We invited the Twittersphere to tweet questions to Ryan Serhant using #AskRyanSerhant and this is what emerged — with Ryan’s advice added.
1. @luly9: If one of your family members asked you for real estate help, would you cut them a break on your commission?
Hah! It depends on which family member. But yes — I would do it for free, or if there’s a lot of marketing costs, for costs.
2. @RetoolsApp: Do you ever find yourself in a situation when you see a gorgeous property and wish you could show it instantly?
I’m in that situation every day. But there’s always a reason for why a property can’t be shown right away — for example, the sellers might not be ready to sell. In that case, the last thing I want to do is show a beautiful apartment that I can’t actually sell.
Sometimes a seller doesn’t want me to go to market right away, so I get them to allow me to take photos “just in case.” Once I have the photos, I start to gently push the seller on the thought of moving. It works.
3. @TopFLRealtor1: Have you seen an increase in listings since the market correction a couple weeks ago?
Great question, but hard to answer. I saw a lot of investor panic with the market volatility, and I expect to see more panic as the fall goes on. But what people don’t understand is that stock prices are so high right now — with six straight years of upward momentum and no real corrections — that a few dips do not affect the real estate market on a macro level.
History shows us that bear markets actually push real estate values higher. The only time this did not happen was during the last recession. The market is long overdue for a correction.
Foreign markets have had, and have been having, much worse corrections than what we had a few weeks ago. A correction is not an unusual occurrence, and if I had it my way, the market would correct a lot more than it did a few weeks ago to present some amazing buying opportunities for our clients.
Do you have questions for Ryan? If so, tweet them using #AskRyanSerhant or @AskRyanSerhant.
Ryan Serhant is a licensed associate real estate broker at Nest Seekers International. You can follow him on Twitter and LinkedIn.