Getting a Bigger Bite of the Boroughs: A New York City Real Estate Story Reported Demise of the City Greatly Exaggerated

by Anna Munhin Jun 3, 2023 News
Getting a Bigger Bite of the Boroughs: A New York City Real Estate Story Reported Demise of the City Greatly Exaggerated

The results of the 2020 U.S. Census show that New York City is experiencing tremendous population growth. Population increases were strongest in Brooklyn, followed by Queens and Manhattan.

Covid hit. The epicenter of the U.S. swine flu was New York City and Manhattan. Staten Island and the Bronx saw less outward migration than Manhattan, Brooklyn, and Queens due to the flight to the suburbs. Many of these outbound moves were absorbed by New Jersey and Long Island.

Joe DeAngelis is the Director of Strategic Growth for the Northeast, Century 21 Real Estate.

As the market began to come back, we set out to talk to independent brokers in the area to better understand their needs. They were losing listings because of a lack of technology, tools, systems, infrastructure and marketing programs, and as a result, they were struggling to demonstrate their value to the consumer. They weren't able to take advantage of the market's rebound. Gaining access to the Century 21 brand would allow them to compete better in this market and capture referrals from other markets through the extended C21 network.

There is a hub and sort

A group of new C21 affiliates were assembled in New York City. The model created synergies to capture more migration- fueled business.

Arlene Waye, broker-owner of CENTURY 21 Awaye in Downtown Brooklyn, said that Joe and the corporate support team made it clear that their priority was their success. The new look and leadership signaled to me that this was a brand focused on the future.

Century 21 Real Estate was named as a top ten fastest growing franchise by Entrepreneur magazine in three years. It's position as the most recognized and respected brand in real estate for the past 24 years makes for an impressive value proposition that is appealing to brokers in New York City.

Arlene, whose firm serves not just Brooklyn but Queens, Manhattan, Staten Island and the Bronx, said she has never seen as many opportunities in the real estate space as there is now. To better position our firm to take advantage of these emerging opportunities, we needed the backing of a powerful and global brand like Century 21 Real Estate. We now have access to expanded referral corridors, relocation business and international connections that we didn't have before.

Anthony Frazzetta is a Brooklyn-based broker with CENTURY 21. The brand is doing well here in Brooklyn. Thanks to an enhanced value proposition and tremendous brand power, we are able to attract more business.

CENTURY 21 helps you grow yours. Mike Miedler, president and CEO of Century 21 Real Estate, said, "We meet you where you are along your journey as a business owner, focus on maximizing your potential and help take you where you want to be." Broker and agent presence in New York City is helping them find consumers who are interested in them. We are seeing an increased interest in city living despite the rumors of COVID deciminating the city. The CENTURY 21 network's new affiliates are in a good position to take advantage of that growing trend.

He chose the CENTURY 21 brand to help him get there, because he knew where he wanted to be. I started my business in 2004 with a focus on co-ops and condominiums, but I wanted to expand and build a bigger business. Century 21 Real Estate was the full-service solution that I needed.

The first CENTURY 21 in Woodhaven, located in the southwest corner of Queens, was associated with Gellert in June of 2022. John says he loves the new direction of the brand and is proud to see the signs all over Queens. The brand's expanding presence in Queens and across the other boroughs as well as Long Island is creating great word-of-mouth referrals.

Biting into New York.

Paul and Lauren Cohen were thinking about changing their business model. They wanted to use their strong market share in the Bronx and rental business in Manhattan to sell homes. In October 2022, they joined the CENTURY 21 brand. With more than 300 agents, they were excited to elevate their own successful agent onboarding program with the comprehensive professional development resources now available to them.

Lauren said they were impressed with the brand's learning platform. The combination of live and online sessions as well as self-paced and on demand material allows agents to access the content in a way that works best for them. Group coaching and agent mastermind sessions are what we like the most.

The USPS data shows an estimated net gain of 6,332 permanent residents since July 2021. The biggest net gains over the summer were in Murray Hill/Gramercy, Chinatown/Lower East Side, and Battery Park City, all of which bode well for Paul and Lauren. Monthly net migration losses have been close to or even better than this year.

Paul said that they saw a great opportunity to take advantage of the renewed interest in living in Manhattan. While we had built a strong company around the Manhattan rental sector, we knew we needed a greater level of support. Powerful marketing programs and a comprehensive technology platform were key to that.

The brand's power is unparalleled. We received a referral call from overseas after affiliating with the CENTURY 21 brand. We wouldn't have been able to get that business.

Outside of the boroughs.

There has been a lot of activity for the brand on Long Island. CENTURY 21 Icon was located in Port Jefferson on the North Shore of Long Island in April of 2022.

3 in the Long Beach market on the south shore of Long Island joined the brand and is now doing business as CENTURY 21 Verdeschi and Walsh Real Estate The recruiting platform, learning resources and business-building tools were of great value to owners Lucy Brunelli andKat Walsh.

Brunelli said that they didn't want to become complacent. With our eyes on growth and a goal of capturing the No. 1 spot in our market, we were all in on having our own growth consultant and service platform to assist with training and onboarding of agents.

The most recent Long Island firm to join the network is CENTURY 21 EXCELSIOR REALTY, founded by Doug Cabral and serving a luxury niche in the Hamptons and North Fork. Cabral caters to wealthy New Yorkers who moved out of New York City during the Pandemic.

Cabral is using his affiliation with the CENTURY 21 brand to fuel growth through targeted recruitment efforts as well as strategic mergers and acquisitions to expand his market share. He has adopted a technology-driven approach to real estate, which involves using the latest in digital marketing and social media to increase awareness and connect with customers.

The last year has been one of rapid expansion for Century 21 Real Estate in the NYC area.

The addition of CENTURY 21 Hire in Pleasantville creates a contiguous Century 21 brand service area in Westchester County.

The opportunities for expansion were limited after six years as an independent firm. CENTURY 21 can use the brand's trust and awareness to reach more people. I am looking forward to being able to help my affiliated agents succeed so that they can support their families as well, since real estate is a business that helps people. Being part of the CENTURY 21® network allows us to do that.

Miedler said that they are not afraid to move fast. We are thrilled to have found a group of like-minded real estate professionals who are committed to moving forward with us.