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cc2015 how would we chat via CL? Thanks.
Would love to chat with you cc2015 and I am truly appreciative of your offer. Are there really nice people like you in NYC? I have not found a place yet but haven't given up hope.
FYI I'm not implying anything about the agents posting here. I just had some bad experiences during my search. I could write about it and blast the agents here on the internet... but it's not worth the time.
What do you mean when you say you "received a notice"?
What it a "firm letter" from someone?
Or was it a real court subpoena?
I responded to an ad on streeteasy.com to share a potential apartment with an existing tenant as a roommate . The ad did not mention a broker's fee. Also I never signed any agreement with the broker nor was I provided with an agency disclosure statement. The broker did not even show me the apartment; he merely provided me with the building address, unit and tenant's name. In addition, the building is a no fee building and I was advised by property management that it is inappropriate for this broker to charge a fee. Subsequent to agreeing with my roommate to move in, the broker then notified that I owed him one month's broker fee. I was never named on the lease nor registered with property management as a co-tenant/occupant. After living there for 3.5 months I moved out and received a notice that the broker is suing me for non-payment of the broker fee. Is he legally entitled to a fee? Any help would be much appreciated!
If you are interested in these units, I recommend also looking at The Phillips Club at 155 W66th.
What percentage of time can you rent it and commission for the hotel to arrange rental.
These rooms go for well over 1,000 per nite, and suites much more
I don't have a referral, but can you share the advantage of owning these? If I multiply out only the tax maintenance by the number of days, it's over $600 a day. And this is before the purchase price.
Can anyone tell me what software real estate agents use to stage pictures of vacant/gut reno listings?
er1to9, 9 out of 10 times, a FSBO doesn't end up selling their home. Just look at the sale done by the guy who CREATED FSBO.COM. He tried to sell his own home, by himself and ended up using a BROKER who not only got him more money for him than he would have gotten but put the idea that selling your home by yourself is the best way to save money. What MOST SELLERS don't understand is how to vet a buyer, know if they will pass the board, be able to put the board package together, be available for any and all showings, know how to stage their apartment and show it in it's best light.
If you need help selling your home, message me at email@example.com
I love how the brokers say, "the sellers pay the commission," then we showed up to the closing with a big 6% check for Corcoran
I love these new selling business models. Someone would have to be insane not to use them. Why for the love of God would you spend 6% for an agent to just list your home. Anyone can do that. That is tens of thousands of dollars! At least eliminate that listing side which is 3%. However until buyers wise up and realize that an agent taking you around is NOT A FREE SERVICE sellers will still have to fork over 2.5-3% for those buyer agents for the near future. But 3% is a whole lot cheaper than 6%.
Agree, this article sums it up. http://www.hauseit.com/best-ways-to-sell-your-home-without-an-agent-in-nyc/ You need to be discreet about being a FSBO and you really need to cobroke in your local interbroker database. Otherwise buyers' agents will ignore you, and unfortunately they do represent over 80% of all buyers .. so gotta engage them !
Hi MaxEff, real estate agents/brokers are required to DISCLOSE to their clients which side of the deal they are on. So if the listing broker is representing the seller, and you are NOT represented by a broker, they want to make sure that YOU are not assuming that they also represent you too. And any information you disclose to the sales agent regarding your financial situation and desires during negotiations CAN and WILL be disclosed to the SELLER as it's the listings agents FIDUCIARY DUTIES to disclose any and all information to them.
Even if you don't want representation, I would recommend a broker as they will be a great resource for you while you are not having to pay for their services. If you are in need, feel free to email me at firstname.lastname@example.org.
by law agents are required to give customers the disclosure form if they are interested in bidding on a property. Consumers are not required to sign the form it is for disclosure.
It's a DISCLOSURE form NOT a CONTRACT as clearly stated on the top of the form. It's to inform you who the agent is representing. By signing it does not obligate you to work with the seller's agent.
A buyer agent wants to sell something as well and often buyer agents, especially representing their clients in neighborhoods they're not that familiar with (such as nyc brokers working in queens and bk) will over bid on properties.
A good warning about dual agency from the NYS Department of State:
Very little incentive to "go without a broker" in NYC. Find the right broker/agent that meets your needs..
The Burkhardt Group
Ellen, you have a nice range of business models - discount in the Hamptons. 2x fee when it comes to rentals in NYC: http://streeteasy.com/talk/discussion/40813-2-brokers-showed-same-apt-both-want-fee
I own a house in East Hampton, NY and am a real estate broker. I can try to sell it for you. The chances are one of the big brokers would contact me, but then they would have to share my commission. Therefore I can negotiate it.
The big brokers have access to HREO, but a discount broker won't.
Licensed Real Estate Broker since 1987
Does anyone have any experience using a discount broker to sell a house in the Hamptons? Redfin is not there (yet) and all of the big shops, of course, wont budge on the price. Presumably there has to be a few enterprising brokers who have decided to break free and opt to use the lower price to drive volume and keep the costs at a minimum- Any firms the board could chime in on?
L2L, right now your relationship is direct with the landlord, hence there is no broker who can claim to have procured a tenant for the apartment and therefore no fee would be due. Now of course, the broker probably has a deep relationship with the landlord, almost to the extent of normal business deals in third world countries or the corrupt second world countries called BRIC (plus Mexico), and the landlord has no obligation to renew your lease or write a new lease to you, so you may just have to swallow the fee as a cost of residential rental life in NYC and renewing your lease. $500 to me doesn't sound like the end of the world, but of course I don't know what neighborhood this is in, etc.
That sounds high
Sounds like you're a holdover tenant, so actually I think the broker is entitled to another broker's fee, as outrageous as I know that sounds, and is. Unfortunately I think the $500 sounds pretty good. All I can say is, you're living in one of the most expensive places in the world, not just the USA, and so you get taken advantage of. If you want and need to stay in NYC, this is what happens. BTW the pet fee at one of our rentals was $700, per dog, per year, to put things into perspective perhaps. Insane.
Here's the situation: my roommate is moving out, and my boyfriend is moving in. My roommate and I had a 12-month lease, and then we negotiated for a month-to-month after that. My roommate will give 60 days notice before she moves out at the end of March. My boyfriend will then move in. I was told by the broker agency that in addition to me having to re-apply for the apartment (along with my boyfriend applying, which makes sense to me), and us each paying for a credit check (which I paid for last year), we will also need to pay a $500 "processing fee." I did pay a large broker's fee when I moved in last year. Do we have any room to negotiate this? The $500 seems insane.
What the original buyer was trying to do is called "wholesaling". It is a common practice taught by "real estate investor" courses that can be found at any mid-rate hotel conference room anywhere in America. This is what they mean by "use other people's money to buy houses". They give a contact deposit and say that if they don't close in X number of days, the seller can keep the deposit. During that time frame, they solicit the property to other buyers with hopes of getting a higher offer and selling the rights to the contact of sale.
guardstogo_ges_1844480 : the first purchaser set up the contract so they were a middle man and didn't have to pay for the property. They just made a very low offer price and then once they found another buyer to pay market value, they set up the closing and took the difference in price as profit and only then paid the original seller what they had promised.
until she and the purchaser found another purchaser to do an illegal same day flip transaction that meant the "purchaser" never had to actually pay for the property but would make an immediate a sizable profit.
I agree, FP. This reminds me, another thing to do regarding a salesperson or associate broker is to get the manager on the phone, or even send an email to the head of the company. The people who run these big brokerages are generally good business people, they want to hear about it if there are problems.
This sounds more than worthwhile and for the AG, but not by you, rather from the aggrieved party.
their ads used to be all over youtube a couple years ago. I haven't seen an ad of theirs in quite a while. I also don't get many leads from Naked anymore and very few people register their accounts anymore.
never heard of it
Is it just me or is Nakedapartments.com losing popularity? I've received virtually no leads from NA this year for the same apartment, whereas 2-3 years ago I received numerous. Is anyone else experiencing this or is it just me?
Congrats. Nice seeing you again,
There is a listing - not mine. They just look like any other. More important though is that it would come up on all brokers' internal sites and they do not know, necessarily, they are dealing with a FSBO. There are different levels of service. http://www.realdirect.com
Any case, very positive experience for me. But there is a time commitment and you do need to do negotiations - people definitely tray nd take advantage of FSBOs, etc.
Don't forget ilistproperties.com, which covers parts of Florida as well as all of New York City, which is handy ;)
sellers are crazy not using realdirest or hauseit or any of the other FSBO Brokers. Save a fortune on your sale. 60,000 on a million dollar listing in YOUR pocket and you are not fighting with your broker to accept a low offer so they can get their commission faster.
With these people I would say immediately: "if you don't have a broker you can immediately take 3% off the price.
-that's how you do it!
Would definitely do a buyer agent commission rebate in NYC if you've already done all the legwork and just want to make an offer. I totally feel for you that it doesn't sound fair to hand a random broker 3% for doing no work for you. Where can I get a gig like that?
I'd read this fairly balanced article by Hauseit before you make a decision http://www.hauseit.com/buying-a-house-without-an-agent-in-nyc/ Good luck to you and let us know what you end up doing!
Yes, the seller's broker will likely require that you submit the board application to them for review prior to your submission to the board. This is standard practice even when you have a broker working with you. Sellers' brokers have just as much of an interest in buyers submitting a perfect package as the actual buyer. Managing agents are box-checkers and co-op boards are unpredictable, so it is best to get it right.
up to 2% of your purchase price cash back at closing
I have a question related to this tread. When applyiing for a coop do the brokers get copies of the original application ( which includes ssn social security numbers, bank account information, addresses etc)?
Without an agent/broker how can you be sure an application is handled properly?
thx for the great info
I am a licensed real estate broker since 1987 working independly. I offer commission rebates. I'm also a mortgage broker who can pre qualify a buyer at no charge.
You need a broker's license to be able to accept fees, that's different from a common salesperson license which is easy to get after 70 hrs or so of classes. A broker is able to supervise and hire agents, accept fees, etc.
Most listings are for sale by agent so yes there probably will be a co-broke, or commission offered to a buyers' agent. The home seller has already agreed to pay 6% to a listing agent. The traditional real estate listing agent charges a home owner 6% all-in, and will keep all of it if it sells to an unrepresented buyer (hint: conflict of interest) or will share half with a “co-operating” broker if that broker brings a home buyer to close the deal. Since you are probably looking at a for sale by agent property, you may as well try to keep some of the buyer agent commission (typically half, or 3%) for yourself.
Just work with a buyers' agent who offers commission rebates like hauseit.com/home-buyer-cash-back and you can keep on average half of it for yourself to cover all of your closing costs!
Reading all these posts got me dizzy. At the end of the day selling and buying real estate is the type of business where you want to make friends with other brokers, thus allowing full compliance by listing agent. In turn you do the same for them. Any agent not operating under this manner probably won't have many clients. I love being a real estate agent so making friends and getting my buyers great deals and fastest access is what I live for.
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.
We just had a good experience with Hauseit. We were promptly looped in on all inquiries and sold after our first open house. We received 4 offers, 3 of them from direct buyers. We ended up saving even on the greatly reduced broker commission we would have paid to a buyers agent even by going with a direct seller. Would highly recommend to anyone looking to sell.
I had a good experience with Real Direct. We had to arrange all the showings but definitely came out ahead by not paying a 3% seller's fee. The service did the advertising for us and brought us a buyer in just a few days. Doug and Aimee at Real Direct had a lot of good advice with the listing as well.
Well, I'm FSBO to the core, but it takes steely nerves to go FSBO. That's why people are still paying the big bucks, they're scared. Especially with selling a co-op.
One other note to the Consumer: The brokerage community has become aware that StreetEasy is using a system in order to track phone calls made to the Building Expert. They do this through the use of Phone Tracking Numbers. If you visit my Building Expert Page for this building, you will notice that the phone number displayed is NOT my direct number, 347-829-9996. Instead it is a phone number that StreetEasy owns and forwards to me. The issue here is one of privacy: Were you aware that StreetEasy has captured the phone number that you called from? Not sure if StreetEasy would ever consider marketing to your phone, but it is not inconceivable to think that they would at some point. So, my suggestion is that when you want top contact a Building Expert, before you dial the phone number on the Building page, click on the agent's name to open the Agent's Page on StreetEasy, and call one of the phone numbers the agent has displayed. Your privacy matters!
I ignore the top sales agents list. I lived in a complex as large as Skyview and laughed when I saw the "top agent" for our complex. He did not have a good reputation with sellers in the complex. He sold the most apartments by pushing low ball prices so he could sell quickly and get his commission. For those apartments that absolutely had to be repaired or sold to be marketable, he brought in his own people who did shoddy work (eg foam/plastic "crown moulding".)
I lived in Riverdale for 7 years, and have sold apts at Skyview in the past, and not have active listings at Skyview.
The old StreetEasy that we all knew and love is now owned by Zillow. If you doubt this, just scroll to the bottom of any page on StreetEasy and you will see the Zillow Sites, Inc copyright. In the old days when StreetEasy listed the top five sales agents and top five rental agents in a building, it was truly based on closed transactions by those individual agents. Unfortunately, that all changed when Zillow bought StreetEasy. They immediately saw an opportunity to charge agents, like myself, for the building expert slot. So, StreetEasy created the Building Expert title as a revenue stream for them, to sell as advertising to the agents in this market.
Since StreetEasy refuses to be transparent about this fact, I am simply stating the facts here, facts that may not be obvious to the consumer. On 25 June 2015, at an event called The Future of Real Estate, one agent asked Susan Daimler, the general manager of StreetEasy and Zillow NYC, “Does two sales in two years [make someone an] expert?”, and I followed that up by asking Ms. Daimer to (have StreetEasy) begin to display the words "paid advertisement" under each building expert as a way to be truly transparent to the consumer. She did not reply. Shouldn't the consumer know this fact? I think so. Here’s a link to a Real Deal article about that event: http://therealdeal.com/blog/2015/06/25/streeteasy-exec-takes-heat-for-building-expert-program/?utm_source=rss&utm_medium=rss&utm_campaign=streeteasy-exec-takes-heat-for-building-expert-program.
I am confident that you will find that I make it a point to really learn a building and its management, and Skyview is no different. I have had the opportunity to meet and get to know the managing agent, and the board’s requirements. I look forward to helping you to sell or buy at this wonderful coop.
You could also co-broke through a broker friend who'll do it for free or a discount broker like hauseit.com ... you engage buyers' agents in the interbroker databases they like to use plus you get on all the websites a regular broker would charge you 6% to advertise on. Free to few hundred bucks vs $100k on avg in NYC ...
@ 407PAS "Show me those statistics. I am sure all of the studies were sponsored by the real estate industry in order to defend their commission structure."
My answer to you, visit ACRIS (Automated City Register Information System) and run the numbers yourself. All of the statistics are derived from the New York City Office of The City Register and are public information.
Please stop being so skeptical, you may not understand where a statistic comes from and that's okay but to spew nonsense about things of which you know nothing about is plain irresponsible.
i, I saw the title and thought the owner was broke
Yes. I advertised on NY Times and several brokers called me and some attended my open house and offered to list my apartment as open listing. I offered them 2.5% commission if their client purchases my apartment. It works well for me so far. I have got an offer through a broker.
fsbo99, is right, advertise to offer 2.5% to the broker if they bring a buyer. This eliminates brokers not showing your apt, have a good lawyer and what you do is tell the broker with the interested buyer(sale price established) to call your lawyer. That's it..ohh and have a couple of open houses. Save thousands.
We had a great experience with Real Direct. Doug and Aimee provided a lot of useful guidance and the listing was only $395 for one month. We got a great offer about 4 days after listing. I highly recommend them: www.realdirect.com
Have any of you see this?
Not necessarily rating/review based but looks pretty cool
I haven't found any good websites for rating brokers and agents. Try Yelp, at least for who not to use. I used a recommendation from my loan officer and that worked out well for me. Anyone who has done NYC real estate long enough (e.g. your lawyer, loan officer, agent) has dealt with others repeatedly and would know of certain ones who stand out.
Thanks Richard for your professionalism.
The real answer is anything from nothing to tons. You may wish to start in rentals to familiarize yourself with the various types of buildings and because sales will take longer to break into.
My one recommendation is to be honest, don't over promise in your ads or on the phone/in person. Dont promise what you cannot be sure of delivering. This has worked well for me for over 20 years. Do the job, do it right and do it honest. If your manager or company misleads people with fake ads, bait and switch etc....run, leave.
>most agents earn about $50 - $80k in their first year in rentals.
I doubt that.
To answer your question, without landlord contacts and unless you're on a big team, most agents earn about $50 - $80k in their first year in rentals.
if you have sales experience, stick to sales. Make sure you have some money saved up first. The rental business is completely different and you can get stuck.
Too subjective. Just google anybody who wants your money.
Somebody complained about about a rental broker the other day, and it's now #4 or 5 in Google's results. In that particular case, the haircut alone would've sent me running.
BurnedOnce, is this your first week on earth?
Would any one be interested in sharing stories about real estate & mortgage brokers that bend the truth. It would be great to have a list of brokers people can avoid.