When residential property changes hands, not only do the seller, listing broker and selling broker collect coin. The number of individuals and businesses involved ranges from appraisers to window washers.
Among the others who commonly derive direct benefit from the transaction, many of them more often outside Manhattan, are termite, radon and home inspectors; mortgage companies; loan officers; lender support staff; underwriters; home warranty companies; law firms; lawyers; legal assistants; and settlement companies.
Let’s not forget copy shops, ink suppliers, paper suppliers and designers involved in producing marketing materials. There are sign companies, Internet service providers and media in which advertising is placed. In areas where lockboxes are utilized, those manufacturers get a piece of the action as well.
Other beneficiaries include painters, handymen and housecleaners. Furniture, hardware, home improvement and furniture stores also sip from the well of a home sale.
Taking into account the impact of new home construction and the sale of such unused properties is not out of order, and the ramifications to the local and national economies cannot be understated.
That’s why investors and economists await sales, price and construction statistics so eagerly. It’s nice to be a tiny part of the process and, of course, not incidentally earn an income from it.
Next: Rights on
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Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022