In the heart of urban landscapes and suburban neighborhoods, a new transformation is underway.
The concept of sustainability and green energy isn’t a new idea but its significance and integration into various sectors, including real estate, has gained a great deal of traction in recent years.
As concerns about environmental sustainability and climate change continue to grow, the pursuit of cleaner energy alternatives has shifted from a select few to more of a necessity. Solar power isn’t just changing buildings, it’s reshaping how people think about their property.
From rooftops that contain solar panels, to energy-efficient upgrades, the combination of solar technology and real estate is paving the way towards a greener future.
Solar panels, once thought of as a luxury to a home, will now be mandatory in New York City under NYC’s Local Laws 92 and 94 passed by the City Council in 2019 as part of the Climate Mobilization Act. The CMA, otherwise known as NYCs Green New Deal, is part of the plan to guide the city towards carbon neutrality by 2050.
Local Law 94 requires sustainable roofing zones on all new construction and major roof renovations while Local Law 92 adjusts those requirements for smaller buildings.
Making the switch to solar in New York will allow homeowners to take advantage of the ongoing federal, state, and local incentives, including tax credits, rebates, and beneficial net metering policies. Important to note, most incentive programs are only authorized for a certain period of time or until funding runs out.
As more and more homeowners look towards ways of upgrading their homes with cleaner energy sources, the move in this direction is becoming more common than it was previously. It’s changing businesses and how people live.
In this change, the real estate industry is at the forefront. It’s showing how we can create buildings that are innovative and good for the environment. Plus, properties become more valuable as we move towards a greener future.
We’re breaking down the top five reasons why the impact of going green is significant on the real estate landscape.
Increased Property Values
Embracing green initiatives, such as energy-efficient upgrades inside your home, think HVAC systems, smart thermostat, heat pump water heater, along with renewable energy installations like solar panels, can substantially increase a property’s value. Prospective buyers and tenants are becoming increasingly more drawn to homes and buildings with lower operating costs and reduced environmental impact, making green features a valuable selling point.
Attraction to Environmentally Conscious Buyers
Going green appeals to a growing demographic of environmentally conscious buyers and renters. People are seeking homes that align with their values, making properties with sustainable features more appealing and potentially leading to quicker sales or leases.
Going green is no longer just a “trend”.” More and more people care about the environment and want to live in a place that reflects how they feel. When a property already has things like energy-saving technology and appliances or solar panels, it becomes really attractive to prospective buyers and renters.
These types of additions are what buyers look for and knowing that the property already has them and is one less project for them to take on, can be even more appealing. The same way some buyers look for amenities like a backyard oasis complete with a swimming pool, others look for a home already outfitted with environmentally conscious additions.
Regulatory and Incentive Support
Government incentives, tax credits, and rebate programs are often available to promote green initiatives in real estate. These incentives can offset the initial costs of implementing environmentally friendly features, making it more financially viable for property owners to invest in sustainable upgrades.
Long-Term Resilience and Marketability
When it comes to going green, it’s important to think about the future long-term. Newer buildings are built to higher standards of durability and resilience in an effort to withstand the impacts of climate change and changing regulations.
When a property is built in a way that makes it strong and able to handle a variety of situations, it becomes more attractive to potential buyers and renters even as new rules or changes in the environment evolve. Property value won’t easily go down because it’s well-prepared to face challenges that might come up later on down the road.
The integration of solar panels and other clean energy technology stands as a beacon of progress, offering not only the promise of reduced energy bills but enhancing our property’s value while playing a vital role in protecting our environment.
We’ve all seen the home renovation shows on networks like HGTV and thought to ourselves, that might be a good idea. The transformation of a house in shambles to a beautiful dream home is enough to make anyone consider the possibility. Granted some of the shows are geared towards personal home renovations, while others are renovating with the intent to flip.
If you’re new to the process, house flipping entails purchasing a real estate property, updating it to add value, and then selling it for a profit. Most home flips involve buying property at a less than average price, (either a fixer-upper or in foreclosure), rehabbing the property, and selling it for more than invested.
Shows like the Property Brothers, Flip or Flop, and Christina on the Coast, to name just a few, give the illusion that the process of flipping a home can be fairly simple – all you have to do is just buy a house, make a few cosmetic changes, and sell the property for a good profit. Unfortunately it’s not as easy breezy as television portrays.
What isn’t visible in that one hour is all of the behind the scenes happenings that get you to the finish line. Anyone who has ever had some type of home renovation done, knows it is not a quick and seamless process, there are always bumps along the way.
Ask anyone who has flipped a home and they will tell you the truth – the process isn’t as fun or as profitable as you see on screen. Television has the power to glamorize and home flips are no exception.
Flipping homes can be a lucrative way to earn good money in real estate but in order to be successful, you’ll need to be armed with a lot of knowledge, planning, patience, time, energy, and good judgement.
It’s important to not only understand the process but also the basics of what flipping a home entails. Most people find themselves juggling both their day job and home renovation which can be extremely time consuming, not to mention super stressful.
Before diving into your first home flip, there’s a lot to know and educating yourself is important. There are countless books and sites filled with information to help guide you in the process. We’ve broken down some of the basics:.
How to Get Started
First step is to develop a plan for your flip. What is your budget, how much do you want to spend on the purchase, and how much will be needed towards the renovations? When thinking about cost, keep in mind they include contractors and specialists along with the materials needed.
You’ll want to have a team in place to help you get started before the home search gets under way. Ensuring the people you want to work with are available and align with your budget before making a purchase is important.
The last thing you want is to find out after closing is that the cost of contractors is higher than expected, or availability is months away. A renovation takes time and the last thing you want to do is delay it even further because you didn’t assemble a team beforehand. Remember, time is of the essence. Every day you own the property it is costing you money.
Finding the Right House
When it comes time to find the home, there are a few different ways to go about your search. Consider working with a real estate agent, especially if you’re unfamiliar with the area. A good agent can provide insight into the market and possibly help you sell the home once the renovations are complete.
You want to find a home in a desirable location or one that is growing and promises a high resale value.
If you have the ability to pay cash, auctions are another place to look for good opportunities for a discounted price. Just keep in mind they can carry some risk so before going this route, read and understand exactly how they work.
Secure Financing
In the world of real estate, cash is king. An all cash deal means that by the time of closing, the buyer will have unconditional liquid assets sufficient to pay all of the costs associated with the purchase, including the sales price and closing costs. If you ask any seller they’ll tell you they prefer this method of getting paid over an offer from a buyer who needs to secure funding in order to purchase.
If you don’t have the funds to purchase outright, you’ll need to secure financing. There are different types of loans to explore which is why speaking to a mortgage broker ahead of time is a smart idea. If you have bad credit, options may be limited. If your credit is low, consider raising your score before starting the home search.
Legal Representation
Whether the deal is all cash or financed, there is always a lot of paperwork involved. It is important to seek out legal advice and have a real estate attorney look over all of the documents. Their job is to provide you with the best possible legal advice and will ensure all of the necessary steps are taken prior to closing.
The Bottom Line
At the end of the day, the most important piece of advice is be prepared. Seek out the help of experienced professionals and ensure you have a great team in place to help you achieve success.
Flipping homes can be a lucrative business and with the knowledge, skills, and motivation necessary it is possible to become successful.
For both sellers and buyers, working with a real estate agent is beneficial for a multitude of reasons. Depending on what side of the transaction you’re on, the reasons why you should work with an agent will differ. What doesn’t change is the invaluable experience a good agent brings to the table.
When it comes to selling, many people think they can save time and money by going at it alone, without a realtor. What’s interesting is that FSBO (For Sale By Owner) sales often are less than the homes sold by real estate agents. Granted, the homeowner saves on paying the realtor’s commission, but that comes with a cost (literally).
Statistics show that only 11% of sellers actually succeed at selling on their own and for the ones that do, their sales are about 26% less on average than properties represented by an agent.
A lot goes into selling a home that you may not even realize. There are many challenges and if you’re going at it on your own, navigating all of the moving parts can be difficult.
Real estate agents do a lot more than just bring potential buyers. They know the in’s and out’s of both buying and selling and are invaluable for a multitude of reasons. Michele Haas, President of the Brooklyn Multiple Listing Service (MLS), points out the following ways in which real estate agents are instrumental in the overall process.
Agents have:
Extensive knowledge of the market
Professional networks
Negotiating skills
Understand required documents
Fiduciary responsibility
Can readily find and identify comparable sales
Can recognize possible issues with a property
Must live up to the standards required by their license
Based on the above, we dive a bit deeper into just how working with an agent is beneficial.
Time Consuming – Selling your home is a full-time job. Between fielding calls and messages for showings, hosting an open house, advertising, and all of the other minutiae that comes with listing a home, it’s an agent’s job to make sure it is taken care of.
Experience – Real estate agents are trained for the job. They’ve studied and taken exams to become an agent and continuously refresh that knowledge with continuing education classes. They know how to navigate the market better than someone who isn’t in the business and their knowledge and experience can be the difference in getting a home sold quickly.
Pricing Advice – Agents understand the real estate market – they know the value of homes, they know the areas, and how to compare properties, all of which factor into pricing a home correctly. While you may have a certain number in mind, the price may not be reasonable. That’s why having an agent to research the comparable sales can help confirm if you are in the right price range. They know where to look and have access to this type of invaluable information.
What they don’t possess is an attachment. As a homeowner, you’re attached to your home in one way or another. Maybe it is your first home, or where you raised your children. Because of reasons like these, it can be difficult to be objective and for many homeowners, it’s not easy to separate the two. That’s why having a real estate agent is important as they can help you to focus on the bigger picture and not get caught up in the emotional side.
Professional Negotiators – As hard as it can be to price your home correctly when you have an attachment to it, so can negotiating its worth. Real estate agents are removed from all of that. Their main goal is to get your house sold and if negotiations are involved, they aren’t going to hold onto emotional ties that will prevent them from making a good deal. Being removed allows agents to give you better guidance and advice.
When it comes to negotiating, attention to detail is key. Your real estate agent knows what details need to be written into the contract. There are numerous documents involved in the process and having an agent to help navigate all of the paperwork is important, especially when questions or concerns arise, they can advise. This invaluable knowledge is helpful regardless of whether you are the seller or buyer.
Fiduciary Responsibility – Agents have a fiduciary responsibility to their clients, they must put your best interest first. Whether they’re working on your behalf to sell your home, or help you purchase one, their loyalty remains with you.
Network of Professionals – It takes a team of various professionals to get you to closing day. From home inspectors, to mortgage brokers, to attorneys, etc, a real estate agent has a trusted network of other professionals to help you every step of the way.
If you are on the other side of the real estate process and are looking to purchase a home, working with an agent is just as important. Buying a home is one of the largest financial transactions you’ll ever make and you want to have an expert on your side. Real estate agents are tapped into their network and have access to various sites, like the MLS, to get the most up-to-date listings.
Whether buying or selling, either side can benefit significantly from hiring a real estate agent. The reasons may be different but the end goal is relatively the same, to ensure as smooth and stress-free process as possible.
As we prepare to wrap up a record-breaking year for real estate, potential homebuyers are wondering if 2022 will bring more of the same. Despite the fact there were sellers a bit apprehensive to make a move during the pandemic due to economic volatility, the real estate market in 2021 saw a record setting boom.
Sales were at an all-time high while mortgage rates were at an all-time low. The combination of the two created a favorable sellers’ market with tighter competition amongst buyers. With interest rates expected to remain low in the upcoming year, homebuyers looking to make a move in the coming months should start preparing sooner rather than later.
Being one step ahead of the competition is a good idea especially if inventory remains low. While the housing market may pick up with additional inventory right after the new year to satisfy buyer demand, there’s no guarantee.
One way to stay on top of the real estate market is to work closely with an agent. Buying a home is not as simple as we’d like it to be, but the process doesn’t have to be as stressful as you might believe it will be. While buying a home is no simple task, working with a real estate agent offers you overall support each step of the way. Their knowledge of the local market coupled with the skills to get you where you need to be will alleviate some of the stress that often comes along with buying a home.
Before starting the home search and teaming up with a local real estate agent, there are a few questions to ask yourself so that when you do find the right place to call home you’ll be ready to move forward.
Ask yourself, is my credit score in good shape? If it isn’t, take the necessary time needed to boost it up to where it should be before you begin applying for a mortgage. Your credit score is an important factor when it comes to obtaining a loan. Not only does it affect whether you’ll get approved, it also affects the rate at which you’ll qualify.
The higher the score, the more likely you are to get approved at a more favorable interest rate. There are different types of mortgages, each with their own credit score requirements. It’s a good idea to talk with a mortgage lender ahead of time to gather information on all of the various loan requirements. That way, once you obtain your credit score, you’ll know exactly where you stand.
Once you obtain your credit score, there may be a chance you’ll need to boost it up. Make sure all bills are paid on time and if possible, pay down as much of your existing credit card debt (if not all) before starting the mortgage process.
If you plan to purchase a home in the near future, resist opening any new lines of credit as this will affect your credit score. While the discount many stores offer with the opening of a new credit card may sound enticing, resist the urge to apply. You may save a few dollars today, but long-term this can hurt you when applying for a mortgage.
And lastly, when looking over your credit report, check it carefully for any potential errors. If anything looks incorrect or even suspicious, you’ll want to correct and/or rectify it before starting the mortgage application process.
With home prices being on the higher end of the spectrum, agents and their buyers are seeing sales for over asking price, whether it be the result of a bidding war or anxious buyers offering higher to secure an acceptance.
To remain in the game in such a competitive market, having a strong down payment shows a strong interest in the property and a commitment to get the deal done. While there isn’t a specific number required to put down, many times buyers hope a larger number will help them get their offer accepted over the competition.
Plenty of lenders will allow you to put down less but on a conventional mortgage you’ll be required to pay private mortgage insurance (PMI). While mortgage insurance isn’t a bad thing, it’s an additional expense homebuyers tend to try and avoid especially with home prices being falling on the higher side. Why add to your monthly payment if you don’t have to?
Research different neighborhoods
Before heading out with an agent, conduct a bit of research on home prices in the different neighborhoods. This will give you a better idea of which areas are more feasible. Together with your real estate agent you can create a game plan and focus on the properties that fit within your budget. There’s nothing worse than falling in love with a home that exceeds your finances.
Whether you’re buying or selling, it’s always a good idea to ask your potential real estate agent a couple of questions first before deciding who is the best person to help you with your real estate needs.
As 2021 is underway, many people are thinking about their next move. For almost a year, they’ve been working from home, and as of now, they continue to do so. And as we move forward in coming out on the other side of this pandemic, there will likely be changes in where people ultimately decide to reside due to both their interests and needs.
While some people attempt to tackle real estate on their own, it’s best to leave things in the hands of a professional. Not only are licensed agents experienced, they know the market and will work hard for their clients.
In seeking out an agent, you’ll want to join forces with someone who is trustworthy and transparent. A good listener is another important quality in an agent. Whether you’re buying or selling, having someone who will listen to your wants, needs, and concerns, plays a big part in the overall process.
And it is a process that often takes time, which is another reason why it’s key to connect on both a professional as well as personal level. Working with an agent is like entering into a relationship; true partnership works both ways. You want to not only feel comfortable in being able to express your thoughts freely, you also want to feel heard.
Regardless of the side of the table you’re on, the whole real estate process can be overwhelming at times; having a real estate agent who can shoulder some of that stress is priceless.
Each agent has their own working style, their own personality. No two are the same and what it ultimately comes down to is finding the “right fit.” You want to feel confident when you’re signing a contract; choosing the right agent will make a world of difference in your overall experience. To help you get started, we’re compiled a few basic questions to ask potential real estate agent.
- How Will You Market My Home?
As a seller, one of the reasons for hiring a real estate agent is to retain their marketing expertise. The various marketing tools agents employ aides in gaining the most exposure with prospective buyers as well as real estates agents within the area. Inquire as to what successful sales strategies they employ. Will they help prepare your space for the best possible photos and will those be professionally taken? Do they utilize social media marketing and if so, in what way? The market is a competitive one and it’s important to know just how the agent plans to make you’re home stand out amongst the rest.
- How Much is the Commission Fee?
When selling your home, it’s important to know before signing a contract exactly what percentage fee the real estate broker charges. The commission fee total is dependent upon the final sale which is taken out at closing. Keep in mind that different real estate agencies may charge a different percentage and the lowest fee does not always mean its the right choice.
If you are on the buying side, it’s also a good idea to know how this works. We know agents don’t work for free so understanding where their commission comes from is always helpful.
- What precautions are you taking during COVID?
Regardless of whether you’re selling or buying, you want to know what safety precautions are being taken during this time. For sellers, the thought of people coming in and out of your home can be stressful, so knowing ahead of time how an agent plans to ensure your safety is important.
The same goes for perspective buyers. Entering into another person’s home and potentially coming in contact with multiple individuals can be a bit unsettling for some people; knowing ahead of time the safety measures that have been put in place can ease your mind,
- What percentage of your clients are buyers? How many are sellers?
Whether buying or selling, it’s a good idea to find someone who has experience in the particular process you’re currently pursuing. Agents who work with both offer an additional value. Not only can they help in finding you a new home while trying to sell your current residence, they can provide you valuable assistance when transitioning from one place to another.
- How quickly can you help me view a home?
In popular areas, homes can fly off the market as fast as they’re listed. When you see homes you love, how quickly will the agent be able to accommodate your request? What is their schedule like and does it align with yours? Are they available to work with you full time, or only part-time? Make sure the real restate agent can accommodate your day to day needs and that your overall timeline aligns with their availability to help you get there.
- How many clients are you currently working with?
You want to be sure your agent isn’t overwhelmed and he/she has the time to dedicate to providing you the time needed. For example, if you’re selling, will your agent be available on weekends to host an open house? On the buying side, what is their availability when it comes to going out to look at homes?
- In what way will you keep in touch with me and how often can I expect updates?
Whether it’s a phone call, email, or text, make sure the agent is comfortable using the communication tool that works best for you. When it comes to signing documents, do they utilize electronic signing to make the process quicker? Time is always of the essence especially in a hot real estate market. You should also make your expectations on updates clear. Buyers and sellers often become frustrated when their agent doesn’t communicate with them as often as they’d like.
- Do they offer a recommended vendor list?
One of the many challenges in buying or selling, is knowing who you can trust for help. From lenders, to inspectors, to lawyers, a good agent has a strong network of professionals that can help you. Keep in mind that while an agent can offer suggestions, they are not requirements. Buyers and sellers have the right to choose whomever they want to work with.
- What questions do you have for me?
A good agent will ask you questions as well. They should inquire as to what your real estate goals are and be able to repeat them back to you along with an explanation as to how they’re going to help you achieve them. You want to work with an agent who understands your needs and will take all of your requests seriously.
Referrals are always a good starting point when looking to hire a real estate agent but in the end you must feel comfortable with whomever you choose. There is no magic number of questions to ask nor are there any right or wrong ones. What it eventually comes down to is chemistry and connection, trusting your gut will be the deciding factor in choosing a real estate agent.
Technology has impacted as well as revolutionized the way in which we do business. Not only has it changed what we do and how we do it, it has brought about new and exciting ways for just about every industry, and real estate is no exception.
These days, no matter where you are, the majority of people you encounter can be seen with their heads down, looking at their smartphone or some other type of device. That’s because technology has given us access to information right at our fingertips and made it simple to perform just about every necessary task right online. From paying bills, shopping for clothes, food, even a home, it’s as easy as the click of a button.
Generally speaking, people spend about 7.6 hours online, with 1% of the time being spent browsing. Whether it’s surfing social media, checking email, watching videos, teaching yourself how to do something with the help of sites like Youtube, shopping online, or reading up on the latest news, a person’s attention is digitally focused.
When it comes to real estate, technology has proven to be a powerful tool for the industry. Brokers and agents continue to perform the most essential functions of the business, but with the help of technology, it has made certain areas faster, smoother, and much easier to navigate.
In essence, it’s changing the way in which real estate professionals do their job, to a degree. People still want a human connection with expertise in the field and that is something that will not change. The expert advice and knowledge provided cannot be replaced, only enhanced, by the use of technology.
With the use of the Internet, it has reshaped the way in which real estate is delivered to the consumer. Between the numerous websites, professional photography, and now virtual property tours, buying and selling a home looks a lot different than it did even 10+ years ago. These days, home buyers are tech-savvy and well-informed, they know exactly what they want, making it the job of the professional, regardless of the sector, to help deliver.
A few of the most obvious ways in which technology has been impacting the real estate sector include:
Transparency
Many websites that provide information to the consumer are free, allowing for the opportunity to educate oneself even before the process begins. These sites provide tools such as data, inventory, availability, and pricing for a potential buyer to browse through. Sly Symons, founder of the Syms company said it best, “An educated consumer is our best consumer.”
Marketing
With the aid of technology, marketing just about any type of product has become instantaneous. Broadcasting messages over multiple platforms allows professionals to reach a much wider audience than before. The visibility is not only easier to achieve but more cost-effective. With the use of technology, getting your product out to the marketplace can happen in mere seconds. The easier the platform to navigate, the quicker homes can be listed, which in turn allows potential homebuyers to find what they’re looking for faster. The end result is greater market activity and a pleasant experience for everyone involved.
Real-time data
Previously, much of the research and data comprised was focused on what happened in the past as opposed to what was happening in the current marketplace. With the use of technology, outdated data is no longer the case. Now, it’s never been easier to find out information such as pricing and availability in real-time.
Virtual Reality
One of the most important steps in the home buying process is the visual inspection of the property, both inside and out, along with the surrounding area. With the use of drone video, it’s possible to not only see the complete exterior of a home but the surrounding neighborhoods as well. Virtual reality (VR) is a relatively newer form of technology used in the real estate industry although there are agents who have already implemented it into their business.
Up until now, VR has been a great tool for buyers looking to relocate further away from their current location as well as for people who may be unable to view a property, such as an open house. But now, with the current climate of our country, the chances of VR being used to sell homes is even greater.
As we continue to move forward, virtual touring of a home right from a device will allow faster access to a property and the opportunity to narrow down selections. Instead of multiple in-person visits, clients can now scan through places without having to physically be there, making it possible to view numerous homes in a day and make decisions sooner than before.
Rich Schulhoff, CEO of the Brooklyn MLS, has also noticed an uptick in the number of listings being posted, which in turn results in using virtual tours. “People are also getting more creative with virtual tours,” says Schulhoff.
Social Media
The power of social media is strong and can be felt over a multitude of sectors. The days of buyers opening up a newspaper to look for a home or flipping through a phonebook for a sales agent are long gone. Instead, social media has become the place to go when it comes to finding just about anything you want, including a home, and are a great way for real estate professionals to grow their business. The ability to connect with others is instantaneous; whether it’s connecting with existing clients, potential new ones, or others in the industry, social media sites have made it possible to do so and are important tools to have in your real estate toolbox.
Facebook – With more than 2 billion users, creating a Facebook page can help attract an audience on a much larger scale than any marketing plan of yesterday could possibly ever do. Facebook posts should focus on both business and the consumer. Along with sharing your listings, share information that is focused on the home as well as the process. Everything from mortgages to DIY tips for decorating is helpful knowledge to an owner or a potential buyer. Share information on your borough or city; establishing yourself as a thought leader in your community is helpful in attracting new clients and followers.
Instagram – More than 700 million users can be found on this social media platform, making it another great resource for real estate professionals. Posting photos of available properties can help generate leads as well as showcase listings to available buyers. Another excellent way to engage potential buyers is by sharing short video clips of your listings. In addition, content you’ve published elsewhere can also be shared by providing a direct link in your bio. This is another great way to direct followers to any additional social media accounts you may have.
While there are a multitude of social media platforms and technologies available to real estate professionals, it’s important to remember that the tools are only effective if they are used correctly and consistently.
As technology continuously changes and reshapes the way in which we live, it’s imperative that businesses follow suit. Customers will find new and exciting ways to use it, that’s why it’s imperative to stay ahead of the curve in such a competitive market. If everyone else is moving forward and your business remains the same, then you’re actually falling behind. Change can be scary but embracing it will help take your business to new heights.
Since its inception in the late 1700s, women have been a part of the real estate industry, but it wasn’t until the 1840s that it was established as a legitimate business. In those early years, a woman’s role was much different than it is today; her duties consisted of filling office and clerical roles while her male counterparts were out selling. Fast forward 40 years later and women began moving, albeit slowly, into the roles of agents or brokers.
According to the National Association of Realtors (NAR), approximately 67% of all certified realtors are women. But that wasn’t always the case, especially during the first few decades of NAR’s existence. Founded in 1908, membership was 100% male but by 1910, the organization saw its first woman member, Corrine Simpson. Soon after others began to follow in her footsteps although they were still in the minority during the first few decades. One of the reasons for the low numbers was due to NAR’s membership being restricted to brokers only, while women, at that time were primarily sales agents.
It wasn’t until 1973, when NAR opened up their membership to include sales agents, that those numbers rose and continued to steadily increase. By 1978, the majority of NAR members were women and in 1996, four years after the organization saw its first female president, did women represent the majority of broker licenses for the first time.
The real estate industry itself has transformed substantially, and each year the percentage of women continues to grow, bringing with them innovation and change. While women are leading the charge when it comes to the residential real estate market, commercial real estate, an area that has long had a history of being dominated by men is still lagging behind. While top-level positions have been maintained by men, improvements are being made to change those statistics thanks to initiatives in place to help address disproportions and develop women’s leadership skills.
Katherine Pontone, a Board Member of Brooklyn MLS, has been in the business since 1982 and can attest to the indifferences that existed between women and men. “In the past, the women took a back seat, they weren’t leaders,” says Pontone. “As time progressed, women became more vocal and present; instead of being agents, women are becoming brokers and business owners.”
Well respected in her field, Pontone has held multiple leadership roles throughout her years in the business, but admits, it was rare to see that happen early on. “I was fortunate,” she says.
Life as a real estate agent offers excellent earning potential and one of the most flexible schedules. It has long been an option for women looking to earn additional income, pursue a change in career, as well as work in a field where they can set their own hours.
When it comes to successful women in real estate, Barbara Corcoran, Founder of The Corcoran Group and currently one of the Shark’s on ABC’s “Shark Tank,” and Dottie Herman, CEO of Douglas Elliman, one of the nation’s oldest and largest real estate brokerage firms, have made an indelible mark on the industry. Both Corcoran and Herman have proven just how successful women can be in a field that was at one time male-dominated.
When Corcoran first started her brokerage firm in 1973, the real estate business was still a “man’s world,” but that fact didn’t hold her back. Building The Corcoran Group from the ground up, she grew her business into a billion-dollar enterprise, and in 2001 sold it for $66 million dollars.
Herman, recognized by Forbes magazine as one of “America’s Richest Self-Made Women” has created her own success and laid down the road map for other aspiring businesswomen to follow.
As women continue to dominate the industry, Barbara LaBarca, Chairwoman of Brooklyn MLS, has seen a growth in the percentage of women in real estate over the last 15 years. “It has gone from a male-focused world to the majority now being women,” says LaBarca. “Here on the Brooklyn MLS board, the past two presidents have been women, one including myself.”
These days, more and more women are working together to empower, encourage, and support one another as they continue to move the needle forward in the real estate industry. With March being Woman’s History Month, it’s only fitting that we continue to support, and celebrate, the many accomplishments of our fellow females everywhere.
Interested in a unique and culturally-diverse Brooklyn neighborhood with a long and vibrant history? Look no further than Prospect Heights. Nestled in northwestern Brooklyn just north of Prospect Park, this classic neighborhood offers world-class museums and cultural amenities, a bustling restaurant scene, and plenty of lush green spaces.
Prospect Heights Real Estate
Although a relatively small neighborhood, Prospect Heights features a variety of residential styles. Classic late-19th-century brownstones abound along its tree-lined streets, with many older buildings being renovated and revitalized. In recent years, new construction luxury condominiums have begun to rise in the neighborhood. With these new developments have come increasing prices for Prospect Heights real estate; the average sales price rose almost $200,000 to $1.23 million last year, making Prospect Heights a wonderful on-the-rise neighborhood to invest in.
World-Class Cultural and Entertainment Institutions
A cultural haven, Prospect Heights offers its residents a wide range of artistic and entertainment amenities. The neighborhood’s crowning jewel is the Brooklyn Museum, the recently-renovated art museum renowned for its expansive African and Egyptian art collections. Situated on Grand Army Plaza, the Brooklyn Public Library’s Central Library boasts a catalog of over a million titles as well as the Brooklyn Collection, the library system’s compilation of important manuscripts, maps, photographs, and memorabilia. Perhaps most well-known, the recently opened Barclays Center sit at the northwestern corner of Prospect Heights; this multi-purpose arena hosts concerts and conventions as well as serving as home to the Brooklyn Nets and New York Islanders.
A Bustling Restaurant Scene
A recent wave of new restaurants and cafes have increased Prospect Heights’ desirability. Many of the restaurants included in this recent boom seek to highlight the neighborhood’s diverse cultures and cuisines, including those of the long-standing Caribbean and African-American communities.
Lush Green Spaces
Prospect Heights’ tree-lined streets act as the perfect backdrop to the neighborhood’s many green spaces. Mount Prospect Park lies in central Prospect Heights and is home to Mount Prospect, Brooklyn’s second-highest point. Adjacent to Mount Prospect Park is the Brooklyn Botanic Garden, featuring the first Japanese garden in America with an extensive cherry blossom orchard, a 5,000-bush rose garden, and a wooded area showcasing flora native to New York. Lastly and perhaps most well-known, Brooklyn’s famous 585-acre Prospect Park forms Prospect Heights’ southern border.
Green spaces, walking tree-lined streets, bike riding on same, and plenty of water for boating and water sports sounds like a great place to live. Mill Basin real estate offers all this and more to home seekers. Choose between mid-century modern homes, town homes or mansions. You can live in quirky homes or traditional homes. Choose between waterfront homes or homes with green space nearby. On the high end of the charm scale, Mill Basin has a lot to offer.
Mill Basin Real Estate Statistics
Sales of Mill Basin real estate averaged $830,000 for the second quarter. Rents topped out at $3,750. Knowing these facts in addition to the quality of the schools and the crime statistics help home searchers compare areas of interest. Mill Basin schools are among the finest in the state, with test scores rivaling the best in the country. Crime happens, but not as much as in other parts of the county. Mill Basin residents are usually 45 years of age, commute to work by bus or car, have a college education and are married. There is a respectable amount of young persons in Mill Basin. Waterfront homes run into the millions, with architecture embracing everything from classical Greek or Roman to custom-built homes. Boats grace the docks, and Bentleys attract the looks of passersby.
Mill Basin Real Estate History
Mill Basin real estate began as a swampy island at the end of Mill Avenue. Mill Basin stretches from the mainland to a peninsular area. The original owner of much of the land was Jan Martense Schenck. His house on East 63rd Street was dismantled and re-assembled years later in the Brooklyn Museum. When the Indians sold the island in the 1600s, people built mills on it. The Industrial Revolution happened to the island shortly thereafter, with warehouses lining the streets.
The mid-1900s saw residential building, with frame houses or brick bungalows in addition to 6,000 square foot mansions built by Russian and European nobility. The wealthy and elite built up the neighborhood, and it remains so today. Some home seekers buy older lots, destroy the house on it and rebuild to their standards. For residents, the half-moon shaped land surrounded by water resembles Florida. Many lots have private swimming pools in addition to dock space for boats.
Mill Basin Real Estate Amenities
Three large parks give Mill Basin homeowners room to picnic and play, three movie theaters offer homeowners their masterworks, while the Bergen Beach Yacht Club gives homeowners a place to dock their boats and socialize with peers. Libraries, shopping and fine dining are within five minutes of home.
Are you on the search for a neighborhood that offers all the benefits of the suburbs within the city limits of Brooklyn? If so, look no further than Marine Park. Located in southern Brooklyn, Marine Park provides its residents with a wide variety of amenities, including sprawling green spaces, ample entertainment options for all ages and a quiet suburban atmosphere in proximity to midtown Manhattan.
Marine Park Real Estate
Known for its quiet residential nature, Marine Park remains one of the last neighborhoods in Brooklyn where homes with porches, garages and backyards remain widely available. While Marine Park does feature some small apartment buildings and townhomes, the majority of the neighborhood’s residences are attached and detached one-family homes, often either Tudor style or brick. As of 2015, the median sales price for Marine Park real estate stood at $560,000.
Marine Park Features Sprawling Green Spaces
Marine Park is Brooklyn’s largest public park and the neighborhood’s namesake. With 530 acres of sprawling salt marshes and grassland, Marine Park offers residents of the neighborhood easy access to some of the borough’s most beautiful natural sites and varieties of wildlife. In addition, the park has a wide range of athletic amenities, from cricket fields and bocce courts to baseball diamonds and even a golf course. Younger Marine Park Real Estate residents have access to multiple playgrounds and the park’s Salt Marsh Nature Center.
Ample Entertainment Options
Besides its abundant green spaces, walking trails and playing fields, Marine Park provides the residents of its neighborhood with a number of exciting entertainment options. Every summer, the park plays hosts to a concert series; last year’s concerts ranged from Beatles and Rolling Stones cover bands to groups playing a range of Oldies classics. For the neighborhood’s younger residents, Marine Park offers a number of science and wildlife classes, teaching everything from astronomy to animal tracking.
A Bit of Suburbia Within the City Limits
Well-known for its predominantly residential streets lined with trees and dotted with front-yard gardens, Marine Park Real Estate is an ideal neighborhood for those looking for a respite from the hustle and bustle of city life. While the bordering Flatbush Avenue provides ample shopping options, Marine Park’s interior streets are quiet and tranquil with a reputation for being well-kept and clean.
