Northfork Properties

Entrepreneurial Musings: How to Build Winning Real Estate Teams

 
Posted on Thursday February 9, 2012 3:49 PM
by James Young No Comments »
A Model Agent?

Me, passive-aggressive and angry, no way?

As a technology entrepreneur in the Hamptons Real Estate business I find that one of the most challenging parts of the job is finding good agents. Rosehip Partners is always evolving, our technical platform, our massive database of rental properties, our very business practices change and grow on a day to day basis. We consider ourselves a technology company that happens to be in the real estate business. The most successful members of out team embrace change, work to quickly understand how the changes affect their business and quickly get on board without (too much) complaining about the inevitable speed bumps and misunderstandings that come part and parcel.

As we interview new agents, increasingly common as our business grows I am happy to report,  I think the single most important aspects in judging their potential for success is to somehow guage two traits. First is what I call their “adaptability index.” How comfortable are they with constant change? Will they get on board new technology initiatives, data management practices, customer service strategies or will they passively or even actively resist, insisting that “I’ve always done it this way” or “we’re not salaried employees you cant TELL us what to do!”

The second quality for success I term each individual’s “team orientation.” In one way it’s very linked with the adaptability index in that once a decision and direction is taken by the team, or by management, even if they are not in total agreement with it, do they get on board so that everyone on the team is singing from the same sheet of music, or do they continue to resist either passively or overtly weakening the power of the initiative and it’s chances for success? In another way, team orientation has to do with how well agents work with other agents. Hamptons Real Estate is famous for being cut throat, you know, the eat what you kill, come near my dog bowl and I’ll bite you, zero sum game, way of thinking. Yeah, it’s a tough business, and as agents we will periodically bump up against each other but in order to grow our individual business as well as the entire team’s success we must be willing to support our fellow team members even if there is no direct benefit to us or EVEN if it costs us an opportunity in the short term.

Been thinking about these ideas the last several days as people have been interviewing to join our team and last night this article I saw in Bloomberg Business Week kind of coalesced my thoughts. The authors tackle the same subject but from the opposite end of the looking glass. They postulate that as important as hiring the right team members is not being afraid to fire negative influences whose attitude weakens team cohesiveness and saps the organization of critical energy. So let me close this post by citing two oft quoted business luminaries. First, Ted Turner, who famously said when discussing criteria for success in an organization, “Either lead, follow or get out of the way,” and finally the great orange haired real estate maven, Donald Trump… “You’re fired!”

The Way NOT to be

No Room For This On Successful Teams


Google Alerts

 
Posted on Friday January 27, 2012 2:09 AM
by Joseph Kazickas No Comments »

We find this service from Google really valuable. We follow “hamptons properties” and “hamptons rentals” as key words of specific interest to us. All the alerts are of interest to us but we are especially grateful for gems like this. Are you looking for cherish? Who isn’t?


Is the blue Rock Falling off into the Sea

 
Posted on Saturday January 14, 2012 11:51 PM
by James Young 1 Comment »

Since Prudential’s first foray into the Hamptons, at least 12 years ago now, the intelligentsia would comment, “there’s no place for that gaudy blue rock in the Hamptons. That brand will never work here.” We hear Dottie may finally agree! I hear senior management at Elliman is questioning the value of the Prudential association. Is it worth the franchise money especially with the Elliman brand so strong conveying the type of prestige that unfortunately the rock does not. So don’t be surprised if after a nor’easter or two the rock drops into the Atlantic for good!


Looking For A Luxury Rental? Starting at $35,000/week…

 
Posted on Friday January 13, 2012 9:39 PM
by Joseph Kazickas No Comments »

It is real estate lore, but true, that builder Joe Farrel, rented his over the top residence for an eye opening $500,000 for a two week stay last year. But let’s say that spending that type of money sends the wrong message to the kids, well, here’s a property that offers just about everything to the nines, and only costs a small fraction. Click here for more information…

Tastefully decorated, and fully staffed, of course.


Is a broker worth his salt?

 
Posted on Saturday January 7, 2012 9:36 PM
by James Young No Comments »

Some would argue not in this age of instant information. But in point of fact it is the opposite conclusion that should be drawn. A good agent is like a consultant who can guide you deftly through a forest of challenges and uncertainty. That is, if you value their opinion and establish a relationship based on trust. This interesting piece refers mostly to the Manhattan market but is also entirely applicable to the Hamptons. Yeah you can probably get the job done bouncing between several brokers but if you value your time and your sanity find someone you respect and trust and allow them to guide you, you’ll be glad you did…


It’s Finally Happened: The Co-Exclusive Rental Listing

 
Posted on Thursday January 5, 2012 4:29 PM
by Joseph Kazickas No Comments »

It was bound to happen, and it finally has…the Co-Exclusive rental listing.
Here in the Hamptons, birthplace of the Co-Exclusive Sale listing, the Tri-Exclusive listing, and the rarely seen Quadruple-Exclusive listing (known as a ‘Quad” but often mistaken for an “Open”) we were recently presented with the Co-Exclusive rental listing.
Things must either be really bad, or the homeowner has been guilt tripped.

Let’s work the math.

It’s listed for the season at $295,000 and let’s pretend it rents for $275K yielding a commission of $27,500. If it is a true co-exclusive the fee will be drawn, and quartered for the two listing brokers meaning the renting agent shares $13,750 with his broker, while the two listing agents split $6,875.00 with theirs.

Odds are one of the listing agents is going to make money for doing nothing.

And therein lies the problem. Co’s, Tri’s and Quad’s are incentive killers.


Best Wishes For 2012!!!

 
Posted on Saturday December 31, 2011 6:47 PM
by Joseph Kazickas No Comments »

We would like to wish you all the best for 2012! To everyone who has supported us in 2011, thank you so much.

Cheers!


Sisyphus

 
Posted on Wednesday December 14, 2011 2:43 AM
by Joseph Kazickas No Comments »


Reshaping the Hamptons real estate market reminds us of the Greek myth of Sisyphus…doomed to pushing a rock uphill, only to have it tumble down again.
Very recently we exchanged emails with a Sotheby’s broker who advised us that no one but she could advertise her “exclusive” rental listing, and yet she was offering an 80/20 commission split to a cooperating broker who brought a deal.
This particular agent has been in the business a long time. And we really respect her. Or at least used to, (make no mistake, we will always like her.) But her thinking is clearly Jurassic in today’s world of information flow. We had no choice but to label her a dinosaur.
Here’s our question: “Why wouldn’t you want everyone to advertise your exclusive?” As an exclusive listor of either a rental or sale, what possible negative comes from having your listing advertised, promoted, pushed in as many ways possible? Even by your frienemies.
Poor Sisyphus was punished for his crime against the gods. Doomed for eternity.
At least there is logic in our argument, so it is only a matter of time until reason prevails and this form of archaic, illogical thought gives way to what clearly makes sense, for every stakeholder involved.


MLS – Without The Rules

 
Posted on Monday December 12, 2011 1:18 AM
by Joseph Kazickas No Comments »

Today we caught our first glimpse of the new, revolutionary, www.hamptonsproperties.com.
Brace yourselves for a wildly innovative, agnostic internet portal serving the Hamptons real estate market. Advanced social networking tools, cool communications functionality, open to the industry, fully transparent, with no strings attached, at an affordable fee.
It may be premature but we complement our highly skilled staff of developers on building a lightening fast website, due to launch in February, that offers agents and brokers an alternative to the costly market leader.


LIBOR and MLS – Poking around the East End

 
Posted on Saturday December 3, 2011 4:51 PM
by Joseph Kazickas 2 Comments »

We attended a jam packed meet and greet last night at Bobby Vans Restaurant in Bridgehampton, hosted by the Long Island Board of Realtors. Had a chance to talk with the new President Don Scanlon who promised that LIBOR would be making a new initiative to move east of the Canal starting with the New Year.
We also had the chance to meet several old friends who’s agencies are not part of LIBOR, everyone of whom lamented the fact that they were unable to participate in MLS.