March 1, 2012 | Source: The Real Deal “With $850 million in exclusive listings, Hamptons’ brokerage founder Andrew Saunders is taking on his corporate-owned East-End rivals. http://therealdeal.com/issues_articles/establishing-a-beachhead/
February 22, 2012 | Source: Brokers Weekly “Brokers Wanted: Heddings Group Planning Major Expansion,” is essentially a summary of the press release TBG produced, which, among other key points, highlights finding quality agents, a key differentiator that separates HPG from the others. Doug’s quotes and photo are included. Here’s the link– http://www.rew-online.com/2012/02/22/brokers-wanted-heddings-group-planning-major-expansion/
February 15, 2012 | Source: The Real Deal | Heddings Expands to Westchester, Greenwich “Doug Heddings and Joy Metalios, including their photos, are both featured. Here’s the link– http://therealdeal.com/blog/2012/02/15/heddings-expands-to-westchester-greenwich/-expansion/
Seems like a simple enough equation right? Wrong! For years these two Manhattan residential real estate trade organizations have considered themselves competitors. Not only is this silly but it has continued to be a market obstacle for both the consumer and real estate agents by creating incredible inefficiencies that could so easily be solved with some sincere cooperation (no egos please).
Let’s first break down the two organizations:
MANAR: In the spirit of full disclosure, I am indeed a member of the Board of MANAR (the Manhattan Association of Realtors), our local Board of the National Association of Realtors (NAR) which is one of the largest trade organizations in the country and advocates for both the consumer as well as it’s members. Check out this blurb directly from the MANAR website:
In a marketplace flooded with real estate companies, REMEMBER, only those professionals who choose membership in a REALTOR® association like Manhattan Association of REALTORS®, are truly REALTORS®. It is not a generic term to describe all individuals who hold a real estate license. As a registered trademark of the National Association of REALTORS®, it designates a practitioner as a member who ascribes to the highest standards of professional practice and theREALTOR® Code of Ethics. The REALTOR® Code of Ethics provides a meaningful guide to appropriate business conduct in dealings with clients, customers, the public, and each other. Adherence to the Code helps each REALTOR® navigate through our ever-changing industry, and its complex legal environment.
Excellent! An organization that is policing it’s members and holding them to a higher standard! But wait…
REBNY (The Real Estate Board of New York): Just as an FYI and in the same spirit of disclosure as above, I am also a member of REBNY although not currently a Board member (there is still time for REBNY to make my Bucket List). REBNY also is a self governing body of licensed real estate brokers and agents. they too hold their members to a ‘higher standard” as supported by the following from their website:
Code of Ethics and Professional Practices
REBNY’s members, and those affiliated with them, honor the Board’s Code of Ethics. The Code, which applies to all Board members, clarifies licensees’ responsibilities to their colleagues and to the public.
If an alleged Code violation involves an issue over money, the matter can be handled by voluntary mediation or binding arbitration. Non-monetary disputes are resolved by the Ethics Committee or its subcommittee of the Residential Brokerage Division.
The Residential Brokerage Division’s RLS Universal Co-Brokerage Agreement Rules and Regulations supplement the Code of Ethics for residential practitioners. Members of REBNY’s Residential Division must adhere to these Regulations.
By all members observing the Real Estate Board’s Code of Ethics and Residential Brokerage Division members additionally following the RLS Universal Co-Brokerage Agreement Rules and Regulations, we provide fair treatment for all licensees participating in a transaction, and protect the interests of buyers and sellers.
For a printable PDF of The Code of Ethics, click here.
Sounds familiar right? Once upon a time REBNY was a charter member of NAR but effective January 1, 1994, that changed as REBNY decided that the Realtor designation and the money spent at the state (NYSAR) and national (NAR) levels for membership was not necessary.
As a member of both organizations and an active member of the Board of MANAR, I can honestly say that there has never been a time in which it was more important for these two organizations to join hands that ever before.
Sadly it is my opinion that the almighty dollar is standing in the way of what I propose should be a merger of the two organizations under a charter with the NAR and NYSAR. Why you ask? Because Manhattan, many would suggest the greatest city in the world, is struggling to adapt an ALL-INCLUSIVE multiple listing service when the rest of the country and much of the world has not only adapted the MLS system but enhanced it to make the home buying and selling process more efficient (most of the time) than in markets where an MLS is void. The Manhattan MLS (username and password required) which is indeed a true MLS is made up of property data supplied by MANAR members only but does in fact allow MANAR members who are also REBNY members to distribute listings to the entire brokerage community. MANAR is definitely growing by leaps and bounds but still a mere fraction of the membership of REBNY. REBNY is simultaneously building an MLS-like portal that will unfortunately “compete” with the MLS. It is all about the race to capitalize on the profits that MLS’s across the country realize year after year.
My proposition:
1. REBNY and MANAR merge to become the sole NAR charter in New York City.
2. Down the road, put politics aside and consider a regional merger with Brooklyn, Queens, Bronx and Staten Island Boards of Realtors.
3. Create a heirarchy and infrastructure voted on by members to merge the MLS data in all 5 boroughs.
4. Provide a public portal allowing the consumer transparent access to all housing data.
5. Everyone lives happily ever after…
And then I woke up! I don’t think this scenario is completely out of the question but we as an industry must insist on cooperation. I don’t pay dues so that I can fuel a fire. The consumer must also DEMAND a better system much in the way that they embraced StreetEasy while brokerages across the city attempted to withhold their data. But as long as REBNY is not an NAR charter and MANAR is seen as a competitor to REBNY (why can’t we all just get along) the path will continue to be long and bumpy which is precisely why our market remains infected with a proprietary philosophy regarding property information.
NEW YORK, NY – The Manhattan Association of REALTORS (MANAR) is holding the first of many International training classes required to become a Certified International Property Specialist. Classes are being held at The Manhattan Association of REALTORS office in The Empire State Building.
MANAR’s Global council has taken the lead in planning global programs, hosting global-oriented REALTOR accreditation courses, and collaborating with neighboring boards to build awareness among members of the global business opportunities that are increasingly important to the NYC real estate industry. In October 2011, MANAR’s Global Business Council hosted its first major symposium, The MANAR Global Real Estate Symposium: Riding the Next Foreign Buyer Wave in Manhattan. Hundreds of brokers, agents, attorneys, bankers, academics and real estate industry experts from around the globe attended this unique program that examined how new global real estate investors hailing from the emerging powerhouses of China, Brazil and Russia are advancing on NYC’s real estate market bringing both opportunities and challenges.
Robb Pair, Chair of The Manhattan Global Council and Vice President of The Manhattan Association of REALTORS says “being that we are in New York City, it only makes sense to stay on top of the international market, the majority of my clients at Harlem Lofts Inc. are international. It’s also great to see fellow REALTORS taking advantage of MANAR’s international efforts.”
And check out what other things we’re up to at MANAR and the Manhattan MLS!
About CIPS Certification
By earning your CIPS Designation, you will gain access to the CIPS Network. This members-only group is specifically for international practitioners of the National Association of REALTORS®. Comprised of over 2,000 real estate professionals specializing in all types of real estate, the CIPS Network provides a 360° view of the global market. In any type of international real estate transaction, members are consumers’ best and most trusted resource for navigating the international market.
The Manhattan Association of REALTORS® [MANAR] is a professional trade association representing the real estate industry in Manhattan. In cooperation with the National Association of REALTORS® and the New York State Association of REALTORS®, Manhattan REALTORs® are part of the largest and most influential professional trade organizations in the country, this partnership affords members access to a multitude of programs, resources, education and industry briefing that enhance their effectiveness in assisting clients and consumers with real property transactions.
MANAR and the Manhattan MLS are quickly moving forward to not only re-invent how they operate and support the real estate industry, but also to take advantage of Manhattan’s global role in the real estate market by transforming the way local brokers and agents compete in this new business environment.
MANAR and the Manhattan MLS are now launching its groundbreaking new “REALTOR-optional” MLS service allowing non-Realtors to participate for the first time. The new MLS will feature enhanced search/list capabilities and a competitive low, monthly flat fee.
The Manhattan MLS will offer enhanced prospecting opportunities and CRM capabilities, enhanced data integrity standards, and the ability to send listing data to over 40 websites, including the world’s largest listing site, REALTOR.com. With only one comprehensive subscriber level, subscribers will also be able to have their listings fed to Streeteasy and Buyfolio and can also have their listings placed on the new REALTOR.com/international.
All brokers and agents will now have the most comprehensive and technologically advanced tools available to succeed in NYC’s globally-oriented real estate market.
It has only been 6 months since our office started operations in the Hamptons and I can tell you that this market is in desperate need of an overhaul and a shift in perspective from both consumers and real estate agents.
First I would love to know what has been done to create the most distrusting pool of buyers and sellers that I have ever come across? It is mind boggling that most of those who we are meeting have not only a distrust of the industry as a whole but a pure disdain for real estate professionals in general. In just a short time speaking with buyers and sellers, we have a clearer concept of what the consumer believes is wrong with the Hamptons residential real estate market.
Here are just a few things:
- PROBLEM: The “collecting” of listings – it seems common practice in the Hamptons for some agents to share a philosophy of just listing as much property as they possibly can at any cost with the hope of maybe selling some of it. SOLUTION: Consider doing sellers a service by pricing their properties accurately and actually selling them.
- PROBLEM: Empty promises – In the 6 months since we started operating in the Hamptons, I would go out on a limb and say that 99% of the sellers whom we have met have shared that they have been promised the world only to feel forgotten once they signed an exclusive agreement. SOLUTION: Only promise what you can deliver and please honor your word.
- PROBLEM: Questionable loyalty – We have also met numerous owners who have suggested that once offers have been submitted, their agent became a bully trying to get them to accept bids as much as 20-30% below market. Can you say desperation? SOLUTION: A reminder…as the seller’s agent, you are their ADVOCATE and need to be armed with the necessary information to support your asking price…hard to do if you have overpriced to begin with (see “collecting” of listings)
- PROBLEM: Lack of rules and guidelines – It seems to us that most East end agents avoid the MLS like the plague. This is mind boggling as more exposure can only be good for an owner. I can only imagine that there is a reluctance to be on MLS because then you are bound by MLS rules and guidelines…OH NOOOOOO!!!! Listing on the MLS also allows the property to be syndicated globally on a variety of real estate web sites. SOLUTION: List on the MLS for maximum exposure for your owner.
- PROBLEM: Fear of change – Agents who don’t put the consumer first are a dying breed. It is not YOUR house. It is theirs! SOLUTION: Embrace change and your customer. Have the mindset that you must always do what is right for your customer. Don’t have a transactional view of your profession focusing only on the commission for that particular sale but rather embrace a relationship approach to selling real estate that will keep people coming back to you because of the ways you run your business.
- PROBLEM: Proprietary information – data and information are everywhere and one of the last places in the world to embrace this fact seems to be The Hamptons. It is NOT in your sellers best interest for you to perceive their home as proprietary information for which you will CONTROL every aspect of dissemination. SOLUTION: Share with EVERYONE. Those who have surrendered to the fact that they are no longer gatekeepers of information but rather consultants who must help their customers make sense of the market and ADD value to a transaction will rise to the top.
For the agents who are part of the solution, and there are many, bravo! For those who are the problem, embrace change or become a dinosaur.
The exciting part about the current inner-workings of this market is that fresh perspectives are gaining momentum and the disdain that the Hamptons consumer has for the real estate industry can and is being changed. I am watching it happen first hand and look forward to embracing and being part of market change which has never been so necessary.
January 17, 2012 | Source: 
BrickUnderground “Top Negotiating Mistakes of Buyers, and Their Brokers.” The overall series provide important industry tips to consumers on what to do and not do when negotiating during the home buying and selling process. Maria and Lori are both quoted in Part One of a three-part story. Here’s the link —http://www.brickunderground.com/blog/2012/01/top_negotiating_mistakes_of_buyers_and_their_brokers
January 17, 2012 | Source: Business Insider “6 Mistakes Buyers Make When Negotiating The Price On A Condo Or Co-op” — Business Insider, a fast-growing business site covering various markets and financial industries, picked up the BrickUnderground story in which Maria and Lori are quoted. Here is the link — http://www.businessinsider.com/starting-with-a-lowball-offer-is-one-of-the-biggest-negotiating-mistakes-people-buying-real-estate-make-2012-1
January 13, 2012 | Source: Brokers Weekly “What’s in Store?” a forecasting piece on the residential end of the market. Doug highlights the firm’s expansion into several new markets, which underscores HPG’s growth and continuing strength, despite being such a young agency. All good.
The article is not posted online.
