My last Kogos Chronicles talked about fall, and with fall comes change. In Manhattan, change is a constant. Every season brings new opportunities, challenges and conversations about where the market is headed. This fall, much of the industry discussion has centered on the very public battle between Compass and Zillow.
But for buyers, sellers, renters and investors, the more important question is this: Does any of it actually change your real estate decisions? In a market as nuanced as Manhattan, I believe the fundamentals remain the same: understanding the inventory, knowing the neighborhood and having trusted representation to help you navigate the process.
THE BATTLE
At its core, this is a fight between two large public companies: Compass International + brokerage market shares, and Zillow/Streeteasy, which captures 50% of the NYC consumer audience. This has been going on for some time and it is now in our own backyard. One part of the most recent battle between the two giants is that StreetEasy has put a 20% cap on its Experts Program which directly impacts Compass International and its brands: Compass, Corcoran, Sotheby's, Christie's, and Coldwell Banker. We are hearing that some agents have been instructed to pull listings from StreetEasy. I am unaware of agents following this recommendation.
THE KOGOS POINT OF VIEW
My opinion is that much of this is noise, and none of it should impact your access to Manhattan real estate inventory. Manhattan has always been more complicated than a headline, a website, an algorithm or a Zestimate. This is a market made up of neighborhoods, buildings, apartments, buyers, sellers, boards, pricing, timing and, most importantly, intent. What happens in Tribeca can be very different from what is happening on the Upper East Side, and what happens in one building can be completely different from what is happening across the street. Plenty of platforms, companies and technologies competing for your attention, but more information does not always mean better information. The key is having the right information and someone who can put it into context.
Three years ago, I invested in my own real estate application, Unlockingdoorz, which, along with scottkogos.com, provides another way to explore the Manhattan market. Both sites give you access to listings from REBNY's Residential Listing Service (RLS), OLR and other RLS inventory, allowing us to use a broad view of the market as our primary inventory tools. If you are looking to find inventory not on the market we can also help you with access to private exclusives.
Together, we can look beyond the headlines to understand what is actually available, what has recently come to market, what may be coming, and where opportunities may exist. Ultimately, the goal is not simply to see more listings. It is to understand the inventory, interpret the market and make informed decisions with intention.
That is where having your own representation and a trusted Manhattan real estate advisor becomes so important.
As I always say, love where you live and I look forward to seeing you soon.
