Buyer’s Brokerage Case Study: A Seamless Journey to Hamptons Homeownership

The Background

The current owner of The Majestic, a top performing vacation rental through StayMarquis, was once a longtime Hamptons renter who spent many summers out east with their friends and family. After kicking around the idea for a while, they decided that buying an east end home of their own was the best next step. Why? As NYC residents, they wanted a place to escape to while enjoying the comfort of being in their own home rather than renting. Financially, purchasing a home to use for just a few weeks throughout the year didn't make much sense, but they looked at this as an investment opportunity. The plan was to enjoy the home when they wanted to and rent the home when they weren't using it. Doing so would allow them to cover the costs associated with owning the home. This is how luxury pays for itself.

The Buy

The owner decided to use StayMarquis as their buyer's brokerage to purchase the home. Why? They had a great experience with StayMarquis as a renter and trusted the team when it came to finding a home of their own. StayMarquis' brokerage is uniquely positioned to help new home buyers. The owner wanted a home that fit what they were looking for personally, but also one that could achieve certain financial thresholds through renting. As the leader in the industry, StayMarquis provided them with rental, operating expenses, and occupancy projections and everything else needed to ensure the home not only fit their personal needs but was also a sound investment. The owner also knew that owning a second home, especially one they would plan to rent, required a lot of time and effort which they didn't want to take on given their already busy schedule. As the premier vacation property manager in the Hamptons, the owner saw the opportunity for StayMarquis to represent them as their buyer's broker and once they purchased the home, as their local management company. Partnering with StayMarquis from start to finish would allow them to accomplish their goal of owning a vacation home, monetizing it when they're not using it themselves, and outsourcing the work needed to operate the home to a local team. After considering many homes, they decided to purchase 14 Hedge Row Ln in East Hampton -- the perfect mix of what they were looking for personally and as an investment.

The Refresh

After purchasing, the owner wanted to renovate the home to make it their own and enhance the rental value. They had two goals for renovation which remained consistent with their overall plan. 1) Be hands off during the process so they can focus on their already busy schedule; and 2) Make improvements that result in a high return on cost. StayMarquis' “Refresh to Rent” program does just that. StayMarquis represented the owner as their owner's representative where it managed the renovation from start to finish, and provided a return on cost analysis to ensure they were making smart decisions throughout the process. First, StayMarquis developed the scope of work which included updating the kitchen, floors, and bathrooms, painting, redesigning with new furniture and décor, and making landscaping improvements. Second, StayMarquis worked with the owner to solidify the plan, cost and timeline, considering the return on cost of each item. Third, StayMarquis executed the plan by partnering with pre-vetted vendors needed to carry out the renovation and acted as the owners' boots-on-the-ground to oversee the project. Through the “Refresh to Rent” program the owner turned the property into a home they felt was their own, and the value, from both a rental and resale perspective, increased substantially.

The Before and After

The owner closed on their new home in the Spring of 2023 and renovations were finished during the summer. After completion, the owner enjoyed their home with family and friends for a few weekends, then successfully rented through the end of the year. Looking ahead, the owner already has the home rented for 6 months in 2024 (July - December) and plans to use the home as well. The owner is currently using StayMarquis to help them both rent and manage their home so they can focus their time elsewhere.

The Review

“I rented homes in the Hampton's through StayMarquis, and they were great - super communicative, helpful, and responsive. So, when I realized I wanted to buy for myself, they were the first group I reached out to. StayMarquis' multiple verticals made everything so smooth (both renting, renovating, and buying). Jordan and I spoke on the phone a few times and his knowledge of the area and market really impressed me, so I was very excited to move forward with him and StayMarquis. I bought a home with Jordan this spring and he made it incredibly easy, fun, and manageable, and made my Hamptons dream home come to life! I couldn't have navigated the process without Jordan and the whole StayMarquis team. From putting in a bid straight through closing, renovation, and renting, Jordan and his team held my hand the entire step of the way and made it happen. Jordan knew the market and available properties like the back of his hand. I was SO impressed with his responsiveness, knowledge, and professionalism. I highly recommend Jordan if you're looking to buy in the Hamptons - cannot say enough good things”.

Whether you're actively searching for a home on the East End, contemplating it as a future goal, or simply curious about how we can tailor a plan for you, please don't hesitate to contact us at jordan@staymarquis.com to get started!

Jordan helps prospective homeowners identify, analyze, and purchase both investment and vacation homes throughout eastern Long Island.