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Being a broker is sooooooooo easy. They make tons of money and don't do shit.
So why are all of you keeping your day job? Get your broker's lic., quit the day job. hang out a shingle and partake in the good life. Easy hours, lots of vacation, plesent reasonible clients, properties that sell themselves....we should all do this job.
The reason we don't is because the job is a nightmare. Asshole sellers, shithead know it all buyers, blah blah blah. Have any of you ever been to an open house and listened the absolut bullshit that people say. Got any idea how hard it is to listen to selfimpotant ignoramous without rolling your eyes? It takes zen like ability to remain poised in the presence of Manhattan re shoppers. Back in the day when falco was little falco and shopped for properties, little falco said some pretty dumb shit and the lion's share of brokers tolerated my idiocy. When calculating what brokers make don't forget that most brokers are kicking the comish up the line. Don't forget the hundreads of hours they sit w/o a bite. When we see crazy prices posted on SE we have no idea what the back story is that created the crazy price. When there are times of plenty you can dictate to your clients...when time are lean you have to deal with what you've got.
Most people are about as qualified to sell their re as they are at treating themselves for health care issues. So I guess if you can brush your teeth that qualifies you as a dentist. It reminds me of people that eat at resturants think they could run them so much better. A few could but a very small %.
Selling without a broker is great for the UBER-diityourselfer...if that's not you GIVE IT UP.
>Have any of you ever been to an open house and listened the absolut bullshit that people say. Got any idea how hard it is to listen to selfimpotant ignoramous without rolling your eyes? It takes zen like ability to remain poised in the presence of Manhattan re shoppers.
You can say that again.
Did you hear the question that columbiacounty asked a broker about a window in a shower?
Well said Falco - though be prepared to dodge the stones and arrows.
Nobody said it was easy to be a broker. I personally would hate it. But I sure as hell am not going to pay someone 60,000 to sell my apartment in NYC - no thank you. I can handle it.
And you dont need to pay the streeteasy premium. You can get all this info from ACRIS yourself.
You can post your listing on streeteasy it is reasonable and easy.
falcogold1 : >> So why are all of you keeping your day job? <<
Because we can make far more money and be significantly happier by not selling RE professionally? But the few times that we need to buy or sell, we have realized that fsbo is (relatively) simple (if you have the skill set) and the 6% savings is real money. Our money. And makes for a fast transaction, since fsbo (has for me) attracted a more experienced buyer (or seller).
Comparing selling a manhattan apt fsbo with surgery on yourself really is an insult to physicians. I saw a comedian back in early '90's (Jerry Seinfeld?) who did a bit about what it takes to get licensed in various jobs... such as med school for a surgeon, or law school for an attorney, or a picture of yourself to drive a nyc taxi...
I'm sure there are some brokers who earn their fees. But the stranglehold that the industry has on the fsbo is just shy of collusion.
Freakonomics comes into play another way with the parenting/parenting books analogy: if you're the kind of person to ask yourself if you can sell your property yourself, and you're on a forum like this, informing yourself, etc...then you probably already have what it takes to sell the apartment yourself. Resourcefulness, some time, and an interest to do so in the first place.
Some people need a broker to buy or sell because they wouldn't know the first thing about how to search for RE or reach customers on the internet. But if you're on SE, chances are you, not that kind of person.
If I were selling my place and trying to decide on the best course of action (broker, no broker), I wouldn't be able to resist trying to sell it on my own first. First thing I'd do is get an appraisal though...very informative! I'd pay special attention to the "absorption rates" of RE in my neighborhood. With comps in the appraisal and info online, and doing some reconnaissance work at open houses- any reasonable person can come up with a realistic price. If the gambit doesn't work, yank it off the market, and put it back on with a broker. I know many think that doing this with an apartment can be a death knell in selling. But with absorption rates at generally 3-4 months around the city for the low to mid range market, I say things are slow enough for a bit of an experiment.
Looking online at the RE section of NYT, callling in favors from appraiser friends, reading the news paper... when I worked for a high-end real estate broker i didn't do much more than that when we had to price something.
This is what our the market report looked like in our appraisal, if anybody cares to look:
Some of the buildings almost make people use a broker from their building just to help get the person into the co-op board.
Good brokers are necessary, bad brokers, not necessary.
I think everyone needs the guidance of a good broker.