What do you hear about Hamptons real estate these days? Are You Listening To The Right People?
If you're hearing that things are slow, that's right, for many agents: those who have not established themselves as a trusted advisor to their clients and customers.
If you're hearing that business is brisk, that's right, for some agents: the top agents in the market are busy. Listings are selling and customers are out buying. Those who know how to broker deals are doing fine.
In this type of a market where the "foam" settles down, instead of an 80/20 rule, it becomes a 90/10 rule. Veteran agents know how to create business and how to roll with the ebb and flow of the markets. While many newer agents are feeling the blues, the top 10% are making deals.
Some info worth noting:
Reported Closed Sales for Southampton and East Hampton Townships
September 2005......229 sales......$280,000,000.....Avg of $1,223,000
September 2006......195 sales.......$285,000,000.....Avg of $1,462,000
Preliminary Reports from Suffolk Profiles, Brightwaters, NY.
So, while the number of sales is down 15% '06 vs '05, the average sales price is up 16%, very similar to '05 vs '04 where the number of sales was down and the average sales price was up.
Adding-up the rosters of the four largest brokerages out here, Corcoran, Brown Harris Stevens, Prudential and Sotheby's, there is a total of about 1,000 agents. Add to that all the other small and mid-sized agencies and the "lone rangers" running around, and we probably have about 1,500-1,600 licensees. Last year there were 3,451 transactions in the Hamptons - not all of them had a broker involved.
If the top 10% of the agents average 10 transactions a year, that doesn't leave a whole lot to go around for the rest.
So find yourself someone to work with who's doing business, and leave the whiners at their own pity parties.
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