The Keys to Success, With Diane Shifman and Kevin Flaherty of Compass

It’s not always just about “location, location, location!” These days, with properties flying off the market faster than a hot new toy on Black Friday, agents and brokers must fight to stay competitive, relevant, and successful. One of the tried-and-true mainstays is collaboration — for Diane Shifman and Kevin Flaherty of Compass, that meant teaming up. Not only do they continue to grow and close deals together, but they extend that mindset to all of their real estate peers in the Hamptons. 

HEADING OUT: How did you both get started in Hamptons real estate? 

Diane Shifman: For me, real estate started as a side gig while I was figuring out life. I have a hospitality background. But when the opportunity presented itself to work in the business full-time, it just clicked. It is a hospitality-centered field — just from a different angle. As my business started to grow, Kevin joined the firm and we formally became a team. It makes so much sense, because you can’t be in two places at once!

Kevin Flaherty: I was actually raised in East Hampton. My dad was a carpenter, and my mom was an appraiser. This line of work was just a natural fit for me. 

How has your business changed in the last year because of the pandemic? Have you had to adapt to stay on top? 

KF: With COVID, people are not doing things as closely in person anymore. So you have to work with virtual showings. And with open houses, it’s one person at a time. We have less time to do more work. So digitizing our relationships with our buyers and sellers has been one key to our success over this past year.  

DS: It’s about being a step ahead and being more prepared. It’s like a hamster wheel: As you finish one piece of business, you’re getting more business, and it just keeps going. So the more organized we can be, the better it works.

What else has changed over the years in the Hamptons?

DS: We have become more of a six-month-term area, rather than a Memorial Day through Labor Day area. It was trending towards that even before COVID. It’s like we’ve gone from zero to 100. The “simple little beach house” doesn’t really exist anymore. The level of expectation from buyers and renters has increased — everything is up another level. Buyers are looking for all the bells and whistles. Every little thrill that you have just sets it apart that much more.

KF: Change in inventory had a lot to do with it. Newer and different buyers are coming out here and refurbishing or upgrading. Plus we’ve seen the emergence of Airbnb and the VRBO-type rental websites. We’re seeing more competition.

Do you find yourself collaborating with other agents more now than in the past? Whether at your brokerage or elsewhere?

KF: Sure. Our job is to represent a property and get as many people in there as possible. We want to keep the door open. You’re more likely to sell a property through a co-broke than by securing your own buyer. 

DS: It’s a numbers game. There’s us as a team, and then there’s 1,500 other brokers out here. So if you limit your opportunity and just try to sell direct, you’re not doing the seller a service. It’s not just about marketing to the buyers, but also marketing to other agents.

Do you ever wax nostalgic about the way things were years ago? Before the massive influx of people, before the more year-round lifestyle ushered in by the pandemic?

DS: Actually, I love that restaurants are now open year-round!

KF: I love how vibrant it’s getting! It’s nice to see people around more. Sure, I’ll miss how quiet it was before. But I like the change, and I’m going to change with it. 

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