The socialite and workaholic, who at one point served as the vice president for interior design for the Trump Organization, had an eye for detail and decorated her home accordingly. Throughout her time in the home, she upgraded the building into a decor-filled, vibrant space, with something to marvel at in every room. 

While Ms. Trump owned several properties worldwide, her son Eric describes the townhouse as her favorite, saying, “she was so comfortable there…it was the last possession in the world she would ever have gotten rid of.”

Around the Property 

Built in 1879, Ms. Trump’s luxurious property spanned over 8,725 square feet with an additional 700 square feet of outdoor space. Full of personality, this home boasts luxurious features like a columned facade and mansard roof, gold and black doors, and Italian crystal chandeliers. 

Ms. Trump transformed the property from a dentist’s office into a lavish estate, welcoming guests into the vibrant red-carpeted and wallpapered entryway with a spiral staircase, gold crown molding, and a gallery. 

The over-the-top design choices run throughout the remainder of the six-story home. From a Versaille-inspired dining room to the gold-embossed fireplace in the living room, Ms. Trump seemingly spared no expense to create her version of an oasis. 

The third floor hosts the primary suite, with a south-facing bedroom featuring a restored mural and French doors that lead onto a private terrace. The ensuite bathroom makes a statement with copious amounts of pink Onyx marble, gold hardware, an oversized tub, mirrored vanity, and a separate closet. 

1 of 7

Listed as a co-exclusive between Adam Modlin of The Modlin Group and Roger Erickson of Douglis Elliman, this property has a cap rate of 0.19%. Complete with many bedrooms and spaces, new owners have plenty of room to alter the space to their liking. 

The building resides on one of Mahattan’s most coveted blocks, East 64th Street, between 5th and Madison Avenue. Part of the Upper East Side Historic District, this block boasts some of the borough’s most beautiful homes. Homeowners here have quick access to city favorites like Central Park, the Metropolitan Art Museum, and countless dining and shopping opportunities. 

“It’s like being between Boardwalk and Park Place on a Monopoly board,” Mr. Modlin said.

Ms. Trump’s Life in the Townhouse 

After her public divorce from Donald Trump, Ivana acquired custody of their three children, Donald Jr., Ivanka, and Eric. She raised them in their Manhattan home and described their upbringing throughout her novel Raising Trump. Crediting herself to raising the three children, Ms. Trump did so in the comfort of their meticulously-designed palace. 

After their divorce finalized in 1992, Ivana received several million dollars, which she used to purchase the townhouse. Of the home, she said, “my home reflects my style perfectly.” Post-divorce, she entered other marriages, raised the children, and strived to build her businesses. Ms. Trump created a clothing and jewelry business, appeared on daytime talk shows, performed in movies, and wrote several books. 

It was in the townhouse where Ms. Trump spent the end of her life, passing in the home at the beginning of July. 

Ivana Trump’s Real Estate Portfolio 

The Manhattan home was not Ms. Trump’s only real estate holding. Throughout her life, she acquired several properties across the country. There are rumors that she also held onto properties in France and London. 

Greenwich, CT Mansion

Donald Trump gave the couple’s first mansions to Ivana in the divorce, which she sold in 1998 for $15 million. The property, located at 21 Vista Drive, has entered and exited the real estate market several times since Ms. Trump’s transaction. Past owners completed upgrades and modified the home but have remained unsuccessful in their attempts to sell the property. Currently, the home sits on the market at $29.9 million. With 5.8 acres and over 750 feet of shoreline, there is much to see in this spacious Greenwich mansion. 

Palm Beach, FL Vacation Home 

Ms. Trump purchased the home in 1994 and sold it 20 years later in 2014 for $16.6 million. 102 Jungle Road consists of a sizeable Spanish-Mediterranean mansion that achieved landmark status in 1990, and in 2012 the American Institute of Architects put it on the Top 100 list of architecturally significant buildings in Florida. 

The post Ivana Trump’s Manhattan Townhouse Hits the Market at $26.5 Million appeared first on CitySignal.

Ken Eakes, Executive Director at MWSF, noted that “there are many hurdles to overcome while running a small business and operating in a borough like the Bronx, where recovery has been stalled. Citizens and MWSF have a track record of supporting small businesses and seeing the results of our support extend to the communities around them.” The award will help business owners like Estrella further develop their mission to help veterans.

Military Warriors Support Foundation and Citizens Award

Citizens and MWSF teamed up to provide three awards to veterans who operate small businesses in the Bronx. Citizens Financial Group provides various retail and commercial banking products to consumers, from individuals to large corporations and institutions. Citizens follows through on efforts to support robust New York City communities with initiatives like their Workforce Development Program in Queens and Chinatown Renewal Fund.

The institution and non-profit, which have worked together for eight years, provide the largest corporate grant for veterans in the Bronx. Citizen’s Head of Consumer Banking, Brendan Coughlin, remarks that they have “a long-standing commitment to supporting veterans, particularly in under-served communities where small businesses are struggling to recover from the pandemic.”

At this time, community members can also donate non-perishable food items for Worldwide Veterans and Family Services at all Citizens locations in the Bronx.

Who is Military Warriors Support Foundation?

MWSF, founded in 2007 by Leroy Sisco, is a 501c3 non-profit charity that assists Combat-Wounded Heroes and Gold Star Families with housing, transportation, leadership development, and outdoor recreation. For the past fifteen years, their focus on housing and homeownership has helped veterans acquire mortgage-free homes.

One of their programs, Hope4Heroes, specifically helps veterans develop their small businesses. “Hope4Heroes is an extraordinary initiative helping veterans all across the country, and we are proud to partner with Citizens to bring the program to the Bronx,” Eakes notes.

$300,000 Grant for Veteran Small Businesses in the Bronx

The $300,000 grant provides recipients tailored support and resources to strengthen their veteran-owned small businesses. With the grant, owners can renovate their storefronts, implement new technology and training programs, and receive a full year of financial mentorship.

While the program awarded its first recipient this week, eligible applicants can continue to submit through the end of 2022.

Marisa Estrella Wins

Estrella received the program’s first award this week, which provides her with funding to further develop her small business, WVFS. Estrella, who served in the US Army from 1997 through her honorable discharge in 2006, now works to help veterans who are either homeless or at risk of homelessness lead a dignified life.

On winning the award, Estrella remarks, “I am grateful for this amazing grant and invaluable support for my business, and I want to thank Citizens and MWSF for making this happen. The Bronx is my home, and I am proud to start here, serving veterans in my neighborhood. Rehabilitation of low-income veterans is critical to help them transition to civilian life and continue contributing to their communities. My goal is to help homeless or at-risk veterans have better and dignified lives. Citizens and MWSF are helping make my vision a reality.”

What is Worldwide Veterans and Family Services?

WVFS is a 501c3 non-profit charity that helps veterans with various services like counseling and referrals, emergency funds, and transitional and permanent housing solutions to individuals and families in the Bronx. By fostering a strong community through a veterans-helping-veterans approach, the team continues to provide services emphasizing dignity, hope, and self-sufficiency.

Those interested in supporting WVFS can click here to donate directly or learn about other opportunities to help.

Items in the Award

With the $300,000 grant, Estrella received the following:

• 2023 Ford Transit Cargo Van and 1 year of commercial insurance
• 1-year financial mentorship
• Tech to help her succeed
• Two laptops and an all-in-one printer
• Accounting software, Quickbooks for Non-profits
• $1,000 in a gas card

Information for Prospective Applicants

Veterans in the Bronx who own small businesses can continue to apply for the program through the end of the year. Applicants must demonstrate honorable character and service and can click here to learn more and apply.

The program will continue to award two more recipients before closing applications for this year. Recipients will receive an award tailored to their specific needs, potentially including material support and equipment, website design, storefront improvements, and other needs as deemed fit.

The post Marisa Estrella Wins the First of Three Awards to Support Veteran Small Business Owners appeared first on CitySignal.

What is an MRE?

For those who have not yet entertained themselves with our team’s Russian MRE experience, 

an MRE stands for Meal, Ready to Eat, and it is the complete meal or day’s worth of rations, typically for the military. It’s essentially shelf-stable food that can handle harsh weather and dangerous conditions so that soldiers in the field can receive adequate nutrition.

Different countries produce their own MREs, and while office workers in a New York City building have many options to choose from when deciding on lunch, our team finds great joy in sampling military rations from around the world. Think of it as a less sophisticated food tour. 

Where do you buy a French MRE? 

It’s not surprising that one of the world’s largest online marketplaces carries French MREs. We referred to Amazon to choose one of the fourteen French MRE meals. The decision was difficult, but we ultimately placed an order for menu option nine, which offered two main dishes: sausage and duck confit and pineapple rice with pork. 

After purchasing the item online, it took around a month to arrive at our New York City office because good food takes time. We waited until enough eager team members showed up to dig into the rations. However, we could have kept waiting until the meal expires in 2024. The meal comes neatly packaged in a small box, small enough to possibly carry for a prolonged time. 

What’s in a French MRE? 

The French MRE menu consists of enough food to theoretically last a fighting soldier all day long. Providing 3,600 calories across three meals and several snacks and desserts, our box included:

• Thai soup
• Box of eight packs of biscuits, standard, sweet (chocolate), and salty 
• Arabica instant coffee, tea (black and green), hot chocolate 
• Museli mix energy breakfast, oats with chocolate chunks
• Isotonic powder drink, mango flavor 
• Nougat, various fruits 
• Fruit jelly, two pear jellies covered in sugar 
• Energy bar, mixed berry flavor
• Chocolate bar, 65% dark chocolate 
• Jam, plum flavor 
• Cassoulet of sausages and duck confit
• Pork, rice, and pineapple entree 
• Deer pate 
• Blue cheese in a can 
• Packet of tissues
• Salt and pepper packets
• Sugar packets 
• Heating kit
• Water purifying tablets (pack of six) 

Our team sampled every item in the box except for the black tea and water purifying tablets. 

French MRE Review 

Four team members sampled various parts of the menu, the following are their opinions. 

French MRE Beverages 

The beverages came in a plastic bag containing two packets of instant arabica coffee, a black tea, a green tea, and a package of hot chocolate. Outside this bag, the box also included an isotonic powder drink with a mango flavor. The coffee tasted like coffee, but the green tea was a hit. The hot chocolate tasted weak, comparable to a store-brand instant powder mix. 

The mango powder did not initially mix well into the water and took a minute or two to stir thoroughly. We did not pour the entire packet into the glass, but the drink was incredibly sweet and artificial-tasting enough to warrant it as a good sports drink.

If none of these drinks suit your fancy, you can always rely on the daily supply of water-purifying tablets to keep you hydrated. 

French MRE Breakfast 

While many of the beverages fit into a breakfast menu, there is one explicit breakfast item in the box, muesli. At the time, we instinctively prepared this dish with hot water and mixed it into a warm paste, but after further research, we learned consumers should prepare this meal cold. We did not add any other components to the dish, such as juice or yogurt. 

This muesli consisted of oats and generously sized bits of chocolate. When we mixed it with hot water, it resembled a more liquid-based oatmeal dish, where the water took on a hot chocolate-like taste. The combination of oats and chocolate was not overly sweet and quite delicious for a breakfast item.

French MRE Starters 

For this review, we’ll classify the starters as Thai soup, deer pate, and blue cheese. The Thai soup came in a powder with pasta in the shape of O’s that we stirred into boiling water, slowly adding more water to the mixture. Looking back, we might have added too much water, as the soup did not have a robust taste. The flavor did not stand out, but it was good enough to have a couple of spoonfuls. 

Blue cheese came in a can and possessed a gelatin-like consistency. Paired with the biscuits, this made for a pleasant appetizer and did not have an offensive blue cheese taste. Those who adore the funk of blue cheese may not find that this satisfies their taste buds, but our team members appreciate the laid-back nature and consider it a viable cheese option. 

The deer pate was a big success, with multiple members returning for several bites, either with a biscuit or a spoonful. While it possessed an initial metallic taste, it quickly faded into a delicious appetizer. 

French MRE entrees 

French MRE menu option nine came with two entrees. The team peeled the container of pineapple rice with pork open and decided to cook it in the microwave (yes, we learned from the failure of our Russian MRE taste-testing!) for several minutes. After cooking, the rice appeared yellow, like turmeric rice, and did not have a powerful smell. Well-received by the tasters, one team member claimed it had “legit good pork” that appeared slow-cooked. Several team members ate this option throughout the remainder of the tasting, getting close to finishing the plate. 

While the first entree cooked away in the microwave, the remaining team members decided to tap into the authentic experience of eating an MRE, and utilized the heating kit. All efforts to maintain fire safety during the Russian MRE no longer apply. One team member excitedly assembled the small fire holding container, dropped in one of the cotton pellets, and struck a match. The first attempt to set fire did not succeed, but a second and more diligent approach caught fire, and the team members quickly opened the container of sausage and duck confit and put it on the fire. 

Within a minute, the fire started to grow, and we quickly reassessed the situation, realizing that setting off the fire alarm in a large office building in Manhattan would not sit well with other workers in the building. After failing to blow out the fire, an efficient water pour stifled the flames, and we continued the rest of the cooking process à la microwave. 

After all the hassle this dish took to prepare, several team members consider this item their favorite on the menu. Complete with beans, the variety of meat tasted authentic and well-prepared. Team members did not add seasoning to this dish and felt it had all the correct flavors. Overall, both entrees tasted great to the team, and they finished most of both dishes. 

French MRE Snacks & Desserts 

Most of the snacks in the box contain fruity and sweet flavors. Our box had two pear fruit pate bars, which were a gummy-like substance covered in sugar. This was a sweet but yummy item, and the team consumed both bars. The energy bar had a texture that mimicked a more crumbly taffy, and the berry taste felt artificial. If you’re exhausted from a hard day of battle, it’s difficult to say if this would bring you back to full speed. 

The fruit nougat bar had a sweet white base with an exciting texture and bits of fruit but was ultimately too sweet for anyone to take a large bite. The packet of plum jelly easily flows out of the packaging and pairs well with one of the biscuits. It was neither offensive nor a standout item. 

For dessert, the box provides a bar of 65% dark chocolate that tastes pretty standard to any store-brand dark chocolate bar. The snacks were good enough but did not offer much variety in terms of sweet and savory. Perhaps adding a salty option would round out the menu. 

Overall French MRE Review and Post-Meal Thoughts 

After eating the French MRE, several team members mentioned that they felt lethargic and were in a brain fog for the remainder of the afternoon. While the intended consumers likely consume this ration throughout the day and pace themselves better than our team members, it is interesting to notice that a fuel-providing allocation puts consumers to sleep instead of getting them ready for a battle. 

Compared to the Russian MRE, the French outshines, providing options every team member enjoyed. There were no items on the menu that tasted poorly, with the worst items being those that did not have enough taste or were too sweet. Part of this difference could be due to preparation, as team members did not heat up any entrees in the Russian MRE. However, the team confidently expresses that the French one consists of delicious items, many of which they would eat again. 

It’s difficult to tell if the French MRE provides a viable option for those actually in active combat. Perhaps the French allocate too many of their military resources toward their food and not enough toward battle strategies. However, this ration provided nourishment and entertainment for a team of American taste-testers. 

The post What’s In A French MRE? appeared first on CitySignal.

Many prospective renters may know the differences between neighborhoods in their area, the types of apartment layouts, or what it means to have specific amenities in their building. However, some renters may know that there are also various styles of listings.

When a renter knows about different listings, they are more equipped to go through the renting process. While a renter may not immediately notice the difference between types of listings, having the insight ahead of time will help them develop a more robust understanding of the general renting process.

Knowledge is power, and renters looking for a specific listing will have an easier time searching through the constant and never-ending supply. Continue reading to learn more about the differences between open and exclusive listings and gather more information for your rental search process.

What are open and exclusive listings?

Different kinds of apartments for rent differ by size, location, price point, and style. Apartment listings also vary by their listing type, whether an open listing or an exclusive listing. Landlords and management companies decide how to advertise and rent their units, enlisting the help of either a specific agent or a pool of many agents.

Open listings

A landlord, management company, etc., allows any agent to rent out the unit on their behalf. Therefore, many agents have access to the listing and compete to rent it before someone else.

Landlords may opt for the open listing strategy, as it becomes an all-hands-on-deck situation and ensures their listing rents quickly. Therefore, renters may face higher levels of competition when trying to secure this kind of unit, as they are working against a high volume of renters.

Various kinds of landlords may decide to list their units openly. Smaller landlords with limited resources and connections could need as many agents helping as possible. From a different angle, larger management companies with many listings may also wand their units to rent quickly to ensure overall vacancy remains low.

Open listings exist for the benefit of landlords and management companies who do not want to spend their resources advertising and showing their apartments. While an individual agent can complete these necessary tasks, opening the listing up for all agents ensures that many agents will show the unit to potential tenants. Since it costs money to put up a listing on a rental website, landlords put the task in the hands of agents. An open listing agent typically has access to even more units. They may only pay to list one apartment in a whole building or complex but then show a renter several listings while on an appointment.

Exclusive listings

In an exclusive listing, a landlord or management company explicitly enlists the help of a particular agent, real estate team, or brokerage to rent out the apartment. A landlord may choose to exclusively list their unit because they trust that the agent will efficiently complete the rental application process and provide them with a strong prospective tenant. When the landlord does not have to spend copious amounts of time reviewing applications, they can direct their energy to other aspects of the job, incentivizing them to choose this style of renting. However, renters may have difficulty contacting exclusive agents, as they must wait for a single person’s response.

In this situation, the landlord usually pays the agent for their work, meaning that the agent does not need to collect a broker’s fee from the renter. However, there are situations where the landlord may not pay the broker’s fee, and renters will have to cover that expense. Learn more about broker’s fees and no-fee listings below.

How to spot the difference between an open and exclusive listing

At this point, most apartment rental listing websites in New York City strictly list exclusive listings. Many sites also use a tag or feature to highlight if a listing is exclusive. Agents may also specify the exclusivity of their listing in the description.

Best websites to find open listings

There are several websites available for renters to search for open listings, including the following:

• RentHop: The largest open listing site, featuring over 18,000 open listings in NYC and even more across the country. Many agents on the platform specifically work with open listings and can effectively guide renters through the application process.
• Facebook Through Marketplace, renters can browse between thousands of available listings in their area. They can search in the “Houses for Sale” category and filter by price to return applicable apartment listings.
• Craigslist Renters can search across many listings in their area under the “Apartments/Housing for rent” section to find a home that best aligns with their search criteria.

What is a Broker’s Fee?

To rent in New York City, you may need to pay a broker’s fee on top of the first month’s rent and security deposit. A broker’s fee is a sum of money that a renter pays for their services, including showing the apartment and then handling and guiding renters through the application process. Many brokers work solely off commission; their broker fee is their source of income. Most New York City agents charge between one month’s rent and 15% of the annual rent.

Should you decide to rent an apartment for $4,000 from a broker who charges a 15% fee, you will then pay $15,200 to secure the apartment ($7,200 broker fee + one month’s rent + a security deposit typically equal to one month’s rent).

Due to the high cost, many renters look for apartments where they do not have to pay a broker fee. Open and exclusive listings can each have broker’s fees.

What is a “No-Fee” listing?

A “No-Fee” listing is one in which the renter does not have to pay a broker fee to rent the apartment successfully. A no-fee listing means that at the lease signing, they will only submit payment for their first month of rent and a security deposit if required.

When a listing does not have a broker’s fee, the landlord or management company directly pays the broker’s fee to the agent, taking that financial responsibility away from the potential tenant. Since broker fees can get expensive, many potential renters search for no-fee listings.

What does it mean if the listing does not say “No-Fee”?

If a listing does not say “No-Fee,” there is most likely a broker’s fee that the renter must pay. Some agents directly put their broker’s fee amount in the listing description, but some may wait until they show you the unit to disclose the amount of their fee. If the listing does not specify, ask the agent before the scheduled showing, so you have all the payment information ahead of time.

You may be able to negotiate a broker’s fee with an agent down to 8% of the yearly rent or the equivalent of one month’s rent. Negotiation tips include proving that you’re a reliable client by explaining that you’re ready to apply when you see something you like and that you have your application paperwork organized. Additionally, if you find an agent listing the same unit or comparable units which offer a lower fee or have no fee, you can try to work this angle with the agent you want to work with.

Pros of Open Listings

Renting an open listing means you may benefit from the following.

The landlord is motivated to rent quickly

A landlord who decides to openly list their unit typically wants to rent that unit as quickly as possible. This motivating factor may trickle into the application process, where a landlord may have fewer requirements for renting that apartment. With fewer requirements, you as the renter can quickly assemble an application and hopefully get approved.

The landlord frequently wants to rent the unit as quickly as possible, making it easier for you, and they may have fewer requirements for your rental application.

You may view units that are not listed online

When you work with an agent who focuses on open listings, they’ll be able to show you a variety of apartments from different buildings/management companies. An open listing agent typically pays to put up the listing for one unit type in an area, even though there may be three comparable units in the building or neighborhood. Many times, these listings do not get advertised, so you will not have to compete with a large number of renters as they are not even aware that the unit exists.

Renter is confident that they’re working with an industry expert

Agents who work with open listings typically know that the market is fast-paced and will move the renter along quickly to ensure they can get the apartment. The agent knows that other potential renters are simultaneously renting the apartment and possibly submitting an application so that they will keep their prospective renter on track. Therefore, renters can take solace in knowing they are working with someone who will help them receive approval.

An experienced open listing agent will further grasp the sense of urgency and effectively communicate that with a renter. They will keep the renter calm while swiftly moving them through the process to give them the best chance at success.

Cons of Open Listings

Renters may experience the following cons when searching for an open listing.

The agent may not have a strong relationship with the landlord

A landlord who chooses to openly list their available unit does not create a specific agreement with individual agents and may have never met or communicated with the agent leading you through the deal. If you have specific questions about the unit, the agent may not immediately know that information and will have to contact the landlord or property manager for clarification.

While a good agent should know every tiny detail about the unit they’re listing, agents who work primarily with open listings may show several drastically different units daily to various clients. With a large array of listings to know about, they, therefore, spend less time and energy gathering information unless their prospective client specifically asks for it.

Waiting to hear back on an answer to your question could eat away at the precious time in a busy market, as landlords and management companies may respond to what they consider higher priority tasks. If you’re renting in a slower season, waiting a few hours for an important question may not be a big deal. However, those renting in a busy season do not have the luxury of waiting for answers.

Stiff competition

Due to many potential agents attempting to close a deal on the apartment, there may be a higher level of competition for a renter. There may even be times when you go to view an open listing apartment and notice that there are other agents with their prospective clients also viewing the unit. In a competitive rental market, you must move quickly on an application should you decide you want to rent the unit. Nothing is guaranteed, and your unit could rent to someone who applied just a few moments prior.

How do you ensure you’re ready to rent? Organize your paperwork before you view an apartment. This way, you can submit your application at the apartment or within the day. According to RentHop, most applications ask for the following information:

• Photo ID (passport or driver’s license)
• Letter of employment (usually on company letterhead that states your job title, length of employment, and salary)
• Copies of your last two pay-stubs
• Copies of your last two tax returns
• Asset documents (such as brokerage accounts or property deeds)
• Contact information for past landlords/employers/guarantors*
• Letters of reference from past landlords*
• Personal letters of reference*

* These last three are recommended but not always necessary.

Increased probability of broker’s fees

Since the agent likely does not have a personal relationship with the landlord, there is a possibility that the landlord will not compensate the agent, therefore putting the broker’s fee on the prospective tenant.

However, it is also important to note that the landlord may be so motivated to quickly rent the apartment that they may pay the broker’s fee or offer other concessions like a free month of rent. Furthermore, an agent may offer an agent rebate, giving the renter an amount of money a specified number of days after a lease signing. Successful agents may provide a rebate when they are confident about their closing process or if showing the unit is especially convenient for them.

Pros of Exclusive Listings

There are several benefits to renting an exclusive listing, including the following:

The landlord has a relationship with the agent

With an exclusive listing, the landlord specifically enlisted the agent’s help to rent the apartment. That specific desire likely means that they have a preexisting relationship from a past deal, and you can benefit from this relationship as the renter.

This agent will likely have all information about the apartment and will therefore quickly answer your questions in the moment, making your decision about whether or not to apply easier. If the agent previously worked with the landlord, it means they should also know how to get your application approved, providing valuable insight that will hopefully end successfully.

Additionally, the relationship between landlord and agent may mean they have access to other comparable units. The agent may also have inside knowledge about units coming to the market and will be able to provide you a first glance look if they have exclusive agreements for those units as well.

The agent has knowledge

Similar to the above point, an agent who works with exclusives will likely only work with a few units simultaneously, meaning they are the expert in the unit you’re viewing. If you are moving to a new city or even a neighborhood you’re unfamiliar with, you may desire this heightened level of expertise to ensure you have all the necessary information about the area.

Higher possibility of no-fee apartments

The relationship between landlord and agent suggests that the landlord may pay the agent’s broker’s fee, taking that responsibility off of the renter. Therefore, renters who search for no-fee apartments may notice that the units are exclusive listings. A landlord is typically more inclined to pay the fee to someone they know does good work.

According to RentHop’s current data, 41% of exclusive listings on their site do not charge a broker’s fee, compared to 31% of open listings that do not charge a broker’s fee.

It is important to note that sometimes landlords do not pay the broker’s fee. Additionally, an agent who collects a broker’s fee from a landlord is still allowed to collect a broker’s fee from the renter, increasing their take-home pay. An agent who receives a broker’s fee from the landlord must legally inform the renter about this when signing an Agency Disclosure form, where they will check off “Dual Agency.” If you notice that your agent is collecting a fee from both parties, you can engage in a negotiation to try and lower or remove that fee.

Potential for less competition

An agent who works on an exclusive listing can logistically only show it to so many potential renters at a time, meaning you could experience a lower level of competition than you would when viewing an open listing. While the agent may host an open house or work with other agents to rent the unit, you will likely view the unit privately and compete against fewer potential renters if you apply.

Cons of Exclusive Listings

You may notice the following potential drawbacks if you search for exclusive listings.

More expensive rent

If the landlord pays the agent the broker’s fee, they may try to recoup that financial loss by increasing the monthly rent. Therefore, while you may escape the fee, you will end up paying it in the long run through your rent payments. You will never know if your landlord calculated the broker’s fee into your rent payments.

However, many renters prefer this scenario as it is easier to pay that money through a rent payment over the lease term than in one lump sum at the time of the lease signing.

Must work with agent’s schedule

Since only one person, or a small collection of people, can access the apartment, it may be harder to coordinate a time to view the apartment. This detail may significantly affect your ability to rent the unit in a busy market.

If you plan to move into a new apartment with roommates, having one person view the apartment may be best and report back to the group. An agent who works on an exclusive listing may also invest their money into providing visual tours, which they typically attach to the online listing. As a last resort, that agent may be able to schedule a virtual tour, where they video chat with you as they walk through the apartment.

Should there be a tremendous discrepancy between your and the agent’s schedules, it may be in your best interest to move on from the apartment, as you will also need to communicate with them quickly when applying.

Conclusion

With all the available apartments in New York City, it can grow overwhelming to determine where to start your search. Understanding the differences between exclusive and open listings is a stepping stone to acquiring more knowledge about the rental market. While open listings have higher competition and sometimes mean you must pay a broker fee, agents also have access to a wide variety of listings, and you may pay cheaper monthly rent. Agents who show you an exclusive listing have more information about the unit and surrounding area, but you may have a higher rent payment.

You’re now more prepared to move through the process of renting whichever type of listing you target in your apartment search. Best of luck with your move!

Want to provide your feedback on the open vs. exclusives on the market? Email us at writing-staff@citysignal.com

The post Pros and Cons of Open vs. Exclusive Listings appeared first on CitySignal.

This shift in renter behavior contributes to what Venn identifies as “The Experience Era,” where customers are willing to pay more for a more pleasant consumer experience. Venn recommends property owners who want to improve tenant experiences and retention focus on implementing neighborhood-based amenities and features to connect tenants with their community. Between messaging portals, social events, and local small business subscription services, property owners can embrace The Experience Era to create better renter experiences. 

What is The Experience Era? 

Customers consider their overall experience when selecting which product to use in their day-to-day life. Consumers often opt for a product geared toward convenience and connection between industries, entertainment, transportation, and health and fitness. This desire influences purchase behavior, as customers value the experience of using the product as much as the product itself, contributing to The Experience Era. 

Venn points to several innovative products that have already successfully captured this type of consumer. Companies like Lyft and Netflix offer the same product to customers like taxis and cable television but focus on easing the experience of consuming that product. When a customer hails their car, handles payment, and communicates with the support team all through an app on their phone, they have a more direct experience and will likely continue to use that service in the future. 

The Experience Era also focuses on communication and connection, where consumers feel a sense of community. Fitness-based companies use online classes and programming to capture this audience and allow users to feel connected to those with similar interests. Outside fitness, consumers go to online groups, threads, and message portals to join communities and share their ideas. 

While many companies have created products to target customers purchasing in The Experience Era, one industry remains significantly neglected – real estate. Venn’s study suggests that property owners currently do not cater toward this experience-based purchasing behavior and can make changes that benefit themselves, their tenants, and their community. 

What have property owners been doing? 

Over the past decade, property owners implemented tech-based products and luxury communal areas for their tenants to satisfy their wants and needs effectively. While items like keyless entry and communal spaces like movie theaters may appeal to some residents, they remain vastly underutilized. Landlords commonly miss the mark when appealing to their renters, trying to find quick-fix solutions that immediately fix a particular problem in the building. 

According to Venn, many landlords do not financially interact with their tenants beyond collecting monthly rent payments. Most do not offer tenants the ability to pay for add-on services or features. Typically, tenants pay for building amenities through rent and do not make additional monthly payments. 

What do current renters value? 

Venn suggests that property owners do not cater to a tenant’s significant needs and desires. Less than half of the surveyed renters with access to technology-based amenities and common spaces found those features necessary when deciding whether or not to renew their lease. More than half of renters with access to unique amenities and technology do not heavily consider those factors in their decision-making process. 

What do renters value then? Over 80% report that they want to live in a neighborhood with a thriving array of local businesses, and around 75% claim that they want to expand their social network and know their neighbors. Additionally, 75% look for opportunities to improve their neighborhood through volunteer work. 

These statistics suggest that renters in The Experience Era crave easy access to a connected community. Yet many renters do not know their neighbors, limiting their local interaction and level of satisfaction with their neighborhood. Less than 40% of renters feel they belong in their community. 

How does The Experience Era impact moving behavior? 

When asked to identify factors that contribute to their likelihood of renewing their leases, 57% of participants identified one of the three following neighborhood-based contributors: 

• Friends, neighbors, and acquaintances in my neighborhood
• The local businesses in the neighborhood they regularly shop at
• The sense of belonging they feel in my neighborhood

Furthermore, renters with more than five close relationships in their neighborhood are one and a half times more likely to renew their leases. Tenants crave strong connections to their neighbors and community and are likely to continue living in the same unit as long as they feel that connection. Without a community and sense of belonging, renters will take their business elsewhere and move to a different neighborhood. 

What can property owners do to cater to neighborhood-focused renters? 

To better keep their tenants happy and renew their leases, property owners should shift away from luxurious gadgets and common areas, instead refocusing their resources toward experiences that connect their tenants to their community. Venn suggests that while landlords can still use technology to implement new features, they should use it to communicate with community members instead of just opening a front door. They, therefore, recommend property owners consider the following possibilities when considering how to foster a sense of community between tenants and their neighborhood. 

Messaging portal

Residents who can easily connect with community members and submit maintenance requests are more likely to renew their leases. By combining both sides of The Experience Era, ease and connection, into one cohesive app, landlords can retain their tenants and provide them the opportunity to communicate their wants and needs efficiently. 

Renters who can communicate with other tenants in their building or community are more likely to develop close relationships, contributing to the five close relationships the average tenant needs to stay in their area. Messaging portals and apps also allow tenants to submit maintenance requests, contact leasing departments, and easily ask for support as needed. Tenants who can easily reach out for help will likely have a better experience and therefore find the motivation to stay in their unit. 

The prospective financial gain may inspire property owners who are not motivated to connect their tenants with each other. Nearly two-thirds of survey participants are ready to pay an additional fee for services that connect them to their community. 

In-person events 

In a world driven by technology and digital connection, landlords can revisit in-person opportunities for social connection to help tenants develop friendships with their neighbors. Landlords can even attend community events to connect with their tenants and put a face to the name on a lease agreement. Renters who feel they have opportunities to develop friendships in their neighborhood are more than twice as likely to renew their lease than tenants who feel differently. 

One spot for community-based subscriptions

The average American renter spends hundreds of dollars monthly on grocery delivery, fitness and wellness services, and utilities. Between 63% and 82% of survey participants report wanting access to these services, with varying levels of interest based on the product. Therefore, property owners can best cater to their tenant’s needs by connecting them with local businesses that provide these kinds of services. 

Property owners can utilize technology to easily create neighborhood guides that renters can access to purchase subscription-based services and products conveniently. Keeping all businesses in the same app or website will make it simple for tenants to browse and buy all their desired products in one sitting, simplifying the purchasing process and connecting them to the businesses in their neighborhood. 

Connecting renters to local businesses will satisfy their desire to interact with their local community while investing money into those businesses and helping them stay in the neighborhood. Furthermore, these subscription programs will also encourage community members to start their small businesses, as they could immediately directly sell to their neighbors and reduce their barrier to entry. 

Conclusion

Venn’s recent study states that 1,500 American renters are more likely to renew their leases when they feel connected to and valued by their community. While property owners recently switched to implementing lush communal areas and technology-based apps to cater to tenants, these measures did not drastically impact a renter’s decision to stay in the building. 

Using technology and promoting social engagement, property owners can increase tenant renewal rates by connecting their residents through messaging portals and social events. They can further connect their building to the rest of their community through generating programs and websites that highlight local businesses and allow tenants to purchase products and subscriptions in one convenient place. 

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