On its mission to humanize real estate, this top brokerage uses new AI solution

The managing director of Elegran | Forbes Global Properties says hunter by LocalizeOS unlocks more opportunities   From running errands to running an operation Jaren Antin was a full-time college student when he entered the world of NYC real estate, and he hasn’t looked back since. Back then, he worked with renters as an assistant for two high-powered agents. Today, he is managing director of Elegran | Forbes Global Properties in New York City, running day-to-day operations alongside department heads in Sales, Marketing, Finance, Tech, and Operations. And as much as the industry has changed in that time, so much of what Antin fell in love with has stayed the same. “Every day is an adventure and different,” he said. “You never know who you’ll meet or what type of property you’ll get to see. And it’s incredibly satisfying to help clients fulfill and realize their goals and dreams of buying real estate to create a pathway to long-term wealth.” From international representation to local expert advisors That satisfaction is especially palpable at Elegran. “Elegran pioneered a buy-side agency at scale in New York City,” Antin shared. “We began representing buyers from overseas and helping them navigate and invest in the market here. Today, our business is more balanced between buyers and sellers. Thanks to our exclusive membership with Forbes Global Properties, we are able to offer our sellers unparalleled global exposure to get their home sold.” “We believe that technology is an important tool to help make the advisor smarter and more available for our clients,” Antin explained. “Time is our most limited resource and therefore our most valuable asset. Technology allows us to work smarter and maximize our time, to be more available for our clients” From skeptic to super-user When Elegran was looking for an efficient solution to help stay in contact with their extensive database of homebuyers, they heard of an Israeli-based company called LocalizeOS, which was just expanding to the US market. “Being a tech-enabled brokerage, we had relationships with those at the forefront of innovation, and were introduced to the founders of LocalizeOS,” Antin recalled. “When they deployed their AI solution, hunter, to support agents in managing and re-engaging their pipeline, we were intrigued.” LocalizeOS introduced hunter as an AI tool that would engage the agents’ database of leads, nurture those relationships, learn what the buyers were looking for, and then hand over qualified buyers who were ready to transact. This was actually a job Elegran had outsourced to a different solution provider. “Initially, we hired a company that picked up the phone and called our leads to re-engage them. Ultimately, we didn’t see success. The AI was constantly improving with hunter, so we started working exclusively with LocalizeOS.” Antin and team approach every potential new tool with a healthy combination of curiosity and skepticism, and hunter by LocalizeOS was no different. Elegran devised a careful plan to test and validate, working with landlords and developers to scale over the course of three to four months. “Then we identified a dozen or so agents with a large database and a penchant for automation to pilot the solution,” he said. From setup to support to success Happily, getting up and running with hunter was a painless process. “We were able to download a batch of contacts from our CSV and bulk-import them to LocalizeOS. The team was incredibly helpful and accommodating in setting up our agents and adapting to our workflows. The LocalizeOS team was able to build a connection from our CRM to LocalizeOS’ system and create automations to send leads based on pre-defined triggers.” Granted, not every agent was a fan at the start. Antin fielded some concerns from agents who either didn’t want to pay a referral fee or feared the conversation just wouldn’t sound like them. Antin challenged those fears by asking, “What are you doing with those leads right now? Do you even have a relationship with them so they’ll know the difference? And what is the probability of that becoming a deal without touching them at all?” Success was visible and repeatable. “We saw leads that we were unable to connect with become re-engaged with us when it was the right time for them,” he said. “hunter was a valuable solution to stay in front of these contacts, keeping them abreast of the market inventory — agents would never have been able to manage that volume or keep in touch with all of them at once.” Antin shared that numbers continue to speak for themselves. “I love seeing the sheer amount of text messages and touch points LocalizeOS has deployed on our behalf to our pipeline. To date, hunter has sent nearly two million text messages with relevant listings and property updates to our pipeline of home buyers”. From automation to authentic relationships Of course, the fear of the agent being replaced by technology is still real and prevalent with other proptech companies seeking to eliminate the agent. But Antin can attest that tools like hunter AI are about amplifying agents’ efficiency, not eliminating the agent from the transaction. “This technology helps us offload the mundane tasks and focus on our highest priorities, making the best use of our time and prioritizing our clients. LocalizeOS helps us keep our clients at the forefront of new inventory and keeps their search top of mind. It allows each of our clients to experience their real estate agent as if they were their only client — something that is not possible with human effort alone.” Inman  

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Today’s International Luxury Buyers: Trends, Activity, Preferences and More

An infinity edge pool with views of the Caribbean Sea are just a few of this beach estate's finer details. (1503 PROPERTY GROUP)   As much of the world opened in 2022 following two-plus years of pandemic restrictions, stories of wealthy overseas property buyers returning to prime property markets were noticeably absent from the headlines. We explore how exchange rate fluctuations, Covid travel restrictions, and the ongoing conflict in Ukraine has impacted the motivations and capabilities of potential buyers purchasing property abroad. Are Foreign Buyers Back? The Post-pandemic Overseas Buyer Activity was Limited in 2022 Once a conspicuous force in many of the world’s major cities, foreign buyers mostly disappeared from global prime property markets when the Covid pandemic shut down international travel in 2020. As restrictions lifted and economies started to recover in 2021-2022, overseas buyers began to return to many property markets, but in smaller numbers and with different priorities and challenges than before the pandemic. A blue sky appears to kiss equally tranquil waters near the Hidden Gem estate in Portofino Park in Camogli, Liguria, Italy. (BUILDING HERITAGE) Returning international buyers are being met with headwinds in some markets, particularly from governments seeking to control speculation and demand from overseas buyers. For instance, the Singaporean government increased the Additional Buyer’s Stamp Duty for foreign buyers from 20% to 30%, and the Australian government doubled the fees required to be paid by overseas property investors. Canada introduced a two-year national ban on overseas residential property buyers beginning in 2023. And while not directly targeting foreign buyers, a new tax for property transactions over US $5 million in Los Angeles beginning in April 2023 will apply to overseas buyers. International Buyer Sales Declined in Nearly Half of Luxury Markets Based on a study of Forbes Global Properties members, nearly half (42%) of surveyed luxury property markets reported declines in the number of overseas buyers of luxury homes in 2022 compared to the same period five years ago (see exhibits 6 and 7). Some of the sharpest drops in the numbers of foreign buyers were recorded in coastal and suburban areas of California, due in part to local Covid travel restrictions in China and other parts of Asia, according to the National Association of Realtors. “There are significantly fewer overseas buyers in coastal Orange County due to Covid and those potential buyers not being able to move around,” said Mike Shapiro of EQTY in Newport Beach, California, noting that in 2017 approximately 30% of luxury buyers in the area were from abroad. There are significantly fewer overseas buyers in coastal Orange County due to Covid and those potential buyers not being able to move around” —Mike Shapiro of EQTY in California Potential homebuyers from Asia purchasing in the U.S. have been negatively impacted by exchange rates, interest rates (both in their own countries and locally) and in some cases the ability to transfer funds to the United States, causing lower foreign investment in several regions across the globe than before Covid. “A much larger percentage of purchases were made by overseas buyers in 2017, especially those from China,” observed Jared Antin of Elegran Real Estate in New York City, where overseas buyers of luxury homes reached 20% in 2022, up from 10% in 2021, but still below the heights witnessed in the mid-late 2010s. Regulatory tightening in China and a strengthening US dollar has applied significant downward pressure on the overseas buyer segment of the market since 2017. This 13th Century Château on over 162 acres in Haute-Savoie, France is a fairytale come true. (GROUPE MERCURE) Second-home buying by overseas homebuyers reflected broader trends in tourism – travelers as well as luxury homebuyers were returning after the pandemic, albeit slowly. According to Tourism Economics, a research firm, global outbound leisure spending won’t fully bounce back until early 2024, exceeding 2019 levels by 21% in 2024 and then surging to 55% more than 2019 by 2026. Declines in travel during the pandemic had been a hindrance to cross- border real estate transactions, but perhaps more impactful in the behavior of overseas property buyers has been a shift away from globalization that began during the pandemic and came into full force with the advent of the first attack on a European sovereign nation in nearly 80 years. As BlackRock’s CEO Larry Fink observed: “The world is undergoing a transformation… The Russian invasion of Ukraine has put an end to the globalization we have experienced over the last three decades.” “We are seeing a return of the international buyer, with travel restrictions having eased from Covid and despite the strong dollar, buyers looking to diversify and purchase New York City real estate because it has a reputation of being incredibly stable and a hedge against inflation and geopolitical issues.” —Jared Antin of Elegran Real Estate in New York The Penthouse at Regalia Miami, Florida towers over the sparkling Atlantic. (LEGACY DEVELOPING SALES AND MARKETING) International Home Buyers Have Returned in Nearly One-Third of Luxury Markets Despite lower overall numbers of overseas buyers compared to five years ago, markets like New York City and Miami that have traditionally been hubs for international buyers saw a year- on-year uptick in foreign buyer interest in 2022 as compared to 2021 as the world began to reopen. Property in these markets have long- term appeal for risk-averse overseas buyers. “We are seeing a return of the international buyer, with travel restrictions having eased from Covid and despite the strong dollar, buyers looking to diversify and purchase New York City real estate because it has a reputation of being incredibly stable and a hedge against inflation and geopolitical issues,” added Antin in New York City. “Miami is no longer just a gateway to Latin America — it’s a gateway to the global community,” said Adam Kaufman of Legacy Development Sales & Marketing in Miami. “We’re seeing a surge in foreign buying activity from affluent individuals from diverse geographies who see South Florida luxury property as a safe and stable investment,” added Mark Pordes of Legacy Development Sales & Marketing. Q3 2017 vs Q3 2022; Trends in Forbes Global Properties member markets in 20 countries (PERSPECTIVE, FORBES GLOBAL PROPERTIES) Nearly a third of surveyed markets reported that the number of foreign buyers had exceeded 2017 levels. In Dubai, foreigners grew to about 30% of luxury home buyers in 2022, due in part to the UAE’s new infrastructure, tax and investment opportunities, economic growth, as well as its dynamic approach to adapting immigration regulations to attract private wealth, capital, and talent. According to the latest Henley Global Citizens Report, which monitors private wealth and investment migration trends worldwide, the UAE was on track to record the highest net influx of HNWIs of any country in 2022. Regional instability and the war in Ukraine also played a key role in Dubai’s resurgent property market. “Russian buyers have always been present in Dubai. However, in 2022, we witnessed an increased number of them,” said Abdullah Alajaji of Driven Properties. The Henley Global Citizens Report supports this observation: Russia suffered the biggest emigration of millionaires, with forecast net outflows of 15,000 by the end of 2022 — a massive 15% of its HNWI population and 9,500 more than in 2019, pre-pandemic. “We’re seeing a surge in foreign buying activity from affluent individuals from diverse geographies who see South Florida luxury property as a safe and stable investment.” —Mark Pordes of Legacy Development Sales & Marketing in Florida Twenty-six percent of our studied markets reported that the numbers of international buyers had almost returned to 2017 figures. In Australia’s most populous cities, Sydney and Melbourne, international buyers began to trickle back to the market in the latter part of 2022, representing approximately 10% of buyers at the top end of the market compared to 5% in 2021. Ken Jacobs of Private Property Global in Australia provides a snapshot of current market dynamics: “We have experienced a short pause during the pandemic years of the normal volumes of new buyers from overseas — particularly, China, the USA and UK. This has undoubtedly changed in the second half of 2022 with noticeable new levels of interest from families seeking a luxury property in the Sydney and Melbourne marketplaces.” The Majestic Beach Estate at Rum Point in the Cayman Islands brings the outdoors in. (1503 PROPERTY GROUP) American Buyers Benefited From Exchange Rates Extensive fluctuations in global exchange rates—the US dollar peaked at a 20-year high in mid-2022 and the euro fell below parity—have presented exceptional opportunities, as well as challenges, for buyers seeking to acquire prime property outside their resident country. This meant that for luxury homebuyers purchasing European property in US dollars, properties were discounted due to the strength of the greenback. Resort destinations like the northeast coast of Sardinia, particularly Costa Smeralda, became an increasingly popular destination for these currency-buoyed U.S. buyers who were “considering purchasing a second home, with steady price growth also linked to scarcity of supply and availability of stock,” noted Fernando Velez of RAREX. Similarly in Australia, “the weakened position of the AUD against the USD has seen Australian property getting some additional attention from the U.S. — both from returning ex-pats and U.S. investors,” said Jacobs of Private Property Global. Markets with notable shifts in overseasbuyers of prime real estate since 2017 (PERSPECTIVES, FORBES GLOBAL PROPERTIES) Consistent with the new American purchase power and traveling trends in 2022, American investors abroad shifted from renting to buying since the pandemic. According to Cinzia Romanelli of Building Heritage in Florence, the mix of nationalities and motivation of buyers purchasing luxury property in Italy has undergone a significant change since before the pandemic. “We saw a shift. Five years ago most of the buyers were coming focused on rentals; nowadays, after Covid, buyers are recognizing the fiscal and lifestyle benefits, and we have seen an increasing number of sales.” Despite economic volatility, geopolitical instability, and lingering Covid concerns, many continued to invest in luxury residential property outside their home countries. It is seen as a secure investment option due to the long-term benefits it can offer — including tax incentives, hedges against inflation, diversification of assets—in addition to the lifestyle appeal.   Forbes Global Properties Forbes Global Properties"> 

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Planning a move in NYC? Here are 10 strategies to avoid being a victim of a scam

Beware of bait-and-switch movers who give you a lowball estimate and then hit you with upcharges. It's wise to get multiple bids—and to demand that estimates be detailed and transparent. Moving is for sure one of life’s biggest stressors, and even the "simplest" moves in New York City (i.e., within your own building) can cause anxiety: So many boxes! So much stuff to pack! Where is it all going to fit once you’re in?!! As if having your home upended wasn't concerning enough. You also need to beware of shady operators. The last thing you need is to have the proverbial rug pulled out from beneath you by a moving company that preys on your nervous state and bilks you for hundreds of dollars—or worse, absconds with your belongings Rest assured: Plenty of reputable movers in NYC put a premium on fair prices and solid customer service. (Read "10 tips for saving money when you move" before you get started.) What's more, it's easier than ever before to sniff out a rat by reading online reviews and learning from the horror stories of others.  That's what Brick did in digging up the dirt on some of the most common moving scams in the city—and devising a checklist of ways to avoid falling victim yourself.  Above all, keep your wits about you and trust your instincts in making sure move-in day goes off without a hitch—or make that a bait and switch.  What are the most common scams to look out for? Hands down, the most classic moving scam is the bait-and-switch, which is when a mover gives you an amazing quote and then ups the price when it is too late to back out (like moving day). Red flag number one: If the price seems too good to be true, it usually is. Magical thinking is not going to change that reality. "Most companies know you have no idea what you'll be moving when you book them two weeks before you move," says Lou DeFabrizio, co-founder (with his wife) of Lou Moves You. "So you send them an inventory list and they send you a rate—and when they show up they say the list is wrong and upcharge you for every single additional thing, or say you need a mattress bag and sell you one out of their truck for 30 bucks when they only cost $10."  He goes on to paint these real-story pictures: The hired workers claim if they go by the book and call the office, the upcharges will be over $300, but they will only charge you $150 if you pay them directly and then pocket the money. Or they say it's way more stuff than you said you had (which always happens) and that they are going to have to upcharge you $500. Then they pull out an iPad and offer to waive the charges if you sign off on a five-star review they themselves write on the spot.  Think this is just one competitor dissing the others? Think again. Jared Antin, an agent and managing director at Elegran Forbes Global Properties has seen this occur on more than one occasion, typically with flat-rate movers: Sometimes movers arrive and say, "There's more here than we saw on the video call," and then immediately try to charge a higher price, Antin says. "We are also seeing moving companies tack on additional "junk fees" including a per-step charge (for stairs) and mileage/fuel surcharges." His advice: "Always ask for clarification and a full explanation of any and all fees and how they are calculated."  Relatedly, Gerard Splendore, a broker at Coldwell Banker Warburg, shared a personal experience with a mover sending a truck that wasn't large enough for everything to be moved, despite the movers coming to see everything in advance. "I was once left with piles of stuff in my old apartment," he says. In another instance, the movers said they would meet me at the new address, a mere four blocks away, and they went to lunch for over an hour. "I thought they had disappeared." Know that this kind of thing happens with established companies as well as what the Better Business Bureau refers to as “rogue operators,” which place fake ads online and make-believe reviews on their seemingly legitimate websites, provide a free estimate over the phone or email, and come in with a lowball offer. Then, after processing the down payment, the company outsources the work to another operation that often uses unskilled workers (something DeFabrizio warns about, too). So at best, you end up paying serious money for shoddy movers who don't know the first thing about moving.  More likely, however, once the goods are on the truck, the driver holds them hostage (scam number two) until you fork over a ransom. Sometimes this con is pulled in conjunction with the bait and switch—they can threaten to keep your things in their truck until you pay more money than you agreed to.  Or much worse: They never show up at the new address, and you never see them, or your prized possessions, again. Let's call this the phantom mover (scam number three). Just like with anything else, the key is to do some advance legwork. There's no shortcut to sureness—the following strategies take a little extra time and effort but can save you bigtime in the end.  1. Get word-of-mouth referrals The best way to land a good mover is through a recommendation from someone you know—friends, neighbors, co-workers, dog walker, hairstylist— who can speak from a recent first-hand experience. Ask your broker or super, too. They often know of good and bad apples, and ruling companies out is also helpful.  2. Study the reviews Yelp, Google, and Facebook are a goldmine of customer complaints—though you should read both the pros and cons for balanced feedback. You can also call the Federal Motor Carrier Safety Administration’s Safety Violation and Consumer Complaints hotline (888-368-7238) to find out if any complaints have been filed against the moving company. Beware of "customer testimonials" on the company's own website. 3. Evaluate the website According to MovingScam.com, a consumer advocacy group, "nearly all of the victims that contact us found their moving company on the Internet." Their advice is to make sure the website includes a physical address (and go ahead and confirm that on Google Maps), phone number, and email address. If any of these items is missing, move on. You're looking for transparency.  4. Make sure the company is an authorized mover For moves within NYC, check to see if they are licensed to operate by the New York State Department of Transportation (for verification, call 800-786-5368). Again, every reputable moving company will be licensed, and by law, should provide up-to-date license information on its website. Per Dumbo Moving & Storage's website: A top moving company will have something called a USDOT number, which you will be able to verify on the FMSCA search tool. No such luck? Find another mover.  5. Get multiple bids Once you've gathered referrals and screened them as described above, have two or preferably three different companies provide an estimate so you can compare costs. Be sure to clarify whether they charge a flat rate or by the hour. Find out what triggers an upcharge, too, and what those extra fees will be. The idea is not to go with the lowest offer, which can be misleading. "Be sure to compare the fine print. Moving is one of those times when the cheapest option is rarely the best option," Antin of Elegran Forbes Global Properties says. "It's worth paying a bit more for reputable movers and to have peace of mind." Can't muster up enough recs? Consider submitting the details of your job to matchmaking sites like Unpakt, Moveline, and CityMoves and get quotes from certified companies. 6. Require at-home estimates Alas, during Covid, many companies pivoted to doing virtual rather than in-person visits to price a move and give a quote, Antin says. 7. Find out who is actually doing the moving You have every right to ask if the company hires subcontractors to do the heavy lifting, in which case you should strike them off your list. And if you only find out too late when another company shows up on moving day, fire them on the spot (advises MovingScam.com).  8. Think twice (better yet, thrice) before signing the dotted line It may seem too obvious to even say, but NEVER sign a blank document—MovingScam.com includes this as a common ploy. The same can be said for a scribbled "estimate" where you can't even decipher the details. Common sense prevails. 9. Get everything in writing  At loading time, your mover should give you a copy of the estimate, an order for service (an unofficial contract listing of all the services the mover will perform, including the dates your stuff will be picked up and delivered), and the bill of lading (an official contract between you and the mover that explains, among other things, the mover's responsibility for damages). All movers are also required to provide you with a copy of the FMSCA's booklet outlining your rights and the mover's responsibilities. (It's all about transparency, folks!) 10. Understand what's covered by insurance  The minimum coverage required by New York State law is $.30 per pound per article. For example, if a 20-pound flat screen TV, valued at $2,000, were lost or damaged, the mover would only be liable for a measly six bucks (20 pounds times .30 cents). Interstate moves, which are federally regulated, must offer two types of coverage—full value protection or release value (both explained here).  Ask your mover to explain the cost and various coverage options available for your particular type of move. Be sure to read your bill of lading (which sets forth the liability of the mover for loss and damage) and check off the option you prefer.  You'd be wise to obtain moving insurance on your own, too, since losses in transit aren't generally covered by a homeowner's or renter's insurance policy. Safe is 100 percent better than sorry. —Earlier versions of this article contained reporting and writing by Hong Le. Brick Underground  

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