A closing for a seller represents the end of a chapter. For a buyer, the closing opens an exciting new one. It is this new chapter that is the source of PHP's passion, expertise, and value. Whereas the efforts, skills, and resources required on the sell side are fairly mechanical, advising a buyer is a very personal journey. Our inspiration is to help our clients find and close on a home that radiates comfort, beauty, and security. We don't stop working until we "hear the music."
Your eyes and ears in a complex market
The search to match a buyer's New York real estate dream to reality can be long, is always intense, but never tedious. It is a highly personalized journey we relish sharing with our clients, and one that requires nurturing and patience. Our clients are impressed by how generous we are with our time.
In our initial conversation, we devote a great deal of time to understand and help shape a client's vision of their unique expectations. Since online photographs can be very misleading, we attempt, whenever possible, to preview the properties that fit the search parameters. Concurrent to the physical on-site search, we analyze comparables, recent sales, and time on market for properties of potential interest. Knowledge of these metrics and current market trends are an essential tool to begin negotiating a purchase price.
The advisors at PHP have varying backgrounds in architecture and the arts, so we pride ourselves on thinking outside the box.
Unbiased advice and endless patience
"You better make a decision now because, in a hot market like this one, the price is sure to increase." We have overheard this line from brokers, who, just like salesmen, have a reputation for being pushy with their ultimate priority on making the sale. At PHP, we "sell" patience. Time is money, perhaps, but when we engage with our clients, the clock gets turned off. In fact, we often find ourselves discouraging a client from making an offer that we feel is driven by emotion over reason. As advisors, our experience tells us that the deal under consideration is typically not as great as the seller's broker would have us believe.
To quote Warren Buffet: "It's better to buy a great company at a good price, than to buy a good company at a great price." In the search for a home, that translates to our maxim for buyers: you have to love the property, not just like it. The search goes on until you "hear the music," and we are here to make sure you eventually do.
Negotiating, contracting, and closing support
Negotiating a New York real estate purchase is complex, especially when there are multiple offers for the property, which is often the case. Our clients typically are well-versed in ROI calculations and business negotiations. However, buying or selling a residence is not an ordinary financial transaction. It can be highly emotional, both for the seller (being personally attached to a property with so many memories) and for the buyer (having finally found that perfect property).
As your advisor, we will negotiate on your behalf with professionalism and integrity. We use every “trick in the book” to help you win the bid. Offering the most money may seem like the best way to win a bidding war, but sellers don't always choose the highest dollar offer. Instead, sellers typically put significant emphasis on the strength of the terms. Also somewhat counter-intuitive, seller's brokers prefer offers from a buyer who is represented by a professional. Indeed, when a buyer has representation, the seller, the seller's broker, the seller's attorney and the seller's lending institution know that the buyer will be fully prepared for all phases of the transaction. Thus, they all have greater confidence that the deal will get to the finish line.
While we do everything to win a bidding war, we also advise our clients when to walk away if we believe a negotiation carries too much risk or does not offer sufficient potential for long-term capital gain.
Access to a broad professional network
The work of a seller's broker ends when a property is sold. At PHP, our service continues. As our advisors have creative backgrounds in the Arts and Architecture, we relish a continuing and productive relationship with our client. If a "gut renovation" is called for, we have relationships with a range of architects, contractors and interior designers to make sure our client's vision is implemented. Or perhaps, it's just a matter of redoing the floors, and a high end paint job... Whatever it takes to make the "music" a reality.
To illustrate how we differ from the large brokerage firms, consider the following anecdote.
One of our associate advisors, Karen Nemeth, had previously applied at one of the leading brokerage firms in NY. During the interview, she told them that she was most interested in working with buyers. It was her passion to build close client relationships and help buyers find the right home. A senior manager at the firm explained that cultivating buyers rather than sellers was not the most efficient way to make money, and that they were not interested in her joining the firm if helping buyers would be her priority.
Given Karen's passion and qualifications, we are delighted to have her on board at PHP. We know our clients will benefit from her background in architecture, construction, and project management - all imbued with her passion for making a match.