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In my personal experience, the broker added absolutely nothing to my search for an apartment, the negotiation process, and anything thereafter. A good lawyer - and websites like this - make brokers really only necessary for those too lazy to do their own research - exactly like travel agents.
Most of you are real new to this game...but i have to tell you FSBO's have been around long before SE, the sunday paper and Craigslist were flooded with them, and they still are. There is nothing new about doing it yourself and being a FSBO, Streeteasy didnt make it possible its just another outlet to advertise.
SE is just listings, its not knowledge, its not put into context. If you didnt know NYC you wouldnt know what anything is on SE, then you would absolutely NEED a broker. If you know where you want to live down to the building and know all the areas and you have the time, then maybe you dont need a broker. Its that simple. Bear in mind, most brokers get their listings from Death, Divorce, Incarcerations and Family upgrades, Job Losses etc. These are problems that stress people out, so they hire a broker who can spend their day finding a buyer or that house that they need bc they dont want the stress or have the knowledge or expertise to do it themselves. Why are you knocking people who help others in trouble and who basically work for free until they accomplish something and find a buyer or seller.
Why are you knocking people who help others in trouble and who basically work for free until they accomplish something and find a buyer or seller.
Because they deceptively try to pressure you to sell or to buy. Even when it's YOUR broker, they are looking out for numero uno. Despite all the comparables/appraisals in the world, they'll tell you your house is worth sheet. Or they'll make up stories about other offers being out there and you'd better buy before it's to late. Ever watch those disgusting animals on Million Dollar Listing? The average lay sales agent is not much better.
I feel like Chris Rock, I love hip-hop like i love real estate but they are getting real hard to defend.... especially with MDlisting on TV...but i think the good thing about that show, it shows how brokers take the hits and get the blame for everything and it shows you have to know how to negotiate.
Brokers would become more useful if the same fiduciary responsibility to which financial advisers are held is instituted. It baffles me the government has not already done this.
LMAO @ pier 45....you need to watch American Greed, and see how many crooked financial advisors there are, and how many swindling bankers that are out there....those are the biggest criminals, and your saying they are the most regulated? what planet are you living on?
"you need to watch American Greed, and see how many crooked financial advisors there are, and how many swindling bankers that are out there....those are the biggest criminals, and your saying they are the most regulated? what planet are you living on?"
Can you say "DIVERSION"? We are talking about REALTORS - whose own industry organization, the NAR, admits 70% of whom never graduated college! That's right - we're putting the biggest transactions of our lives, 7-figure deals, in the hands of morons who couldn't navigate their way through even community college!
CPAs, lawyers, CFAs, MD's - ALL these profesions -- and dozens more -- have ethics standards and self-policing ethics boards. Do realtors? Nah...don't be silly!
stay in school Al Qaeda....i was also addressing pier45 comment which went off topic...so does a college degree make you a better person? Tell that to Steve Jobs....he is rolling in his grave now...
"Tell that to Steve Jobs....he is rolling in his grave now..."
Yes, because he is so representative of people with less than a college degree.
"LMAO @ pier 45....you need to watch American Greed, and see how many crooked financial advisors there are, and how many swindling bankers that are out there....those are the biggest criminals, and your saying they are the most regulated? what planet are you living on?"
The reason they show up on American Greed is because when they swindle, it is a crime. When a broker swindles, it is not a crime. You've been in the brokerage industry a long time. When was the last time you remember a broker being charged with a crime for fraudulent brokering? Or else being fined? You think it's because all brokers are on the up-and-up?
Techincally, gum-chewers in Singapore are criminals (or at least they used to be) while pirates in Somalia are upstanding citizens.
Also, were you around for the interesting post last week -- the former psychiatrist who was running a multi-million dollar medical insurance fraud criminal enterprise with her husband & in-laws & others? She plead guilty to a felony, lost her medical license, husband sentenced to prison, etc.
What's she doing now? A RE broker.
The financial industry at least tries to bar convicted felons, particularly ones involved in financial fraud, from acting as brokers / advisors / etc.
The point is also when breaches of trust & dealing against your customer are discovered related to a financial advisor, there is litigation, compensation paid, and the advisor may go to jail. When same is discovered regarding a sketchy broker, the broker may be fired from a reputable firm (read: "may") but the next day starts again at any other firm.
Contrary to what has been said, there is a strong regulatory framework for financial advisors, and the industry is far more honest than 20 years ago. Can the same be said about RE?
I love to hear feedback on this on going topic. I rarely post anything so i am eager to hear your thoughts and share mine. Brokers are not hired for information anymore. We are not the gate keepers of information about the market. You can find it anywhere. Brokers are hired as advisors, they are hired to analyze deals, on behalf of a buyer. Why waste time searching and searching, when a pro can send you what you want exactly, know what units are coming online and send you this information in one organized email or several emails on an on going basis. They stay up to date with the latest listings, schedule showings, negotiate on your behalf which takes the emotional component out of it between you and a seller which could be a nightmare. In a co-op this usually requires a co-op board package which is very time consuming and also brokers have the insight about what boards like and don't like. Could be in terms of what charity they like or who they know etc based upon reference letters you use.
On the sales side the # 1 reason to use a broker to sell your apartment is beacause almost 75% of deals are moved by the brokerage community and not the individual on STREET EASY searching. You have 30,000 agents out there with different client needs, and someone has a client for your apartment. Obviously other marketing like a company website, nytimes.com gets a trendous amount of traffic as well. What about showings? Taking all the calls and emails? Do you really have time?
In the end, its about VALUE. Are you getting the VALUE when paying the commission.
Bottom line if you don't list with a broker you are not maximizing the value of what your apartment can sell for.
Most importantly, always try and be referred to a great broker. Going in blindly could be the issue. Having a referral network of over 1,000 clients has always worked well for me.
In terms of the rental side of the business, its pretty simple.
You can spend time searching on line for an apartment, or walking into buildings however many listings are not always being advertised. Utilizing the right company that has access to the most listings will give you the best chance of finding the best deal.
Have a great day everyone
Its funny but the WSJ has a story showing how human travel agents are making a comeback.
And the only safe (or really even growing) area on Wall Street right now is private wealth management. I.e. stockbrokers.
So even things we said were obsolete ten years ago are not dead.
jayhed, i think your right on, especially with rentals, Streeteasy barely has 50% of all the rentals in manhattan on here, and most of what is on here is out of date....rentals move to quick in the city , even for SE. Here i dont see anyone getting a good apartment without a broker who really specializes in the areas rentals. They always have the pocket listings...
"They always have the pocket listings..."
So "they" always say.
I doubt it, if you are looking for a highrise doorman building, and have the time.
I think sales brokers, yes, rental brokers, maybe, if you have NO time.
inonada, i mentioned american greed bc the previous post said those industries are regulated, and i laughed because the BIGGEST crimes in the world happened in the hands of a financial advisosr and highly trained finance bankers...
Also, you cannot get approved for a real estate license in NY if you are a convicted felon.
I do think there should be more education, you should have to go to school for atleast a couple of years before you call yourself a real estate professional. If they made it regulated by years, it would help. 2 weeks in school and get someone to sponsor you is WAYYYY to easy. Did you see the Dave Chapelle Episode when the crack head got his license and sold his neighbors house without them knowing...hahah...However, like i mentioned before only 10% or less of agents are successful after they get licensed.
One thing you should all know....any real estate agent who has a career lives off their referrals. If they are not good, no future business. They work for back end, how many of you are willing to work and only get paid if you do your job perfectly? Most of you have jobs and i bet you half ass half your week there, milk the hours till lunch, bs on facebook and SE. Its ok, not judging, but if a realtor slacks, he doesnt get paid.
"Also, you cannot get approved for a real estate license in NY if you are a convicted felon."
I did not know that. Do they run a check when you apply for a license or just trust that you'll disclose it?
In any case, said convicted felon does hold a real estate license.
the whole process of buying RE is not remotely rocket science, and broker are certainly not the sharpest tools in the drawer
they add zero value for anyone willing to take the small amt of time req to use simple search platforms now available to all
and re board packages and deal negotiation, the last person i want filtering my access when buying would be the dull tools most brokers are
and their interest is hugely conflicted--they only benefit from deals closed--much better to represent oneself in this day and age
selling they may be of help as a key sherpa--nothing else
2 days ago
ignore this person
According to this website, there are 15 Fsbo listing's in Manhattan. Over 8000 broker represented properties. So how exactly has technology changed the dynamic? How long before I should find another job?
WHERE ARE ALL THE FSBO'S??????????
2 days ago
ignore this person
Oh, and the discount model....right now the Burkhart group,.according to their website, have zero listing's for sale. Keith, less time on streeteasy may be in order.
How come Keith's discount model isn't being utilized by more?
isn't Keith doing only buy side?
38 minutes ago
ignore this person
isn't Keith doing only buy side?
every wonder one.
The NAR lobbies night and day to protect their monopoly. They refuse to allow the free market to take over by creating a nationwide real estate registry in place of their MLS. Can you imagine how much better we would be if real estate became a more liquid asset with more perfect comparables and information? That is why I love sites like Streeteasy. Except that Streeteasy is currently only available for major metro areas.
"there are 15 Fsbo listing's in Manhattan. Over 8000 broker represented properties" so true hones...Also, Streeteasy doesnt have many mixed use or buildings for sale. SE is Only listings brokers enter...SE IS NOT representative of the Manhattan Market....(period) if you want a deal, especially one off the market, you need a broker in the know. Also, the SE stats are a joke....i only use it for some condo or co-op comps if anything. I am a professional for over 10 years, so if you rookies think you know better because of SE alone, I am LMAO!! How can a website pulling data off the internet be more accurate than actually being on street, getting real life (not internet) experience and knowing what the insiders know?
Yes we only do buy-side. Our website is a platform for information on our services. My blog is also a good read for what I'm doing in the moment. But Jim makes a good point as our website is a bit sparse. But currently we have 13 deals in contract and 2 new accepted offers today. Over 20 million is sales deals last year (site says $18M+, but it wound up being more). You can follow the progression of deals on my agent page or blog.
Our buy-side model has been very popular, it's a combination of our model and outstanding customer service/deal analysis.
The Burkhardt Group
Any brokers to show buyers around apartments in a number of the more interesting, but still solid high-quality and liveable areas of the city, vs. just the upper east side or upper west side and vs. just a broker for one area?