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if its a bidding war , the reason more to have buyers agent. If the agent knows what he si doing , he can help his buyers become the buyers of choice. It is very important to know how to present the offer and how to correctly present the information in the financial statement. Besides that , a lot of agents know each other , so you might benefit from a personal relationships that your agent has. The sellers agents who are doing everything to get a double commission are very shortsighted and they are definitely not the successful ones.
snezanc: It's illegal not to present an offer but is it illegal for a listing agent to wait two days before they return an email or phone call requesting a showing only to say there's an accepted offer on the unit listed just two days prior?
REMom: Yes, some seller's brokers, including myself, would prefer another agent handle the buyer in a co-op purchase.....I'd rather sit back and have them do all the work and split my commission. My example is on a hot property, most likely a condo in a desirable building where buyers are lined up.....going directly to the listing agent has it's advantages. That is the reality.
JMHunt, I know brokers who prefer to work with a buyer who has an experienced agent versus one working on his own. The deal is more likely to close when the buyer has a rep handling the negotiations and the board package.
not the case at all JMHunt. Aside from the fact it's illegal to not present an offer, any broker with an interest in building a career won't destroy the relationships with other agents. You might be right for one off listings out in the less expensive areas of Brooklyn & Queens, but these days most listing agents do a lot of business on the buyer side.
Do you really think that members of the real estate industry are going to make the real estate industry less effective?
The real competition are the disruptive companies like Compass and Suitey, not real estate agents.
What's with all this self promotion in the form of false testimonials? The real answer depends on if it's a hot property or not......if there are multiple offers the listing agent will do everything in their power to go with the buyer that's direct and not co-broked as they will get double the commission in most cases. That's the reality of the situation.
if you want to put in an offer on any properties the first agent showed you, she most likely registered you as her client at the open house. It's very unlikely the first agent will not demand a portion of the commission.
honesty is the best course. Tell the second broker about the situation. Most likely they will figure out some kind of referral fee to the first broker if you have spent a significant time with the first agent.
You should contact the REBNY Legal Line for more information. I don't think the first broker will have a legal claim to a commission here... but agree with fieldschester -- if the first broker has invested a lot of time with you, you should think twice before dumping him/her...
How do you feel about your behavior in this situation?
We are looking for an apartment to buy in Manhattan area. We started working with one agent and saw few apartments with her. However, we realized that she is not very much aware of coop buying process in NYC area. So, we found another agent who is more experienced to handle our situation. Can we put an offer through this new agent for the apartments seen with the first agent??
We didn't sign any contract with the first agent. So, is there is any law prohibiting us from going ahead with the new agent for our purchase of apartments seen earlier??
Will the first agent be entitled to any commission by law in this situation??
is this a co-op, condo or regular rental building? if it's a condo/co-op, and you're using the standard form of residential lease for condos, make sure you take out the provision where you're responsible for paying increases in common charges, maintenance, etc. I didn't remove this provision back in 2004 and ended up being forced to pay the owner's increased assessments - something no renter should ever be obligated to pay. Same thing happened to a friend of mine a few years ago. It's no fun.
I assume it went well since you haven't returned to the forum, if you have any questions about the lease signing, feel free to email me at firstname.lastname@example.org
whats the demographic of the building.
whats the demographic of the neighborhood.
neither of which they can answer really but they can direct you to someone or someplace that will answer.
1 - What kind of apartment / building?
2 - What price point?
3 - What neighborhood?
4 - How long is the lease?
This is the perfect location for a professional Shingle. Dental Office/ Medical office/ Vet Clinic/ Law Practice!
I agree with Keith B 100%. I have done quite a bit of work and research on this as well.
GARG Real Estate.
Gothamsboro: In New York, unauthorized practice of law is a good way to lose a real estate license. That's why you see the "consult your attorney" disclaimer on everything that might be construed as legal advice.
I'm not sure why real estate professionals are always giving advice about when to consult your accountant or when to consult your lawyer. Are they really qualified to tell you when to consult someone? Are they getting kickbacks from accountants and lawyers?
I think they should just tell people what they know, what they don't know, and offer context of their qualifications about what they do know.
nychomeowner, make your own choice if you run this by your accountant.
thanks everyone for your responses. happy to hear the rebate should be seen as a reduction in basis. of course, i will run this past my accountant as well.
Yes Dan. We also give our clients a signed letter and of course the check from my company is clearly marked as a commission rebate. The IRS has also ruled on an individual case that was brought by REDFIN Realty, of course that was for that particular buyer, however it does give an indication of their position.
The Burkhardt Group
Not necessarily a conflict. I know of one coop where the Board has the managing agent do that, but residents don't pay a broker's fee.
Nope. If you trust them to sell why not to rent also?
I'm wondering if anyone thinks that it's a conflict of interest that our managing agent also sells and rents out units in our coop?
Attending an open house w/o your broker is commonplace. Most of my clients do it. I advise clients to designate me as their broker on sign-in sheets, so sellers’ agents will contact me instead of my client for follow-up (saving my clients time and providing them a degree of privacy). If the client likes the unit, I will have already been designated and will then engage the seller’s agent in discussions. If a showing is by appointment only, it is better to have your broker make the appointments for you so that there is no question that you are represented; but in many deals on the UWS, you can typically bring in a broker at any time prior to making an offer and your broker will still earn a commission. I am typically brought in and designated early on by my clients, but I have been brought in as late as the offer stage and have never had an issue collecting a commission (and sharing it with my clients). However you decide to approach it (with a broker or without), sellers brokers will still see you as serious, and you won’t limit your options.
Up to 2% cash back for homebuyers
I had a question about attending an open house without a broker (buyer's). Does it create any problem later regarding bringing in my own broker into the process if I want to make an offer on the property in so far as their 'cut' of the commission?
Also, if a property is by appointment only, is there any problem with calling and making an appointment w/o a (buyer's) broker. Will I be deemed a less serious buyer or not worth broker's time? Not talking about a prestige properties, but UWS $1.8m-$2.5m type properties.
Wife and I want to start poking around on our own to get a sense of how serious we may be about an upgrade, but if we see something we really like, don't want to limit our options.
Thanks! The original question was about rental (with a cobroke). With all of the no fee websites out there, it does not shock me that fees have come down a little. Though, I am surprised to hear that fees for buyers have come down. With so many people competing for the available places, I would have thought the value of a good agent would be as high as its ever been.
Key money is illegal Jazzman.
clarification - a 2 or 3 month fee for a stabilized unit that is renting below market levels.
fieldchester - I think a two or three month fee for a rent stabilized apartment is pretty reasonable (if not cheap).
Times have changed. Unless you're set on a particular firm/agent, fees are VERY negotiable.
Rentals can be < 1 mo fee and sales < 2%.
I'm looking to sublet a studio in Midtown West with 8 months left on the lease. Can anyone recommend a reputable broker to manage the subletting process? Thanks.
We're selling our Brooklyn coop (in contract!) and used RealDirect. I was expecting the very bare minimum--basically, just access to the MLS. But in addition to having your listing everywhere, you get an agent who is dedicated to your neighborhood area. She was available pretty much 24/7 to answer questions and help with negotiations. I was perfectly happy to do my own photos, staging, showings, etc. But I was glad that Aimee at RealDirect had my back, because I was really nervous about negotiations.
We only paid the flat monthly fee. Even though we had a lot of interest (and some offers) from brokerless buyers, we ended up accepting one from a broker. That actually turned out great, because she's really leading the charge to get the deal done. AND, it seems she did the math and tacked her fee onto the offer price. Can't complain about that!
My takeaway: selling real estate in NYC is a rough ride. It's nice to have help, and RealDirect definitely gives it. Excellent deal. -- m
Real Direct? Are these the people where Aboutready sends back a banana if it is brown?
No one will not show at 2.5%, below that you would run into some resistance from the large firms/agents. Congratulations! We have found the services we offer (just buyers) have been extremely well received; alternative options for sellers, buyers to transact is a natural, healthy outgrowth for the entire industry.
The Burkhardt Group
nice...thx...good job and congrats
I signed the traditional fee paperwork with a broker, but now I've found a nice unit on my own (was not introduced to it by the broker) at one of the no-fee apartments (dealing directly with leasing office), do I still owe the broker any fees?
About 12 years ago we looked at some sponsor apartments in Park West Village. They showed us the materials they planned to use for the renovations and I was not impressed. Remember, sponsors often order cabinets, etc. in bulk and just shoe horn the stuff into any apartment, using a lot of fillers in the kitchens. I tried to sell me an apartment without the renovations, but they refused. These places were in original conditions.
However, I looked at other apartments renovated by owner's themselves. Either their renovations were good quality but too taste specific or poor quality, so we bought elsewhere. It just happened that, at the time we were looking, that was all that was available. That's the real estate market.
I can remember living up there back in the early 1980's when large 1 bedrooms with balconies rented for $500 a month. LOL!
Recently, We moved in one of this condo. We bought 1big bed room with many big closet. I really want to say ..if somebody would think about the condo very seriously..Plesse DO NOT buy anyone from Sponser Unit ,if YOU ARE NOT HANDY.
You know what I mean? Renovation is really cheap material and amature work so that You need to fix many parts by yourself. Besides Brokers of these buildings are big liers. You should be very careful!! Anyway, we love this place to live because Central Park is next door!!!
I contacted Daniel Choi (Promise Realty) regarding an apartment in East Village that he had listed on the website. He immediately told me to come see the apartment now, and when I began to ask basic questions about the apartment, he got really angry and ended up saying "forget about it" and hung up on me. I've spoken with many brokers while apartment hunting, and none has treated me so rudely. Either he is a shady broker and that's why he didn't want to answer any questions about the apartment, or he's just a jerk. Either way, he's someone who will never have my business in the future, and should not have yours as well.
I am thinking of purchasing an apartment through a broker who gives a portion of his commission back as a rebate. He tells me that it would be seen as a reduction in purchase price, not as income, for tax purposes. How is this reflected in paper work? Does it need to be shown in the closing paperwork? On the HUD-1? In the actual contract of sale? Or can it just be in a separate side agreement with me and the broker? Thanks!
Hi, are you still interested in finding a buyer's broker? Please feel free to contact us at 718.412.0000, our office is located at 3727 Riverdale Ave near W 238th St.
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!
it is cheaper to go coop but limited budget usually means coops will not accept if strict. stay within your means
LOL why would you do all the leg work yourself? You PAY for a broker by the commission being included in the price. Why not take advantage their services?
You're expecting white glove service from agents in the Rolls Royce of real estate markets in this country -- with a Chevy budget. Sorry, but it's true -- you simply are not worth most agents' time. It's like walking into Tiffany and expecting the staff to drop everything to engrave your tin ring you found in a box of Cracker-Jack.
Are Upstairs' services available in C0lumbia C0unty? Or is it limited to counties with homes with second stories?
Congrats Ali and best of luck! (btw, it still says front_porch). ;)
rb, where were you when I was 15? ps I am going to email you to ask for your floorplan guy. West81, I'm going to email you too... would love to have a meal!
and thanks for the good wishes all!
Congratulations, Ali! I like your new business address. Let's hit Sun Cafe for sushi (or Bouley after you close your next big deal).
My sales contracts were 90 days post contract and only to those listed by selling agent as prospective buyers.
What is the typical term for a commission tail in NYC broker contracts? I (not using a buyer's broker) saw an apartment in late 2012 that was de-listed by late 2012. It was then re-listed by the same brokerage. It was then de-listed again, about 10 months ago. Shortly after it was de-listed for the second time I reached out to the selling broker to inquire if the apartment went under contract and made a soft indication of an interest to make an offer, but it seemed that the seller was not receptive at that time. I'm looking to transact directly with the seller now and trying to figure out if they will be on the hook for a commission. Thanks!
We have interest in this property but see a good number of violations and HPD actions. This could just be caused by the initial construction as NYC violations are bound to happen during the construction phase. I am wondering how renter and owners of this property rate their experience now? Is there good sound proofing? Are there problems with leaks? Do management and residents tend to get along? etc. I very much like the loft look but would just like to be sure the lifestyle is right for me
What do people make of "...with no demising walls" in the 50 Bridge St. building description? No death-causing walls!? I think the broker meant: "with no walls to compromise the space..." or something similar. I know being a broker means trying to find new forms of rhetoric, but I see so many malapropisms in these property descriptions that when it comes time for me to sell, I'll market my own property--without 'demising' the walls or anything else.
Hey aboutready, how was your vacation? You getting ready to send the kids to school?
Thanks Jazzman, that is definitely not enough money for Aboutready to trade in life of leisure.
The answer is here - http://www.bls.gov/oes/current/oes419022.htm