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Listen, just pay your landlord's penalty. You don't need this headache. You'll have to give a hefty incentive to the tenant, pay the broker, coordinate with the new tenant, etc. etc. Life is too short.
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.
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
We paid $395 per month. In contract before the end of the first month but I extended an extra month just in case. We did pay $150 for one of their brokers to run an open house for us, which I found totally worth the money. I took all the photos of the apartment and wrote up the listing, and I did all showings outside of the open house. We offered 2.5% to buyer brokers. I had heard stories that the large firms wouldn't send any clients, but I had offers from several of the large firms. Didn't seem to hurt us.
....and save property owners a fortune
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!!!
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
Agree with West81st and vsle65 -- definitely best to consult your accountant and/or lawyer. It is my understanding as well that rebates are not taxable as income, but rather deemed a reduction in basis. However, since the rebate is not reflected on any closing document, when I give clients rebates, I deliver the rebate to the client with a letter that describes our prior agreement regarding the rebate so that it is evidenced somewhere tangible. This protects both me (so that I don't get taxed on the rebate) and my client (who now has a piece of paper evidencing the source of those funds).
Digs Realty Group
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?
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.
I work at The Corcoran Group and would be happy to help you as I've worked with various budgets.
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
@Jelj13 you do know that Zillow owns Streeteasy.com right?
This merger will be very interesting. @Jelj13 I agree with you they do have horrible user interface and sometimes it can even get confusing. This just means that those looking to buy can find without a broker, those looking to sell can do so as well but will have a harder time dealing with the buyers without the broker. (My opinion). Who's going to follow up with 3 month worth of paper work, and would you trust someone who isn't a professional with hundreds of thousands of dollars or millions of your money?
I'd like to see how that affects the format of StreetEasy. Both Zillow and Trulia have terrible websites. We were thinking of moving out of town and found their information on houses inaccurate.
What does the StreetEasy crowd think about this?
Some of you can't read,
Some of you are waaay too lazy,
Some clients know more than you about the biz,
Some of you don't even KNOW what your clients want,
Some of you make last minute appts, and then don't show w/o even calling,
And you wonder why we have such a bad rep?
Have some F'ing courtesy/decency to your colleagues, tenants, clients, mgmt companies, etc...
- Rant over
1. Sibbald was quoted and followed in SPRE, which is less than 40 days old
2. an attorney cannot be a procuring cause o his or her own purchase
3. SPRE and Sibbald are really clear about that
4. an attorney acting as broker must bring 3rd parties to enter into a deal
I have intentionally tried to avoid addressing your "straw man" because the underlying question which initiated this conversation was whether an attorney may/ should collect a commission when purchasing a home and whether an attorney must obtain a separate real estate license to do so. As I have stated numerous times above, an attorney may act as a broker and receive a commission without obtaining a real estate license. Whether a broker has sufficient ties to the parties or a particular transaction (is the "procuring cause" to use your term) to entitle the broker to a fee in a particular transaction is not the topic of discussion. Nevertheless, lest anyone be misled by your postings, I will address your (unrelated) points.
As you know, SPRE Realty v Dienst sought to better define when a broker's link to a particular transaction is sufficient to entitle that broker to a commission. It distinguished between the role of a broker sufficient to entitle the broker to a commission from a link between the broker, parties, and transaction which is "indirect and remote," and, therefore, insufficient to warrant payment of a commission. That case does not discuss at all whether an attorney may collect a commission for property purchased by that attorney.
In any event, the law which regulates the payment of commissions to licensed brokers, agents ,etc. is Real Property law Article 12-a. Attorneys are specifically exempted from Article 12-a by Real Property Law Section 442-f. If you can locate a statute or case which holds that an attorney may not collect a broker's commission on the purchase of real property by that attorney, I will read it. However, I have not found anything which says that. In fact, as stated repeatedly by me above, the opposite is true.
By the way, I was able to locate Sibbald v Bethlehem Steel. It would have helped if you had mentioned that it was from 1881 (and predates Real Property Law 442-f). In any event, its holding is similar to SPRE Realty and does not address commissions payable to attorney buyers.
Hopefully, this "sideline" discussion will not prove distracting to a reader interested in the original inquiry: whether an attorney may collect a commission on the purchase of his/ her own home and whether an attorney must obtain a separate broker's license to do so. The answers remain that an attorney MAY collect a commission and a separate broker's license is NOT required.
I read the article you attached. It suggests only that ...
Ottawanyc isn't even qualified to be Canadian, not sure why you are listening to what he says.
1. looked at Cianelli
2. at it says is that an attorney doesn't need to be licensed to act as a real estate broker
3. it doesn't address the procuring cause point I have made
4. SPRE Realty v. Dienst does
5. it is a May 20th First Department case
I read the article you attached. It suggests only that the attorney may not serve both as a broker and as the attorney for a party simultaneously. I agrre with this, but this is not what we have been discussing. The discussion has been whether an attorney can serve as a broker and receive his/her commission for doing so. Sorry for the homework assignment. It is just that the law is so clear, that I thought the best advice I could give you would be to read Real Property Law Section 442-f for your self rather than rely upon (some inaccurate) representations of the law as set forth above.
I attempted to read the case cited by rb but cannot locate it. It must not be published. I would be happy to review it if rb would attach a link. As for the case law rb has requested, please see Application of Cianelli, 16 AD2d 352; Weinblatt v Parkway-St. Johns, 135 Misc. 743 as well as Attorney General opinion 108, all of which remain unchallenged good law and hold that an attorney at law is not required to be licensed as a broker in order to act as a real estate broker.
My posts have been consistent and truthful and it is my hope that hey prove helpful. I will again suggest that you read the law yourself to avoid being misled.
Can anyone give me an idea of which listing provider to use (RealPlus ___ OLR ___ AMI-RealtyMX___ BrokersNYC) . I am going to be working in Manhattan and am not familiar with the system. I have been in Boston for the last 40 years. Any advice would be helpful. Thanks. David Krock
BEST APARTMENTS.INC - Do not work with Joe and Richard.
These people told me that broker fee is 15% and non-negotiable because they have to pay another broker (I still don't understand why I have to sign with two different brokers in different companies).
I wasn't happy with it, but I decided I took the apartment and signed the application.
The day when I signed the contract, I met the other broker first time and found out that the broker fee was 10.5%.
I was so angry and wanted to cancel the contract. To me, it was not about the money. I could not stand with this guy, because he lied.
After 1hr arguing, nothing changed. I just had to pay 15% broker fee.
I really regret that I believed this guy and signed the contract before talking to the other broker.
rateyoubroker.com domain is for sale, site no longer active.
Hello Nut. This is not how it works. If total brokerage is 6%, 3% goes to the attorney/buyer and 3% to the selling/listing agent. It does not cost the seller anything. It is is 5%, it is 2.5/2.5. It is no different than with
a "buyers agent." The attorney buyer co-brokers. Whether the seller chooses to pay the 3% to the attorney buyer or decrease what the seller is owed by the 3% (you could add it to down payment if it makes it easier to understand) does not affect what the seller pockets.
That is nut how it works.
"It is within reason that you could approach a broker about a listing and say you are self represented and therefore expect the final purchase price be less the 3% buyer's brokerage commission (2.5% if the broker is operating on a 5% commission) as you are not represented by a broker."
I think one needs to be careful about how the dollars work in asking for 3% reduction. Let's do the math: on a 1M sales price, total brokerage is 60K. If you ask for a 30K reduction by representing yourself, the sales price drops to 970K. The total brokerage is now 6%*970K = 58.2K. So the "broker" still gets almost the same amount of commission (58.2K vs 60K) and you indeed benefit by 3%. However this comes out of the seller's pocket by 30K, and effectively the seller is paying a total commission 8.82% between the reduction to you and the commission to the broker: i.e. (30K 58.2K)/1M = 8.82%
So, in reality it maybe hard than it seems on the surface to simply ask for a 3% reduction since it is really funded by the seller. The "broker" is still netting about the same commission after the price drop (i.e. 58.2K vs 60K).
From the attorney comments above, it seems that using an attorney has its challenges too.
Like many things, devils are in the details and it is easier said than done.
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