Frequently Asked Questions:
1. Why do you call the business New Realty Concepts?
2. Do you work with buyers, sellers, investors, or all three?
3. What is a fiduciary?
4. What is your background?
5. Do you concentrate on a particular geographic area?
6. Do you concentrate on particular types of properties?
7. What is the “Dream Team”?
8. What is the “Green Team”?
9. What is a “benefit corporation”?
10. How are you compensated for your services when you work with sellers?
11. How are you compensated for your services when you work with buyers and investors?
12. I would love to be an agent with you, are you taking on new associates?
1. Why do you call the business New Realty Concepts?
There are more than 75,000 Realtors in the market space between Miami and West Palm Beach. When James surveyed the market, he saw that there were few (if any) brokers or agents who were working with a conscious philosophy – who feel that the real estate profession was a noble profession that in many respects has gone astray, and one that could – should! – work with select clients interested in making the world a better place, changing the world one house at a time.
It’s not just about the money, after all. It’s about a legacy, about helping people feel part of something bigger, to give to the world and community and not just take from it.
In a lot of ways New Realty Concepts is a new way of looking at the real estate brokerage business, at least in South Florida. Many of the things we do, the philosophies we espouse, are polar opposites to what other brokers and agents in this market are known for. And as far as we are concerned, that’s a good thing!
2. Do you work with buyers, sellers, investors, or all three?
We work with buyers, sellers, and investors. But one of the differences between us and practically every other brokerage or agent in the market is that we work with clients on an exclusive basis, as a fiduciary.
3. What is a fiduciary?
A fiduciary is a person who owes absolute trust, loyalty and confidence to their clients. In addition to lawyers, your accountant, investment adviser and other similar professionals are fiduciaries.
Now, except in certain circumstances, Realtors are not fiduciaries. Although people may refer to someone as “their” Realtor (and likely not be corrected), or a Realtor may refer to someone as their “client” (though except in certain circumstances they are not supposed to do so), this is technically not the case.
One of the ways we differentiate ourselves at New Realty Concepts is by working on an exclusive basis with our clients, as fiduciaries. Generally in South Florida (and elsewhere in Florida), a Realtor has customers (not clients), and works for the transaction (not for you).
We don’t do business that way. The purchase and sale of real estate is a huge investment that requires the utmost care and attention. At New Realty Concepts, we believe you need to have an expert stand with you, and you alone, completely.
4. What is your background?
James is Broker-Owner of New Realty Concepts. He is a licensed real estate broker in Florida (lic 3278448). He is a cum laude graduate of Dartmouth College and has a masters degree in business from Cornell University. Prior to entering the real estate industry, James worked in Corporate America for more than 20 years. He serves on the Board of Directors of the Florida Association of Realtors, and also is on multiple committees at both Florida Realtors and the Realtors of the Palm Beaches/Greater Fort Lauderdale Realtors trade associations. James is a Graduate of the Realtor Institute (GRI) and is also certified by the National Association of Realtors as an Accredited Buyers Representative (ABR) and as Brokers Price Opinion Resource (BPOR).
5. Do you concentrate on a particular geographic area?
Although our licenses allow us to operate anywhere in Florida, we have decided we can best serve our clients within the 3 counties of South Florida.
6. Do you concentrate on particular types of properties?
We focus on single family houses, with a specialty in prewar (pre 1941) structures.
7. What is the “Dream Team”?
Here at New Realty Concepts, we have built our business not from our point of view, but from the perspective of you, our client. We understand that selling a home has many different aspects, many of which can seem a bit overwhelming. This is especially true if you’ve owned the home for some time.
The overwhelming majority of Realtors in this market are only interested in one thing: getting you to agree to a six-month (or even 12-month) listing with them. In fact, in many cases sellers who work with a real estate “team” only see the listing agent when they sign the agreement (if then).
But there are all sorts of other things to be concerned about:
– How will I get the house ready to sell?
– What are the legal and tax implications of the sale? What’s the best way to structure this to minimize taxes and protect my estate?
– Who will help me pack and move? And
– Where am I going to go next?
That’s why New Realty Concepts offers our seller clients exclusive access to our “Dream Team.” This specially selected network of stellar professionals will help you navigate every conceivable aspect of the sale – some you may have not even considered.
No other brokerage in town will offer you this level of personalized service.
8. What is the “Green Team”?
We have found that conscious, spiritual buyers in this market, looking for certain types of properties, are most interested in doing renovations and rehabilitation in an environmentally sensitive, “green” manner. Our proprietary research has shown that certain “green” improvements are not only sensible from an environmental perspective, but can actually increase the value of the property by amounts in excess of the cost of the improvements.
James has long been interested in environmental issues and sustainable community creation, and among his other commitments is on the Board of Directors of the US Green Building Council South Florida region.
Accordingly we offer our exclusive buyer and investor clients the services of our “Green Team.” As your exclusive broker, we identify specific properties that are most suitable for green renovation/rehab. (Some of these are our own listings!) Our network of specialized contractors will perform the necessary renovations to your specifications, and we also have lenders who understand our philosophy and will work with you on the project if need be.
9. What is a “benefit corporation”?
Typically, a standard corporation is required to act solely in ways that maximize profit to its shareholders. In doing research we saw no evidence that any local brokerage was organized in any other way. Now, a benefit corporation is recognized by law in Florida as being able to operate with other purposes to benefit society, in addition to seeking to maximize its profitability. We have decided to operate New Realty Concepts in the manner of a benefit corporation, as we have specific objectives for what we are doing here in addition to just making money.
Sometimes you will hear the expression “giving back” in relation to these sorts of objectives. At New Realty Concepts, we don’t like that phrase. Giving back, in our view, implies that you’ve possibly taken something that doesn’t belong to you, and that you are thus taking an offsetting action out of guilt or remorse of some sort. Our service to others in part of our firm’s DNA. It is what we do.
10. How are you compensated for your services when working with sellers?
Generally speaking we are compensated similarly to other brokerages in the area, but with a couple different twists. With respect to listings, we know owners who list with us want their homes sold, at the best price and shortest time frame, and with the fewest problems. If the home sells within 55 days of the effective date of the contract, and sells for at or above the price specified in the listing agreement, our commission is three percent.
In addition, while practically every other broker in the area tries to get a six-month (or even 12-month) listing agreement, we only do 55 day agreements. Our proprietary research has shown that if a property is priced and marketed properly, and the owner truly wants to sell, it will go under contract in fewer than 55 days and sometimes far fewer. If it doesn’t, then something has gone wrong – either the price is wrong, we have marketed it incorrectly, or the owner just doesn’t want to sell.
11. How are you compensated for your services when working with buyers and investors?
With respect to working with buyers and investors, our approach is totally different than anything you will encounter in the market. Traditionally, the buyer’s agent receives compensation as a percent of the sales price. We don’t like that approach, and think it sometimes creates an inherent conflict of interest between us and our client. Think about it for a second. The more money the buyer/investor spends, the more money we would make. That would not always be in your best interest!
We want our buyer/investor clients to feel like they are getting the best possible property at the best possible price, given their circumstances. For a buyer/investor who purchases a property, our fee will be the lesser of:
– 3% of the gross sales price; or
– a flat amount agreed to at the commencement of our work together.
At the commencement of our work together, you will invest a modest retainer, which will be held in an escrow account. This retainer will be transferred to the closing agent once all conditions to your purchase and sale contract are met. In nearly all cases, the retainer will be credited back to you at closing, since the seller pays the real estate commission.
If for some reason we are unable to locate a suitable property, we will keep your retainer as our full compensation for our professional services to you.
12. I would love to be an agent with you, are you taking on new associates?
We may be looking to bring on a select number of associates whose values and experience are consistent with our philosophy. If you would like to discuss that further, please call James (954.822.0158).