Manhattan real estate agent
Posted by Wei Min Tan on October 12, 2020
Manhattan real estate agent Weimin Tan focuses on global investors of Manhattan, New York residential condominiums. Weimin’s clients invest in Manhattan real estate as a means of asset diversification and often look at investments from a financial / return point of view. Weimin also serves clients buying Manhattan real estate as vacation home and primary residence.
Regardless of whether the client intends to buy and rent out, buy to use as a vacation home or buy to use as primary residence, the most important objective is always the same – to get the right real estate that will perform well over the long term.
Read about what Wei Min does in Role of a buyer’s broker.
Financial background to analyze Manhattan real estate
Specializing in this Manhattan condominium niche requires a strong understanding of all condo buildings in Manhattan and a financial background. It is a coincidence that Weimin stumbled into this area of Manhattan real estate. 20 years ago, he never would have imagined being a real estate agent.
Weimin is originally from Malaysia and came to the U.S. for college and graduate school. He joined Citigroup in 1998 after graduating from the MBA program at University of Illinois at Urbana-Champagne. His largest role at Citi was managing a $500 million credit cards business. While at Citi, he was awarded the prestigious Chairman’s Leadership Award given to the top 2 percent of managers.
Weimin’s financial background transfers well into the niche of serving clients investing in Manhattan real estate. The numbers, metrics and analysis required are very similar.
CNBC interview on Manhattan real estate
Multicultural background and international real estate clients
Being from Malaysia, Weimin speaks Malay, English, Cantonese, Mandarin and Hokkien. Malaysia is a multicultural country and Weimin has friends from different cultures since young. The most valuable thing about speaking various languages is exposure to and ease with different cultures. This is a great asset when working with clients from different countries.
Weimin currently speaks English to 95 percent of clients. The language is just a means of communication. The larger role of communicating is the non-verbal parts which include understanding, respect, and knowing that while people may be from a different background, we are all ultimately the same and want the same things. With Manhattan real estate, this “want” usually means having a stable real estate that will appreciate steadily over time.
There is a universal language when evaluating Manhattan real estate – mathematics. Numbers don’t lie and have an amazing way of connecting people.
Bloomberg interview on foreign buyers of Manhattan real estate
Investing in Manhattan’s new development or resale real estate
Weimin interviews clients to ensure there is mutual fit before proceeding. If there is mutual fit, they evaluate financials, perform scenarios and eventually view the real estate. New development real estate are usually viewed at the sales offices of the projects. Sales offices are multimillion venues by themselves, with all the glitter and comfort meant to entice buyers.
Meanwhile, clients can also buy resales, which means buying from another individual. Depending on price point, resale property can also be very well staged, referring to having rented furniture to make the space beautiful. The decision to buy new development or resale is driven by the same factors – the real estate’s potential for appreciation and rentability. Weimin’s clients usually evaluate both options.
Weimin’s article, New vs resale condo in Manhattan
Client’s new development condo (below) in Midtown East was reserved before construction started. Waited 2 years for completion and was rented immediately, providing strong cashflow to owner.
Weimin’s article, Pros and cons of buying new launch property in Manhattan.
Client’s condo in West Village (below) negotiated during Covid lockdown. Amazing location with very strong demand.
Weimin’s article, Investing in West Village
What We Do
We focus on global investors buying Manhattan condos for portfolio diversification and long term return-on-investment.
1) Identify the right buy based on objectives
2) Manage the buy process
3) Rent out the property
4) Manage tenants
5) Market the property at the eventual sale
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