Introducing Flat Fee Consulting for Manhattan Buyers
A: I am going live this week with what I think is an innovative new service for Manhattan buyers out there who do not want to take on a full buyers broker. A flat fee consult basically consists of all the 'meaty' parts of a buyer broker's job without the buyer broker. As the buyer, you will submit the offer directly with the listing agent while hiring me as a third party consultant for the initial property valuation, comps analysis, bidding strategy, negotiating strategy, etc.. The centerpiece of this new service is a new tool I just developed called The Digs Report. Let me formally introduce it this new concept today.
Go right to Flat Fee Consulting page for more details. The service was also featured in The Real Deal, "UrbanDigs founder launches flat fee consulting service":
Noah Rosenblatt, founder of Manhattan market trends analytics site UrbanDigs.com, launched a new flat fee buyer consulting service today. He said the service aims to help home seekers find properties' true market value, and will then guide them through the buying and negotiating process, starting with the opening bid. Rosenblatt said the service is aimed at buyers who don't trust brokers and want an independent adviser.The service was designed for buyers that are currently working 'on their own' yet would like an adviser on their team who does not have a vested interest in the transaction at closing. My fee for this service is $1,500 for 1 property consult, and an extra $500 if you need my services for a 2nd property consult.
The service will work like this:
1. Initial Property Valuation
The first step in the process is for me to verify that enough data exists to even run a comparable sales analysis with confidence. Generally, this means having enough sales data in the building that you wish to place an offer in.
Just like any buyer broker would require, I will need access to the target property to inspect: views/exposure, layout, condition, building amenities, etc..
2. Comparable Sales Analysis
What is the place you are about to bid on worth in today's market?? The meat of the buyer brokers job!
As your outside consultant, I will perform a Comparable Sales analysis using in-building sales as well as current inventory trends for your local Manhattan submarket. A two-page PDF report will be produced with my findings as well as Fair Market Value range estimates for where I believe the target property may trade in today's market. Below is a screenshot of this report; please click on the image below to visit the buyers consulting page where you can enlarge these images.
*Actual Digs Report for a client analyzing 77 Seventh Avenue, Apt 18D
As with any comps analysis, the following adjustments will be made:
a) Time Adjustment
b) Floor Adjustment
c) Renovation Adjustment
d) Size Adjustment
e) Special Features Adjustment (think terraces or fireplaces)
3. Devise a Bidding Strategy
The next step in the process is to discuss the analysis with you and devise an initial bidding strategy before submitting the offer. This includes getting to know how the analysis jives with your affordability and perception of the target property's value, as well as keeping in mind where you would like to go to get the deal done.
Since I am not representing you as a 'Buyers Broker', I will never have any contact with the selling agent. Rather, I will be the 'guy behind the curtain' advising you every step of the way as the negotiation begins.
4. Submit The Offer
Submitting your offer the right way helps your chances of getting the deal done immediately! At this stage we probably know where your initial offer will come in, which leaves writing up the offer letter the last job to do. I will help you to create your initial offer letter and ensure that you are being presented in the best light to the seller.
In the end, a motivated and well presented buyer will have more pull should the negotiation end with a gap. After all, you never really know how low the seller may go until the risk of losing the deal presents itself. Properly presenting your strengths and showing the seller that you are 'ready to go' with all ducks in a row is a vital piece to the puzzle.
5. Negotiating Strategy
In a perfect world, all negotiations will be straightforward and simple. Let me just say, its not a perfect world! Negotiating is an integral part of a real estate agent's job! There is a reason why we are called "brokers" and there always is a brokering element to the negotiating process.
Nobody expects buyers to be experts in negotiating, especially in a market as fast paced as Manhattan is. There is protocol here in starting the process out and there are varying strategies that could be implemented during a negotiation depending on how the process plays out. With years of Manhattan sales experience and 50+ closed deals, I will be able to pass on the experience gained from representing both successful and failed negotiations in the past. Even top brokers don't secure every deal and the key is knowing how to handle every twist and turn that may pop up during the negotiation process.
In this stage, I will act as your adviser behind the scenes as the seller counter's your initial and updated offers.
5. Sign The Contract / Walk Away
After the negotiation is complete and all terms are agreed to, you will face two choices:
a) continue and move forward with attorney phase
b) walk away
At this stage, my job comes to an end as your consultant. Of course, I will make myself available to the buyer as needed during the course of the attorney process should any hiccups arise and guidance is needed. Since there was no representing 'Buyers Broker' for the transaction, when contracts are executed the seller broker will be responsible for your board package preparation to get to the ultimate closing.
Simple. Clean. One-time service. Perfect for buyers that want to work on their own, yet feel they can use some assistance when the right property presents itself!
Any questions, please feel free to email me!