The Shapot Team At Compass Strives To Exceed Expectations

This Patch article is sponsored by Compass Real Estate.

The Shapot Team at Compass Real Estate is a federation of specialists with more than 100 years in the business. Together, they provide comprehensive expertise to Manhattan buyers, sellers and renters in every neighborhood, price point and property style. One of their favorite niches is working with “empty nesters” returning to Manhattan after years of living in the suburbs, raising families.

Patch caught up with Michael J. Shapot, Esq., licensed associate real estate broker, and Marie D'Amico, licensed real estate salesperson, at Compass, to learn more about how their team is creating extraordinary experiences for their clients:

Patch: How long have you been doing business in NYC?

Shapot: I am a reformed, recovering lawyer. I practiced for about five years out of law school, and have been a residential broker since, north of 20 years. I hate to say how long because you will think I’m a dinosaur.

D'Amico: I have been an agent in NYC for almost five years. I joined Compass in April 2018 and The Shapot Team in November.

Patch: What attracted you to the line of work you’re in, and how did you get started?

Shapot: As a real estate lawyer writing and negotiating co-op and condo offering plans in the go-go days of the 1980s and handling more than 100 residential closings a year for third party relocation companies, I knew that my skill set was better suited to the brokerage business. When I was ready to make the move, I reached out to my former clients, and they were delighted to support me in my new business.

D'Amico: I had a really lucky experience when I was just out of college. I was living in a building as it went co-op and was able to buy a beautiful one-bedroom apartment for $6,800. Then I sold the apartment 12 years later for about $150,000 and bought another bigger one. I so enjoyed the process that I began to tag along with friends as they looked for their apartments and offered advice. I then found myself searching ads for them and going to open houses on Sundays just to keep abreast of the market. When my younger child was old enough for me to return to work, real estate was the natural place for me to be.

Patch: If you had to sum up your business mission to a stranger in five words, what would those words be?

Shapot: Make it fun. Exceed expectations.

D'Amico: I agree with that.

Patch: What’s the biggest challenge or most difficult moment you’ve faced in your job?

Shapot: It was a challenge to reply to one of my sons who asked whether I was a good lawyer. The implication was, why would a successful lawyer want to be a residential real estate broker? Indeed, for years I struggled with letting people know what I did for a living. After all, I was no longer a practicing attorney. Over time, I recognize that sales is the most noble of professions, and I am proud of my success and the benefits I bring to my clients’ lives.

D'Amico: When people say, “Why should I hire a broker? Anyone can do what you do,” you can’t be defensive or insulted, but they are basically telling you that all your training and years of work to become better at brokerage — knowing the market, pricing the property, negotiating the contract, understanding how to market on digital platforms and in print — are worth nothing and that they could do it with their eyes closed! You have to humbly show them that you are a highly skilled professional who knows how to use those skills to market the property to get them the best possible price, a price that probably far exceeds what they could do on their own.

Patch: What’s the most satisfying part of your job?

Shapot: I love getting my clients from point A to point B, on time and with the least amount of stress and, of course, at a killer price.

D'Amico: I feel really happy when I know I have been able to give my client exactly what he or she said she wanted when we began, whether that is selling for a given price or buying in a particular neighborhood.

Patch: How would you say your business organization distinguishes itself from the others?

Shapot: As a team, we’re all about transparency. We believe in educating our clients about the market and about their options so they comfortably make smart and informed decisions. We’re also interested in adding value to each of our transactions. Finally, as we develop relationships with our clients, we truly understand their needs and how we can help, not only with their transaction, but in their new residence and their new lifestyle.

D'Amico: From my point of view, Compass is a completely new experience, both for me as the agent and for the client. We are the only company created during the 21st century, with all the technology and “out of the box” thinking baked into the pie, so to speak. That gives us the opportunity to find new and more efficient means to meet our clients needs.

We’re not wedded to the old ways — we never knew them! For example, Compass offers the Concierge program which allows us to prepare our clients’ homes for market — clean them, declutter, do minor repairs, paint, stage — at no upfront cost to the seller. Everyone in the industry knows that staged, well-presented homes sell faster and at a higher price than those that are not presented that way. Yet sellers often resist spending money for this pre-market prep, reasoning that they would rather take a lower price than spend out of their pockets. Even though this is understandable, it is an obstacle for us as agents, as well as for the sellers themselves, who often don’t realize how important presentation and telling a story are in selling a home.

So Compass fronts the cost of doing the necessary work, manages as much or as little of the process as the seller wants and then collects the money — without any fee or interest charged — at closing. We are not sure why no one did this before, but it has certainly been a game changer. Compass also does bridge loans at competitive rates with bank mortgage rates, so that sellers can shop for and even buy their next home using their current home as collateral. These are groundbreaking programs for our seller clients.

Patch: What’s the best piece of advice you’ve ever been given when it comes to success?

Shapot: Be a “purple cow.” In Seth Goden’s book, he wrote about the importance of being remarkable and memorable. Driving down a country road, it is exciting for a city kid like me to see cows — black, white, black and white. But after a while, the cows get boring. If there was a purple cow, now that would be thrilling. In today’s residential real estate environment, it is essential to be unique, truly distinguish yourself from the crowd and be extraordinary in everything you do.

D'Amico: It’s a real cliché, I know, but a very good motto for a real estate agent in NYC is, “If at first you don’t succeed, try, try again.” It’s a very competitive business with many, many agents pitching for the same business so it’s inevitable to have some failures. At the same time, it is a very large market so there is always another opportunity. If you give up, you miss out on all those opportunities.

Patch: Are there any new projects or endeavors you’re working on?

Shapot: I am thrilled to collaborate with suburban agents by providing their sellers with an opportunity to live their dream. Suburban sellers are urban purchasers or renters. Having proven systems in place to work with our clients and their suburban agents excites me.

D'Amico: We are very excited about our new program to reach empty nesters. We noticed that a lot of these people are interested in moving back to the city in some form, whether by selling their family home and buying a new home in the city, or by buying a second home or a pied-a-terre. Some put their toe in to test the water by taking a rental and seeing if they like it, keeping their family home. These people are still relatively young and may still be working—some have jobs or are starting up a company and are tired of commuting. Some want to be near their children and/or grandchildren who live in the city. Others feel liberated by the freedom of their new lives and want to be able to take advantage of that by going to museums, theaters, movies, openings, restaurants, etc.

Patch: Do you have any events coming up in your community?

Shapot: We are hosting these seminars in Manhattan as well as in the suburbs to make it easy for our clients to attend.

D'Amico: We have periodic seminars for buyers and/or sellers to help clients better understand market conditions. We believe the more people know about the real estate market, the better their experience will be. We bring together experts in various fields — mortgage broker, financial planner, broker, for example — and they talk about the current market and then open the room for questions.

Patch: How can Patch readers learn more about your work and business?

D'Amico: Visit us at Compass.com to see our listings. For empty nesters considering moving back to the city, visit our website to find advice and information about how to proceed. Or call, text, or email us using the addresses above.