The real estate market attracts all kinds of driven people from different walks of life. Some make good money, some lose it, while some make a fortune of wealth. Tevfik Arif made both a fortune and a name for himself as he busted through the New York real estate.
In this blog, we’ll share some of his best real estate brokerage/investing tips and why is New York real estate market special.
Let’s dive in.
Tips to Succeed in Real Estate
Real estate is an ever-evolving industry, and succeeding in it can be a challenge. But with the right strategy, Tevfik Arif you can set yourself up for success.
Here are some handy tips from Tevfik Arif, the man himself.
Learn All There Is to Know
When working as an agent, it’s tempting to focus all your energy on making a sale. But in reality, the most successful agents are those who take the time to learn their business and deliver it to their customers.
Remember, your customers want their questions answered and their needs met. So, take some time to take courses, learn from the more experienced agents around you, and stay up to date on the latest trends in the industry. Doing so will help you provide your customers with useful answers that demonstrate your expertise.
Choose the Right Brokerage
When it comes to finding a real estate brokerage, Arif believes it is essential to pick someone you can work well with.
Do your research and interview various brokers to find the best fit for you. Make sure they offer the services you need and have a philosophy that resonates with you.
This will make it easier for you to collaborate with them and provide superior service to your clients.
Networking Is Vital
As they say, your network is your net worth. Your connections are the key to helping you get more clients. So, make sure to attend as many networking events as possible.
Keep in touch with current and potential customers, and leverage any connections you might have within the industry. For bonus points, you can join groups related to real estate on social media to increase your visibility and stay in the loop.
Don’t Be Shy to Ask for Referrals
Don’t be afraid to reach out and ask for referrals! Word-of-mouth advertising is one of the most effective ways to gain more clients as a real estate agent.
Ask those closest to you – family, friends, and past clients – to pass your services to their contacts. If you’re providing great service that leaves customers satisfied with their experience, they’ll gladly help spread the word about your business.
Be available In The evenings And on Weekends
Your clients will most likely have packed work schedules. So, making yourself available when they’re not physically at their job is vital.
This flexibility will help you make more sales, become more prominent in the real estate world, and lead to referral opportunities. So if your goal is success in this business, mark off those evenings and weekends on your calendar.
What Makes the NY Real Estate Market Special?
The New York real estate market is a hot one, and for good reasons. According to Tevfik Arif, the extensive range of properties available and the city’s long history of economic growth are just some of the factors that make it so popular.
Plus, the city has its own regulations. These can be somewhat complex, but it allows the nerdy/smart ones to understand them better and beat everyone else.
For example, the NY state has imposed a transfer tax of 1%-2% on the sale and purchase of all residential plots. However, there is a catch. This tax is applicable only on properties with a price tag of more than $500,000.
Similarly, there are unique additional local transfer fees and closing costs for all properties located within NY. Buyers have to pay anywhere from 2% to 4%, while sellers have to pay 6% to 10% of the total transaction price.
As a real estate agent or investor in New York, knowing such details will help you stay ahead of others.
That’s what Arif did, and it paid off!