Technology’s ability to perpetually advance arouses a multitude of conflicting emotions. Whether you fall on the distraught, elated, or neutral point of technology’s ever-evolving spectrum is ultimately irrelevant, for technology has no intentions of slowing down or appeasing vast sectors of society. Real estate professionals, as predicted by Forbes contributor Matthew Murphy, are especially prone to bearing the fruits of technology’s labor. Here’s a look at five innovations Murphy predicts will be assimilated into the real estate industry.
Transparent and consistent communication is conducive to most lines of work. Real estate professionals, in particular, interact with many clients on a daily basis. Unceasing lines of communication can prove too taxing – enter Chatbots. Chatbots intend to facilitate the interaction process, tasking itself with questions and discussions, in turn freeing time for the Realtor.
The fast-paced nature of real estate promises evolving trends and unending advancements. As the market progresses, real estate professionals are forced to follow suit. Big data aims to aid in the process, providing relevant information with visual data to boot. This unmatched insight could prove revolutionary, offering clear-cut data that’s unprecedented in most fields. Such bountiful knowledge could lead to accurate analyses and fact-based decision making, allowing real estate professionals to deduce findings logically.
Potential home buyers often search for a wow factor. They want their interests piqued and preferences catered to so they can make sense of the financial journey they’re soon to embark upon. Offering stunning aerial photos is a viable solution to cementing such reactions. Drones help capture an understanding of the surrounding environment while alluring prospective buyers with captivating visual aids. What’s more, for those who elect to opt out of open houses, drone footage can serve as a visual tour, breathing convenience into the home buying process.
While millennials are often regarded as self-entitled tyrants, there’s no disputing their prevalence in society. They’re single-handedly dominating the real estate market, bringing their 21st-century gadgets along with them. Real estate professionals are encouraged to lead a mobile-friendly lifestyle as an attempt to acquaint themselves with modern-day technologies. Being that smartphones are the very hallmark of millennial society, it’s best for real estate professionals to acquiesce and hop aboard the smartphone express.
New York City is known for its luxurious real estate but who are the elites that own these massive pieces of property? From buildings that house businesses to massive condominiums, owning property in New York is expensive yet valuable. Investors, developers, and just general real estate kingpins are making their living by owning and selling incredible NYC property.
Ranked number 65, on Forbes 400 ranking, Stephen Ross’ net worth is the highest of all of the real estate property owners of NYC with a net worth around $7.5 billion. Ross is a real estate developer, philanthropist and sports team owner. He is currently working on the biggest project of his career, the $25 billion investment of the Hudson Yards, a city within a city. This project’s’ goal is to essentially be the new heart of New York. This chairman and founder of Related Companies, says that the Hudson Yards will be the largest private-sector commercial and residential development in United States history.
Another developer, investor, and general real estate manager, Richard LeFrak took the 85th spot on the Forbes list with a net worth of $6.1 billion. He has recently been in the beginning stages of collaborating with President Trump to grow infrastructure in NYC. He is credited with leading his organization with their expansion and diversification of the greater New York City area, including parts of New Jersey.
Landing at number 115 on the Forbes 400 ranking, Sam Zell of Equity Group Investment has a net worth of $5.1 billion. Zell is not only invested in commercial real estate, he also has ties to energy, manufacturing, transportation, healthcare, and communications. He is also the chairman of many public companies such as Equity Residential and Equity LifeStyle Properties. Zell has his hand in various different markets of NYC, especially real estate.
Solow came in as number 140 on the Forbes 400 list with a fortune worth $4.7 billion. Not only does he own a building that is considered having the best view of Central Park, he is also an avid art collector. His extensive collections include modernist and renaissance pieces of art. He owns “Young Man Holding a Medallion” by Botticelli and paintings by Balthus and Franz Kline.
Living and even visiting New York City can be a major expense depending on your financial situation. There are always small expenses that tend to accumulate over time that put a stressor on your bank account. Whether you have too many brunches per week, or you decide to grab coffee at Starbucks every morning, these small expenditures can hinder your financial stability when in the most expensive cities in the world. The following are some ways to cut down on frivolous expenses and begin to manage the Big Apple.
This is probably the biggest expense most new yorkers face. We go to lunch for meetings, we go for drinks to get to know acquaintances, and we eat out to avoid cooking food in our small kitchen. It is convenient to eat out! A simple rule to implement would be to eliminate non-social eating out. Avoid takeout, grabbing a coffee in the morning, or grabbing a pizza on the way home from work. Try your best to prepare cooked food at home. If a friend wants to go out for a drink or dinner, make that exception, but avoid personally indulging when you have the opportunity to eat at home.
Say goodbye to not checking your bank account! When living in a city with such a high standard of living, you have to be aware of your finances. If you are someone who can manage your finances with an excel sheet and a list of rules of what percentage of your income goes to what expenditures, you’ll have to begin this process. Give yourself strict rules of; 50 percent of income goes to bills and necessities (rent/electric/groceries) while the other 50 percent is divided to fit your lifestyle. A general idea is to put around 10 percent of your income towards fun.
If you have trouble managing your own expenses, there are various programs developed for people just like you! They help you visually understand where your money is going and also help you invest in your future, deterring away from living paycheck to paycheck. One of these programs is You Need A Budget. This is a program designed for the ideal young, new yorker who needs to start managing expenses. Mint is another popular budgeting program that helps you dedicate every dollar to a specific expense.
Taking responsibility for your income and how you spend it is dire when living in New York. It will be hard to make ends meet at first but if you get a handle on your expenses, your NYC experience will be much more pleasant than going broke in a matter of months due to a lack of finance strategy.
Avraham “Ray” Glattman is a successful business man in the industry of Real Estate. Avraham has been working in Real Estate in New York City for over 20 years and has his own Real Estate business, First American Properties Group. He and his long time business partner, Pete Jacov, have properties in several boroughs, such as Brooklyn, Queens and Manhattan, including Harlem. Their properties are both commercial and residential.
Avraham Glattman received both his Bachelor’s Degree and Master’s Degree in Business from Newport University. These two degrees have helped Avraham Glattman become the successful business man that he is today. While he started as an agent in Real Estate, Avraham has gained tons of experience in the industry along the way.
Being a strong advocate for buying property in areas that he believes are up and coming in terms of value and popularity, Avraham Glattman has recently bought a decent amount of property in Harlem. Avraham predicts that Harlem will win in New York Real Estate this year. Harlem is a great place for individuals moving to New York City to reside in, as well as NY natives to relocate to. Still part of Manhattan and containing a multitude of subway lines, Harlem is convenient and full of character. It is unique and nostalgic. There is truly something for everyone in Harlem, from the parks, to the music venues to the soul food and historic churches.
Likewise, Avraham believes that a recent shift in popularity for the Jamaica neighborhood in the New York City neighborhood of Queens is a sign of similar success, outside of Manhattan, offering opportunities to diversify the amount of developments and housing throughout the entire city. New York is seeing some of the greatest development it has seen in years, and Avraham is hoping to continue to be at the forefront of those changes. Over the last couple of years, Avraham has received consistent praise from his peers for his visionary approach to real estate, and his ability to not only predict trends but to see them through, entirely.
New York City is a very competitive, cut throat place where only the strong survive. Having a successful Real Estate business such as Avraham Glattman’s First American Properties Group says a lot about the type of person he is. Avraham is not a quitter and he is extremely optimistic. New York City is his home, and he’s proud to have contributed to its current growth, making it a place for millions of others to call home as well.
Avraham Rami Glattman Education
Bachelors and Masters Degree in Business from New Port University Newspaper. Reporter with “Israel Shelanu” from 1989-1991 – covered the life of the Israeli community in New York. Served 3 years in the Israeli Army from 1985-1988.