By Roland Li
RE/MAX of New York, Inc. has expanded to include franchises in smaller markets in northern parts of the state, including around 40 new counties.
Henry Weber, president and regional director of RE/MAX of New York, Inc., said the company noticed it had dominant market share in areas with small offices. In Rome, N.Y., for example, a few agents had over half of the real estate market.
Now, RE/MAX is looking to partner with established upstate agents and expand its presence.
“We only recruit people who have been in the business for a while,” said Weber, who noted that the average agent has 10 years of real estate experience. “Top producing agents in the marketplace are looking for options.”
Weber said that agents are attracted by RE/MAX’s global presence, including a large national television and sports marketing. At the same time, he said, they remain relatively independent. The RE/MAX models gives 95% of commissions to brokers, who pay monthly fees.
The firm is also looking to broker deals involving distressed properties, working with the banks and establishing Certified Distressed Property Experts. Upstate, the firm concentrates on single-family home sales, and buyers can obtain distressed properties through short sales, deeds in lieu of foreclosure and using government resources.
“There are options for people today,” said Weber.
The franchise has offices in the outer boroughs, and it recently opened new offices in Long Island, Astoria in Brooklyn. But its Manhattan offices – in Harlem and Battery Park City – are now closed.
Weber said the brokerage was interested in reentering the Manhattan market, but needed an experienced partner.
“We’re looking at it,” said Weber. “Manhattan is going to change over the next few years.”
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