So, what can real estate professionals do when the time comes to switch brokers? How do they evaluate which firm is the right fit? And how can they transition smoothly without disrupting their customer base?

At CitySignal, we found that while there’s no one-size-fits-all criterion when it comes to choosing a new broker, there are some key questions and factors to consider.

When Do I Know It’s Time to Switch Brokerages?

“The first step is to determine why you’re looking for a change,” says Yael Dawson, who has worked as a licensed real estate professional in NYC for the last decade. “Brokerages vary greatly in how they treat their agents, how much support they provide, how their commission split works, and how much they trust you to handle your business. You want to be sure that the new firm aligns with your long-term goals and values you as an agent.”

Dawson started her real estate career at Anchor Associates, which some agents may label as a “starter” brokerage. These smaller firms tend to charge a higher commission split, such as 70/30 or 60/40, because they’re taking on new agents who are likely to make more mistakes. These errors can be costly for the brokerage, not only in terms of money but also when it comes to their credibility with landlords across the city.

Dawson recalls a time when a colleague accidentally CC’d their client on an email that was intended for the landlord’s agent only. The client had been upset about how long it was taking to secure an apartment, especially since the landlord rejected their initial offer, and decided to email the landlord’s agent directly.

What the client didn’t know was that the landlord’s agent had a reputation for killing deals whenever there was a breach of protocol. The client should have never been included in the email chain, and when they were, the landlord canceled the deal and threatened to blacklist Anchor Associates.

“Fortunately, that didn’t happen,” Dawson remembers. “Anchor was able to make things right and continue working with the landlord. Our office manager was very understanding and treated the agent involved with kindness. But not all brokerages are as forgiving, so it’s important to find out how a firm handles these types of situations.”

This is just one example in a long list of reasons why real estate agents in NYC may decide to switch brokerages or stay where they are. For Shawn Jenkins, who transitioned from a rental-driven firm to join Corcoran’s luxury sales team, the decision was all about finding a place to grow.

“I was working as a rental agent and wanted to take my career to the next level,” says Jenkins. “Sales [was the obvious choice]. I’m a natural self-starter, so all I needed was a toolkit to help accelerate my career into sales.”

Jenkins knew that Corcoran was the place to be if he wanted to make a name for himself in the luxury sales market, which is off to a great start having already closed a deal over $1 million in Sunset Park. But not all agents have the same sense of clarity or ambition. In some cases, the decision to switch brokerages is more about flexibility or necessity. If an agent’s clients have outgrown their current firm, or if the brokerage is unable to provide them with the tools and support they need, then it might be time to make a change.

But with so many different business models, how can real estate professionals ensure they’re making the right choice?

What Are the Different Brokerage Options and Which One Is Right for Me?

When exploring the different brokerage options in NYC, Dawson recommends making a list of both personal and business objectives. Once the agent has an idea of what those are, it will be much simpler to determine which potential firm is likelier to help them achieve their goals.

“It’s like any other job search,” she explains. “You need to know what you’re looking for and how the chosen firm can help you get there. But unlike a traditional job where you earn an hourly wage or get paid a salary, how much you make as a real estate agent depends on how much you put in. So it’s important to understand how the commission split works and how much support, training, and resources you’ll get for your investment.”

Compensation Models for Brokerages

To illustrate Dawson’s point, here are some examples of the different compensation models adopted by brokerages across NYC:

• Experimental Firm A lets you keep 100% of the commission as long as you pay a monthly desk fee. This fee covers office space and administrative support but does not include training or continuing education. It ranges from $500 to $1,500 per month, depending on the broker’s needs.
• Established Firm B offers an 80/20 split with no monthly desk fees, but the agent would be responsible for all marketing costs associated with their listings, plus other out-of-pocket expenses. At $6 per day just to advertise on Streeteasy, these fees can add up quickly.
• Starter Firm C proposes a 50/50 split. It covers half the cost of marketing and provides continuing education for the agent in the form of webinars and negotiation workshops. But the firm lacks exclusive listings and hasn’t fostered any long-term relationships with landlords. This means the agent will have to compete with thousands of real estate professionals for the same open listings, hustling to secure deals.
• Salary Firm D offers a base minimum of $50,000 per year with monthly bonuses based on KPIs (e.g., lead-response rate, closed deals, customer service ratings, etc.) Put another way, the firm holds onto most of the commission in exchange for providing the agent with a steady paycheck and additional incentives.

Agents who have built a strong referral network and generate a steady stream of leads might be better off going with Firms A or B. On the other hand, agents who are just starting or take a more passive approach to their business might benefit more from Firms C or D. It depends on the agent’s level of expertise, customer base, whether they need hands-on support, and how much time and money they’re willing to invest in their business.

But these aren’t the only factors that differentiate NYC brokerages. Some firms specialize in specific neighborhoods or boroughs while others have a more global reach. Others embrace new technologies like DocuSign, chatbots, and marketing automation, making it easier for buyers and sellers to engage with the firm. Hidebound agencies, on the other hand, are being left in the dust as more and more firms adopt these cutting-edge tools.

All that said, some real estate agents will prioritize company culture over everything else, including the potential for higher commissions.

How Important Is Company Culture When Switching Brokers?

Fern Kamins, a former agent at Anchor Associates, didn’t choose to join Elegran two years ago. She just happened to be sponsored by Anchor when Elegran acquired the smaller company in 2020. The warm welcome she received from her new broker was one of the main reasons she decided to stay.

“The company culture at Elegan is wonderful,” Kamins says. “The management team is forward-thinking, empathetic, and always available to answer questions. It’s a great place to build relationships and grow your real estate career.”

Kamins has been selling real estate in Brooklyn and Manhattan for over 40 years, recently closing several deals at 225 Adams Street in Brooklyn. She’s witnessed how the industry has changed over time and believes that company culture plays a vital role in the agent’s success.

“Everybody thinks that [real estate agents] are stabbing each other in the back,” she remarks. “If you go to the right firm, that isn’t true.”

She continues: “Sadly, many agents prioritize the deal over each other. A toxic company culture perpetuates the stereotype of the agent as a selfish individual whose only goal is to close deals. But Elegran breaks that stereotype. It creates a supportive and respectful environment where agents are valued regardless of their experience level. That’s why I’m still here.”

We asked Kamins if she’s ever worked at a cut-throat real estate firm like the one depicted in David Mamet’s 1992 film “Glengarry Glen Ross.” In one scene, Alec Baldwin’s character famously delivers an eight-minute speech about how “it takes brass balls to sell real estate” and how “coffee’s for closers only.”

Kamins laughed. “I’ve certainly heard of scare tactics used at some brokerages to keep agents ‘motivated,’ if you could call it that,” she said. “I haven’t worked in a place like that myself. I think that if the brokerage environment is clearly toxic, agents shouldn’t hesitate to switch. You don’t need someone yelling at you to do your job.”

Has Kamins’ transition been smooth? “For the most part, yes,” she assured us. “Most of my business is referral-based or working with repeat clients, so I never had to worry about how the switch would affect my business. When I make a switch, I bring my clients with me. It’s that simple.”

When we asked her what advice she had for agents who are considering switching to a different brokerage, Kamins was adamant:

“Figure out your goals, research different firms, and don’t get too hung up on the commission split,” she said. “The most important thing is to find a place that feels like home so you can build meaningful relationships with colleagues and clients alike.”

What Steps Should Agents Take When Switching Brokers?

If you’re a real estate agent who’s just decided to switch brokerages, here are some tips to make your transition as smooth as possible:

1. Notify your current broker before officially resigning (this can be two weeks or 30 days in advance depending on your employment terms).
2. Discuss your current listings with your broker to coordinate how they will be handled after you leave. In some cases, you’ll need to wait until the listing expires before it can be transferred to your new broker.
3. Email your current broker a list of any pending commissions and CC your personal email. This is a great way to keep track of how much money you’re owed since brokers can take time to process commission payments.
4. Bring any documents and information related to your current listings with you when you go to your new broker.
5. Get a confirmation from your old brokerage that your real estate license is no longer sponsored by the firm before you submit the necessary paperwork to your new sponsor.
6. Notify your clients about your move and make sure they know how to get in touch with you at the new brokerage.

The Takeaway

There’s a lot to think about when switching real estate brokerages. One of the most important considerations is finding a firm that provides the support and culture the agent will need to succeed in this ultra-competitive industry. Setting realistic goals and choosing the most effective compensation structure to meet those goals is also essential.

Finally, agents should carefully navigate the process of switching brokers by asking as many questions as they need to feel comfortable with their decision. Taking these steps will help make the transition to a new brokerage as seamless and successful as possible.

The post When and How to Transition to a New Real Estate Brokerage appeared first on CitySignal.

You may have seen him on street corners and standing fierce guard over picket lines all over the city: a towering, snarling inflatable rat with ruby-red eyes, mangy whiskers, and a scab-encrusted pink belly. This monstrous rodent is known as Scabby the Rat, and his fearsome visage is beloved by union workers not only in New York, but across the country. Over the last thirty years, Scabby has done much to earn their adoration—and to help bring attention to these workers’ demands. 

Where did Scabby the Rat come from?

Scabby first hit the picket lines in 1990 at a protest organized by District Council 1 of the International Union of Bricklayers and Allied Craftworkers in Chicago. The original rat was designed by Peggy and Mike O’Connor, co-owners of Big Sky Balloons and Searchlights, Inc. Today, Big Sky’s website proudly offers “Union Rats” that range in height from 6 to 25 feet, and they have even expanded their offerings to include inflatable “Fat Cats” and “Greedy Pigs.” Scabby’s debut stirred up quite a sensation, and orders for more rats quickly began to pile up in Big Sky’s mailbox. Scabby inflatables remain a bestseller and can now be found at union protests across the nation, especially in New York.

What Does the Rat Symbolize in a Strike?

Scabby has proven a valuable ally and tool for unions primarily because, as you can imagine, a gigantic inflatable rat tends to attract a lot of attention. By drawing in curious passersby, Scabby helps to share the union’s message with a broader audience. Scabby is also intended to deter outside laborers—or “scabs,” if you will—from crossing picket lines. After all, very few people are proud to see themselves compared to a rat. Most importantly, Scabby’s presence outside a business offers a clear signal to shoppers that the establishment is employing unfair labor practices. Scabby has become such a famous personality around the city that he even has his own Twitter account. 

Is Scabby the Rat Illegal?

Perhaps because of his effectiveness as a symbol of defiance, Scabby remains quite unpopular with the business owners he has been deployed against. In one instance recounted by Chicago union leader Acy Wartsbaugh, his union’s inflatable rat was even run over and repeatedly stabbed. Over the decades since his conception, Scabby has also faced a number of more formal tussles in the courtroom: his name has appeared in dozens of National Labor Relations Board decisions over the legality of including inflatables as part of union protests. Trump-appointed general counsel to the NLRB Peter Robb was Scabby’s most recent challenger, arguing that picketers who made use of Scabby inflatables were in violation of the National Labor Relations Act in spite of precedents set by previous NLRB cases that had declared this to be a protected form of protest. Sure enough, the NLRB once again came down on the side of Scabby and union workers in a 3-1 vote last summer.

Defanging Scabby could have opened the door to further legal challenges that may have further undermined strikers’ ability to protest, so the NLRB’s decision represents a victory for both free speech and the right of workers to make their grievances known. New Yorkers can rest easy knowing that they will continue to see Scabby’s familiar snarl all across the city in the years to come.  

The post How “Scabby the Rat” Became a Powerful Union Symbol appeared first on CitySignal.

Working remotely is set to change more than our work lives. It’s also changing the way we spend our money—and consequently, how local governments make theirs. 

In October of 2021, PwC, one of the world’s largest consulting firms, told 40,000 of its U.S. employees they could work from home indefinitely. In December, the law firm Quinn Emanuel Urquhart & Sullivan, did the same. Verizon, which is headquartered in New York, started allowing hybrid employees to come to the office on a voluntary basis. 

What do these changes mean for New York, one of the largest and most fast-paced economies in the country? 

The pressure to return to the office is strong, but mostly one-sided 

Many say the widespread acceptance of remote work is shifting power away from employers and into the hands of employees. While others, particularly those in political office, worry it’s a dangerous workplace trend and a threat to the economy. 

Mayor Eric Adams and Governor Kathy Hochul have voiced their concerns on the matter, urging the City’s 1.3 million private-sector office workers to get back in their cubicles. 

“You can’t stay home in your pajamas all day. That is not who we are as a city.” said Adams when asked about remote work at a press conference earlier this year. “We must socialize to get the energy that we need as a city,” he adds. 

President Biden seems to share the Mayor’s sentiments on remote work, calling on Americans to “get back to work and fill our great downtowns again,” in his State of the Union address.

Biden, Hochul, and Adams aren’t lone wolves in their pleas for a return to the office. A number of politicians and CEOs have expressed their disapproval of remote work as a long-term business practice, claiming it hampers workers’ abilities to collaborate and remain efficient. 

Although united in their message, these power players may not realize how out of touch they sound to Americans who have witnessed rents rise about 16%, home prices go up 30%, and gas prices increase by 78% since the onset of the pandemic. Getting back in the office, which would also mean coming back to the city, is a sacrifice many workers aren’t willing to make.  

Drop in consumer spending adds to the pressure to ‘return to normal’

The New York Times recently reported that as hybrid work becomes permanent in the Big Apple, “the average NYC office worker is predicted to reduce annual spending near the office by $6,730, from a pre-pandemic total of around $13,700—the largest drop of any major city.”

Economists at Instituto Tecnológico Autónomo de México, Stanford University, and the University of Chicago conducted a study revealing how consumer spending is expected to drop across some of the biggest economies in the U.S.

While NYC is destined to witness the biggest reduction in annual spending around the office, LA is a close second at $5,665. San Francisco doesn’t trail too far behind at $5,293, while Atlanta and D.C. can expect a reduction closer to $5,000. 

Furthermore, the absence of Manhattan office workers poses a serious threat to the City’s real estate-reliant tax base. According to the NY State Comptroller’s Office, office buildings in Manhattan supplied more than a quarter of the city’s property tax revenue. These funds are used to fund public services around the city such as schools, parks, and police. 

Public transit systems in the City are also expected to suffer as the growing vacancy of white-collar workers on the Metro could result in service cuts, leaving blue-collar workers who must show up to work in person with limited transportation options.

Small businesses catered to commuters, such as coffee shops, dry cleaners, and food vendors are also left vulnerable to the economic side-effects of remote work. 

Flexible work policies threaten to fundamentally change the largest business district in the country

In late March, about 37% of New York employees went into the office. Compared to the early stages of the pandemic, it’s a strong percentage, but still well below the 90% norm prior to March of 2020. 

Head of human resources at Verizon, Sam Hammock, doesn’t think offices will be occupied at the rate they once were. “It’s never really going to be a return like it was,” he says. “We’re treating people like the adults that they have proven to be over the last 24 months,” citing Verizon’s permanent work from home program. 

Penguin Random House, a New York firm employing close to 2,500 people in the NYC area has stated they have no plans of requiring employees to go back to its Midtown offices. “We have said if you want to move, have at it,” said Paige McInerney, director of human resources at the publishing house. 

After two years of being able to work from home, many employees have already relocated outside of the City into the suburbs and “exurbs” defined by Time Magazine as “places further away from city centers than suburbs and that are less dense than half of American zip codes.”

With thousands of NYC employees having migrated inland to the neighboring suburbs of Hoboken, Jericho, and Norwalk, downtown businesses dependent on commuter spending may have to consider new kinds of clientele.

Remote-first companies are appealing to new talent, especially women

Software startups like Unqork are catching on to the new workplace trend, having recently announced it would become a remote-first company. During the pandemic, the company experienced substantial growth and currently employs 600 workers worldwide. 

“It’s a more efficient way to find talent,” said Gary Hoberman, the firm’s chief executive, about the decision to go remote. 

Unqork was previously headquartered in a 50,000 square foot office space in Manhattan’s Flatiron neighborhood. During the pandemic, the NYC startup reduced its office space to just 8,5000 square feet while growing nearly tripling its employee base. 

Several companies have adopted a remote-first model in hopes of attracting new talent in what has become an increasingly competitive job market for employers. A survey conducted by Accenture revealed that 83% of workers prefer a hybrid work model. 

With a record 5 million more job openings than unemployed people in the U.S., it’s clear that workers are willing to hold out for the right opportunity and are in no rush to get back to the office. This is especially true for women, who are twice as likely as men to say they were only looking for remote work. 

Repurposing of commercial buildings not popular among policymakers

Despite the societal and economic changes ushered in by hybrid work, policymakers have only just begun to grapple with what this means for Manhattan. Zoning regulations continue to prevent underused office buildings from being turned into residential housing. 

The City authorized a $100 million fund to help real estate professionals convert vacant hotels and commercial structures into housing last year. Due to regulatory hurdles, the fund is yet to be accessed by developers. 

New York City comptroller, Brad Lander, believes city leaders have been slow to repurpose Midtown office buildings for education, entertainment, and start-up incubators as well. 

“We are not going back to 100 percent Midtown office occupancy,” says Lander. “The sooner that stakeholders come to grips with that reality, the sooner we can take smart action.

Private-sector employers are adamant about bringing workers back to the office

The slow adoption of commercial building conversions may have something to do with the fact that several employers have every intention of bringing their workers back into the office full-time. Around 46% of companies brought workers back to the office between January and February of this year, compared to just 29% at the end of 2021. 

CEOs such as Jamie Dimon are adamant about bringing back as many knowledge workers as possible to their desks. He sent out his annual shareholder letter earlier this month, stating that about half of his 271,000 employees would be in the office five days a week. It’s worth noting that his company, JPMorgan, is New York City’s largest private-sector employer. 

In his letter, Dimon criticized remote work, stating that it was counterintuitive to effective decision making and “spontaneous learning and creativity.” Certain industries are more likely to require employees to be in-office than others. Many companies in the real estate and investment banking fields started calling back employees as early as June 2020. 

Is the worker revolution a threat to the economy, or just capitalism?

According to a University of Chicago analysis, more than a third of jobs can be performed from home. While many of these jobs are reserved for individuals with a college degree, that’s not always the case, as can be observed with self-taught professionals who have received little-to-no formal training in their fields. 

Many remote-first companies have admitted that their employees are just as efficient, if not more efficient when working from home. So why are companies still resisting flexible work environments?

While politicians and CEOs point toward the survival of small businesses as a valid reason to get back in the office, there may be another reason behind why local governments and big-name companies aren’t buying into remote work. 

Remote work provides employees with considerable amounts of choice throughout the day, taking away mindless routines that naturally feed into the consumer economy. During the pandemic, people started reevaluating the moments that filled their day and emptied their pockets, such as coffee runs, gas station stops, and daycare pickups. 

Perhaps the economy as a whole is not what is under threat, but rather the size of it. NYC, like many other American cities, is resilient and has overcome economic strife in the past. The City is likely to do so again, even if its local economy reduces in volume. 

The post Worker’s Revolution Set to Restructure the NYC Economy appeared first on CitySignal.

Zoning Rules for a Home Business

Your first order of business should be to figure out your building’s zoning designation, as this will determine the types of businesses that can be run out of your property. This information can easily be found by entering your address into ZoLa, the city’s interactive zoning and land use map.

Most aspiring business owners will find that their apartment is designated as a residential zone. Some buildings do fall under mixed-use zoning laws, but these are relatively uncommon. Residential zones impose tight restrictions on business activities, though these may not necessarily be an obstacle depending on the nature of your proposed venture. Home businesses located in residential zones cannot take up more than five hundred square feet or 25% of the owner’s residence, whichever is less. The business must be owned and operated by the resident, and only one non-resident may be kept as an employee. In addition, all goods sold must be produced on-site and cannot be stored at a secondary location. 

If you are trying to start a tutoring program, be aware that your classes will be limited to four or fewer students under residential zoning laws. If you’re specifically a music teacher, you can only teach lessons to one pupil at a time. Finally, you will not be allowed to post signage related to your business outside of the building, display your goods to the street outside through any type of display window, or make any renovations that alter the “character” of the building.

It’s possible to apply for a zoning variance to avoid some of these pitfalls, but this is a complicated process for an individual to go through without assistance. Generally speaking, your best bet will either be to conform to zoning rules or find an alternate location for your business. 

Building-Specific Policies for Business Run from Home

Even if your business fits within the parameters laid out by your zoning laws,  you’ll have to check in with your landlord, building manager, or co-op board about your business plans before you hit the ground running.

It will help if you head into this conversation with a clear idea of the kind of enterprise you will be running so that you can provide specific details on what hours your business will be open, the nature of the goods or services you’ll be providing, and how many customers you’re expecting to visit the premises regularly. Having strangers entering the property at all hours can be a security concern for landlords, so ventures that rely on a lot of foot traffic may not be an ideal fit for the home business model. 

Some landlords incorporate language into their leases stating that the apartment shall be used “for living purposes only” in an attempt to ban tenants from using their home as a place of business. Still, even if there is nothing in your lease explicitly forbidding your apartment’s use as a home business, there is a chance that you could face eviction for violating other aspects of your lease agreement. For example, a business that causes undue disturbances to your neighbors or excessive wear and tears on the apartment is likely to get your landlord up in arms very quickly. 

Finally, keep in mind that your renter’s insurance does not extend to your business or employees. It may be necessary to renegotiate your policy with your insurance agency or apply for insurance specific to your business to be certain that you’re covered in the case of accidents or injuries. This is especially true of food-related businesses, as there is always the risk of being sued over an instance of food poisoning or an allergic reaction.

Other Considerations

Depending on the type of business you are trying to run, there are also licensing mandates and other local guidelines that must be taken into account. Some home businesses, including barbershops, animal kennels, interior decorators’ offices, and pharmacies, are summarily prohibited under the city’s zoning ordinances due to the hygiene risk they pose.

To ensure the health of prospective customers, New York State requires those hoping to start a food-related home business to apply for a Home Processor Exemption to sell their goods online or at local farmer’s markets. Under this exemption, your kitchen will be subject to inspection if the state ever receives complaints from customers and you will be limited to producing certain allowed foods. Bread, pastries, jams, prepackaged confections, and snack mixes are generally safe, while any dairy-based foods, that require refrigeration, or contain chocolate are not allowed. 

If you’re hoping to start a home-based agricultural business, your options are even more limited. While it’s fully legal to own a pet chicken in New York City, it’s unlawful to keep them to sell their meat or eggs. It’s possible to keep a beehive and sell the honey made by your bees, but all apiaries within the city must be registered with the Department of Health. 

Anyone seeking to run a childcare business out of their home is required to register with the state of New York before they can begin taking on clients. Additionally, the residence itself must conform to a stringent list of requirements regarding ventilation, heating, and the accessibility of bathroom facilities, while prospective childcare providers must be evaluated for past criminal offenses, first aid knowledge, and other qualifications. The city of New York previously required childcare workers to be fingerprinted by the New York City Department of Investigation, but this is no longer the case as of June 2020.

Though the hurdles to starting your own home business may seem formidable, any plucky entrepreneur can make their startup dreams come true when armed with the correct information. 

The post The Legality of Running a Business from Your Home appeared first on CitySignal.

A New Era

This was a time when businesses were faced with an unexpected new reality and an unpleasant choice with it: adapt or slowly die. In hindsight, looking at the big picture, this trend was clearly an inevitable progression. Businesses, however, were largely unprepared for such a quick, complete transition. The situation warranted acceleration of the natural evolution of events, to be sure. And now it’s become quite clear that the majority of office employees do not want to go back to the office. At least not full-time – and they’ll do just about anything to protect their newfound sovereignty.

Surprising Facts

According to the New York Times, over 50 million people left their office jobs over the past two years of the pandemic. Many businesses were forced to allow their employees to work from home if they wanted to survive. The majority of those businesses were unprepared for that kind of instant, major transition to exclusively remote work. To gain some perspective, before the pandemic in 2019, about 6% of white-collar workers in the United States were working remotely. But by May of 2020, that number rose to an unbelievable 65%. Now, cities across the country are starting the recovery process.

New York City has been slower to recover than most, however, as the economy here was hit harder than most. With the vast population, mask mandates and lockdowns in NYC were some of the strictest in the country. And now, another factor weighs in – unprecedented inflation. This matters because people are desperately trying to figure out how and where to cut costs, and staying home costs a lot less. A recent study shows that in NYC, the average office worker plans to cut their hours in person by at least half.

The 3 Rs: RRR

This is great news for the office employees, but what about the 3 Rs? RRR = restaurants, retailers and recreation, a large part of which is considered tourism revenue that NYC depends on to survive. The “city that never sleeps” does so because of this demand, with an average of over 265 million people who visit NYC every year. And these people spend money – lots of it – just compare 2019’s record-high $47.4 billion in tourist spending compared to 2020s $12.2 billion, a 73% decrease. Over 2 years, this kind of rapid decline is enough to easily cripple a major city permanently.

At this point, our focus has shifted to the present and what we are going to do about getting the economy back on track. These statistics and information as to how we got here are necessary for context, but the situation “is what it is.” The fact is, people are now hyper-aware of their ability to work remotely for various markets and multiple industries. But what will the overall impact be for this major shift in our daily lives?

Companies Attempt to Entice Workers

Another result of the work-from-home model that’s getting some attention is a sort of competition among businesses trying to lure workers back to the office. With such disappointing numbers so far, some employers are trying to entice workers with incentives like hybrid programs and better pay, while others are providing incentives like food trucks, concerts, and more. In fact, notable companies like Google even have an incentive of free electric scooters for employees who use them at least 9 times a month to come to the office in person.

Environmental Impact

Of course, this emerging trend means businesses can scale down their physical presence, which means less demand for office space. Additionally, people who commute to the city for work every day estimate they will spend about half as much on travel and food costs, with the advent of remote work options. Most businesses realize at this point that working remotely, especially for some employees, works just fine, and has largely been adapted into new policies, with hybrid options available for many workers. In the big picture, this trend could also be a giant step in reducing the corporate carbon footprint of America. Staying home is energy-efficient.

Real Estate Impact

One big factor in this changing atmosphere that isn’t always clear to begin with, is real estate – in particular, commercial real estate. We spend a lot of time focusing on and analyzing the housing market, but not always so with commercial real estate, which has a large impact on the economy. Although previously thought to have affected commercial buildings in NYC with vast vacancies, apparently that was premature. A new report by the CBRE put out at the end of March says leasing activity is up 100% YoY in Manhattan. Additionally, Mayor Adams announced in February that commercial real estate in NYC has retained 92% of its value, much higher than originally thought.

This information is contrasted, however, by insiders who say that major businesses are still “quietly shrinking” in square footage, due largely to the “reset” the office environment has had to make, in relation to remote working. This may be evidenced by more subtle market changes, such as the sale of One New York Plaza, a 50-story, 2.7 million square foot office building in the Financial District in Manhattan, reported by The Real Deal in April. Owners at Brookfield Asset Management had high hopes for the property that seemed to have been justified by a 93% leasing occupancy and $1.4 billion valuation – yet it’s now on the market. However, asking rent in Manhattan averaged $68.65 ft² in March, after 8 consecutive quarterly declines – possibly the reason for Brookfield’s exit.

The post Office Exodus – the End of an Era, and the Beginning of a New One appeared first on CitySignal.

One of the most desirable places to live in the tri-state is Connecticut. Made up of beautiful parks, green nature, beaches, and quiet neighborhoods, anyone looking to get out of the buzzing city would appreciate this state. Since a few Connecticut towns are on the Long Island Sound, cutting into upstate New York, these towns make for perfect living accommodations for those who still need to commute to NYC. Because of the close distance, it usually takes about 45 minutes to an hour to travel to and from both locations. Here are the best places to live in Connecticut when you need to quickly commute to NYC.

Connecticut Towns With Easy Commute to NYC

Greenwich

45 min by car and around an hour by train

This town has serious money, but it’s not just hedge funds and fancy art galleries. With the short commute to NYC, it’s a solid choice for homebuyers and people looking to rent. The average listing for a home is $2.3M and rentals are affordable, starting at $2,000. 

Greenwich is a charming town that offers a variety of interesting things to do. If you’re a shopaholic, Downtown Greenwich has neverending shopping opportunities. If you’re a history buff, there are a number of historic sites like the Bruce Museum, the Putnam Cottage, and the Greenwich Historical Society. Enjoy the calming breeze and nature when visiting Point Park or sitting at the beach.

Stamford

Around an hour by car and train

One of the more affordable towns to reside in, Stamford’s average home listing price is about $599K. To rent, the average price wavers between $2,000 and $3,000. 

Besides being one of the more affordable places to live, a great thing about Stamford is that there is a little something for everyone. Hikers can have a day at Cove Island Park and Fort Stamford Park. The younger crowd can grab a show at the theater or go on a brewery hop. If you’re feeling hungry, well you’re in luck. There are over 150 eateries to choose from and, after you’re done eating, Stamford has art and cultural spots to check out. 

New Canaan

An hour by car and around 2 hours by train

Known for having some of the best schooling systems in the country, New Canaan is the perfect spot for families. The average home listing price is $1.7M and a rental starts at around $2,000. 

A small town with a quiet and peaceful New England atmosphere, New Canaan is a hotspot for art lovers and modern architecture. In fact, the historic Glass House is located in this very town, designed by architect Philip Johnson. Some other must-see attractions include Waveny Park, Silvermine Arts Center, New Canaan Nature Center, and Grace Farms. 

Westport

1.5 hours by car and almost 2 hours by train

Located in the county of Fairfield, Westport is a suburban area that is well-suited for families who are looking for more space. Westport is also known for its scenic waterfront, restaurants, balanced diversity, and friendly community. To buy a property here would average $2.2M, and rentals with decent living spaces start around $2,000.

Westport has been a backdrop for many television shows like “The Twilight Zone” and “American Housewife.” It’s also the creative hub of Connecticut, with theater performances, free outdoor summer concerts, writer’s workshops, and art installations. There are three beaches in the town, and summer celebrations include Fourth of July fireworks, a weekly Farmer’s Market, and various other activities perfect for a sunny, summer day. 

Darien

An hour by car and 1.5 hours by train

Located right between Stamford and Westport is a town named Darien. It is one of the wealthiest districts in the U.S., with an average household income of more than $200K. The average home listing price is $1.7M, and average rental costs come out to be $3.78K. If you’re looking for affordable housing, this town may be for sightseeing purposes only. 

If you’re a social club person, you’re in luck! Darien has a boat club, Noroton Yacht Club, tennis club, and the Tokeneke Beach and Tennis Club. These clubs create a high-profile social scene in Darien, where people can go and network with residents in the community. Otherwise, if you’re not a fan of social clubs, Darien offers some great spots to visit like Pear Tree Point Beach, Darien Library, and The Maritime Aquarium. To learn more about the town’s history, you can visit historical sites like The Mather Homestead and Darien Historical Society.

Norwalk

1 hour by car and around 2 hours by train

Out of all the towns on this list, Norwalk is the most affordable place to live in Connecticut if you need a quick commute to NYC. Average home listing prices are about $575K and rentals average around $2,100. Way different pricing, right?

Norwalk residents are mostly younger people who are just starting their careers either in town or in NYC. With the affordable living prices and a short commute to the city, it’s no wonder why the town is a popular choice for many living or moving to Connecticut. The town offers a lot of craft bars, lounges, restaurants, and nightlife spots. For those who want to check out some of the attractions, Norwalk is known for the Sheffield Island Lighthouse, Calf Pasture Beach, SoNo Switch Tower Museum, and the Lockwood-Mathews Mansion Museum. 

The post 6 Connecticut Towns With Easy Commutes To NYC appeared first on CitySignal.

5 Cities Perfect for Remote Work NYC

We thought it would be fun to check out 5 different cities in 5 different states that are under 5 hours from the City. This would still be a commutable distance for hybrid workers (think heading into the office every couple of weeks)- and we’ll look at the housing situation in each one. They are in no particular order. So if you think you might be an NYC ‘dropout’, here are some location ideas we hope you enjoy.

Providence, Rhode Island

Located just 3-½ hours from NYC is Providence, Rhode Island, where you’ll find cobblestone streets along the river, and can take a gondola ride through Waterplace Park. During the summer and fall, there are several weekends the Providence waterways are lit up with nearly 100 bonfires in an art installation called WaterFire. This is a hidden gem of a place.

To start off, we’ve included this lovely and unique home. This perfect starter home can be yours for just $265K. It’s located in Providence at 181 Cowesett Avenue, has 864 ft² and 2 bedrooms, and 1 bathroom. Oak flooring, an updated kitchen, expandable living space down with 1 car garage, and an easy circular driveway are all included in this home that is close to all the good amenities that Providence has to offer!

In Providence, the population is around 179.5K, and the median list price is $349K according to RealtyHop. This is a good place to call home, as there are plenty of things to do and plenty of great restaurants, too.

Commute to Grand Central Terminal from listing: 3 hour and a 10-minute drive or 5 hours and a 10-minute transit by bus.

Lambertville, New Jersey

Lambertville, New Jersey is an excellent place to live. The population is 3,822 and the people are exceptionally friendly and kind. Lambertville is just about an hour and twenty minutes from NYC and has a dense suburban feel. The median home value is $395.9K according to Niche.com, and the median rent is $1,328. However, there are not many homes on the market – not that unusual anymore, in our crazy housing market. So for this place, we’ll look at rentals – although there aren’t many of those, either.

Check out this gorgeous converted Victorian mansion, called the Wilkinson Holcombe House. There are 4 spacious units, and the unit for rent is 2 stories and 1,240 ft². There are 2 bedrooms with 2 en suite bathrooms and a half bath for guests, plus it’s within walking distance to all Lambertville’s shops and restaurants. The apartment is for rent at $2,800 per month.

Commute to Grand Central Terminal from listing:  1 hour and 49 minutes drive on U.S. 202

Mystic, Connecticut

Doesn’t this sound like a really interesting place to live? Well, it looks the way it sounds, like a picture-perfect town. Visit the Mystic Aquarium, or book a day cruise and see wildlife in its natural habitat at Argia Mystic Cruises. Bring your own wine or beer along for the ride. This destination is just 3 hours from NYC, with a median home value of $242.6K and a median rent of $1,268. There are around 38,825 people living here.

This condo is located at 128 North Street in Groton, CT., where the village of Mystic is found. It’s one of the few listings that weren’t pending or contingent, as the market is in such high demand all across the country. It’s priced at $150K and has 1 bedroom1 and 1 bathroom with 738 ft². There’s an outdoor space and the home is perfect for commuting due to its proximity to I95 North and South. And ideal space if you’re looking to try out the area before moving permanently.

Commute to Grand Central Terminal from listing:  2 hours and 42 minutes drive on I-95 South or 4 hours and 12 minutes via transit.

Kennebunkport, Maine

This charming town has a population of 3,596 people and is located just about 4 hours and 45 minutes from NYC. In Kennebunkport, 89% of residents own their homes, and it’s rated the number one place to live in York County, according to Niche.com. The median home value is $390.5K, and the median household income is $84,266. Here’s an amazing and interesting fact – also according to Niche.com: everyone over 18 in Kennebunkport has at least a high school diploma, and a staggering 83% of the adult population has a college education. That’s truly amazing!

While off the market now, this house is located on Elm Street in Kennebunkport, Massachusetts, and priced just below a million.  It’s got 3 bedrooms and 2-½ baths, wonderful lighting, and a tasteful design. Classical beauty exudes from this home and while it was just listed on April 21st, it went into pending 5 days later!

Commute time to Grand Central Terminal: Kennebunkport is a long, but doable commute of 4 hours and 50 minutes by car.

The Berkshires, Massachusetts

Only about a 4-hour drive from Gotham sits an iconic area in Massachusetts known as the Berkshires, rival to the Hamptons. This is something to see, and there’s even some real estate available! The Berkshires are a collection of New England towns known for their rich history and culture there, as well as the lush forests and wilderness. Live music, dance performances, and museums await. Truly, folks, this place is a hidden gem.

What a terrific find, this stunning home is listed at just $320K, located at 56 Rockland Drive in Pittsfield, Massachusetts – one of the 2 cities in the Berkshires. The home has 3 bedrooms and 2 baths and is 1,176 ft². There are plenty of windows and rich, beautiful woods used throughout the dwelling.

This house was recently listed on April 21st, and we’re telling you, folks, the housing market just about anywhere worth living in the entire country is ‘slim pickings’ right now. This won’t last long, or any of the others listed here. But use them as examples and do your own research. It’s a brand new world out there, with limitless possibilities – carpé diem!

Commute time from listing to Grand Central Terminal: About 3 hours drive time, commuting by bus is also possible, but may take some work.

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Tsk-tsk-tsk. As predicted, Better.com seems to be on the slippery slope of demise. We’ve all heard the death rattle, and been expecting the news for months now – but, struggling to hang on, they continue to drag out the inevitable. This week, yet another tip was given to TechCrunch that the mortgage lending company is poised for its fourth massive layoff since the beginning of December 2021.

What’s Going On

Unless you’ve been living under a rock, you probably already know that Better has been in the news for several reasons lately, but none of them are good. The company has already gone through two massive layoffs, bumbling exactly – oh, two of them. (Yikes!) Even still, this company sputters and gasps, somehow still breathing, and multiple sources on the inside tell of yet another round of layoffs ahead. This time, the Better real estate team and workers in the refinance department are expected to be targeted. This comes as one might expect, as Better has said the company suffered badly with the increase in interest rates and inflation issues.

This is expected to affect hundreds more of the remaining staff. Better started out with about 10K employees in the U.S. and India, but in December laid off a little more than 900 of them on a Zoom call in their first round of layoffs. Then in March of this year, they executed a second massive layoff, this time over 3,000 employees being affected. A third round was accomplished just last week, with the company offering a 60-day severance pay and health care coverage for anyone who wanted to voluntarily separate from Better.

Now, this – and amidst the toxic environment this business’s CEO Vishal Garg inhabits. Speculation is now about shutting down those sections of the business altogether, with many predicting imminent catastrophic failure. Surprisingly, however, speaking of Garg, during a company meeting regarding the layoffs he apparently told employees that although they made $250 million last year, they “pissed away” $200 million. He admitted lacking any discipline with spending company money on hiring new workers during the pandemic.

Amazingly, Better says they are still planning to go public, in an attempt to boost their precarious financial position. Some people are speculating if Better fails, what does that mean for the proptech industry as a whole, moving forward? Perhaps it just means move over, Better – for better innovations and businesses to come.

The post Better.com Starts Round Four of Layoffs appeared first on CitySignal.

Office lobbies throughout the U.S. witnessed a series of changes that ramped up security shortly after 9/11. Cameras, turnstiles, and programmable elevators were all introduced in an effort to make commercial buildings more secure. 

As a result, anyone who stepped onto the premises would have to be properly identified in order to be let in. Security guards meticulously recorded who entered and exited, as well as when. 

We’re witnessing a similar change in office lobbies today, with safety measures being implemented to protect us against a new, collective enemy, Covid-19. 

This time around, changes in lobby structure are much more subtle. ID-badges are being replaced with mobile apps tied to building security. Temperature checks via thermometers will soon be replaced by body scanners and air sensors. 

Unlike the security procedures adopted post 9/11 which were obvious and in plain sight, these technological changes will go mostly unnoticed. President of fire and security at Carrier Global, Jurgen Timperman, told the Seattle Times that “the days where somebody sits behind a desk with a big book and pen are all but over.” 

Thanks to advancements in technology, building security is now able to access all the information needed before letting someone into the building. Allowing users to upload credentials such as identification, vaccine status, and health questionnaires, building apps are streamlining the check-in process for office lobbies all across New York. 

These apps also allow building managers to track user activity throughout their buildings, informing them of where they may be able to use space more efficiently. 

Growing Interest in Contactless Solutions

Although contactless solutions have been explored by building owners in the past, they haven’t been nearly as popular as they are now. The need to maintain social distances among employees and business partners has quickly pushed building owners towards adopting contactless solutions. 

“In light of Covid, the acceptance of new technology and its implementation became extremely important. The adoption rate has accelerated by anywhere from three to five years,” says James Scott, lead researcher at Real Estate Innovation Lab at the Massachusetts Institute of Technology.

According to IFSEC Global, an international security and fire safety organization, 75% of 250 companies surveyed are on-board with the technological changes that Covid-19 has ushered in. 

A global study conducted by the organization revealed that nearly two-thirds of the 250 companies surveyed had either already adopted mobile credentialing to control building access, or were planning to do so over the next two years. 

Contactless Entry in NYC Buildings

Examples of contactless entry systems already exist in NYC buildings, such as 7 World Trade Center in Manhattan. The 52-story tower allows employees to gain access to office amenities via badges stored in Apple Wallet. 

Deutsche Bank’s new offices in what used to be the Time Warner Center allow for employees to load vaccination status onto their employee badges. This facilitates their entry through the turnstiles on the ground floor. 

In August of 2021, Rubenstein Partners introduced a building operation system offered by HqO at 25 Kent in Brooklyn. The 500,000 square foot office had been open for 16 months at the time and was destined to house this technology since before it went up. 

Salvatore Dragone, Director of Property Management at Rubenstein, believes that contactless entry systems give building managers more control as to who comes in and out of a building. 

Introducing a “Concierge Feel” to Office Lobbies

In addition to enhanced security, tenants and visitors are also asking for buildings to feel more welcoming, which has motivated building personnel to introduce a “concierge feel” to office lobbies. 

Music, art, and HVAC fragrance diffusers are all experiential elements being used by Dragone and his team to achieve this environment. 

Technology has had a substantial impact on building managers’ ability to automate manual processes. However, it also has the potential to satiate a trend of creating more hospitable and inviting atmospheres in buildings across the city. 

Office lobbies have started to adopt setups found in hotel lobbies, such as seating lounges and meeting areas, in order to accommodate the needs of tenants and visitors. 

“What owners are providing in lobbies is largely a response to what tenants want, and ultimately that’s a more connected experience,” says Sandeep Davé, Chief Digital and Technology Officer at CBRE. 

“The focus now is on the convergence of functions on a smartphone that will provide a contactless experience and encourage people to return to work, and to return safely,” he adds. 

The post NYC Office Lobbies Go Contactless appeared first on CitySignal.

What Is the Myers-Briggs Test?

The Myers-Briggs Type Indicator, commonly known as the MBTI or the Myers-Briggs test, is a 93-question survey that purports to measure an individual’s personality by categorizing them as one of sixteen different personality types. These types are defined by four different categories, each of which offers two diametrically opposed preferences: introversion vs. extroversion, sensing vs. intuition, thinking vs. feeling, and judging vs. perceiving. After taking the test, which is entirely self-reported, one is assigned a four-letter acronym corresponding to their rest result, i.e. “INFJ” for someone whose personality is determined to be “introverted-intuitive-feeling-judging.” The intended purpose of the test is to identify an individual’s preferences, strengths, weaknesses, and compatibility with other personality types.

Where Did the MBTI Come From?

The Myers-Briggs test was developed by Katharine Briggs and her daughter Isabel Myers in the 1940s. A highly-educated woman who struggled with the tedium of life as a housewife, Briggs filled her days at home by developing theories on social development and classification that were heavily inspired by her days in agricultural college as well as the writings of Swiss psychiatrist Carl Jung (with whom she shared a lengthy, if irregular, correspondence).

Isabel became intrigued by the possibility that her mother’s theories could be put to use in the war effort by helping to place soldiers and personnel in positions best suited to their character.

While neither Katharine nor Isabel had any formal training in psychology, they went to work formalizing and refining the personality assessment that would come to be known as the Myers-Briggs Type Indicator.

Today, the MBTI is taken by more than two million people annually and is believed to be the most popular personality test in the world. It also brings in more than $20 billion to CCP, Inc., the Myers-Briggs test’s publisher, each year.

Is the Myers-Briggs Test Accurate?

Popularity, however, does not necessarily equate to accuracy—and the MBTI has many skeptics in the field of psychology. “In social science, we use four standards: Are the categories reliable, valid, independent, and comprehensive?” explains Adam Grant, professor of psychology at the University of Pennsylvania. “For the MBTI, the evidence says not very, no, no, and not really.”

“Reliability” refers to an assessment’s ability to return the same result when retaken on a later occasion. While the MBTI website claims that 75-90% of repeat testers receive the same result, independent studies have found that the test varies in reliability up to 50% of the time.

Many also question the inherent validity of a test that limits individuals to sixteen personality types and argue that this model is not comprehensive because it does not account for traits such as neuroticism and deceitfulness. And, because the test is published by a private organization that makes substantial profits on MBTI-related toolkits and merchandise, it cannot be considered a truly unbiased and independent assessment.

How Is the Myers-Briggs Test Being Used in the Workplace?

More than 88% of Fortune 500 companies use the Myers-Briggs Type Indicator as a tool for cultivating and maintaining their office environment.

Managers might require all employees to take the Myers-Briggs test in the hopes that having a working knowledge of their employees’ behavioral predilections will help to nip workplace tensions in the bud. For instance, a manager might try to avoid placing an INTJ employee on a project with an ESFP employee because these personality types are theorized to be more likely to conflict. Instead, the introverted INTJ employee might be assigned a solo project while the ESFP employee might be put on a team with a group of other gregarious extroverts.

Some companies even make use of Myers-Briggs types in hiring. For example, a few studies claim that thinking-judging personality types, or TJs, tend to excel in fields related to computer information systems. With this in mind, hiring managers might choose to immediately discard any candidates whose results show they learn more toward the feeling-perceiving, or FP, dichotomy.

Why Is This Problematic?

There are a number of moral issues at play regarding the use of Myers-Briggs tests to classify employees. Think of the first example above: even if the INTJ possessed a great deal of relevant expertise, they would miss out on participating on the project because their supervisor made an arbitrary judgment about their qualifications based solely on their personality type.

The example regarding the use of MBTI in hiring, however, goes past the boundary of “problematic” and into “downright illegal” territory. The Civil Rights Act of 1964 bars employees from discriminating during the hiring process based on aspects of an applicant’s race, color, religion, sex, and national origin. A court of law could argue that “personality” is a nebulous enough term that it could be used as a cover to discriminate against an individual for any of the traits listed above, making the use of Myers-Briggs results to screen potential employees technically unlawful.

Additionally, the Equal Employment Opportunity Commission has stated that any testing procedure used in hiring “must be job-related and its results appropriate for the employer’s purpose.” Certain states also have privacy laws in regards to hiring practices that protect prospective employees from having to disclose information about their character and personal beliefs—both key components of the Myers-Briggs test. Even the Myers-Briggs website warns that “it is not ethical to use the MBTI instrument for hiring or for deciding job assignments.”

What Is the Best Way to Use the Myers-Briggs Test?

In spite of the flawed science behind the Myers-Briggs Type Indicator, some psychologists point out that the MBTI can be a useful tool for self-reflection and may help users to better empathize with those who socialize and process information differently than they do. If used to assess and appreciate the diverse strengths of a workplace team rather than as a strict classification system by which to sort employees, the Myers-Briggs test has the potential to lead to an increased sense of comradeship and greater job satisfaction within the workplace.

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