It’s 2022 in the world is very different from what it was just three years ago. It’s safe to say that the post COVID-19 world has been nothing short of a roller coaster in all aspects. When we look at the economy we have had multiple all-time highs in everything from the stock market to the crypto market to the real estate market. So to help us understand what to expect from NYC real estate in 2022, we have Naveed Khan a.k.a. Nick Khan. Naveed is a realtor in NYC, so we decided to ask him a few questions on the current market conditions and his approach to the business.
Naveed please introduce yourself to our readers.
My name is Naveed Khan a.k.a. Nick Khan, I am a realtor in New York City with a background in finance. I have a degree in construction management and I am also a certified project manager. I use all my past experiences and knowledge to provide best in class service to my clients in the real estate industry.
Naveed what is going on with the real estate market?
This market is a result of low interest rates combined with a pandemic that forced people to distance themselves from each other, stay home and work from home. A lot of people who were working from home realised they need more space. We had an exodus from big cities to the suburbs. This market is a result of low interest rate combined with a pandemic and a frenzy began. We had bidding wars and complete madness, unfortunately I think a lot of people overpaid for homes. Now I think that the market is starting to show some signs of cooling off but we still have a supply shortage of homes on the market but hopefully that will change as soon as we move along.
What do you see happening in the NYC real estate market in 2022?
I think the demand might cool off a bit short term as we get more inventory and rates climb. However I think in the long run NYC real estate will do what it’s always done, which is go up in value because of the constant influx of people that we get every year who want to call New York City home. Young professionals, entrepreneurs, foreign investors. Everyone wants a piece of the city and NYC real estate over the years has proven to be of value play. Besides, this is a place where you prove yourself. If you can make it in NYC you can make it anywhere.
Let’s switch gears a bit to your business. How do you see the business changing?
I think the core of the business remains the same. I am in sales and Real Estate is a people’s business. It’s all about how good you are at servicing your clients. You will always have the next shiny gadget or the next avenue to market yourself but at the end of the day it really comes down to customer service. It’s all about following up and following through. Always putting your clients interest first is the key ingredient to success in our business.
Speaking of gadgets. How do you feel the use of social media helps in real estate?
Well, from an agent point of view it’s an avenue to market yourself and generate leads. As an agent in the industry you want to maximize all opportunities to get your name out there and make people aware of your brand and your existence. Also it’s a great place to Market your clients’ assets and attract buyers. More exposure usually translates into more offers and vice versa on the other side of the transaction.
Do you advise agents to use social media?
Sure. But you can’t just limit yourself to that. In order to be successful, your business has to be a combination of everything. At the end of the day you’re not a social media personality, you’re an agent. As an agent you have to still network, still follow up, meet your clients and be present in person. Social media is a great way to expand your business and display yourself but you still have to engage clients and prospects from all different angles. Nothing beats a face-to-face meeting. There is so much competition in our industry and because of that you really have to work the business from every angle.
What else are you working on currently that you would like to share?
My plan is always to continue to expand my business and my team at a steady pace. Growth of my business is top priority. Putting my clients first and to represent my clients best interest in every transaction is my main goal. These are complicated times and I want my clients to have my undivided attention.
What are your thoughts on discount agents?
In my opinion and this is just my opinion, you really get what you pay for. A lot of times clients are stuck on what they are paying without giving any thought to what they are receiving in return. You really have to think about it. If an agent just drops their commission at the drop of a hat and can’t even negotiate their own pay, how will they represent you in a transaction? How will they negotiate for you? Do they even care to get you the most for your property? Anyone can take pictures of a property and post it on the MLS. You hire an agent to negotiate on your behalf that’s where an agent earns their money.
What are your thoughts on NYC real estate going forward?
NYC is a unique market, historically speaking NYC has proven to be resilient and I believe that we are starting to see that again. We are seeing the “COVID” discounts from 2020 and 2021 evaporate from the Manhattan market. People want to be in the city, they love being out and about. There really isn’t any other place like New York City.
For more information, Naveed can be reached Nkhanre@kw.com or 347-419-3503