Oy Vey, is what many rental agents are saying in today’s climate…and why you might ask..?? Because the market is so slow it is not only correcting it is at an all time decline.
YES it’s time to face the cold hard facts, so many Brokers over reached and over projected, now hard times are coming for many people who purchased mixed use buildings with financing, and or used “projections” to determine price. Just the word projection, sounds like a forecast, or even a tarot card reading.
They may even find themselves losing equity. Have no fear what goes up must come down, so clearly there will eventually be another upswing. Now as for the residential market, well HELLO LANDLORDS it is time to adjust to this climate so you are not VACANT all year, unless you have so much money that you can afford a loss of this caliber ? Perhaps some but not many, it is time to set the greed aside and compromise.
Yeah Yeah you once got 2500 for a studio now its barely worth 2k, lump it up – why stay empty for 6 months waiting for 2500 when you could have had 2k in your pocket. ??
This seems so basic, so simple but yet it is very complex, as a Real Estate Professional, I am always breaking out my calculator (mathematician I am not). Proof is in the numbers.
When you decide to stay vacant for 5 months, hoping for the 2500 – in essence you lost an unrealistic amount of 12,500.00 ( your calculations) your anticipated yearly rent would have been 30k. leaving you with 7 months in that year totaling 17,500.00
If you just simply drop it to where the market is lets say 2k not lost anytime or money and earned the entire 24k for 12 months ahead of the game by 6500.00 a nice winter getaway or new bag 🙂
As a landlord myself I adjust with the times just to avoid being vacant, and or I offer a free month in December 🙂 nice incentive… I know it seems so easy to say it but to do it is another story – we Real Estate Professionals have to always manage the owners expectations and deliver to them what they need and want, however truth and transparency has to resonate and you need to let them see clearly..
The old adage is everything has a price, just make the offer and get what you want.
There is no better time than to move right now- negotiate yourself a nice 15 or 16 month lease, at a reasonable price for the market, get yourself one free month if you can and for sure hook up with one of the best brokers around – me ! I love to negotiate and bring clarity to this very muddied business. Smokey mirrors I am not a fan of, unfortunately the majority of people like to be sold, a story that is, I prefer the cold hard facts.
Landlords drop your rents before you drop your Agents, and Agents educate your landlords, there are way too many vacancies on the market and way too many developments… grab your OP and show show show..
For the tenants, select carefully – net rents and freebies are usually gone the first year or two (if you are lucky) when the rent adjusts to where it was supposed to be you may find yourself packing and moving is costly !! So beware out there of smokey mirrored deals and do yourself a favor break out a calculator and crunch the numbers – 2 years in NYC passes like a NY hot minute. Tyler Vincent Real Estate Inc. specializing in tenant placement and first time home buying. Call us we would love to talk to you.
http://www.tylervincentrealestate.com – or check me out on youtube or instagram or right here at askimma.com.
AskImma 
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