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help deciphering the up-to-date information is helpful.
A buyer broker can be really beneficial. I recently helped a client purchase a home in NYC. My clients did NOT have to worry about paying my fee for using my services as the seller was paying the fee already. Many buyers who go directly to the listing broker think they will reduce the amount they pay for the apartment. When in fact, the seller has ALREADY agreed to the amount they will pay the seller and selling broker for procuring and brokering a deal. As a selling broker, I was able to help my clients deciphering the up-to-date information, help with the board package and board interviews and help with any questions or concerns along the way. Had my clients not used a broker they would have provided much for financial information and might have quit along the way due to the time it took to get the process done.
My two cents:
More of your questions answered via video at http://streeteasy.com/charles
Charles Todd Botensten
Licensed Real Estate Broker
Botensten Properties International
W81 -- I have done it every which way under the sun, and your assumption is about what everyone does, which I can't know -- but on the face of it, what you say sounds right.
"So go buy in London then.
NYC won't miss you."
Trying to educate trolls like you that you are being fleeced. You work for the board of realtors or something? Didn't think so. They have high standards there. GSE equivalent "no degree loans".
Charles how very Easter of you in that photo!
Oh yay; content!
Additional (video) SE answers at http://streeteasy.com/charles
and your lawyer's fiduciary is to you alone--his/her job is to keep you out of trouble--and s/he is comparatively cheap: couple 3 g's
@douglasternnyc - One of the apts I'm interested in is listed on realdirect.com. Can you speak to how RealDirect brokers would be involved with closing a deal and working with the buyer? As a potential buyer, I'm a bit wary of how organized and truthful the seller would be about the property. Will the RealDirect broker be the point of contact to get the building financials, house rules etc? Will they also be the ones setting up the board meeting etc? Thanks in advance for your input!
I am the founder of RealDirect. We have worked with hundreds of sellers over the past 3 years and we are a licensed brokerage as well as a member of the Real Estate Board of NY. We work with sellers in both a full service "Agent Managed" capacity as well as our "Owner Managed" program. For owners who are inclined to sell themselves and have the time and ability to do so, the Owner Managed program is a great deal and has been very successful. We advise the sellers every step of the way, but they show their own properties (again with our guidance).
Of course not everyone is successful (although the vast majority are). Some Owner Managed sellers will try us simply to test the market at a very high price for a month, an if they don't get it, they de-list. Others have properties that are "under water" and need to net a certain price or they won't sell. Still others may think they have the time to show, but then they realize it's too time consuming. For those clients we offer them the option to switch to our Agent Managed program and get a refund on whatever they have paid against our commission.
If anyone has any specific questions about how we work, I would be happy to answer them in this thread or over email. And if anyone wants to speak to our sellers - active, closed or de-listed - I would be happy to put you in touch.
Nah: While I don't necessarily disagree with your recommendation for MOST sellers, I think your one-size-fits-all advice assumes too much about RealDirect's business model and the results it can yield for a suitable seller.
The linked listing showed beautifully, and sold for 3.6% above ask. It appeared on all the inter-broker databases; I think the buy-side commission split was 2.5%. The open houses were mobbed. While it's possible that Corcoran or Elliman could have done even better, the decision to use RealDirect seems to have worked out well for these particular sellers. The listing certainly did not suffer from a lack of exposure.
West 81st summed it up well actually. It is an assisted For Sale by Owner. That's what you get. It's not for everyone though. Keep in mind most New Yorkers, despite their Ivy league educations and other accreditations, generally have an inability to sell something as simple as lemonade to a group of 6 year olds so the FSBO concept usually falls flat quickly.
For the 1,585th time people, list your apartment with a big brokerage. People don't realize the impact in this market of trying to save a couple grand on the fee and when you should be paying a full 3% to a buying broker who just might have that buyer who pays 10% more than any other buyer.
Hmmm. Save 1% or 2% or make a possible extra 8% or 9% on the sale?
I have a question regarding moving out during a doorman strike. If the building won't allow move in or out (they have already said this) and I can't move out before the possible strike date am I responsible for rent if the strike goes beyond my lease termination date and my stuff (but not me) is still in the apartment?
Compensation and agency are two separate things. That said, brokers -- not agents -- collect compensation.
LES agent said "licensed colleague" -- and it's not clear to me whether that means "another agent at my firm" or "a friend who's a broker at another firm."
If it's the former, your sponsoring broker may have rules about how these situations are handled, and it may not be up to you. (At my old firm, if the agents hadn't set up share percentages beforehand, the sponsoring broker would call it 50/50). If your broker is asking you for a recommendation, then I think nah's guidelines are a sensible way to think about it. I certainly wouldn't go under 20% in any case.
If it's the latter, the offer was put in through another brokerage firm, which collects the entire compensation, and your friend is in the position of having to decide how to compensate your firm. The friend will probably pay whatever his firm's standard referral fee is (those seem to be running around 20-25%) plus maybe a top-off.
If this IS in your control, I would say the ultimate way to think about it is, "what payout would you want if your position was reversed with your friend's, and you were the one who got a deal through?"
Because honestly, if you know another agent or broker who can cover for you, and who makes your clients happy, it's worth a lot of money to you to keep that relationship strong.
I generally love these topics. The answer you are seeking isn't as simple as you might think. While others many not see the relevance, I think it's important to know or account for previous time spent with the "client." Meaning if this is someone you've worked with for 6 months, shown 30-40 apartments and had a last minute scheduling blip, then I would convey that to your colleague and I think somewhere btw 10% and 20% is appropriate. I'd personally air closer to 10%. However, if you are using the term "client" loosely and lets say you met the client on a Sunday two weeks ago at an open house and said, "hey, I've got a great place to show you," which you did on a Tuesday and then your colleague brought them back on a Thursday, for example, I'd be splitting that 50/50. In fact, Realtyjack does raise an interesting point about who took and presented the offer. If your colleague did, you would greatly simplify the process at this point by splitting 50/50 and not leaving room for later questioning. Obviously this goes deeper in terms of brokerage, agent production (you versus your colleague) and so on.
Whatever you decide, be true to the nature of this situation. If it was a one off showing it's a 50/50 split. If you've spent months of time and invested money then pay 10%, maybe 20%, which comes from your earnings. Not gross earning.
1. your colleague acted as your sub-agent and is not entitled to a commission
2. ten percent of your commission would seem reasonable and fair
3. but i would not hurt to poll brokers in your firm and ask your colleague
1) If you colleague took the offer, you may be not be entitled to anything since you may not have procured the offer or negotiated the terms of the agreement.
2) The split should have been worked out before the showing by the party you asked to assist you.
this was blown out .. Town is back on track and doing fabulous. Thats why it was rated as one of the best places to work!!!!
Interesting read, provides a more detailed account of the situation.
P.S. She was very kind to me when I was searching for an apartment in NYC. Lovely, down to earth person. At the time, she was with another agency, I believe Eliman.
Is Susan Singer still with Town?
I think this is the second top producing agent to leave Town since this all began.
Generally, Article 12-A of the Real Property Law provides that anyone who, on behalf of another and for a fee, 1) negotiates a sale, exchange or rental of real property, 2) collects rent, or 3) negotiates a commercial loan secured by a mortgage must be licensed as a real estate broker.
All licensed real estate salespersons in New York are required to work under the supervision of a real estate broker. A salesperson cannot operate independently.
I would like to know that if there is any other way to work as a salesperson but being an independent contractor?If someone can't be self employed would it be possible "to employ" the broker?Or any other solution?
Has anyone else had an insane experience with this broker? She's been harassing me via text and is threatening to charge/sue me for $8k for just showing me an apartment.
I was just wondering if there is any other way to work as a salesperson.Can a salesperson "employ" a broker so the salesperson doesn't have to be an independent contractor?
i wanted to let anyone know that if you are considering working with this broker from rutenberg realty, he scammed me and took my security deposit. i assume that he was commingling funds into his own account and was unable to pay me back for that reason.
If i can't be a self-employed is it possible that i employ the broker so i can collect my points as a licensed salesperson?
425 East 51st Street #9B
NO doorman (listing lie)
NO kitchen! Refrigerator in a hall closet. SRSLY.
Floor plan has kitchen showing all appliances in situ. In reality, there are NO appliances, no cabinets, no nothing! Plus the floor plan has one wall drawn in erroneously, which makes the kitchen look larger.
Annalisa Menin who is working for Corcoran Group has been very helpful in assisting us in finding a dream co-op in New York city recently. She is very familiar with each area of the city, and was able to provide us with valuable information and resources as soon as we needed. She is a responsible, trustful, warm-hearted, knowledgeable and kind person. She can produce good results for all parties and represent you with dignity and confidence, She can coordinate with your attorney, co-op management, seller's agent very well, always getting required documents, applications, financial statements prepared completely and smoothly. We would say she is one of the best real estate agents you can find in New York city, you will be very happy and satisfactory with her services for sure. We will definitely recommend her to our relatives or friends to use her services whenever they plan to look for a real estate property in the city.
Where do I begin....
I think to summarize I would say, do not use or be very careful with any real estate company without a proper recommendation!! My girlfriend and I were very excited to look for an apartment to move in together and we assumed this company had a great reputation given the rapid growth in NYC and the personal approach with great service that it markets itself as. The website, the offices, the chic addresses, etc all look great. I believe there are many hardworking people, and whether in NY or Alabama, we all deserve to deal with a company that has integrity and is professional. It is frustrating that I have to write this review, but I tried in every way to be very understanding in every aspect of the rental transaction. When we payed the 6% commission out of pocket, as customers renting an apartment in a luxury building, we expected to receive not only good service, but also disclosure of the true terms and conditions of the rental contract. This did not occur at any moment. The apartment was promised to us to be painted and the kitchen cabinets which were peeling and in terrible shape, fixed. This is a five star residential property, after all.
The property was empty for an entire month, which should be more than enough time for the work to be completed. One week before the move in date, we did the walk-thru and were surprised that the apartment was not painted, nor cleaned and the cabinets were not fixed as promised. Our agent was also surprised of the shape of the apt and later e-mailed us that she was not expecting the condition to be as it was. She fully agreed that it was not handled correctly, since we rented and signed the lease for a painted apartment, with fixed kitchen cabinets - not in an as-is condition as it was later implied to us. After the first walk-through, Town tried to talk us into not painting the apartment as promised. The day after this horrific walk-through, we received an email stating that we need to find and pay for a cleaning service for the apt, or they could find the cleaning person for us (how thoughtful) and we would have to go and give them cash in order to secure them.
After paying thousands of dollars in commission alone to TOWN, we did not expect to be looking for cleaning services, negotiating terms that were already promised to us. What occurred was simply MISREPRESENTATION: omission of lease terms and clauses, embellishing and obfuscation of the property. We were being scammed. We did not agree with these new terms that were being thrown at us. To negotiate painting and cleaning 3 days before the move in date, after 2 walk-throughs with no progress, caused so much stress and frustration that we tried everything in our hands to reach for an agreement and in order to move in to the place. Finally they reviewed their procedures and offered to remedy the situation by offering another apartment, that IF there was one available (they weren't sure) or by correcting some of the issues at hand.
After phone calls and some offers from TOWN in order to remedy all their faulty service, we requested a 25% refund of what we paid cash out of pocket. I made clear that the service they provided broke many of the rules, terms and regulations that New York State division of license for real estate broker regulates and supervises.
We received many phone calls from TOWN and they offered an amount close to what we requested however today, after waiting for many weeks we were told that they did everything right, contradicting everything again.
This company is completely untrustworthy and have demonstrated that even after a mistake is discovered and pointed out in their procedures and business, nothing was done to make things right.
If you experienced great service from TOWN, believe me, we are very happy for you, as that is exactly what we hoped would happen for us when we paid the full commission. We expected to be happy in our first apartment and have no hassles or problems the entire transaction.
If you had terrible service, countless headaches and the feeling of complete hopelessness, that there is nothing you can do, and have been scammed or ripped off, I know the feeling exactly! It is a shame that TOWN RESIDENTIAL LLC continues to act in this manner. It is unprofessional, unethical and a disgrace to New York City residents.
We still never received the original lease signed which was promised at signing.
I'd love to hear your experience, please feel free to contact me via email to firstname.lastname@example.org.
For now, be careful who you choose as your real estate professional.
Regards, Fabiano Heitor.
Legal Memorandum LT01
DISCIPLINE OF REAL ESTATE BROKERS AND SALESPERSONS
FOR UNTRUSTWORTHY CONDUCT
" Real Property Law grants to the Department of State the authority to regulate real estate brokers and salespersons. Real Property Law §441-c provides, in part, that the Department of State may revoke, suspend, fine or reprimand a real estate broker or salesperson if that licensee is found to have, among other things, violated any provision of Article 12-A of the Real Property Law, engaged in fraud or fraudulent practices, or demonstrated untrustworthiness or incompetency. As the Court of Appeals stated in Matter of Gold v. Lomenzo, 29 NY2d 468, 329 NYS2d 805, 811 (1972), "the Legislature intended the Secretary of State to be vested with a wide discretion in determining what should be deemed untrustworthy conduct."
In fact, even if a licensee engages in conduct unrelated to its activities as a real estate broker or salesperson, that conduct can still act as the basis for and be considered by the Department of State in bringing a disciplinary proceeding against that licensee for engaging in untrustworthy behavior.
For example, in Eich v. Shaffer, 136 AD2d 701, 523 NYS2d 902 (2nd Dept. 1988), the Department of State held, after a disciplinary proceeding, that a finding by the New York State Department of Insurance petitioner violated his duties as an insurance broker and thereby demonstrated untrustworthiness and incompetency, was a sufficient basis for determining petitioner guilty of untrustworthiness with reference to his license as a real estate broker. In confirming that determination, the Appellate Court stated that it was "proper for the [Secretary] of State to base her determination that the petitioner was untrustworthy to act as a real estate broker within the meaning of Real Property Law §441-c on his misdeeds as an insurance broker." Eich, 523 NYS2d at 904.
Eich followed the holding in Dovale v. Patterson, 85 AD2d 602, 444 NYS2d 694 (2nd Dept. 1981), in which the Court stated that "[a]lthough the actions underlying the disciplinary charges are not acts for which petitioner's license as a real estate broker was required, they may be considered in determining petitioner's untrustworthiness and incompetency as a broker." Dovale, 444 NYS2d at 695. In Dovale, the Court upheld the Department of State's revocation of petitioner's real estate broker's license based upon his regularly engaging in the practice of submitting fraudulent contracts and loan applications to banks in order to obtain larger mortgages than might otherwise be available.
Finally, in Fogel v. Department of State, 209 AD2d 615, 619 NYS2d 104 (2nd Dept. 1994), the Court held that the Department of State properly denied the renewal of petitioner's real estate salesperson's license and properly denied him a real estate broker's license based upon his prior criminal conviction for sexual misconduct.
However, the manifest purpose of Real Property Law §441-c is the protection of the general public. It follows from this that when the conduct of the real estate broker or salesperson has no adverse effect on the public at large, the Department of State generally has no jurisdiction to intervene. Typically, such cases involve isolated disputes between a real estate broker and its salesperson or between two real estate brokers. In Stowell v. Cuomo, 52 NY2d 208, 437 NYS2d 270 (1981), a dispute arose between real estate salespersons Terry and Dianna Elich ("the Elichs") and petitioner real estate broker Lawrence Stowell ("Stowell"). The Elichs had earned commissions before leaving Stowell's employ. Stowell attempted to deduct certain expenses from those commissions and the Elichs refused to accept the reduced amounts offered to them. The Court of Appeals held that the Department of State did not have jurisdiction to discipline the broker based solely upon a simple contractual dispute between the broker and his sales personnel because the Department of State failed to point to any supportable adverse effect upon the public. Stowell, 437 NYS2d at 271.
The Court of Appeals cautioned, however, that "there may be situations in which, for example, a broker's 'business practices' or 'business methods' (see Real Property Law §442-e, subds. 5, 6) with regard to his salespersons are so devious as to indicate clearly that he would not deal fairly with the public and, therefore, disciplinary action under section 441-c of the Real Property Law for demonstrating 'untrustworthiness' might be warranted..." Id. Clearly, if a real estate broker repeatedly engages in unethical conduct relative to its sales staff or to other brokers, the Department of State would have jurisdiction to commence a disciplinary proceeding against that broker for demonstrating untrustworthiness pursuant to Real Property Law §441-c.
Interesting. Most people I know never check their mail, so they need to be reminded to do so.
Chk your gmail nada. :)
Catwithguy, something tells me you don't really have much respect for doctors.
Brokers are the most educated, sophisticated and generous people I know. I love their wit, their great writing, their understanding that less is more, and their ability to quote what a remodel will cost in just a minute or two. They never push, they all read Proust, and I just wish I could swim in a great big pool filled with brokers all the time. I wish my parents were brokers, my doctor was a broker and I even wish my fish monger was a broker. My son is in med school now but I have encouraged him to drop out to work for a brokerage firm -- you know a "real classy" one filled with those great folks like the ones at Elliman. "You don't need to be an MD", I tell him. "Just take a brokers test and you will be qualified to do so many things." And I told that if he cannot pass that "really tough" test, he can always be a managing agent -- such an elegant job.
I'm looking to begin a career as a RE agent - what kind of fees should I expect to pay? I know each firm is going to be different, but just looking for a general idea. MLS, desk, marketing and approx. how much? Thanks all.
Correct. Almost all of the retro hex that's been used in the past 20 years is weirdly undersized. It doesn't look good compared to the stuff from WWI and earlier, but I suspect there's a practical reason for its use.
I like a hex. Especially, if it is slightly larger.
Harlem? Then I'd go with the hexagon tile.
I have both hex tile and varied-size rounds in one bathroom. Rounds are funkier, but shows more grout.
fieldschester, of course I do. I adore it. I'm just not crazy enough to live here.
Crazyccardo, just admit it, you love New York.
anonymous, grow up you stupid sissy. Probably lots of murders happen in New York apartments, what with all the lunatics and degenerates that reside in your city. Just look at the losers on this site..............
I'm preparing 6 copies of a co-op board package. What should my package look like? Put documents in a binder? Staple sections? Add tabs to each section? You get my drift…. Thanks!
This is absolutely fascinating. I've spoken with two brokers in the past two months and suggestion that I split the fee with them as a lawyer buyer/broker has made them very upset. It's like i've threatened their honor by suggesting that I could act as my own broker and receive my 3%.
I think they have boiler plate contracts here in Western New York that basically stipulate that only members of the Real Estate Association can share in commissions. This seems to run afoul of anti-trust laws, and I can't help but think they are getting upset because they know they are doing something wrong.
So, I've read a few threads that cite the need to be a broker member / MLS to be entitled to receive a commission while the threads above say its easy and standard.
I'm looking to buy a sought after Brooklyn place being sold (which I think will sell in less than a week) by a broker and was hoping to have a lawyer buddy act as my broker. Can my lawyer (separate from transaction counsel) simply contact the selling agent as my broker and submit the offer? Is there a protocol to ensure that the selling agent will accept my offer and pay his buying commission? Have people actually been successful under normal circumstances?
Where on earth did you dig up this three year old thread? Why?
1. brokers are agents
2. when attorneys act as principals they cant also act as brokers
3. however, you can ask for an implied co-broke
4. to reduce deal commission from 6% to 3&
5. the brokers i have spoken to are generally open to the idea
Core just moved two of the loveliest townhouses I've seen in Brownstone Brooklyn, at way above ask, well above $2m.
Core had a mass exodus, many went to Elliman.
CORE is a very reputable firm. Pat from SINGER NEW YORK REAL ESTATE. 212-570-6095.
Core has some great listings.
It's more about the way Linkedin works. When you sign in they ask, "would you like to connect with your contacts" as well as some other options for "people you may know", people not on linkedin in your contacts.
I just went through this when I rebooted my phone, I hit the wrong button and it sent a request out to over 1000 people! I only want people who have contacted me about business, personally not interested in having other brokers in my connections. Too late now!
What does his profile say?
Columbia County is a realtor?
Is c0lumbiac0unty one of your friends or followers?
Can't believe the broker community just discovered linkedin but in the past 24 hours I've gotten 3 invites from Brokers I don't know. Seems every new technology /media invites a new form of spam.
Luis is a douche. I wouldn't do business with him.
A lot of passion?
Frederik is my fav. Luis has a lot of passion, but it looked from the show like he has a lot to learn.
he has a new partner: http://www.enstarz.com/articles/23067/20130808/million-dollar-listing-new-york-luis-d-ortiz-joins-fredrik-eklund-company-douglas-elliman.htm from http://streeteasy.com/nyc/talk/discussion/35547-a-little-white-lie-isnt-going-to-kill-anybody
So nobody knows how much Eklund-Gomes makes?
What about the new guy on the show Ortiz?