New development is CREATIVE, as this episode shows. You get to be a TEAM with the architect and DESIGN the apartments, put your own stamp on them, and be proud of the result.
All super agents focus on new development, with no exceptions, and we are all kicking and clawing over the big projects. Last year 80 percent of my income came from selling new development. How?
The theory is that it takes the same amount of time to pitch to a seller of one apartment as it takes to pitch and win a new development of let's say 100 apartments. On the other hand, the lead times are much longer and it can take up to two years to create a great product with the architect and the developer even before the start of sales, and then another two years for the building to close and people move in (which is when we agents get paid). But once the project is closed out, you are paid on 100 apartments.
My first project was The Onyx Chelsea on 28th Street and 8th Ave in New York and I won it after three years in the business with help from my broker at the time. I was so excited -- and scared. What did I know of designing a kitchen and a bathroom? Of maximizing light and air? Of programming an entire 12 story building with just the right mix of 52 units, the right apartment sizes and knowing what makes efficient one, two, and three bedroom apartments, with the ideal number of fixtures in the bathroom and where to place the walk-in closets, etc.? And then creating a brand for the building, identifying the ideal buyer long before the concrete structure had come up, and commission the work to build a website, build-out an off-site sales office, design a sales brochure, and lastly price the building and sell the sucker out -- at prices that not only would make the developer happy, but build respect in the industry and garner press -- with the special challenges of financing and appraisals that come with new development???
Well, there was a poster in my parent's bedroom in the suburbs of Stockholm when I grew up that I thought of a lot during that project. A duck is calmly swimming with his head high in the air. He is calm, almost smiling (can ducks smile?), but underneath the surface the duck is paddling like crazy. This is what I was trying to teach Luis, to help him to try to get into his first new development. Be calm, while you don't let anyone see how inexperienced you are and over time you will learn. Paddle like crazy, just do it under the table and don't let the developer see it while you watch the bigger broker teach you.
Hugs to all my high-kickers out there! And if no one told you today they love you, I do.