The value of brokers was paramount for decades because they offered services that were a necessity for real estate transactions to occur. In their profession, brokers provided a myriad of services that actually propelled the real estate industry through the many changes from the post-World War II expansion through the end of the 20th century. Their impact was profound as millions of families purchased and sold homes.
The old saying that change is the only constant in the universe applies to everything that we do and that includes the brokerage model. Just recently, New York City-based, Compass raised an additional $50M at a reported valuation of $800 million to further fuel its expansion into new markets, while announcing that it will offer over 100 percent commission split for the first year to the first 25 top agents who sign up in NYC as a test.
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I made this list to expose those minute details that investors might miss if left uninformed. These points are from personal experience, as well as the many investors I have worked with. Here are the 10 mistakes to avoid when investing in real estate.
One of the most prominent trends in New York City real estate firms is the hiring of Chinese nationals. This trend is a result of the rising Chinese interest in purchasing NYC real estate over the past decade. The growth of Chinese economy combined with their interest in urban real estate in the U.S. has created new opportunities for growth among NYC real estate firms.
For the first time since 2006, the Federal Reserve is indicating that it will raise their benchmark interest rate. Although the overall economy might not be in the best of shape, there has been enough progress across the board to warrant this decision.
Although Staten Island might be separated from the rest of New York City thanks to a wide bay, there is no question that it is benefiting from the same rise in real estate interest as the other boroughs.
Consider that a decade ago, YouTube was launched, Trulia and Zillow had just been incorporated, and Facebook had only a few million accounts, with only a few people seeing its true potential.