How I found a Soho penthouse for my client after four days of searching

July is Inman’s luxury month. Tune in as we investigate the evolving luxury market, explore emerging trends, and speak with top producers and influencers in the ultra-luxury space about how they got to where they are today and the insights they’ve gained along the way. The month will culminate with the live announcement of the expanded Golden I Awards at Luxury Connect in Las Vegas (July 29-30).

In the hustle and bustle of real estate, every offer and counter-offer can feel like a high-stakes gamble, but one truth remains constant: There is power in nurturing client relationships. As an experienced real estate agent in New York City, I’ve learned that success in this industry isn’t just about getting deals; It’s about understanding the hopes and dreams of the clients we represent.

Recently, I had the privilege of completing a particularly challenging transaction that highlighted the critical importance of client relationships. It was clear from the start that this wasn’t just about finding a house; These customers need a A that place and potentially become their primary residence.

4 days

Over the course of four intense days, we traveled around the city and explored at least 25 different properties, each with its own unique charm and potential. We navigated the maze of listings, weighing the trade-offs among size, condition and price, all while keeping the client’s vision top of mind.

The property my clients decided to purchase, a stunning penthouse in the heart of vibrant Soho, captured their hearts and I relied heavily on the foundation of trust we had established as the negotiations progressed.

Since there was already an offer on the unit, I crafted a unique offer that reflected not only the seller’s bottom line, but also the investment my client had made in finding the perfect home.

timeThe replacement listings my clients were looking for were 10% to 20% higher than the list price of the property, so going 1% higher than what we thought we could get the home for proved to be the right move.

Then, the plot turned, a competing offer came in higher than our price, but luckily the seller kept our terms of the deal and gave us five days to execute the contract, which is typical contract time in 2016 Table – 2017 compared to the 10-14 days we have been used to since 2020.

Since then, my client has purchased the penthouse at the original list price and settled on June 5 this year.

Develop an effective strategy

Here are some tips I’d like to share with you that I’ve learned over the years that have helped me win the deal for my clients:

1. Understand opportunity costs: When negotiating a property, thoroughly evaluate its asking price and its actual value. Consider what is unique about the property that will appeal to your clients and how they will live there. Understanding opportunity cost requires evaluating not only the price, but also the value proposition of the property within the larger residential landscape.
2. Avoid over-negotiating: In an ever-changing market, it’s crucial not to overnegotiate. Recognize when good deals are available, and be aware that prices may rise soon. This requires a balance between securing a good deal and recognizing the potential for price increases in the near future.
3. Act decisively in competitive situations: Where there are competing offers, strong steps must be taken to obtain the desired property. It can be advantageous to offer a price slightly higher than you think you can get, especially when other options are significantly more expensive. In these situations, quick decisions and decisive bidding can help.
4. Maintain customer relationships: As a real estate professional, cultivating relationships with your clients is crucial. Maintaining regular contact with customers, whether through quarterly calls or other means, helps understand their changing needs and preferences. Providing valuable insights and resources beyond real estate, such as restaurant, entertainment and design style recommendations, can strengthen the client-agent relationship and foster trust.
5. As a lifestyle guide: Position yourself not just as a real estate agent, but as a “lifestyle guide” on all things related to the city or area you specialize in. . This approach helps build long-term relationships and establishes you as a trusted advisor beyond the real estate transaction.

Ultimately, this deal isn’t just about closing the deal; It’s about delivering on a promise to my clients. By placing an emphasis on nurturing client relationships and taking a 360-degree approach to real estate, we not only secure transactions, but create lifelong advocates who trust us to guide them on their journey home.

Daniel Blatman is a strong communicator and real estate agent who brings insight, knowledge, energy, creativity and enthusiasm to every phase of a real estate transaction. Connect with him on Instagram and LinkedIn.