A stressed homeowner is weighing whether to sell his apartment in the "old north" of Tel Aviv now or put time and money into renovating it to get a better price. He gives real estate broker Barak Daon a week to find a buyer. “If you can’t, I’ll renovate,” he tells him. A call is made that day to an investor in Daon Group Real Estate's network. Within 24 hours, an NIS 8 million transaction is closed.
A family from the Midwest United States has its heart set on a specific Tel Aviv street. “We’re probably wasting your time,” they tell Daon. “You’re the fifth agent we’ve come to. We’ve seen everything.” The Daon group, however, is privy to an off-market listing, and within a month it belongs to the American family.
“Because of our connections and extensive network, we get the best deals — many of which never reach Tel Aviv’s highly priced real estate market,” says Daon, who founded the 15-agent Group five years ago. “The apartment bought by the Midwest family came through urban renewal developers, pressured to sell to get bank financing. They didn’t want to advertise they were selling at 5 percent below market value, so few people knew.”
It was the architect consulted for renovations who introduced the owner of the NIS 8 million property to Daon. Mortgage brokers and banks bring the Group clients looking to raise capital. Lawyers introduce separating couples dividing their assets. Or sometimes it simply happens… Owners wanted to know how much their two-bedroom garden apartment was worth, and came to Daon. “We had a client in Los Angeles looking for an apartment just like theirs, so I asked them if they had considered selling,” he says. “When the owners learned what the client was willing to put down there and then, they sold.”
The Daon Group has brought a new ideology to a very complex and dynamic residential real estate market, he says. “We put long-term client relationships at the core of our vision, and address their needs with innovative, tailored, data-guided solutions that go far beyond basic agency services.”
Focusing exclusively on Tel Aviv — “a Middle Eastern hub and one of the most sought-after cities in the world,” according to Daon — the Group, at any one time, fields up to 200 listings for new development properties, completed or under construction, as well as up to 50 second-hand apartments, in virtually every part of the city. It lists its properties on over 100 different platforms on top real estate websites in more than 50 countries. And it remains privy to dozens of transactions that never reach the market. In the past year, it has closed more than NIS 300 million worth of deals, offered over NIS 500 million in second-hand listings and NIS 2 billion-plus in land and new developments.
With Tel Aviv its sphere and full focus, the Group not only has its finger firmly on its real estate market pulse, but is fully tuned into city life. “We’re in contact with Tel Aviv's senior municipal figures, involved in its hi-tech, familiar with its many different nonprofits and causes, and take part in Tel Aviv events that have nothing to do with buying or selling property,” says Daon.
These connections and intimate knowledge of the city and its systems position the Group to navigate local and international real estate purchasers and vendors effortlessly through Israel’s convoluted bureaucracy. “It’s daunting to deal with Land Registry, banks, official documents, currency conversions, accountants, lawyers, insurance agents, mortgage consultants, architects, interior designers, renovators, contractors and more — for Israelis and, far more so, for the 80 percent of our clients who are abroad,” says Daon. “We mediate between our clients, at home and abroad, and the entrepreneurs.”
Daon is an ideal bridge between Israeli and overseas property buyers, vendors and investors. Having grown up in both Israel and America, Barak is fully conversant with the cultures and languages of both. His seven years of IDF service, in which he rose to the rank of major, have given him extensive leadership, strategic and logistical experience, and he has added to this with a BSc in Cognitive Science and Chemistry from Case Western Reserve University in Cleveland, OH. His 15 agent-strong team has similar multi-cultural and professional backgrounds.
Daon is a co-founder and board member of Israel’s Real Estate Brokers Association, Derech Eretz, which oversees the professionalization of the real estate agent business in Israel. And he is an active board member of the Bayit Brigade, a nonprofit which provides affordable apartments for lone soldiers. A lone soldier in Israel himself for seven years, a portion of the proceeds of every successful Group transaction goes to the Brigade.
Partnered with Daon Group Real Estate