The changing status of New York real estate brokers

1. The New York real estate scenario is becoming multilingual with more and more international buyers flocking into the market. Being able to interact with foreigners is becoming a prerequisite qualification of success for New York real estate brokers. The international investment in the New York real estate especially of luxury condos for sale in NYC is growing steadily over the last decade and it has totaled to about $1.96 billion during the half of this year as per the report of Real Capital Analytics. With the buyers becoming international, the New York real estate brokers have also changing their essence of doing business. There has been noticeable increase in the number of brokers who are speaking foreign languages especially in and around Central Park south where one can find brokers speaking every other language except English. Some of the city’s top producing agents are hiring assistants and sending them to school for broker’s recertification. Moreover, every one of them is a Brazilian, Canadian, Asian or of other nation. As of now, speaking a foreign language is almost a skill that is an essential requisite for working as a New York real estate broker. Majority of New York real estate firms are employing brokers who can speak more than one language as they feel it is important to accommodate buyers and sellers from diverse backgrounds. Some of the agents recruited by the real estate firms in this city speak Portuguese, Spanish, French, Chinese, Swedish, and Hebrew and sign language in addition to English. The clients of these real estate firms are quite delighted that the agents are speaking in their own language and there is an increase in the trust of these clients. The changing status of New York real estate brokers

2. There is now a rising trend among real estate brokers to study Chinese culture and learn Chinese language to serve the high-end Chinese clients in New York. There is a rising trend among brokers who are not native Chinese speakers taking course in Mandarin at New York’s University’s School of Continuing and Professional studies. This course informs the students about the customs in real estate transactions, expectations in living standards, the relationship between buyer and seller and the role of the broker as an intermediary. According to the National Association of Realtors, clients from China have emerged as the second biggest group of foreign buyers in the United States residential market that are surpassed only by Canadians. The report of the Real Capital states that, China leads all foreign countries in New York property for sale deals this year with $1.37 billion of acquisitions not including the Chase Manhattan Plaza. Next stands Canada with $1.19 billion. The excess capital in China is finding its way by investing in real estate NYC due to the belief that Chinese investors would gain from recovery of the American economy and real estate market. With the New York City having emerged as the biggest beneficiary of the Chinese real estate buying spree, it is evident that some brokers are seeing sense to seek out aggressively for Chinese buyers on their own turf.