Market • January 2, 2020

What $625,000 Buys in White Plains

by J. Philip Faranda

If you like a 3 bedroom, 2 bath Tudor styled cape on a landscaped lot with a detached 2 car garage, this was the place that we closed on last week.
The MLS description:

Tudor-inspired Cape with oversized yard & a fantastic two car detached garage with loft on a quiet street near everything. Solar energy! Brick & stone pre-war home with tons of upgrades without losing the traditional soul of the period. Double-sized lot currently loved with gardens, ample greenery with plenty of lawn & still room for parking 5-6 cars without the garage. Private rear paver patio, great for entertaining or relaxing. Inside you’ll be inspired by the modern kitchen, well-maintained wood trim and appointments, bright living room with wood burning fireplace, dining room, upgraded bath and two good-sized bedrooms. Upstairs is a renovated master suite with modern bathroom & a walk-in closet/attic area to store enough for a small army. Finished basement rec area (not in square footage). Dynamite location, minutes to the North White Plains metro-North station, shopping, and highways. An unmatched lifestyle at this price point offering modern convenience and traditional charm.

Best of luck to my clients who are flying NORTH, not south, and starting their new life upstate! This one is gone, but I can help you find one of your own! (914) 450-888

Company News • Pimpage • December 31, 2019

State of J. Philip Real Estate: 2019 Edition

by J. Philip Faranda

Some of our top producers

Spoiler alert: Best year ever by every metric we employ.

Last year’s summary was wrapped up thusly:

In years past, I’ve made numerical predictions, but this year I’m going to be a bit more coy. I’m looking for good agents who want to grow their practices the right way. My role is evolving from chasing deals to procuring the best training, tools and professional infrastructure. 2019 will be centered on providing those agents with the best tools and training possible, and this year I can say that we’ve never laid the groundwork the way we have in the past 12 months. So I’m not worried about numbers; we’ll let the bean counters do their work while we do ours.

While I haven’t finished the counting, what has been tabulated puts us back into explosive growth. The firm eclipsed $100 million in closed business in our main market area alone before December even hit, and as we grow it becomes virtually impossible to have everything counted by New Year’s Eve. That is a wonderful “problem.”

2019 has been replete with happy milestones:

Our number of closed transactions is up to at least 320 at last count, up 12% over 2018
Our closed volume is now at $115 million, up 15% over 2018
Median sales price is up 9%, when the market itself overall is flat.
Contracts executed for 2019 are up enormously, 15.5%, with a median price 15% higher. This is huge because it means we go into 2020 with momentum and a swollen pipeline of pending business for the new year.
For the 3rd year in a row, our listings sold on average over two weeks sooner than the MLS average, and for a admirable percentage of asking (many selling well over asking).

Happily, for the 4th year in a row, J. Philip Real Estate is the top selling Westchester and Putnam-based true independent brokerage for transactions. No other independent outsells us in those counties. We outpace the market in most categories by 10% or more.

Another accomplishment of note is our inaugural 2019 membership as the exclusive Westchester and Putnam affiliate for Leverage Global Partners, the premier network of independent brokerages. We remain happy members of Westchester Real Estate Inc., the local area’s premier consortium of independents, as well as my continued membership as a Hudson Gateway MLS board member, Zillow’s Premier Agent Advisory Board, and as immediate past president of the Beverly Carter Foundation.

Double digit growth is both exciting and humbling. As the firm has grown, I have had to expand my own knowledge base also, evolving from prospecting and deal making to understanding how to deal with vendors, how to train agents effectively, what resources work and which ones aren’t for us, and a host of other things that weren’t in my original skill set when I started the firm 14 years ago.

Suffice to say, huge debts of gratitude are owed to Jenn Maher, my business partner and friend, Gloria Hernandez, who manages two of our three offices and is a tireless trainer and respected voice of wisdom, and Maureen Jacobson, who for my money is the area’s best business coach by far. In addition to the administrative superteam of Ronnie DeMeo, Rose D’Angelo, Rosaline Cruz and Michele Kantrowitz, we also added my niece Josie Faranda to the tech team. I’ll add a special thank you to Elena Kupka, who stepped up this past summer with advice that made a huge contribution to me both in and out of work.

As we look to 2020, I’ll demur on predictions, but will state that I remain committed to double digit growth in becoming a billion dollar enterprise. We will do it the right way, with solid professionals with whom I am proud to associate. To that end I will continue to provide the best possible tools to the agents, the best available training, and responsive and mindful mentoring. Our agents will have a brand to represent they can be proud of beyond mere numbers. If you are an agent (or considering becoming one) who is curious as to how you can have double digit growth as well, call me at 914.450.8883 and we’ll talk.

Company News • Pimpage • December 2, 2019

$100 Million Sold- a Happy Milestone

by J. Philip Faranda

I am linking to a short video I posted on LinkedIn recently that acknowledged the firm’s milestone in exceeding $100,000,000 worth of real estate sold in our “home field” MLS for the first time in our history. The MLS scene here is very fragmented, and we belong to several systems (7 to be exact, all within a half hour drive save one), but the one we do the most business on is the Hudson Gateway MLS, which comprises Westchester, Putnam, Rockland, Orange, Sullivan, and several surrounding counties. We’ve done $100 million total before combined among all the systems, but never in HGMLS alone. Not only did we do that, we accomplished it with more than a month left to go in the year.

Overall, the firm is up from last year 15% is number of closed transactions, 23% is closed dollar volume, and a whopping improvement in contracts written year to date: 27% higher in dollar volume than 2018. The contracts are the best metric of the firm’s current deal pipeline and future health.

The market itself is up just over 2% in dollars sold and virtually a dead heat in transactions. We are outpacing the market by well over 20%. This is a wonderful accomplishment for the team, and highlights why J. Philip is the top-selling true independent brokerage in Westchester-Putnam.

On Closing $100 Million

Company News • July 1, 2019

J. Philip vs The Market: Westchester Single Family Homes

by J. Philip Faranda

In one corner, we have the Hudson Gateway MLS- weighing in at over 1300 firms, 1650 offices, and 13,000 agents.

In the other corner, we have J. Philip Real Estate, weighing in at about 80 active residential agents and 2 Westchester offices, with a 3rd in Putnam.

Comparing the first half of 2018 to that of 2019, HGMLS sold 4.4% fewer single family homes at a median price of .09% less than 2018.

J. Philip Real Estate sales were up 16% in units and at a median price of 18.8% higher than 2018.

The numbers don’t lie. Our team is outpacing the Westchester market by a significant margin.

There’s a reason why this organization is the top-selling Westchester and Putnam based true independent brokerage, and you should contact us to learn the difference for yourself.

Commentary • Market • April 11, 2019

A Tale of Two Real Estate Markets- in the Same Place

by J. Philip Faranda

My son’s sketch of a home we recently sold in Ossining

It might seem contradictory to say there are two distinct markets in the same geographical footprint, but what we’re seeing in Westchester and the surrounding counties is in fact two entirely different markets. I know that there are tons of market reports out this time of year (the beginning of Q2, that is), but I’ll summarize thusly:

Starter homes are overheated due to low inventory
High end is softer than pizza dough

To be clear, starter homes have always had a faster absorption rate than more expensive properties due to supply and demand, but when tax policy and low inventory collide, the markets have become caricatures of themselves.

Why are more affordable homes in such short supply? I have several reasons.

First, we are reaping what we sowed when rates were manipulated by the government years ago to stimulate a sluggish market. Folks who refinanced 5-7 years ago at 3% aren’t too excited to pay that off and buy another home at 5%. So, the people who might otherwise sell -especially empty nesters- are holding on longer and dealing with mowing lawns another year or two to milk that low rate a little more.

Second, there’s always a lag with consumers being savvy to the the actual market conditions. We saw it in 2008 and 2009 when sellers couldn’t get their minds around the fact that it was now a severe buyer’s market. Then again in 2013-14, buyers were often caught flat footed to discover that after 5 years of having sellers over a barrel, they actually had competition to purchase a home they liked.

There are other reasons too (a significant shadow inventory no one wants to talk about being one), those two facts alone are significant.

Why are higher cost and luxury homes not selling?

Tax policy has put that sector into a tailspin. In Westchester, where million dollar homes are relatively commonplace, tax laws have changed to neuter the advantages that once came with the mortgage interest deduction and the ability to write off property taxes. For a home that costs $1.1 million for example, the purchaser has to pay an absurd “mansion tax,” has a lower amount of interest they can deduct, and their property tax deduction is capped at $10,000. That has created a “wait and see” attitude among would-be purchasers, inventory has piled up and gotten stale, and the dynamic is the exact opposite of starter homes- it is in fact very much a buyer’s market in most (not all) places.

So, if you’re selling a starter or affordable home, it’s the best of times. If selling a more expensive property, it’s the worst of times.

Commentary • Market • February 25, 2019

Waiting for the Flowers? Bad Idea.

by J. Philip Faranda

The spring real estate market in New York starts January 2 for a variety of reasons. The holidays are behind us, NYC buyers get an early start, and often, those who need to sell know that if they wait too long there will be a smaller selection from which to buy if they don’t sell expediently. I could go on. Perhaps the least discussed reason why the so-called spring market starts in the dead of winter is the anticipation of spring around the corner. In a market where 60 and 90 day closings are the norm, a January contract could stretch into April, and if problems or delays occur, the summer. That’s nuts, but it’s true.

I’ll repeat something you may have glossed over: The anticipation of spring. We all know the seasons change. We all know that the weather will warm up. And we all know that the spring growth is around the corner.

This is why I’ll try to debunk a damaging myth that not enough home sellers see through: The idea that waiting for the flowers to bloom will attract more buyers.

Yes, flowers and foliage are prettier than winter dreariness, but I’ve got news for those of you who want to wait until April or May’s flowers to list your house: No one else’s flowers are blooming either. Waiting for the spring bloom to list doesn’t give you an advantage, it puts you behind the market cycle. The buyers are out now, and inventory is lower now than it was last year at this time, which was historically low. There are buyers with nothing to buy. And at some point, many give up and sign a lease because they don’t want to wait until May to purchase. They want to close by then so they have the summer to get things together for the next school year, whether they have school aged children or not.

If you need to wait until “calendar spring” because of an external matter, like being paid a bonus, starting a new job, the sale of another property, completion of improvements or something beyond your control, that’s one thing. However, if the only reason for your delay is the arrival of spring colors, you are missing the boat. Buyers are looking now. Buyers don’t make buying decisions based on foliage. Winter is shared equally this time of year. “But Phil” you may say, “our landscaping a huge advantage! We want that advantage!” Then take photos of your home in full May and June bloom. We’ll put those pictures on your MLS listing, on your home’s website, and in all the marketing. But don’t wait.

Buyers buy because a home fits their needs. The location, condition, layout, schools, house characteristics, community and price are all far more important to buyers than flowers, even if your rose bushes and rhododendron are your pride and joy. If you wait until May or June to list thinking that you’ll be all settled in your next home by September, you are gravely mistaken. The Spring bloom nice, but from the market cycle perspective they are fool’s gold.

Commentary • Industry News • February 22, 2019

On Spencer Rascoff Stepping Down as Zillow CEO

by J. Philip Faranda

Yesterday, the housing world was rocked when Zillow announced that their CEO of 10 years, Spencer Rascoff, would be stepping aside and that co-founder and original CEO Rich Barton would be taking over again. I, of course, have thoughts; so does the rest of the housing world, and you can divide them between those who hate or distrust Zillow who will spike their collective footballs, and those who either like Zillow or are agnostic who will wake up, shave, eat a well balanced breakfast, and go to work.

I’m in a rare category as some know, because since 2012 I have been a charter member of Zillow’s original Agent Advisory Board as well as its latest iteration, the Premier Agent Advisory Board. I’ve been to more Zillow events and meetings than I can count, from 3000 person conferences in Las Vegas to a hotel meeting room in Rochester NY with a few dozen agents, sometimes as a speaker or panelist. I have been to Zillow Headquarters many times and been in oodles of closed door meetings. I was among a few folks on the dais when they had their first NASDAQ bell ringing after they went public. I have done business with them since 2007 (I was the first Westchester brokerage to syndicate my listings then) and am an early adopter. One blog I wrote about Zillow was the catalyst for meeting my fiancée. More on that another time.

Many licencees have hated Zillow for years because they disrupted things; some clearly for good (I would say most) and some that we’ve had to adapt to. Zillow was among the first national platforms to actually disclose property addresses, price history, time on market, and many other things that beforehand were hidden behind the curtain of the MLS. In an industry where being gatekeeper of information was at one time a huge value proposition (or so we thought), that’s really moving the cheese. The Zestimate was something few agents, myself included, liked very much, but it was also their secret sauce and I understood why they never compromised on it. Other agents hate them because they are a for profit business and won’t give them leads (or, should I say all the leads) on their own listings for free.

Me? I hated newspapers because I knew a $400 classified ad would be in 99.9% of the recycling bins by the next day, whereas my online content was forever.

There are the conspiracy theorists who say that Zillow wants to put us out of business, wants to become a national MLS, or will flip a switch and become their own brokerage soon. Zillow cannot change the wall tile in their bathrooms without some keyboard warrior who claims that the move is just a precursor to some sinister project they made up in their own little head. I’ve heard it all, and Spencer has been one of the top three targets of the collective ire for a decade. He’s always handled it with class.

I am far from Spencer’s golfing buddy, but we’ve know each other since around 2010 when I met him at an Active Rain event and I have watched and interacted with him extensively over the years. I’ve watched him go from a guy in “startup alley” to a virtual household name in business circles with more appearances on national programs than you could count. He hasn’t changed toward me one bit- always friendly, always interested- and professionally, curious as to what he can learn and how to use that to move the industry forward. My first substantive interaction with Spencer was when I wrote him an email in 2012 with some suggestions, as at that time Zillow was a relative newcomer to the national housing discussion, and it was already loud in the room. I had no standing other than barely knowing him from a few conference niceties and tertiary rubbing elbows on social media. I was a tiny broker on the east coast, and he was the CEO of a Seattle tech company that was making waves. I would have understood if he never responded.

Spencer wrote me 3 emails over the next 5 days. The first two were apologies for his crazy schedule and a promise to respond in more detail. The third was a detailed response, copying in, in his words, pretty much the entire Zillow brain trust. Within a few weeks the Agent Advisory Board was formed, and I began a journey that among many other things, introduced me to the finest real estate minds in the world. My time invested in Zillow’s different advisory boards gave me a deep appreciation of the company’s culture, the integrity and character of their leadership, and the Big Picture of their corporate mission (spoiler alert: it isn’t to put agents out of business).

This isn’t to say that my exposure to Zillow’s leadership and various other industry colleagues had me sitting there with stars in my eyes because I was with the cool kids. Many meetings had tense, difficult and, shall we say, spirited discussions on what Zillow wanted to do and what the agents they were speaking to wanted. But that’s kind of the point- from the beginning, they were genuinely curious as to what agents wanted and needed, what they could do to help, and what common ground we could build upon. We weren’t being “sold.” They stated openly that they were a tech firm and not a real estate firm, and that they wanted to learn from us. Few companies I have ever dealt with asked as much input from their customers, and that comes in large part from Mr. Rascoff himself. Zillow employees have rated the place as a phenomenal company to work for years. That also speaks volumes.

When Spencer sold a property a few years ago, many in the industry teased him about the disparity between the Zestimate value of the listing, and what it actually sold for, but what that told me was that he was man enough to walk his talk. I suppose he could have pushed a few buttons to influence his own home’s number and make the Zestimate look super-accurate but he had the honor to let the facts be and deal with it. Moreover, the Zestimate created tons of copycat automated valuation models that most of his critics actually now use, including Realtor.com. Every property on my MLS has CoreLogic’s automated valuation in the public record field. I will forever hold the opinion that the Zestimate should be invisible or suspended for any active listing, but nobody agrees on everything and that has never undermined our interactions.

So now the news has come out that Rich Barton, the original CEO of the company and someone who was never far from things to begin with is stepping in, and Spencer remains with Zillow. Regardless of the real reasons that people are speculating on, who can say they’ve been at their job since 2004? How many of us have been a CEO since 2010, especially in this industry? People will see what they want to see here, but I can attest from years of firsthand experience that much of the criticism and accusations are the same old bashing with new current events to cast shade upon.

Spencer Rascoff certainly doesn’t need me to vouch for him, and Zillow doesn’t need me to bolster their PR. But my personal experiences over the years are factual, and now is a good time for me to recount them, and to wish Spencer all the best, because he’s as a good a man as it gets.

Commentary • Uncategorized • February 19, 2019

The Real Estate Ethics Rule that is Broken the Most ( and It Isn’t Even Close)

by J. Philip Faranda

The REALTOR Code of Ethics Standard of Practice 3-6 states the following:

REALTORS® shall disclose the existence of accepted offers, including offers with unresolved contingencies, to any broker seeking cooperation. (Adopted 5/86, Amended 1/04)

This has been the rule since Reagan was president. I was 18 when it was instituted (I am now 51). Cleveland had been selected as the site for the Rock and Roll Hall of Fame. The top pop song was Greatest Love of All by Whitney Houston. It was a long time ago. We should be good at this disclosure.

We still screw it up, all the time.

I’ll explain. This isn’t as huge a problem in other markets where brokers execute contracts and acceptance is the same as going under contract virtually immediately. In Westchester and the surrounding areas, including NYC and Long Island, attorneys draft contracts and instead of a brief day or so between acceptance and contract, it can be two weeks. Some MLS systems have an official status change for “AOs,” but in the Hudson Gateway MLS a listing is either “active” or “contract.”. That is fairly black and white, but it also means that a home could have had an accepted offer for a week, inspections completed, contracts out and movers being called but still showing as active. When the listing agent drops the ball and a consumer drives an hour to see the property and loves it, only to be told it isn’t in fact available, the frustration is hard to describe.

This past week, one of our clients, who was interested in a complex for some time, made arrangements to leave work and meet our agent at a newer listing. There was an accident on I-287 that day, with a gasoline truck catching fire. The client fought the traffic and made the showing, as did his parents. It was Valentine’s Day- they could have stayed home or gone out together, but they wanted to jump on this deal. The agent went through all the protocols to confirm availability and confirm the showing, met the client there, and submitted a strong offer, presuming that even it it were accepted, there would be competition for such a plum place.

Upon receipt, the listing agent wrote back that the home had gone to “highest and best” earlier that week, and already had an accepted offer. The agent further claimed that their automated system had the correct status (it didn’t), and that if we didn’t know there was an accepted offer, why did we submit such a high number (irrelevant)?

To summarize: The client hired our agent, got pre-approved, watched the market, made arrangements to see a property, stood on their head, collaborated on an offer, and got, in return, frustration from a listing agent that relied on a system that was inadequate 20 years ago.

This happens
All.
The.
Time.
Moreover, as I explained, it is worse in the New York metro market because we take far longer to execute contracts than any other market, leaving too much room for error.

The Hudson Gateway MLS, a fine organization for which I served as president in 2014, recently posted the following bulletin for all members earlier this month:

HGMLS statement on disclosure of accepted offers, February 5, 2019

While I agree that agents should disclose the existence of an accepted offer in the agent remarks on the MLS, that is not a binding rule nor is it sufficient enough to protect the consumer or cooperating agents in 2019. The listing in question above had no such update. I have belonged to 10 other systems, and the vast majority have an actual status change (which is to say, not “active”) where the accepted offer is in place and, in some markets, if they are continuing to show or showings are ended. HGMLS does not have such a function, and I respectfully think they should. But absent that status change, it is the listing agent’s job to ensure that disclosure is made, and we fail at it all the time.

You might ask why agents would be lax about this. There are several reasons. First, not having an MLS status change as other markets do contributes culturally. Agents also have a vested interest in keeping a listing active as long as possible, because when you have a listing you have a means of attracting buyers. This can veer toward “bait and switch” at times. Leaving it up to automated appointment applications invites human and machine error. Regardless of the reason, innocent error or intentional deceit, it is against the Code of Ethics, and it happens absurdly often.

Ethical violation sadly happen all the time. Agents print ads or send mailers that have compliance issues. Agents call other agents and don’t disclose their licensure. Misleading claims about market share abound (perhaps unrelated-the city of White Plains has no fewer than three firms claiming to be number 1, with varying metrics that make heads spin, all within the rules). Some infractions are more benign than others. But the failure to disclose an accepted offer is by far the most frequent I see, and I see nothing from the MLS or broker community at large that tells me we’ll tackle the matter in the foreseeable future. That is unfortunate, because we are better than that.

Company News • Pimpage • February 18, 2019

J. Philip Welcomes Elizabeth Koski Jessup

by J. Philip Faranda

You learn quite a bit about people when you see how they handle it when life throws them a curveball. For Liz Koski Jessup, who I am delighted to introduce as one of our newest associates, meeting me was one in itself.

I’ll explain. A few months ago, one our esteemed associates, Tana McGuire, asked my availability to speak to a Liz about possibly joining the firm. The only time available was when I at my son’s baseball game, and there we were, in the bleachers, chatting about life, business and baseball on a sunny Friday afternoon while we watched the game. That’s not something just anyone can adjust to elegantly, but Liz was awesome. To know Liz is to like her, and we kept in touch. I’m delighted she chose our brand.

Liz is a consistent multi-million dollar producer, and as a Westchester native, her local knowledge is exceptional. She graduated from SUNY Purchase and possesses a background that is almost a perfect storm of experience to prepare for a career in real estate, with 6 years owning and operating a restaurant and another 12 years in education. A lover of the outdoors, she and her two daughters are horse aficionados (the girls both attend college but have ridden competitively) and if all that weren’t enough, she’s a landlord and real estate investor. This is the kind of experience you *want* advising you on the largest transaction of most peoples’ lives.

I have great admiration for anyone with the moxie to start the process in the stands at a little league game. And don’t be surprised when I laud her going forward in subsequent postings.

Whether you are a first-time buyer, an investor, or dealing in pet friendly or equestrian real estate, Liz has you covered with her experience and insight. You can reach her at 845.746.6788 or elizabeth@jphilip.net. When you do, you’ll be in great hands!

Company News • December 31, 2018

State of J. Philip Real Estate: 2018 Edition

by J. Philip Faranda

“So, have you written the State of the Firm blog post yet?” I was just asked. Basking in the glow of the Christmas break, with three teenagers here and an 11 year old out with friends as I type this, I laugh because as much as I love writing this stuff, time is a rough factor. That said, I am making the time to summarize the company’s 13th full year of production, because we have much to celebrate.

First and foremost, the dust is still settling on the final numbers, but we are flirting with our best year ever in terms of number of closed transaction and dollar volume closed. I’d like to say that is gratifying, especially in light of the venture-capital-backed competition that has entered the market, but I’ll cop to being frustrated that the firm hasn’t grown more. I’m competitive. I’ve been spoiled by past years with 20-40% growth year over year. I hate status quo. But that’s not the real world.

Last year at this time, in the Hudson Gateway MLS, we had 284 closed transactions for $89.5 Million, and that doesn’t include 4 other MLS systems where we do an additional measure of business. This year, the numbers are very similar: 282 closed transactions for about $91 million. That puts us at a ranking of 25th out of about 1300 firms, and no other Westchester or Putnam-based independent selling more units than our firm for the 4th year running. When we factor in business from other systems we should be well over $100 million closed and 300 transactions. Not too shabby.

Yes, that’s a pool table and a keg fridge at the Putnam Office

The Putnam office, with numbers still yet to be finalized from the MLS at this writing, is flirting with a market ranking of either 5th or 6th in overall transactions, which is bananas. What Jenn Maher has accomplished with that division in just three full years is utterly remarkable. Jenn, who as you may know is my partner in J. Philip Commercial brokerage as well as the Putnam operation, has done this great work while operating as the Hudson Valley Chapter Vice President of the New York State Commercial Association of Realtors as well. Jenn has also started a bar-raising video series on social media that has upped the stature of the entire firm. Spectacular.

Last year at this time I announced that Gloria Hernandez would take over the day to day management of The Briarcliff Manor office in addition to her duties overseeing Pelham, and her guidance and leadership were instrumental in another strong year of production. Gloria’s commitment to training and developing a basic curriculum for new agents, as well as compiling a cyber library of our accumulated knowledge has laid the groundwork for what I predict will be a breakout year for the firm in 2019. Gloria also spearheaded a training system (Thanks to Alyssa Hellman and her Game Plan system) for our part-time agents who want to transition into full time, and I expect that will pay dividends in 2019 as well.

Speaking of training: 2018 was the first year the company had a year long program of agent training that resulted in a dramatic improvement in contracts written in the second half of the year. Simply put, if we continue the pace of contracts signed that we set from July onward, we will see at least a 20% increase in sales in 2019. For that I have to thank Anthony Lamacchia’s REAL Training, which was a remarkable program that made a dramatic impact. It punctuated that for me, the theme of 2018 was training and investing in the professional development of the firm’s agents at a level heretofore unseen.

A huge debt of gratitude is owed to the support staff and administrative people who make things work around here. Ronnie DeMeo, in her 11th year with the firm, headed the team and was a priceless asset to the brand. We saw amazing value from Nancy Green in Putnam and Rosaline Cruz in Pelham, who, while new to the firm in 2018 was not new to excellence. Each of them epitomized professionalism and a commitment to supporting the team that no other firm can match in my opinion. We also said hello to a new Transaction Coordinator, Michele Kantrowitz, who seems to have never found a task at which she did not excel.

For a number of years I have benefited from Maureen Jacobson‘s consultative prowess, and her insight and support has been stellar. She’s been an irreplaceable coach.

As for the agents, all I can say is that I won’t be shocked to see 2019 be our best year ever by far judging by their commitment, talent, and hard work. A few facts:

2018 was the highest total of agents who closed $1 million or more, going from 26 to 32 with a few others on the cusp.
As I said before, no Westchester or Putnam based independent brokerage sold more than our company. You can’t accomplish that with mediocre agents.
We slashed the amount of escalations where managerial intervention was needed to deal with a problem on a transaction. That’s huge from a professional standards metric, especially with almost 100 on the team.
As for the consumer experience, we had more 5-Star ratings from clients than any prior year.
Repeat business and referral business was high, which is a great vote of confidence from past clients.
The morale and esprit de corps of our team of professionals was remarkable.

As for that last point: When we did a series of recruiting videos from some of the agents giving their experience here, I was floored (and humbled) that their favorite thing wasn’t our tech, which has always been strong, the most common descriptor was “family.” Wow. That says quite a bit about the support and collegiality of the team.

While the subject of video is up, I compiled a number of short housing related videos on my LinkedIn. I also was active on the Village of Ossining Historic Preservation Commission, as well as being a member of the Sing Sing Prison Museum committee.

So where do we go from here? Unlike past years where I predicted higher production based on perhaps hubris or momentum, I believe that our training and recruiting systems are now in place to grow the firm in an unprecedented way. We continue to attract stronger and stronger agents to the company, and our best recruiters are the agents themselves, although we are proceeding in a more formal way to get the word out about what a great professional home we are for the ethical, professional agent.

I’ll reiterate that the long term goal is to grow the brokerage to a billion dollar level of production, and my methodology has been to hire the best agents in terms of character and commitment, not necessarily looking for gaudy numbers coming in. We don’t hire just anybody. For the right person, we will continue to provide the best possible tools to serve their clientele, with an eye on growth.

In years past, I’ve made numerical predictions, but this year I’m going to be a bit more coy. I’m looking for good agents who want to grow their practices the right way. My role is evolving from chasing deals to procuring the best training, tools and professional infrastructure. 2019 will be centered on providing those agents with the best tools and training possible, and this year I can say that we’ve never laid the groundwork the way we have in the past 12 months. So I’m not worried about numbers; we’ll let the bean counters do their work while we do ours.

Here’s to a great 2019. We have much to be thankful for, and I expect magic.

What $625,000 Buys in White Plains

State of J. Philip Real Estate: 2019 Edition

$100 Million Sold- a Happy Milestone

J. Philip vs The Market: Westchester Single Family Homes

A Tale of Two Real Estate Markets- in the Same Place

Waiting for the Flowers? Bad Idea.

On Spencer Rascoff Stepping Down as Zillow CEO

The Real Estate Ethics Rule that is Broken the Most ( and It Isn’t Even Close)

J. Philip Welcomes Elizabeth Koski Jessup

State of J. Philip Real Estate: 2018 Edition

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