'Selling New York' Real Estate Ain't Easy

Tomorrow's episode of HGTV's "Selling New York" shows all of us real estate voyeurs how much more there is to selling real estate (the therapy, the intensive research) than just the sale.

We spoke to CORE Group broker Lisa Graham who in the episode helps a client choose between buying a new home in the West Village or building his own atop his business, with his available "air rights."

We won't divulge more about the show airing Thursday, April 15 at 9 p.m. (8 p.m. Central), but we got the scoop from Graham about some of the stressful drama that brokers have to deal with -- often without pay.

HousingWatch: Do you find your clients disappointed by prices once they're out there and looking?
Lisa Graham: Buyers don't always know what they can afford. You have to communicate with your mortgage broker so that you have a clear understanding right away what you can afford. You don't want to end up wasting everyone's time.

HW: Besides the old defaulting on loans problem, what other money issues do you deal with?
Graham: It's not even that people can't afford to buy, it's that deals fall apart often because a buyer doesn't get the money from the banks. What is happening a lot is the banks aren't [approving] the numbers the buyer has gone into contract for.

HW: So what do you do if you want the place and the bank screws you?

Graham: You have three options:
1. Walk away from the deal. (This is the broker heartbreaker.)
2. Try to get a new appraisal from another bank. (This happens most often.)
3. Try to come up with the extra money (This is the hardest and most unlikely.)

HW: Could this be a reason so many high-end brokers actually rent vs. own?
Graham: Unpaid work comes with the territory. The public might look at these episodes and think our job is easy, that we just show people apartments and they sell, but there are so many details and variables. I have worked with people for two years and nothing happens -- no buy or sell -- and I don't get paid for that time. But then sometimes in just a couple of months we have a sale.

HW: How do you stay sane?
Graham: I try to never be attached to the outcome. It try to never think 'This has to close!' I'm there to support the buyer or seller and I have to put myself in their shoes and be sensitive to their needs. So I do a lot of yoga and focus on more centering kinds of exercises to keep calm. I don't drink caffeine.

Read more of our coverage of
HGTV's "Selling New York" and other home TV reality shows.

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George L. Rosario

You really do hit it right on the nose. This business is NOT as glamorous as some paint it. A lot goes into selling real estate than just the sale. We are therapists. We are decorators. We are financial advisers. We are psychiatrists. We are educators. We are promoters. We are marriage counselors. We are politicians. We Realtors wear many hats, and get no glory for the bulk of our effort. But consider the alternatives and you can tell why I am so in love with this industry. Prior to my career as a full time New York based Realtor, I spent years in law enforcement, and even went into construction, all the while practicing real estate part time. Those were some of the toughest years of my life. I took a leap of faith. I stopped listening to the negative fools in my life and decided I would tackle this career full time. It is the best decision I ever made. Yes, it's been expensive at times. If I wasn't careful, this profession would have eaten me alive. But I persevered. I spent most of my money on me and my business. Most of my expenses have not gone into fake flash and glare. I don't wear $5,000 suits. I don't drive a fancy car. I don't wake up in a penthouse in Manhattan. I don't fly first class and my clients meet me for a drink or an afternoon lunch that is within my means. Don't get me wrong. I do splurge once in a while. But I am a simple dude for the most part. I spend most of my money on me and my business. I have a coach. I meet with my mentor for a cigar and a drink every Wednesday. I advertise. I go to paid seminars. I pay for training programs. I make sure my minivan is clean and presentable. I send letters to my current and past clients on high end paper. I paid for a revamped team logo that compliments my company's world recognized logo. I pay my taxes. I send out Holiday cards to all my past clients. I purchase books for my Kindle. I read a lot. I study a lot. I write a lot. I learn a lot. I work a lot. And when I get to play, I play hard. So yes, this is not as easy as the reality shows will have us believe. Still, it is much better than anything I've ever done and it affords me a very comfortable life in the greatest city in the world. I am in love with this industry because I truly feel like it is allowing me to help others fall in love with the city that I have always known as home. I am in love with this industry and cannot imagine leaving it behind any time soon.

George L. Rosario
Real Estate Salesperson
Coldwell Banker Kueber
#glrosario #rosarioshalomayevgroup

November 22 2015 at 7:24 PM Report abuse rate up rate down Reply