With a market constantly in flux, we are always captivated by the real estate visionaries who have pushed the boundaries with their innovative strategies. Such is the case with Diane Ramirez, the CEO and Chairman of Halstead, a leading residential real estate brokerage firm in the New York metropolitan area.
Part of the Halstead team since it was founded in 1984, Ramirez has overseen two of Halstead’s major rebrands and has helped grow the firm from three storefronts to its current size of nearly three dozen strategically located offices with 1,400 agents throughout Manhattan, Brooklyn, Queens, the Bronx, the Hamptons, Hudson Valley, New Jersey and Fairfield County, Connecticut. To learn more, we spoke with Ramirez about her career, Halstead, and the ever-changing real estate market.
How did you get into real estate?
The real estate spark lit for me during my own buying process. It felt exciting and I put myself in the shoes of the agents, thinking of how I might have approached myself as a client. When my children were just starting school, I got my real estate license and began working as an agent – the career was a great option because it offered flexibility while my family was young.
By the time my kids were older and heading off to boarding school, I had excellent experience under my belt and knew I wanted to open my own firm. That’s exactly what I did; in 1984, real estate veteran Clark Halstead and I teamed up to co-found Halstead. I haven’t looked back since.
What are some of the trends you are currently seeing in the NYC market?
One buying trend we are seeing is a real focus on “value” which is, surprisingly, not entirely related to price. Inventory in NYC is relatively high right now and with an abundance of similar product on the market, buyers are looking for unique features which cannot be easily replicated. While price point still matters (it always will), “value” also means things like unobstructed views, outdoor space, original details or exceptional architecture.
People aren’t buying gigantic apartments to make the statement they maybe once were trying to make. Now more than ever, less is more. Rather than asking, “how much square footage can I get for my dollar,” buyers’ focus is shifting to, “is the space beautiful? Is it unique? And is it functional?” Another trend we are watching is a move toward wellness. In new developments, this includes amenities like salt rooms and meditation spaces. Beyond your basic fitness center, it’s a holistic approach to wellness and healthy living. We are also seeing this trend play out in the marketing of resale properties. There is a real appeal to presenting a wellness forward lifestyle in a home – buyers respond well to it.
With a constantly fluctuating market, what’s the best way sellers can determine how to list their homes?
Sellers really must look at properties that have sold and not get caught up in setting their price against the comparable inventory that’s sitting on the market. It’s crucial to be razor-sharp with pricing based on what similar properties have recently transacted for.
What’s your process like when you work with luxury buyers?
Luxury buyers are sophisticated and have access to a wealth of information at their fingertips. For this reason, it’s important to position yourself as a trusted advisor and interpreter of data and market trends, rather than a source of basic information. Also, do your research and know your luxury buyers in a meaningful way. The more deeply you can understand their likes and dislikes and work accordingly, the more successful you will be.
The market is also changing for the younger market. How do you work with millennials?
Day-to-day work with millennials is driven largely through technology and the expectation of instant feedback. It’s all about understanding how they want to communicate and meeting them where they are. Sharing information via text or social media, or even doing virtual FaceTime property tours, has become commonplace.
In many ways, it’s made our work more efficient – and still enables us to offer the personal touch. Another thing we are seeing in response to millennial customers is what I’d call the “Instagramization” of real estate. It’s a move toward editorial-style property photography and de-facto staging that lends itself well to Instagram and social media. It’s something we’ve really just started to see in the past couple of years and it allows properties to shine. Like with any customer, it’s important to know what millennials are prioritizing when it comes to their real estate needs. We make sure that we are addressing their requirements – proximity to culture/restaurants, smart security technology and sustainability, just to name a few things.
Is there ever a good time to buy?
Now happens to be an incredible time to buy. Mortgage rates are the lowest they’ve been in years, giving buyers great purchasing power. It’s an especially great time to get in the market if you are a first-time buyer or looking to size up. Your dollar will go much farther.
Anything else to add?
Real estate in NYC never ceases to excite me. No matter what the market is doing at any given moment, people will always want to live in New York and have their own little piece of the city. I’m fortunate to wake up every day to a career that I love.
