We met with Yuval Greenblatt, Executive Vice President of the top real estate firm Douglas Elliman on a beautiful Saturday afternoon to talk real estate, technology and its impact on both our industries.
We recently Googled you and saw that you’re often cited as an expert in the real estate industry for well-known publications like the NY Times, NY Magazine, Forbes and The Real Deal. What’s the secret to your success?
Having the good fortune of working in an executive capacity for one of the most respected firms in the industry for many years has provided opportunities that others do not get. My success is related to my special interest in all aspects of the real estate industry and especially architecture and it’s impact on the best city in the world.You mentioned you’ve worked for your real estate firm for quite some time. Tell us what you love most about your job.
I’ve been with Douglas Elliman for over 12 years now and what I enjoy most is seeing transactions come together and agents grow into top producers.
In the past couple years, social media and real estate have really converged. How has your firm embraced social media?
We have taken numerous steps to expand our social media platform. If I had to pick one, it would be our hiring of Terakeet, the firm known for orchestrating the social media campaigns for a few very prominent politicians.
Real estate websites are now more robust than ever. They have become the consumer’s choice for real estate news, listings, services and original content. Tell us about the new Internet technologies Douglas Elliman has implemented and why your firm has chosen those tools.
We are in the process of building and enhancing our platform that currently features as many as 40,000 available listings in one place that cover all of our markets. Over time, our development pipeline will add features that are extremely informative and user friendly. So not only are we moving to provide the most content on a singular platform for our markets but are also enhancing the user’s experience so that they may be able to manipulate and peruse the content in a meaningful and enjoyable way.
Have you witnessed an increase in direct transactions because of the Internet?
I believe there has been an increase in direct transactions but co-broked transactions still dominate the marketplace. Our commitment is to getting maximum qualified exposure for our clients so that means working closely with the brokerage community.
If big real estate firms like Douglas Elliman and Corcoran take over the online market, how will smaller independent real estate firms compete?
It has been and will continue be difficult for firms with limited financial resources to compete and that has become apparent with some recent mergers, acquisitions and folding of some of the less resourceful companies.
Buying online has never been easier. Real estate listings now come equipped with video tours, reports, social network features and real-time chats. At what price range do you think buyers will forgo the online experience to meet with a real agent?
What’s interesting is that most home or apartment buyers are spending much of their time on the internet doing research and narrowing down properties, agencies and agents. In the end nearly all buyers in our market buy through an agent in all price ranges. I can see the potential of investor buyers in markets where there are an abundance of distressed properties purchasing online. This phenomenon has not yet occurred in our primary markets as far as I know.
Prior to the recession, we saw a lot of developers build apartments with luxury brand affiliations e.g. Armani Casa and Philippe Stark. Do you think this is as relevant today or will we see the unique brand concept reemerge?
Buyers are not prepared to pay a premium for just a name these days and I think that successful developers understand that they need to build quality with sensible floor plans in a solid location.
Like many industries, real estate advertising has shifted in the past few years from print to online. As online advertising becomes increasingly saturated, what will firms like Douglas Elliman do to set themselves apart?
We are working very diligently to identify parallel brands and media that target our audience for the various markets we serve.
Posner Advertising and Douglas Elliman have done business in the past. Tell us about your experience.
In my interactions with Posner over the years I’ve always had a pleasant experience and felt that Posner was a well-established, professional organization that has been in the business for many years. Both of our firms have evolved as the real estate industry endured dynamic changes and influenced the way we do business on a day-to-day basis.