Though the real estate crisis didn't rattle the tri-state area to nearly the degree that it did other markets around the country, construction still stalled on many new developments during the recent recession. It’s not only location or the newest or shiniest buildings that attract buyers’ attention. The market on both sides of the Hudson has since rebounded, and new developments are going up at a furious pace, so the pressure is back on brokers to distinguish themselves and their listed properties from a field crowded with gleaming glass-and-steel high-rises that all seem to feature the same list of high-end, ultra-luxe amenities. 

Despite indications in some quarters that uncertainty about interest rates and the volatility of the stock market has many residential brokers unsure of what the market conditions will be like six months from now, Elizabeth Ann Stribling-Kivlan, president of Stribling brokerage in Manhattan, says that selling in today’s market is still all about well-priced apartments. “They are still in high demand and inventory is still historically low,” she says. “Buyers are used to an exceptional level of lifestyle and amenities now within the new development arena, and in resales, they want exceptionally appointed apartments that show well.”

History and Housewarming

While New York and New Jersey’s residential marketplaces are certainly different in many regards (prices in New York City are mind-blowingly high, and include large numbers of co-op apartments, which are relatively rare elsewhere, to name a couple of the more notable differences), the two have their similarities. According to Robert Oppenheimer, 2016 President-Elect of New Jersey Realtors and broker/owner of RE/MAX Fortune Properties in Englewood Cliffs, “One of the major differences between selling properties in New Jersey versus New York City is the extremely robust MLS system in New Jersey, which enhances cooperation between listing brokers and buying brokers. While the Fort Lee, Edgewater, and Cliffside Park markets are mainly vertical living like Manhattan, the rest of our market lends itself to growing families with a wonderful selection of single-family homes in many price ranges,” Oppenheimer says.   

And whether vertical or sprawling, selling properties in New Jersey since the dark days of the last recession involves somewhat more than just hanging out a ‘For Sale’ sign, baking some homemade cookies and hosting an open house.

Some brokers have enlisted professional home staging experts to help transform the mundane into the miraculous, but it doesn’t stop there. “The initial appearance of the property is very important,” says Oppenheimer. “Not only is staging a factor, but it’s important to make sure that any cosmetic or structural issues are attended to prior to a property coming on the market. Buyers, especially first time buyers, tend to overestimate the cost of repairs or improvements, which makes it more difficult when negotiating a contract price.”

In addition to staging, other realtors have teamed up with historians and neighborhood history buffs to give narrated tours of the interesting, historical neighborhoods surrounding some properties. 

“This is important no matter how the market is doing,” says Manhattan broker Adelaide Polsinelli, who has hosted historic walking tours for prospective buyers. “It brings a whole different element to the real estate market and gives it a life of its own. It is fun, educational and adds value to what we’ve done.” 

Tours aren’t just for densely-packed inner city neighborhoods, either. For prospective buyers contemplating making the jump to more suburban living, some Manhattan and Garden State brokers are offering ‘urban defectors’ tours of communities and neighborhoods outside big-city limits. According to a recent New York Times article, brokerages and real estate advisory firms on both sides of the Hudson, such as the Suburban Jungle Realty Group, are hosting events with names like ‘Suburb Stroller Tours’ to help prospective homebuyers get a sense of the local flavor in selected towns outside of the New York-Hoboken-Jersey City triangle. According to the Times, for about $35 a person, participants tour the downtown area and learn about the “personality of the town” from locals over a three-course lunch at a “stroller-friendly” restaurant.

 These real estate advisors offer home buyers, what’s called a ‘suburb strategist’ (non-broker professionals who act something like a concierge), helping home-seekers get a handle on different towns’ and neighborhoods’ cultural, educational, and social dynamics.  

And tours and activities need not be purely informational—sometimes they can just be for fun, and to raise interest in a particular area or development. “One of the agents in my office has had immense success with doing Halloween and Christmas light tours,” says Oppenheimer. “In addition, she’s honed in on sourcing buyers through ‘mommy-and-me’ groups where she is a member. We’ve found that families love to participate in these fun events, and they already have a built-in level of trust since they know the agent from class. It’s been a great way for us to expand our client base and help our clients achieve their dreams.”

Other Unusual Measures

Other brokers and firms have come up with their own creative ways to interest and engage prospective buyers. To help spark interest among home-seekers, Mike Namer, founder of Manhattan-based residential developer Alfa Development, once hosted a performance by the Metropolitan Opera and a party catered by Fred’s, the restaurant inside famed luxury department store Barney's. Dan Critchett, a licensed real estate salesperson at Stribling, a Manhattan brokerage, has been known to take his potential buyers hang gliding.

Gimmicky? Maybe—but Critchett, who was interviewed on his tactics for The New York Times, says that “Buyer loyalty is one of the most difficult things to obtain,” and that facilitating a unique, engaging activity can go a very long way toward establishing that loyalty. In that same article, other agents talked about scavenger hunts, trips to Costco, video game playing and even turkey hunting as unique ways they tried to woo buyers. 

Shark Tank’s Barbara Corcoran, also the founder of The Corcoran Group brokerage and development firm, has been interviewed about her unique style of real estate promotion, including purchasing life-size photo cutouts of celebrities, such as Frank Sinatra, and posing them in the seller’s living room. The shots are then included in the online listings, which Corcoran is convinced ‘gets people talking.’ On one unit, she relied on bringing in a professional ‘smudger’ who burned fragrant sage throughout a huge Park Avenue apartment to help cleanse the negative energy left behind by previous owners who fought a lot. Corcoran says that it worked; “The first customers who walked in sat on the bed...and made a full-price offer. I’m a believer.”

Other industry pros have held such similar events as book signings, live music performances, and mixology parties, where guests learn about different cocktails and drinks and how to make them. “We were hoping that the apartment looked better at night after tasting a few margaritas,” laughs one agent. 

But Does it Work? 

Fancy cocktail parties and command performances are definitely attention-getting—but are these events really what’s making buyers sign on the dotted line? Since an historic tour of the Bowery she orchestrated with a local historian three years ago, Polsinelli notes that while she has sold two apartments in the area—and while she admits she can’t necessarily trace those sales directly back to the tours, she believes that they ultimately helped to spread the word about the properties. “The amount of hits on the listings that I get are increasing every time we hold an event,” she says. “Plus, they get written about in, say, the New York Post, and it’s branding for the apartment.”

 Most pros agree that while creative promotional events do work to get potential buyers in the door of a luxury unit, they are not what ultimately sells it. “A good apartment that’s priced well is what gets an apartment sold all the time,” says one veteran agent. “If it’s overpriced, the event doesn’t even matter. You’re taking a chance, because 90% of the people who are coming to an event are curious about the author, or the drinking. Also, these events work for condos, but not co-op buildings, where management needs to control the number of people who are attending.”

The Broker's Perspective

No one knows more than a broker just what it's like to have to reinvent the wheel in order to sell units, as well as entire buildings. Polsinelli, for example, has been in the business for more than 30 years, but also served as a board president in her own building. “I was responsible for a $30 million job to replace fallen bricks, so we had to be creative in our plan to raise money,” she says. “After surviving three or four different wars as a board member, I learned a new approach for the next time.”

She says that her creativity has been extremely important to survive as a broker. “Real estate is a cyclical business, and many brokers and salespeople do not know how to manage their income,” she says. “They have a banner year and go out and buy a Ferrari or a time share. Then the market turns and you can’t afford what you just bought. You have to learn how to balance the income when you are an independent contractor.”

Buying and Selling

“When you see the market start to slow down, brokers and salespersons go out of business,” says Polsinelli. “Right now, we are seeing an increase in a number of brokers getting licenses, but when there is not as much activity—which means there are too many listings and too few deals—the brokers take themselves out of the game and go to different businesses.” 

And, says Oppenheimer, seasoned brokers who have ridden the tides of many an up- or down-market know that no matter what—you have to know your client’s needs and wants. “Prior to even beginning the process of negotiating, it’s very important to ascertain the needs and motivations of your clients. When negotiations begin, it’s very important to stay emotionally neutral as the broker or agent,” Oppenheimer says, “that’s a large part of why we were hired in the first place. In addition, networking within the realtor community is a big key to success. It means that you’ll probably know or be acquainted with the agent on the other side of the transaction, which in many cases will help fitness the deal to a positive close.”

Obviously, someone who's about to drop millions (sometimes many millions) on a co-op or condo unit—whether it’s on Park Avenue or in Bergen County—is likely going to take a very long, hard look at any property their broker shows them—and they're likely going to have some very specific ideas about what they do and do not want in their future home. For those just beginning the process, even knowing where to start or what to look for can be daunting. In a housing market as crowded, fast-paced, and dazzling as the tri-state area’s, brokers who are prepared to apply some creativity and zest to the seeking-and-buying process may find themselves ahead of the pack. 

Lisa Iannucci is a freelance writer and a frequent contributor to The New Jersey Cooperator. Senior editor Hannah Fons contributed to this article.