Negotiating A Broker Fee When Selling Your Apartment

PC: Flickr

PC: Flickr

Mirador's director of sales, Jordan March, recently discussed broker fees in Brick Underground's "Ask an Expert" segment. As it turns out, broker fees are not a fixed percentage and can change based on the situation.

"In a commission agreement, everything is negotiable," Jordan explains. "Feel free to create terms that allow you incentivize your broker, while [creating] scenarios that would allow you to maximize your net profits."

If there are two brokers involved, those being the seller's and the buyer's, there is a six percent commission that is typically split. That number can fluctuate without the presence of a buyer's broker depending on other factors, such as time and effort spent selling the property.

Read the full article to find out more here.

The Smoke-Free Residence Movement In NYC As Told By Mirador

PC: Streeteasy / Getty Images

PC: Streeteasy / Getty Images

With Local Law 147 put in effect last August, the city has begun to see smoke-free residential buildings on the rise. Mirador’s director of sales Jordan March and agent Christine McAndrews recently shared their insight on this movement, and most importantly how it impacts the industry.

Local Law 147 requires rental buildings, co-ops, and condos to create a clear smoking policy and disclose it with current and future tenants. It is worth noting that this is not a citywide ban on smoking in residences, but more so a notice of where one can and cannot smoke.

A smoke-free policy does not usually top the list of concerns while apartment hunting, but it becomes an issue when someone has had a negative experience with secondhand smoke seeping into their home. “What happens is somebody gets burned once, and then they become savvy,” Christine explains.

This is more of an issue for buyers than renters, who can just pick up and leave. “I find that it’s easier to make a consideration for a year,” Jordan says. “Anything will be weighted more when it comes to purchasing.”

Does a strict policy affect the value of an apartment? “It’s hard to quantify a particular drop in price for homes that allow smoking, but it may affect how quickly a unit sells,” March shares. “It’s a little trickier with condos and co-ops, because people own their home or are shareholders,” Christine adds..

Another noteworthy detail is that policies do not refer to tobacco only. “Many people think pot doesn’t count,” McAndrews says. “But no smoking means no smoking anything.” This includes e-cigarettes and similar products.

To find out more details on the movement, read the full article on Streeteasy here.

Taking Privacy To The Extreme When Dealing With Wealthy, Unknown Clients

PC: UnSplash

PC: UnSplash

When it comes to finding the best real estate agent, what some clients are looking for is confidentiality. In fact, some wealthy clients take extreme measures to conceal their identity, using disguises or nondisclosure agreements. While going above and beyond is usually reserved for the famous, many times its somebody you've never heard of.

Mirador agent James Swierczewski recently shared his own experiences of dealing with the over-discreet in the Wall Street Journal. When it came to a client moving to NYC for a tech job, online security was taken to the extreme. "At first it was part of the conversation, but I realized he was trying to figure out if I had a basic grasp of security so he could trust me with his stuff.”

Once James found a few suitable rentals, the next challenge was securing the client's financial documents. James had to install completely new software simply because "[The client] hated Windows."

The rental process consequently took longer than expected, forcing James to cancel appointments. "We weren’t dealing with government secrets here. I tried to tell him that at one point, but it was lost on him.”

Read the full article on the Wall Street Journal's website here.

Mirador's Jordan March Featured In Brick Underground Discussing Neighborhoods Worth The Investment

PC: iStock

PC: iStock

Choosing to invest in New York City may seem like a daunting task, especially when deciding which neighborhood is worthwhile. Mirador's Jordan March, Director of Sales, recently shared his expertise with Brick Underground regarding what to look out for, as well as areas of interest.

With the recent grand opening of Hudson Yards, there has certainly been a lot of allure surrounding the neighborhood. Jordan says that the area, along with Chelsea, is "heavy with better than your average apartments." With a bustling food scene and incredible new condos, he adds that "people are finding the area more accessible and more desirable whereas in the past it was synonymous with being desolate and quiet.”

Another neighborhood that Jordan mentions is Murray Hill. He believes that the area represents “better values in Manhattan,” along with being well-priced. "It’s good for first-time buyers who want to feel they are downtown.”

Of course, the timeless brownstone neighborhoods that make up parts of Brooklyn are also good investment opportunities. “There’s charm, originality and more space,” he says.

Read the full Brick Underground article here

Mirador's Nicholas Zampetis And Jordan March Featured In Real Estate Weekly's Who's News

Real Estate Weekly has featured the exciting additions of Nicholas Zampetis, Head of Client Relations, and Jordan March, Director of Sales! 

With over a decade of experience at companies such as Zillow and Douglas Elliman, Nick has developed an expertise in matching clients with the perfect agents. He will be mentoring Mirador's sales team, while Jordan will be taking Mirador through major strategic shifts. Having 12 years of sales experience under his belt, Jordan's expertise includes a vast background in coaching agents and executing marketing campaigns.

Read the full feature in Real Estate Weekly here.

Mirador's Jordan March Shares Expertise On Finding Apartments With Flexible Layouts In Brick Underground

PC: iStock

PC: iStock

Jordan March, Director of Sales at Mirador, recently shared his expertise when it came to finding apartments with flexible layouts. Considering high housing prices, this is an especially useful hack for creating more rooms in a smaller space.

March tells Brick Underground that while some buildings can be “skittish about alterations,” prewar buildings tend to be more lenient space-wise.

It’s worth noting that creating extra space is not as simple as putting up a wall. Residents must consider window placement, for one. "If you're cutting up the space, you need light," March explains. For example, a corner unit is an ideal layout that can be flexed. A unit with multiple exposures would also ensure light in each room. He also warns of ads that suggest alternative layouts, but are sometimes misleading.

To see examples of flexible layouts that March points out, read the full article in Brick Underground here.

Mirador Agent Asease Korankyi Explains The Basics Of NYC Starter Apartments In Brick Underground

A studio at The Vanguard Chelsea

A studio at The Vanguard Chelsea

Getting ready to buy your very first apartment can feel incredibly exciting- and stressful- all at once! You may be feeling overwhelmed, but Mirador agent Asease Korankyi breaks down everything one should consider before making the leap.

“It’s important to determine what matters most to you when looking at neighborhoods,” Asease explains. "Is it your work commute? Do your neighborhood surroundings matter most? Do you value the convenience of being close to transportation?” One neighborhood may not have it all at the start.

Same idea goes towards amenities, where some buildings offer lavish features that may not be necessary and come at an extra cost, says Asease. That includes elevators, too! She points out that a walk-up can cost up to 15% less than an elevator building, which is something to consider with a tighter budget.

Lastly, starter apartments can be a profitable investment in the long run. Once an owner outgrows their place, they can sublet instead of sell. That additional income can come in handy, which is why it’s important to note subletting policies upfront.

To find out more about starter apartments, read the full article from Brick Underground here.

Mirador Agent Jessica Milton Featured In Brick Underground Talking Penthouse 101

PC: Brick Underground

PC: Brick Underground

Are penthouses still as valuable as they once were? What should you actually know before making the investment?

Mirador agent Jessica Milton recently shared all there is to know about penthouses, including the pros and cons, estimated prices, and present-day allure.

One major pro that Milton shares is the convenience of no odd noises above you. “Being on the top floor in a penthouse means no more wondering what your upstairs neighbor is doing to make that noise that is keeping you up, interrupting your meditation, or killing your workflow." On the other hand, “More maintenance will be necessary,” Jessica says.

If you're thinking of making the leap, there are now many more penthouses to choose from. In fact, "Most buildings will have a penthouse,” Milton says. Read up on the rest of the must-knows on Brick Underground's site here.

Broker Michael Simmon-Pappadakos Discusses "Home Match" Referral Program On Mann Publications

Recently, Mirador broker Michael Simmon-Pappadakos shared details with Mann Publications about his exciting new referral program called "Home Match." This program is made specifically for former wrestlers, and Michael will be donating a percentage of his commissions to a wrestling program chosen by the client. 

“Wrestling helped me to develop my strengths, understand my weaknesses and work to correct them through persistence and resolve. As a real estate broker with a large network of wrestlers moving to NYC, I designed Home Match to continue to grow my business and find a way to give back to our sport."

Mirador Real Estate firmly believes in being charitable and giving back, and the team was excited to see an agent doing so. Read up on the full referral program details here

Mirador Broker Neeta Mulgaokar Gives FitSmallBusiness Insight On Winter Market Trends

PC: Shutterstock

PC: Shutterstock

Mirador's Neeta Mulgaokar, broker and head of the strategic partnership division, recently gave FitSmallBusiness her insight on real estate market trends for this winter. 

Neeta shares that rates for luxury rentals remain strong as ever. As a result, "...Renters are demanding additional concessions beyond promotions being offered as we are in a standard seasonal downturn." While gross prices remain unchanged, these increased incentives end up affecting the net price. 

"New York is still a highly coveted and desirable marketplace," she says. As far as trends go, that is one thing that always remains the same.

Read the full article here.

Mirador Real Estate And Broker Tim Serignese Featured In Mann Report Residential

Inside look at a 49 Prince Street apartment.

Inside look at a 49 Prince Street apartment.

Mirador Real Estate and broker Tim Serignese were featured in Mann Report Residential's November / December 2018 issue announcing the 49 Prince Street project in Nolita. The feature covered renovation plans, building amenities, and leasing details to name a few. 

"I've known Tim a long time and I'm excited to have a condominium new development veteran leading the way on this project," says project manager Nicholas Pagano. 

Find the full feature on Mann Report Residential's website here.

Mirador COO Melissa Noblit Reveals Some Requirements Of NYC Tenants

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The things that tenants are required to provide varies all around New York City, depending on factors such as the type of building, whether there is an elevator, if it is rent stabilized, etc. Yet there are still certain things that are a must by law, and you might be surprised to learn what isn't.

Mirador C.O.O. Melissa Noblit recently gave Brick Underground the details of what some of those requirements are and are not. Legally speaking, tenants don't have to provide a refrigerator and stove, and though that case is usually rare, you should double-check your lease. “In some units, the refrigerator is very small, or the stove might be more of a cooktop or two burner as opposed to a full-size stove, so there is some latitude as to what constitutes a refrigerator or cooking device,” says Melissa. 

Interested to learn what other basics you can expect? Check out the full article on Brick Underground here.

Mirador Broker Tim Serignese Talks About The Troubles Of Living Above Vacant Stores

PC: Brick Underground

PC: Brick Underground

It turns out that during this "retail apocalypse," there are more and more stores closing up shop, leading to plenty of vacancies. Mirador broker Tim Serignese recently discussed the troubling impact of this, and the negative affects of living above one of these spaces.

This influx of vacancies can harm the economic landscape of a neighborhood, cause neglect leading to safety issues, and much more. Now buildings are in need of tenants, and new tenants bring new concerns. 

Tim tells Brick Underground, "[Tenants] can say 'we don’t intent to put in a restaurant', but there’s a possibility they will."

Read the full Brick Underground article and learn more here.

Mirador Real Estate And Broker Tim Serignese Featured In CityRealty Highlighting Nolita Redevelopment

49 prince.jpg

It has recently been announced that Mirador Real Estate will be handling the leasing and marketing of 49 Prince Street, a redevelopment in Nolita. Leasing has officially begun with current one and two bedroom homes, while renovations are ongoing in other layouts.

The higher units will be released over the next four months, including some modern touch ups in other areas of the building.

Read the full feature in CityRealty here.

Mirador Agent Daniel Itingen Featured In October Issue Of Mann Report Residential

Daniel Itingen, Mirador's Brooklyn market lead and licensed real estate salesperson, has been featured in the Residential Roundup section of the Mann Report Residential October issue.

Itingen reveals his expert tips for those starting out, what inspires him, and shares some incredible deals made after more than a decade in the industry!

Read Daniel's full profile in the publication here.

Mirador Broker Tim Serignese Talks 421-a Tax Abatements In Brick Underground

PC: Brick Underground

PC: Brick Underground

It may seem like tax breaks on condos in NYC are distant memories, but in the luxury market, tax abatements still linger.

Mirador broker Tim Serignese recently took a moment to explain what exactly 421-a tax abatements are, how they impact developers, and how they affected the market back then and now. 

Read the full article in Brick Underground here.

Mirador's COO Melissa Noblit Featured In Real Estate Weekly On Security Deposits

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Recent reports have highlighted New York City's growing security deposit costs, a price that is making it that much more difficult to find an affordable place. For those in the luxury market, a more costly home usually means a more costly deposit. 

"I think for the most part everybody expects they’ll be paying a security deposit,” said Mirador C.O.O. Melissa Noblit. “But you’ll definitely see listings advertised with no security, or reduced security for well-qualified applicants.”

To read more expertise, find the full Real Estate Weekly article here.

Mirador's Edward Henwood Featured In NYT’s HUNT On Stretching Budgets

PC: New York Times

PC: New York Times

Many would be surprised to know that stretching your budget ever so slightly when looking for a home could make a huge difference. Mirador agent Edward 'Ted' Henwood was featured in the New York Time's HUNT column telling of one of his many experiences with a potential buyer who did just that and wound up with a perfect home.

“With students and out-of-town parents, you have to quickly enlighten them about the challenges of the New York rental market,” Mr. Henwood said. “You can certainly find a place, but the places that are a good deal — meaning you want to live there and the price is right — disappear quickly.”

He continues that stretching your budget just a bit can be absolutely "worth the reach." Read the full article in the New York Times here.

Mirador's COO Melissa Noblit Featured In Brick Underground On How To Break A Lease

PC: Thrillist

PC: Thrillist

When it comes to leases, some seem to forget that it legally binds one to pay their rent, and breaking one is certainly not as easy as walking away. Mirador's Chief Operating Officer Melissa Noblit talks to Brick Underground on the misconceptions that come with breaking leases early. 

“I think people feel if they come and tell you they need to break a lease, you’ll put it on the market, get a higher rent, and they can do that without any penalty," says Melissa, who has also noticed that breaks have been increasing over time.

A misconception she has seen is that "a landlord will just take their security deposit," which is not the case.

Read the full article in Brick Underground here.