

2 BD   2 BA   1300 SF   $650,000

435 East 65th Street, 
Unit 9A

1 BD   1 BA   825 SF   $549,000

244 Riverside Drive, 
Unit 6K

736 West 186th Street, Unit 4J

1 BD   1 BA   850 SF   $445,000

5 East 131st Street, 
Unit 3A

Thanks for reading and subscribing! 
Ready to achieve your next real estate goal?

Sue Mathys

Lic. R.E. Salesperson
Licensed as 
Susanne Mathys-Huerzeler
The R-Team
M: 917.667.9407
sue.mathys@compass.com

Office: 646-982-0353

Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. All Coming Soon listings in NYC are simultaneously syndicated to the REBNY RLS. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.