Selecting a broker

I don't care about the size of the company. I would pick the one with the more expensive sold listings.

apt4sale, if you interview 3 brokers, and make sure you interview at least one from a big company and one from a small company, you will immediately get a sense of who you feel is competent, and you will probably also "click" with someone. Just go with the person you click with.

ali r.
DG Neary Realty

most important thing you pay for (dearly) in a selling broker, is that your broker be often available and prompt for showings--the key turning part

re the rest of the important stuff, i go with freakonomics, in that your broker's interests are really not the same as yours. and to operate in the hope that they suspend their interests in favor of yours, is foolish--advocate for yourself re negotiation, pricing, staging, timing etc--not that you dont listen to borker (lump of salt)---but do some research for yourself (streeteasy, blogs, acris--all easy and not time-consuming), and get a good lawyer, who is by def in your corner

front porch... I can pick someone I click with but they may be from a small company and I'm concerned they won't have the same resources that someone from a big company has. Even if I click with them, I'm concerned they won't be able to bring us a buyer.

The one thing I'd really try to avoid is a broker who has a team of agents "working" for him.

I was advised not to select a team because they send anyone to show the apartment and it may not be someone familiar with our property. Agree?
What other criteria should we look for when selecting a broker?

Getting "lost" is a valid concern. I think it's related less to the size of the firm than the size of the broker's practice and your position in her pecking order.

Here's an example: one of the top East Side brokers recently accepted a listing in 10024. It sticks out in her prodigious book of business: one-fifth the price of her median listing, and across town from her very specific turf. I'm sure she and the sellers had a good reason for collaborating, most likely a prior relationship or strong referral; but even with the best of intentions, she may have difficulty representing that apartment as effectively as she does her core inventory.

That said, busy brokers are busy for reasons that usually make them good choices even if you're near the bottom of the dance card. Most are quite good at what they do, and that includes devoting sufficient attention to each listing. One very prominent UWS broker, with several solid agents working under her, still manages to personally attend at least part of almost every open house her team runs - even if it's already covered by her associates. She also handles a large share of the private viewings herself. That's partly brand-building/maintenance and networking, but it's also highly effective, person-to-person sales.

i've seen some top brokers handling open houses for very modest apartments. it really depends on the broker fit, not the firm fit.

apt4sale, why don't you indicated the type and size of your apartment and the neighborhood and see if you get any recommendations?

Well, apt, I work for a small company (on the Real Deal's list of top boutique brokerages) and I sell apartments, so I don't think you need a big firm.

But you have to decide for yourself.

Brokerage resources are pretty much smarts, time, marketing dollars, and networking pull.

* Smarts you can figure out on interview.

* Time, as you've noted, you have to negotiate -- top brokers make their money by taking listings and then shoving the actual work of showing down to junior assistants, so you have to negotiate that you actually get the broker that you're talking to. (I actually do a lot of listings with one partner, so that I can make the "you want me, you get me" promise but still have someone to cover if I'm out of town).

* Marketing dollars should be an equal resource, because you're paying them. Again, you should be able to negotiate with the broker whether they're buying ads on NY Times.com, creating a stand-alone web page as brochureware ... whatever you want.

* So the resource in question is "networking pull." A broker from a smaller firm is going to tell you that we all use the same database (a kind of hidden MLS) and that proper use of that database is going to attract every broker in the NYC area, from big and small firms alike. But a Corcoran broker is most likely going to tell you that Corcoran.com is a gold standard for buyers seeking apartments, and that you need that website to move your property. So I think you need to listen to both arguments.

Am happy to pitch you, depending on what you have.

ali r.
DG Neary Realty

Recommendations really aren't the issue. I'm just trying to figure out if what company the broker is from really makes a difference.
Do companies like Elliman and Corcoran offer incentives for brokers to sell their listed properties? Do brokers from big firms look at their in-house listings prior to looking in the REBNY system?

Sunday's post is on to something very good.
I would utilize SE and look up recent units that sold similar to yours. Check out the histories of the units, time on market, price changes etc. It may reveal an agent or a brokerage house that's getting the job done better, in your unit size, or in your neighborhood, etc.

apt, those are good questions to ask agents from those firms on a listing pitch... or maybe it's a question for Paul Purcell, who was at Elliman before he started running Charles Rutenberg, so he's been on both sides of the fence.

ali r.
DG Neary Realty

"I don't care about the size of the company. I would pick the one with the more expensive sold listings."
I never would have thought of this. I learn a lot from reading these threads. Good ideas.

Our price point is not over a million - I don't want to pick the agent with the most expensive sold listings because I'm afraid he/she won't concentrate on my apartment and only focus on the ones that are more expensive - since they will make more money from those than mine.

Potential future metrics for SE to hone in on and provide to insiders. Statistics on top 5 brokers by categories and neighborhoods.
ie. Greenich Village 1st quarter top sales brokerage house $700K to $1m
1st quarter lowest(for buyers highest) differential from asking to closed
1st quarter shortest time on market from listing to a) in contract b) closing
1st quarter best broker from in contract to actual closing ratio

It would be great if that type of reporting was available. Would certainly help us to make a decision on who to list our property with.

every sale involving a broker also involves a seller. truth, i think those metrics are too simplistic, and there's no way the "top 5" could service everyone (although a number of the better brokers won't represent truly unrealistic sellers). it's really not so hard to determine who the better brokers are in your neighborhood. armed with an SE subscription and maybe a number of hours slogging through the last year's recorded sales for your area you really should get a sense of who is selling well.

and a lot of it is self-perpetuating. a highly respected broker who does well may be more likely to convince their clients that the asking price is too high. or to lower the price quickly. so they get better results.

it's not the size of your unit, it's not the price (although there are a few brokers who really are only appropriate for the "super" listings), for the most part it's just the broker, and you being realistic. i think it's equally important for sellers to find comps for their units before they ever approach a broker.

Lost in the chatter, is a discussion of what is being sold, what the target market is and an understanding of how the seller wishes to conduct business. It's only after answering these questions can one honestly hope to decide which firm and associated broker brings the most to the table.

actually, it is the broker's role to determine the target market. i think the seller should be armed with some knowledge, but hell, if they need to figure out each and every f'ng thing themselves why hire a broker? it should be a collaborative process.

how many times have you sold, RS?

More useless bullshit from you.

Interesting. The two comments always appear in pairs.

Here you are

marciaflores
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hello cc, funny timing that.

but yes, it was rather useless. what is being sold? duh.
how the seller wishes to conduct business? what? like with or without a broker? no negotiation at all? any good broker hopefully will be able to sway a seller into conducting business in a manner which will get the property sold, which may be of greatest benefit to the broker, but the buyer can always reject the suggestions of the broker and take a property off the market if that is an option.

to talk of this as something written in stone from before the broker is hired is extremely naive. this is a process, more so for some sellers (and brokers) than others.

oh, and you didn't answer the question, rs. how many times have you sold?

So are we supposed to be all excited that you've revealed your secret?