How to Navigate the Post-Pandemic Market

By Briggs Elwell, CEO and Co-Founder of RLTY Capital

Being a real estate agent in New York City is hard work but arguably one of the most exciting careers the city has to offer. Unlike desk jobs, real estate agents can experience something new every day, traverse the greatest city in the world and build networks that will benefit them for a lifetime. This career path takes hustle and grit - if you can make it in NYC, you can make it anywhere.

Between new developments, resales, conversions, lofts, brownstones and skyscrapers, clients of all backgrounds can find a housing option that suits their needs, surpasses their lifestyle expectations and is uniquely New York. It’s a real estate market renowned for its value worldwide. For agents, the thrill of the hunt - and guiding clients along the way - is an eternal source of motivation with incredible rewards.

As we emerge from the pandemic, real estate agents have a newfound appreciation for financial literacy, understanding operating costs and keeping workflow in balance. The challenges of last year showcased the need to think long-term and reaffirm your commitment to whatever it is that you do. For agents, that means doubling down and reinvesting into your real estate business to achieve growth and regularity for your team. And, despite the rebound of the New York real estate market, agents continue to experience fluctuations in deal flow and a lag time in commission delivery for a variety of reasons.

Closing date push backs, construction delays, timing to sign a lease, and inspections are items that have always been challenging for agents as it relates to pay day. As independent contractors, agents fund much of the staging and marketing costs themselves and the uncertainty of commission timing makes financial planning all the more difficult. It takes a real commitment to the numbers and lean operating costs to sustainably grow a real estate business in New York - and even then, without the ability to definitely plan pay days, finances can be overwhelming for even the most astute agent. Adding the post-pandemic effects of uncertainty in terms of remote work and school, delays are more common as people plan for the future in neighborhoods and housing types that may not have considered pre-pandemic.

My co-founder, Daniel Kennedy, and I launched RLTY Capital - a REtech platform and speciality finance firm for the real estate community to have more certainty and confidently approach the post-pandemic market. We carefully analyzed current market dynamics alongside an advisory counsel of real estate veterans like Ryan Serhant, CEO and Founder of SERHANT., and studied the day to day operational tools that are needed to succeed right now.

RLTY is a new service that enables real estate agents, brokerages and developers to secure earned commissions upfront with no hidden fees or extraneous costs. We provide an efficient, seamless application process and complete confidentiality. Our underwriting is powered by a proprietary AI-enabled platform, deep relationships within the real estate community, and the ability to secure data from NYC listings services in real-time.

We are committed to serving real estate professionals who have a proven track record of success and are looking to grow their businesses, hire and boost performance. Partnering with Ryan via SERHANT. Ventures, we are pioneering a new category of technology products and resources dubbed REtech. This pipeline includes tools for agents, brokerages and developers to enhance their performance, rapidly transact and accelerate investments in the New York real estate industry.

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