The Leiter Realty Group Story
How Massive Frustration with Most Real Estate Salespeople Turned a Pro Investor on a Mission to Change the Way the Business is Done
David Leiter, the Broker-Owner of Leiter Realty Group, started in 1997 in the real estate business as an investor in small residential and mixed-use buildings, coops, and condos. After years of success investing for himself and partners, an interesting turn of events took place.
In 2005, as the market was topping and deals were not apparent (interestingly enough, the same time that much of the super-hype was heating up), Leiter decided to use an empty storefront he had in prime-Williamsburg to open Leiter Realty Group to participate in transactions of others, see deal flow and wait it out until the market calmed down.
After being "turned-off" by virtually all real estate salespeople he met while looking at 100's of properties over the years, he decided to take this opportunity to bring a different approach and attitude to the business.
"People dislike real estate salespeople because they usually come across as just pushy and trying to get a deal done to get paid with little concern about the needs of their clients," says David. "On top of that, I've found over the years that most salespeople didn't really know what they were talking about. They had a bunch of textbook closing techniques and they added very little value, which was frustrating to deal with," he continues.
"It's so easy to set yourself apart in this business because the standard is so low. You only have to go to school for 45 hours to get a real estate license, although this has changed recently to 75 hours, so anyone really gets in the business and the fact is, that especially over the past few years, this has attracted a lot of people into the business just to make a quick buck. One of the benefits of this downturn, is that the weak salespeople and firms will get washed-out and only those who are really commited and are adding value will be left standing".
So Leiter set out to do the business the way he always wanted real estate salespeople to treat him. This meant listening to people and helping them find what they want and achieve their goals by using innovative and time-tested marketing techniques and expansive knowledge of all things real estate related.
Recently, with the addition of the web "Knowledge Center" and through his ground-breaking Real Estate Tips Newsletter, David is now sharing his vast knowledge and experience with everyone.
"Leiter Realty Group is really a specialist in marketing," says David. "We understand what buyers want by studying and listening to what they are telling us. We focus on a few different types of properties and are not trying to be all things to all people. We turn away business that we don't think fits into our speciality."
One of the areas that Leiter Realty has become known in is the sale of HDFC Coops and Coops in general.
"The condo market is where all the cool salespeople and firms have been focusing because, frankly, they were making a lot of money. If you look at some of these firms now, who are owned by big publicily traded conglomerates, they are massively in debt and are on the verge of Chapter 11 bankruptcy. I didn't want to fight over that market, especially since I saw it back in '04 and '05 that it was heading for disaster. Now they have tons of unsold condos sitting empty and many of those who bought, are underwater on their loans."
David continues, "My background was in investing and property management and I had owned many coops over the years. I was and I'm still on the Board of Directos at a Coop and have 9 years of Board experience. I understand Coops and how they work and the fact they aren't as 'cool' has made it even more appealing to me"
HDFC Coops, which are New York City-specific, have income restrictions and, typically, a large flip tax when they are sold. David noticed that they were some of the best deals available in the City, but no one was really marketing them effectively. "I saw that HDFC's presented great value to buyers and many sellers weren't benefiting from the increasing values, so there was a big opportunity to get involved and make a difference," David says.
Now, Leiter Realty Group sells more of these HDFC Coops than any Broker in New York City.
When it comes to Property Management, David approaches the business from an Owners perspective, because that's what he was and still is. "I know the concerns of Owners to keep costs down and maximize income and the last thing Owner's want is a Property Management company lining their pockets off their hard work and investment," David says. "This business is seriously lacking in skilled and competent people especially in HDFC Coops. We are educating owners through cutting edge technology, and more effectively communicating with owners in Condos, Coop and with Renters in these types of buildings, so that things get done and costs are low."
Leiter Realty Group is a full-service Real Estate Brokerage specializing in the sale of Coops, HDFC Coops, Condos and 1-4 family and small mixed-use investment properties. Additionally, the boutique firm specializes in Managing all of the above type of properties.
As a REBNY listing service (RLS) member, Leiter Realty group has access to every REBNY RLS listing in New York City for Condos, Coops, Houses, Investment Properties, Mixed Use, and Multi-Family properties and Rentals to make sure that you have full access to the market, whether selling or buying a property.
David Leiter
Founder
718.387.1703
dleiter@leiterrealty.com
David goes after challenges with zest and selling real estate is no exception. Having owned and renovated properties in New York over the past 12 years, the beginning to end steps of buying, selling and managing properties in an environment of immense choice and opportunity are old hat to him. He learned all aspects of the business from the ground up and his knack for appreciating the value of real estate as well as reading between the lines to determine what people are looking for led to the formation of Leiter Realty Group. As the company’s CEO, David capably advises the sales team and oversees all aspects of their deals. He is dedicated to making the transaction process a smooth one indirectly yet it enormously affects the lives of buyers and sellers alike. David has shared his expert knowledge of real estate with others. He is a prolific writer on all things real estate and maintains a list of articles on his website and he and his team keep track of a blog, which is maintained and updated every day. His outstanding reputation has earned him great respect in the real estate community. Having lived and worked in New York City his entire life, and as a current resident of the Upper West Side, David provides a rare local perspective. David’s prior experience includes a stint at Credit Suisse in support of their syndicated finance desk. Beyond David’s intelligence and strong business experience, David’s creative talents include playing lead guitar and touring with artists including Lauryn Hill. He is a graduate of Sarah Lawrence College in Bronxville, NY.
Michael Breen
Vice-President
718.669.7255
mbreen@leiterrealty.com
Michael is fortunate to be under the tutelage of Founder David Leiter and David is extremely pleased to have him as part of the team. Michael counts tireless dedication, personal service and great enthusiasm among his attributes. He works hard in assisting clients articulate their specifications and helps them meet their desired objectives efficiently, whether for residential sales and rentals or commercial leases and sales. Prior to joining Leiter Realty Group, Michael worked as a successful sales representative at Conway Associates. He brings the same level of high-quality customer service, inquisitive nature and innovative solutions to Leiter Realty Group, which have made him especially popular with his client base. A current resident of Williamsburg, when Michael isn’t helping a customer find a new home, he savors New York City’s many offerings, including museums, live music venues, theaters, parks, and terrific restaurants, in addition to reading, movies, and yoga. He holds a marketing degree from the University of Montana.
Elizabeth Espinal
Sales & Rentals
Elizabeth Espinal, born and raised in Williamsburg, Brooklyn has been with Leiter Realty Group for three years. Her passion for the real estate stemmed from her own life experiences as well as out of the needs of her own Latin community of buyers, sellers and renters. Meeting her clients’ expectations is paramount because it is through customer satisfaction through the high level of service she provides that her job is accomplished. Her extensive knowledge of the market is passed on to her clients as they make the biggest investment of their lifetime. A great deal of her success can be attributed to working alongside David Leiter, CEO of the Leiter Realty Group who has over 12 years of experience and is very knowledgeable on every aspect of Brokerage. Elizabeth is Bilingual and enjoys working with a diverse group of people because they all have one thing in common - to live the "American Dream." She has over 10 years of Finance experience and has worked in the insurance, securities and investment management fields. Elizabeth is a graduate of Baruch College, where she majored in Business Management.
Sam Combs
Sales & Rentals
Sam has a zest for real estate and a passion for people, which has made him a valuable asset to Leiter Realty Group. Growing up on Long Island, Sam has had a long-standing love affair with New York City and now that he has made Greenpoint his home he continues his fascination with everything the Big Apple has to offer. Having worked in sales for a number of years, Sam has an appreciation for customer care and detail oriented performance, and a healthy respect for the gravitas of personal relationships. Sam is proud to be working for a firm with which he shares these values and is excited to be a part of a winning team of residential and commercial real estate specialists. Sam has a background in residential mortgages and knows these skills can help buyers secure financing and also provide guidance throughout the purchase process. Sam is a musician and a writer who performs frequently in Manhattan and Brooklyn. He also enjoys snowboarding and soccer.
Joanna Greenberg
Property Management, Sales & Rentals
Joanna is incredibly excited to be working with Leiter Realty Group. A recent graduate of New York University, Joanna counts her passionate personality, tireless work ethic, and commitment to serving clients among her attributes. Prior to joining Leiter Realty Group Joanna worked in the non-profit field as well as a political consultant. Joanna brings her zeal for bringing people together and getting the job done with her to the real estate world. Joanna has lived all over New York City, including Williamsburg, Manhattan, and the Bronx, and brings her clients her own first-hand knowledge of many of the city's diverse neighborhoods. In her spare time she enjoys writing, travelling anywhere and everywhere possible, and taking advantage of all the amazing food, art, and energy the city has to offer.
Mark Bruening
Director, Information Technology
Mark is responsible for identifying new enabling technologies and applications on the Internet and other platforms for Leiter Realty Group. He is also focused on building the technology infrastructure needed to maintain the company’s rapid growth and on ensuring that quality remains high. Prior to his appointment at Leiter Realty Group, Mark had culminated over 13 years of record achievement as an internet strategist, web software developer and founder of an internet startup. His well-seasoned perspective perfectly complements Leiter Realty Group’s needs as a young and rapidly growing real estate firm with a unique corporate culture. He holds a BA in Economics from Case Western Reserve University.
Other Valued Associates of Leiter Realty Group:
Carl Porcaro
Joe Ekiert
