The Real Deal New York

“Bring all offers!”: What brokerspeak looks like in a buyer’s market

Agents are tweaking language in hopes of luring more buyers
August 30, 2018 01:31PM

(Credit: iStock)

Brokers are using flashier language — and free cupcakes — to lure buyers.

As oversupply persists and units linger on the market, brokers are touting price cuts and a willingness to negotiate, Bloomberg reported. It sometimes sounds like a car dealership selling last year’s floor models — phrases like “Price improvement!” and “Bring all offers!” are cropping up more frequently.

One Douglas Elliman listing, for example, was knocked down to $4.99 million. The Greenwich Village townhouse was advertised as a steal: “Over $1 Million Dollar Price Drop! Originally $6.1 Million. Rare opportunity!”

The more aggressive marketing comes as apartments — particularly on the high end — have been languishing on the market. Buyers, who can take their time and shop around, have increasingly come to expect room for negotiation, brokers have said.

“There were three price drops to get to this price point, and I wanted the reader to note the value that they could get,” Kimberly Jay, the Elliman agent with the townhouse listing, told Bloomberg. “It’s an amazing opportunity for a buyer to be able to buy something they couldn’t have two years ago.”

Some brokers are even adding a little bonus: the first 12 visitors at one West Village open house got Magnolia Bakery cupcakes. The listing broker, Compass’ Eileen Robert, said it increased traffic. Even so, the property on West 4th Street is still for sale after 287 days on the market, the report said. [Bloomberg] — Meenal Vamburkar