Latest posts by Gea Elika (see all)
- Due Diligence for NYC Real Estate Purchases - March 20, 2018
- 10 Things to Know about Buying Investment Properties in NYC - March 17, 2018
- Favorite Foodie Finds in NYC - March 15, 2018
Gea Elika, founder and principal broker at Elika Associates, was elected as the Regional Director of the National Association of Exclusive Buyer Agents (NAEBA). This continues Mr. Elika’s long commitment to representing buyers’ interests.
“I am honored and humbled in being elected as the Regional Director for NAEBA. My new appointment will enable me to take a greater role in serving homebuyers both locally and nationwide. We are going to enrich the real estate industry with many innovations. One of them is the NAEBA Home Buyers Index. The index, scheduled for release quarterly, will consist of aggregate survey data collected nationwide from active homebuyers to record homebuyer sentiment. We believe the Buyers Index will become a crucial indicator for the housing and financial markets to better understand and forecast future demand and trends. I am looking forward to fulfilling our goals and in serving to further the development of the National Association of Exclusive Buyer Agents,” said Gea Elika of Elika Associates.
The NAEBA serves a valuable function in the real estate industry. It is a group of real estate professionals that represent only buyers’ needs and interests, not the sellers. As part of this commitment, the members will never list homes. In the typical relationship, the agent represents the seller, and obtaining the highest price is the most important consideration since he or she is paid on commission. Quite simply, the higher the sales price, the greater the agent’s payday.
NAEBA’s mission extends to all of the homebuyer’s needs, including information regarding loan options. During the housing bubble, agents and loan officers would push certain buyers into mortgages that had features such as the monthly payment spiking after the initial teaser rate expired. This helped lead to widespread foreclosures that contributed to the housing crisis and economic downturn.
Mr. Elika’s boutique firm is the first New York City real estate brokerage focused exclusively on representing buyers’ interests. Mr. Elika’s years of experience, knowledge, extensive industry contacts and thorough research arm potential homeowners with information not easily obtained through the Internet or editorials. Namely, it includes a comparable analysis report that is always prepared for each property in which a buyer expresses interest.
Since most agents focus on the seller, and obtaining the highest price, the buyer does not receive the agent’s undivided loyalty. In contrast, Mr. Elika has established his reputation through his commitment to serving buyers with honesty, integrity, and confidentiality. His firm maintains a website, including a blog, that helps educate buyers on the intricacies of navigating the tricky New York City real estate landscape.
New York City’s real estate market has long been compared to a jungle, and there are legendary stories of the extent people will go to land a prized apartment. Given the market has heated up again, buyers can be comforted that Mr. Elika will go to great lengths to ensure buyers won’t get stuck in a bad deal. Avoiding a mistake with a large purchase, and choosing the right property to live in is an important choice. Buyers are in good hands with Mr. Elika.