Urbandigs -- prognosticator extraordinaire

Started by KISS
over 12 years ago
Posts: 303
Member since: Mar 2008
Discussion about
Response by KISS
over 12 years ago
Posts: 303
Member since: Mar 2008
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Response by NYRENewbie
over 12 years ago
Posts: 591
Member since: Mar 2008

These articles were very interesting. Note how many stated that the biggest mistake brokers make is in overpricing properties. Now where have I heard that before....?

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Response by stevejhx
over 12 years ago
Posts: 12656
Member since: Feb 2008

Impossible. Property prices never go down in Manhattan.

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Response by urbandigs
over 12 years ago
Posts: 3602
Member since: Jan 2006

:) Funny, when I think back to 1-2 years ago and my colleagues didnt GET why I was doing urbandigs, and saying things to buyers that they would keep secret to ensure the deal goes through and they get their commission! They always said to me, forget blogging, forget buyers (they are a dime a dozen and not loyal), and focus on sellers!

Well, times have changed and I need a team to handle the buy side biz coming in. Meanwhile, they cant sell their sellers high priced exclusives!

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Response by urbandigs
over 12 years ago
Posts: 3602
Member since: Jan 2006

NYRENewbie - Very true! However, many brokers BIZ MODEL is to go into a sales pitch extremely well dressed, and with their PR generated pitch package that makes them APPEAR to be the very best at what they do. Nothing wrong with that. But then they promise a very high price, and do this on purpose, saying they are the best and can get more money because of their marketing strategies, which seals the deal. They get the listing agreement signed, and 2 months later work on a price reduction. Done and done. Its a common shady tactic. I have lost at least 5 exzclusives because I was honest about pricing, but the seller went with a broker 10% over where I told them to list based on current sales and conditions.

Of course they didnt sell at that price, but the broker got the business because they pitched a very high price, and sellers fall for it. If you had 4 brokers come in, and they said your place was worth 500K, 515K, 520K, and then 550K...you prob will go for the 550K broker.

Happens all the time. Its a shame sellers are so greedy and fall for this stupid broker trick and wonder why traffic is light and it takes 5 months and 3 price cuts to sell the property. Counterproductive.

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Response by JuiceMan
over 12 years ago
Posts: 3578
Member since: Aug 2007

"Well, times have changed and I need a team to handle the buy side biz coming in"

So that means there is pretty good demand on the buy side digs?

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Response by stevejhx
over 12 years ago
Posts: 12656
Member since: Feb 2008

Yes JuiceMan, read the headlines: all the demand is now from Uranus!

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Response by mattthecat
over 12 years ago
Posts: 62
Member since: Feb 2008

Meow. I'd go with the $520 broker.

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Response by urbandigs
over 12 years ago
Posts: 3602
Member since: Jan 2006

yes, very good demand coming in directly from urbandigs readers and recommendations of people who read the site. They are looking for honest buy side consulting. Not all are bid-ready, but 40% are right now I would estimate. Got to run.

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Response by buster2056
over 12 years ago
Posts: 866
Member since: Sep 2007

JuiceMan, it is quite possible for urbandig's share of the buy side to increase dramatically even while total buy side demand declines. In fact, it would be pretty indicative of a high level of uncertainty and need for honest advice.

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Response by JuiceMan
over 12 years ago
Posts: 3578
Member since: Aug 2007

fair point buster, digs has a good business model that should pay dividends in this market. Is it too much to ask that other brokers learn something from him?

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Response by JuiceMan
over 12 years ago
Posts: 3578
Member since: Aug 2007

steve, I really want to make some Uranus jokes but we'll keep this thread PG.

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Response by stevejhx
over 12 years ago
Posts: 12656
Member since: Feb 2008

Kewl enough, JuiceMan.

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