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Don't use a great sellers broker to buy, because they'll sell you on something. Remember always at every minute that they make money when you buy/sell, so when they say they do better if you do, it's bs. They get sh-t if you don't buy or sell and get only a fraction more when you get a good price. For this reason beware high volume sellers brokers in particular. Also, if you are unsure you want to buy/sell, don't decide with a broker unless it's a friend. Re referrals, it's a good idea, but people may be happy just because they got a fast, good price but you may also need coaching, direction, etc. so inquire as to why someone is good. Don't use broker I.K.
My two cents:
More of your questions answered via video at http://youtube.com/cbotensten
Charles Todd Botensten
Licensed Real Estate Broker
Botensten Properties International
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.
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.
The best way to find a good broker/agents is through referrals. I've worked with really good brokers who are professional and honest and some that are liars. I get my business through referrals. It is easier to work with people that come to me through referrals because there is trust and respect from the start. Follow your gut feelings. If you don't feel right about the person you are working with then go to someone else.
Using smaller brokerage firms you will find the integrity you seek and that's verifiable. Truth that's why many small boutique firms exist. Check them out. They are easier to find on social media. Btw you can't do your due diligence on a real estate agent by googling the phone number too, you'll see listings (productivity) and reviews on them.
1. an agent for a party is deemed a party for purposes of the discovery
rules of CPLR 3126 and FRCP Rule 26
2. the danger of contact between an attorney and a real estate
broker for an adverse party is that the attorney can indirectly try to
communicate with or influence the represented party on a mater-
ial contract execution or performance issue
Yes, even if there is a pending litigation, opposing counsel can freely contact, interview, etc nonparties to the litigation. Your broker, though, has fiduciary duties to you, and cannot legally act to your detriment, especially if it is sharing information with opposing counsel.
front_porch touched on it: if you are uncomfortable with your broker speaking to opposing counsel, then tell your broker - in writing - not to speak to opposing counsel about your transaction.
Is there a pending litigation?
Marco Santori is a lawyer in New York City, but he isn't your lawyer, and you should not rely on this post for legal advice. If you have any other questions, feel free to email at MSANTORI@NMLLPLAW.COM
Thanks. I'm going to ask my broker not to participate in any more communications on my behalf.
I speak with attorneys on the other side of the table all the time.
What's preeminent, though, are the interests of my clients, and to safeguard those, I generally try to make sure that the client understands what kind of communication is taking place, and why, and whether the client thinks a third person should be on the call. Sounds like you might feel better if your atty were looped into whatever chats are being had - a fact you might want to express to both your atty and your broker.
DG Neary Realty
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.
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!
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
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.
First-time home buyer here. Can anyone recommend an exclusive buyer's agent for Riverdale co-ops? My preliminary experience with a dual broker last year was less than satisfying when he tried to push one of his listings on me the same day I met with him.
Do exclusive buyer's agents even exist for Riverdale? My research has led to disappointing results.
Many thanks for any advice!
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?
@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?
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?
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..............
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