There are a lot of competitive industries on the East End, but none so intense as the real estate sector. Entering this world where millions of dollars are at stake may seem daunting and although most brokerages support new agents with mentoring and top-of-the-line marketing tools, it is still very difficult to break into the luxury real estate business. We asked some of the marketing departments of local brokerages if they’re seeing any superstars coming up and here’s who they said were the future rock stars of Hamptons real estate.
In this week’s series of Up & Coming Agents To Know, we featured Ann Gegelys of Sotheby’s International Realty.
Ann Gegelys of Sotheby’s International Realty
Ann, you specialize as an agent in not only the East End, but Washington, DC and New York City. How did you find yourself embedded in the luxury real estate market in the Hamptons in particular?
The Hamptons has always held a special place in my heart, having visited for the first time when I was 8 years old for a family vacation. As the years went on, my husband and I enjoyed renting out east and sharing this pristine area with our daughters. We had always dreamed of owning a home in the Hamptons so I watched the real estate market out here for many years and developed a true understanding of the value of the different towns and neighborhoods.
Once our daughters went to college, the timing was right for us to move to the Hamptons. By this point, I had learned the intricacies of each Hamptons town and was able to clearly spot good value and location. We found a home that we fell in love with and made it our permanent home, allowing me to continue my career with Sotheby’s International Realty in Bridgehampton. I have enjoyed working with the clientele in the Hamptons and learning even more as I continue to meet amazing clients and show beautiful homes.
Your background is quite impressive. Can you describe your experience on Wall Street in a Fortune 500 financial institution. You were also a VP within the Consumer Bank of Chase Manhattan Bank? Amazing.
I joined Chase in the early 1990s and spent 11+ years working in various consumer-facing roles. While working with the bank’s top tier consumer clients and senior management, I was able to hone my skills in business development, sales, marketing, and relationship management. Understanding the needs of this sophisticated audience, and how to proactively problem solve for them, helped to establish a foundation for delivering an exceptional customer experience.
How do you believe this background gives you an edge in luxury real estate sales?
Our clients are sophisticated and informed. And much like banking, real estate clients want an exceptional experience; someone who will go the extra mile. Working in financial services, my analytical and research skills were critical for assessing the market and customizing products that would meet client needs. The same is true for helping my real estate clients. My clients appreciate my ability to provide research and models that help them identify a good value and opportunity, whether purchasing or selling.
In addition, I’m also a professional with extensive project management experience. Working as a project manager in financial services, I developed a discipline in leading teams and individuals through complex tasks. I look at each real estate transactions similarly, in that each one is unique and commands a project manager who will anticipate needs and challenges. I make it a priority to inform clients of what to expect as a seller or buyer, helping them avoid potential challenges or understand.
Last, working with a top banking institution allowed me to acquire direct-to-consumer marketing skills essential to attracting consumers in a competitive market. From social media and print marketing, to audio visual content, I have a deep understanding of the media landscape and how to curate a strategic marketing campaign for maximum reach with each unique property. In working with Sotheby’s International Realty, I’m fortunate to have a global partner who leads in luxury property marketing. Sotheby’s International Realty is the #1 most profiled luxury real estate brand in the news and has over one million social media followers and an award-winning YouTube channel with 47 million views in 2021. This unparalleled exposure provides clients with an unbeatable reach when it comes to getting their property sold.
Are there any trends you are seeing post-pandemic that affect either or both NYC/East End markets?
The pandemic shifted so much in housing. More than ever, people want place to call home. We’re seeing buyers looking for properties that offer the option to be a permanent home, or a residence with scale for extended periods and extended family. This translates to a growing desire for larger properties with customizable space for offices, gyms and entertainment — all helpful should we experience further lock downs. At the same time, buyers are also less likely to desire inventory that requires significant work, as supply chain issues continue to hinder renovations. At the highest end of our market, we’re also seeing an increase of ‘off-market’ deals, from a subset of extremely wealthy buyers and sellers, who put a premium on maintaining their privacy.
What’s your advice to sellers and buyers as the world opens up?
At the beginning of the pandemic, we thought the housing market would pull back. But within a few months, we knew this was not to be the case. Home values accelerated at an unprecedented level, including the Hamptons. At this junction in 2022, we’re seeing rising interest rates, geopolitical risk, and inflation all create a sense of uncertainty. So now, more than ever, it’s important to understand local market conditions and acquire expert guidance from someone who works in the market on a daily basis. Taking the above factors into account, as well as the prices of competing properties and the overall levels of inventory and demand, will all help you to best position yourself to receive full value if you are a seller, or fair value if you are buyer.
Click here to learn more about Ann Gegelys.
