Category Archives: Real Estate Articles

The most relevant and recent real estate article found throughout the web all in one place.

Top 5 New Real Estate Laws Affecting NYers in 2015 | Andrew Lieb

With each year, NY City and State pass new laws and amend laws in Real Estate Transactions.  As a real estate agent it is your job and due diligence to keep up to date so that you may best serve your client and protect yourself from any unwarranted allegations.  We recently came across such an article via Top 5 New Real Estate Laws Affecting NYers in 2015 | Andrew Lieb.  Here at Realty Executives NY we hope that our Owners, Brokers, Managers, and Agents take a look at 5 of the latest changes and additions to the 2015 Year. Listed below are the main points but you must click on the article above to read in detail what each entails.

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  1. National Flood Insurance Program Reformed
  2. New York Estate and Gift Tax Reforms
  3. New York Leases Required to have Sprinkler System Notice
  4. Foreclosure Updates: Conferences, Service Members and Phantom Income
  5. New York Real Estate Brokerage Rebates

Realtor Safety First!

Good Morning Realty Executives Agents!!! I’m sure you are all aware that in your position meeting strangers puts you at a higher safety risk.  We must be vigilant when meeting clients and aware that not everyone is a friend.  The below video was created by Realtor Magazine and it includes 12 Tips When Meeting Strangers.  We suggest watching it and taking note.

More information can be found at the following link: http://speakingofrealestate.blogs.realtor.org/2014/12/24/realtor-safety-when-meeting-strangers-12-tips/#sf6871283

Stay Safe!

-Realty Executives of New York

Winter Home Buying Season

Winter Home Buying Season is here and January 2015 is just around the corner! Have you begun creating your business plan for the New Year?

In initiating your plan, you should survey the upcoming trends in the real estate market.  What are the achievable goals and who should you target in the upcoming year? According to the Emerging Trends in Real Estate 2015, the millennials are the group that will be making the most impact in the coming year.   “One camp is convinced that the millennials will revert to the mean and want private offices and will move to the suburbs to raise families. The other side feels like they will continue with the same behavior they have exhibited.” (PWC & ULI)  There will also be an increase in foreign buyers investing in properties in major cities; New York outer boroughs being a few.  You should also see an increase in the technological firms that will be partnering with major real estate companies and agents who are seeking to make an even greater presence in their market.  According to Emerging Trends, these technological firms are being used to upgrade websites and create new apps for the millions glued to their IPhones and Androids.
However,  we decided to go to the source, our Realty Executives Agents and see what they have witnessed in their market.  Read more below!        Background

What can you tell us about this Winter home buying season and the future in your Real estate market area?

“Winter buying in my area has been pretty busy. This time last year we had bad weather which kept a lot of people home but I have a lot of activity on my listings and buyers are out in packs.  First quarter of 2015 will be really good due in part to low interest rates.”- Femi Adebanjo, Realty Executives 1st.

Thank you,

Realty Executives NY

Citations
Emerging Trends in Real Estate: http://uli.org/wp-content/uploads/ULI-Documents/Emerging-Trends-in-Real-Estate-2015.pdf
Realty Executives NY Franchise Booklet: http://issuu.com/realtyexecutivesint/docs/franchisesalesbrochure/1?e=3563440/5522829
Contributing Realty Executives Agents:
Femi Adebanjo, Associate Broker, SRES,SFR,RSSP, Realty Executives 1st: 917-337-3727; http://www.femiadebanjo.com

 

 

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Realty Executives NY: NYC Real Estate Expo

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Commercial Leasing 101 w/ Realty Executives

Good Afternoon Followers!

Today’s Blog Post will be an Informational post regarding Commercial Leasing. We will be focusing on key terms, information, and questions frequently asked.lease

So let’s start off with a simple question.  What is lease?  A Lease is a temporary conveyance of the right to use and occupy real property (land) in exchange for payment or rent.  With commercial properties you will typically find Ground Leases and Triple Net Lease.  Look over the lease.  You should see areas regarding parties, rent, terms, use/restrictions, taxes and insurances, as well as other important information.  It is highly recommended that you review the lease before your clients sign.  You want to make sure you know what they are signing and all the terms in case they may have any questions.  All terms describe the options and agreements that will be abided once the agreement (Commercial Lease) is officially signed by all parties.

What should I look for in the Lease? Always Consider the resale implications when negotiating a lease. Obtain a long term lease with options.  Avoid renewal clauses based on sales levels and do not accept an “open” option to be negotiated at option time.  If you have any questions regarding said lease be sure to ask an attorney to review the terms and explain anything you do not understand.

-Realty Executives of New York

Need some more information? Below please find some websites regarding Commercial Leases!

http://www.cimls.com/

http://www.megadox.com/index.php/document/category/action/browse/frmCategoryID/472/a_id/75/

What to learn from Germany Win: World Cup 2014

What should you take out of Germany’s win of the 2014 World Cup?

The German National Team defeated Argentina, 1-0, in the Final match this Sunday July 13th, 2014, winning their 4th World Cup Title.  So what can we take from their method and style of playing? As realtors we must adapt to the ever changing real estate market.  We are expect to sell faster, find buyers their perfect home/rental.  Let’s take a note from the German team.  They have come close to winning tournaments that last 8yrs but it was not till this year that their goals were achieved.

Germany managed to change their game plan creating a more goal oriented team and a more offensive strategy.  That is what Real Estate Salespersons and Brokers must do.  If the action and plan you have set is not working, start from the beginning. Rethink your strategy and attempt one that even if daunting, will create the best results in the long run.

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  So what will your new strategy be? Will you play a more offensive method or will you linger with the one that you currently have set.  In the end your goal should be to expand your business as an entrepreneur.  DO NOT be afraid to look outside the box and achieve greatness.

Congratulations to the German National Team and Good Luck with your future Real Estate Endeavors.

-Realty Executives of New York

Realty Executives NY: Buy or Rent

Should You Continue Renting or Should You Purchase?

You’ve thought about it.  Why should I be paying rent when I could own a place of my own.  However, you can’t decide if that is the best option for you financially.  So what should you consider before making the switch between renter and buyer?

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You need to consider the initial costs that come from both renting and buying.  How much are you will to pay monthly and how long you intend to stay in your house.  These both affect your monthly mortgage payment.  The New York Times has a great article with interactive graphs that adjust to how much you intend to pay.

New York Times Linkhttp://www.nytimes.com/interactive/2014/upshot/buy-rent-calculator.html?ref=realestate&_r=0

If you choose to buy give on of our Realty Executives Offices a Call!

Realty Executives 1st: 129 Broadway, Lynbrook, NY : 516-881-7700

Realty Executives Today: 32-56 Steinway Street, Astoria, NY 11103: 718-274-2400

Realty Executives Landmark: 77 West Merrick Rd, Freeport, NY 11520: 516-535-077

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Realty Executives: Good News New York

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Realty Executives of New York: Real Estate Info

Real Estate Info: Commission Escrow Act

Real Estate Brokers and Agents-what happens when at the closing table your client decides they don’t want to pay your commission? What is the first thing that a Broker must do to be in compliance and how do you receive your commission?

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For you newer agents or those agents that have not had this happen the Commission Escrow Act deals with residential properties, condos and Co-ops.  It states “At the time of Closing, you[the client] may be required to deposit the broker’s commission with the county clerk in the event that you do not pay the broker his or her commission as set forth herein. Your obligation to deposit the broker’s commission with the county clerk may be waived by the broker.” (Refer here)

Proper Disclosures

This act is to ensure and help realtors obtain their commission. Brokers should be aware of the right disclosures and forms that must be filled out prior to this situation even occurring.  “: AT THE TIME OF CLOSING, YOU MAY BE REQUIRED TO DEPOSIT THE BROKER’S COMMISSION WITH THE COUNTY CLERK IN THE EVENT THAT YOU DO NOT PAY THE BROKER HIS OR HER COMMISSION AS SET FORTH HEREIN. YOUR OBLIGATION TO DEPOSIT THE BROKER’S COMMISSION WITH THE COUNTY CLERK MAY BE WAIVED BY THE BROKER. (3) The listing agreement should clearly state the address of the owners address. It is important that the address at which the owner resides is clearly identifiable simply by looking at the listing agreement. ” (LIBOR)realization

 

The How To:

-Broker must file Affidavit of Entitlement for Commission

-The Affidavit must be filed in the county clerk’s office of the county where the real property is located. The broker should bring at least four copies of the Affidavit and attached listing agreement, one for the county clerk to file, a copy for the seller, a copy for the seller’s attorney if applicable, and a copy for the broker. The broker should ask the clerk to stamp all four copies as proof of filing. (LIBOR)

If there are any questions, Refer to your broker or visit LIBOR to learn more!

-Realty Executives of New York

info@rexreny.com