Being a broker on the luxury market in Manhattan is not for the weak. Having driven high in a thriving market, Million Dollar Listing New York brokers are facing one of the most difficult markets since the Great Recession.
That means properties must be priced to sell and sold accordingly. In the eight opener season, real estate agent Fredrik Eklund meets his new client, Sanford. Sanford is an experienced lawyer with a breathtaking space, not far from Billionaire’s Row. But don’t tell Sanford. He wants to praise the property as if it is directly on Billionaire’s Row.
Moreover, Eklund has to do with the aesthetics of the apartment that it was firmly rooted in the 1980s. Fortunately, they agree on a price ($ 13,995,000), plus Eklund opens a broker to end all broker openings. But is it enough?
The 80s are back
As a nod to space, Eklund is organizing an epic party from the 80s to present the building. He and his new assistant, Ellis, visit a shop in the city inspired by the 1980s to score some nice “wheel” clothing. His former assistant, Jordan, joined Eklund’s team.
As Eklund approaches the store, he tells his assistant that instead of spending the money to present the apartment with contemporary furniture, he is going to find the right buyer who loved the 80s.
Eklund looks around the pink sparkling store and exclaims: “That’s why I love New York freaking City!” He explains the store employees that he and Ellis were looking for in outfits and the staff certainly delivers. He is looking for a “Miami Vice” or “80s” look that has “Miami real estate” appearance.
The party is totally tubular too
Eklund gets everything out of the closet so that the agents can party like in 1999. Or 1989. “In a difficult market you have to get bigger,” Eklund explains. Ellis asks if “getting bigger” seems too gimmicky. “I only have one goal and that is to sell that apartment,” says Eklund.
When the agents arrive, they are greeted by Eklund, who is more like Will Smith of the Fresh Prince of Bel-Air. “Welcome to the 80s”, says Eklund enthusiastically. The open invitation from the broker suggested that agents dressed in their best clothing come from the 80s and many did not disappoint, much to the delight of Eklund.
While the party runs smoothly and Eklund sees it as a success, a few snafus perform. One person spills wine on the customer’s couch and a few brokers comment on how the room is dated.
Eklund does a rad job marketing the property
Eklund felt quite optimistic about the party and reduced around $ 20,000 in marketing costs. He shows the apartment to serious potential buyers. One buyer seems particularly enthusiastic because Eklund believes he can find the right buyer in just a few weeks.
Sanford returns from his trip to Miami to release the air from Eklund’s tires. Sanford calls Eklund to his apartment to break some “good news”. He says to Eklund: “Maybe you should sit.” Not a good sign.
“It’s good news for me,” Sanford begins. “I don’t know how good it is for you.” He goes on to say that he found a buyer while he was in Miami. His friend needed a place in New York and Sanford and his friend shook the deal. His friend agreed to pay $ 13.8 million for the property.
But this was a total bummer (like totally)
Eklund looks astonished but wants to make sure that he still gets his commission. “I’m afraid you have to look at the contract,” says Sanford. “I am a civil rights lawyer who represents victims. I did real estate at the start of my career. “Sanford says he has added a clause to the contract that essentially excludes Eklund from earning money from the property if Sanford were to make the sale.
While Sanford is speaking, Eklund seems completely shocked. He has already dropped thousands of dollars in marketing and even cleaning the toad. He calls his office to ask his team if the sentence has indeed been added to the contract. Unfortunately for Eklund it was like that.
While taking responsibility, that one sentence cost him about $ 800,000 in expenses and commission. “I don’t have to defend myself, but it’s true,” Eklund says in a confessional interview. “I extend left and right, I have twins at home and I have a great team that looks over the contracts and who are in communication with the seller. But I can’t read every line in every contract. I have hundreds of listings.”