Try to imagine the sheer volume of real estate salespeople and brokers in the nation… now imagine being in the top .05 percent, ranked by the Wall Street Journal. Saunders & Associates is the privately held brokerage that holds Mark Greenwald’s license, and he graciously let us ask him about his methods for selling at such an elevated level in the United States, let alone the Hamptons.
Mark, you have been ranked in the top .05% nationally by sales volume by the Wall Street Journal. Wow. What’s your superpower, or as we like to say, differentiator, in such a competitive region?
Ha! Not quite a superpower… but I think that I approach every transaction from a place of listening and really wanting to help a buyer, seller, or builder achieve their goals. How can I use my market knowledge and experience to put together the best possible outcome… and then take it from there. It’s a formula that seems to work.
How many years of experience do you have in selling homes on the East End?
I have been a real estate broker here in the Hamptons for the last 19 years, but I have always loved real estate. I had been buying and selling a few properties on the East End when I was working as a real estate attorney in New York City that really inspired my interest in the possibility of doing this full-time. I always thought the most exciting, enjoyable part was “making the deal,” agreeing upon the material terms — as a broker, that’s the part on which you always focus.
Your background is in law. What are some of the advantages of your previous career as a real estate attorney in New York City, particularly in your methodology for getting listings and closing deals?
I understand that the deal is not complete until contracts are signed, the contract terms are met and we have a closing. Understanding what needs to happen to accomplish a closing means I can help avoid, or solve, any problems. Regarding listings, in particular, there are many steps customarily taken after contracts are signed that can be taken at the time we list; taking those steps earlier expedites the contract signing and helps get to a closing sooner.
The value of what you are buying has a great deal to do with how you may be able to further develop your property: add a garage, a pool house, another accessory structure or a tennis court. My background as a law student, and a lawyer, and now as Chairman of the Southampton Village Zoning Board, helped advance my understanding of the regulations involved to help answer those development questions.
I’m sure the pandemic was chaotic for you with so many luxury clients heading East. How did you adjust the way you work and how have you changed because of this turbulence?
Each deal became more competitive, usually with more than one potential buyer for each property. I think that, although there was an increased sense of urgency for many to find the space that they needed, the basic principles I try to use in my everyday business still apply: listen, focus, behave in a professional and respectful manner at all times and work hard!
Did your business grow from 2020-present?
Yes, my business did see a doubling and I hope that continues.
How do you see 2022 playing out to the end?
The strong demand is still there but the frenetic pace is lessening and the various economic factors, rising interest rates and the stock market downturn combined with rising inventory are returning the market to a more normal equilibrium.
The overriding factor right now is that there is more demand than inventory. While sales are down, that’s because available inventory is limited. Despite increasing interest rates and other factors, I think the market, for the next six months, will continue to be active, however, as the inventory builds, we may see some softness in pricing and longer times to sell a new listing, a return to more normal times. Preparing for a future, slower market means taking care of your home now, preparing it for resale, or, if building to sell, creating a project that is distinctive.
What is the property you sold that you are most proud of?
Wow… that’s like picking your favorite child! I honestly think that what I am most proud of is my relationships with repeat customers and their referrals. Nothing better than knowing someone feels like you really work on their behalf and that you are there with them for the duration, not just for the transaction.
What is some advice you’d give sellers right now about selling their property quickly and efficiently? What about buyers?
I think that in showing a house, a customer really wants to be able to picture their life in that particular spot… so make your house feel as fresh, calm, and appealing as you can when you walk in, it really makes a difference. For sellers, take care of any deferred maintenance prior to listing, and, in addition, there are steps to be taken regarding your survey and preparation for a closing that would be helpful.
Buyers need to decide what is most important to them: property size, locale, condition of the house, waterfront, tennis, proximity to a village but I do understand that those priorities may only crystallize after visiting a few homes and seeing how you feel about them.
What do you do for fun when you’re not working, Mark?
I actually really enjoy working… but tennis, running, reading, and enjoying this beautiful place with my family are my balance.
To learn more about Greenwald, visit him on Saunders & Associates.
