How to pick a broker?

1) Recent closed sales in your market segment.
2) Current/past listings that strike you as effective
3) Active listening; a broker needs to understand your situation and your objectives.
4) A good fit between your personality and his/hers.

Also, if you live in a coop - especially one with a tough board - recent sales in the building are a big plus.

West81, I'd be curious about your tips if you're looking to buy, specifically an UWS pre-war. Does knowledge of buildings' boards matter? We're just about to start looking and aren't sure if we should go it alone or work with a broker. And if we should go with a broker, how do we find/choose one?

West81st...I agree completely. If you are selling and have a doorman ask which brokers are active in your building and who they like. You would be surprised at what they know. Then invite 3 or 4 to come in and "pitch" you. My one word of caution, if someone promises they can get way more money then the other brokers, steer clear if you really want to sell.

NextEra, if the selling broker knows the building, your broker doesn't have to. I'd go to a few open ihouses on my own and see how you feel. I prefer to go to open houses withuot my broker, but wouldn't do this on my own. Co-op packages can be tough to navigate and a good broker usually has a good attorney as well.

Good luck on buying AND selling!

everything that had been said here is very logical, but.....
i went with a broker that sold tons of apartments in my buliding- we are talking tons!!!! that was his claim to fame, and when the market started collapsing that was all he had to say and in the end did not sell the apt. i went with someone new and i liked what they had to say, they knew little about the building. they worked their butts off and sold the apt.

All very helpful. Thanks, everyone. So what about more bad signs? Like the broker who says he can sell for a lot more than others. Any other warning flags to watch out for?

Here's a slightly different approach - instead of simply evaluating what they are offering, why not have a checklist of your own?

-Insist on professional photos and floorplans - they should be part of your listing from day one.
-Advertising in NYTimes at the very least; ask for a "featured" listing in Streeteasy, Trulia, Property Shark, etc..
-If you are going after a high-end buyer, or even just buyers over $1M, the advertising commitment must be long term and inventive; even a well-priced (i.e. 20% off recent comps) apartment over $1M may take a while to sell. Make sure your broker will continue to actively market the place if nothing happens in the first six weeks.
-Ask what types of buyers they have currently - what are their buyers looking for? Ideally, you'll find a broker who has qualified buyers lined up looking for a place exactly like yours. What have their buyers bought recently?
-What banks have they dealt with to facilitate loans for properties like yours? See if they can have a bank/mortgage broker draw up a sheet showing loan options for buyers of your actual apartment. It helps buyers and sellers to know that a bank will underwrite the mortgage for your property.
-Ask for them to provide a stager. They may not want to pay for it, but you can usually get them to (at least) split the cost with you. Staging is KEY.
-Ask what their co-broke policy i. You want them actively marketing the property to other brokers. Ask them to hold a brokers' open house. See if they'll provide lunch.
-As always, you'll want a CMA - a comparative market analysis - to support your asking price.

Please know that in this market, your initial asking price needs to be realistic to ensure a timely sale. There is no margin in starting high to see if anyone will bite. They won't. Buyers are looking for value. Find a broker who knows how to maximize your apartment's exposure to the very people who are in the market to purchase it. But don't expect them to find any suckers. They're not out there.

Good luck!
Tina
(Brooklyn broker)

In this market, working with a broker who knows co-op boards is essential. You need someone who can put together a stellar board package and present your best foot forward. I am hearing many stories of board turn downs--you want a broker who can best help you navigate.

In terms of a listing broker, you want to see how they market EVERY property-not just the high end properties. You'll want to know what their brochure looks like, what kind of marketing $$ they are willing to lay out; any other creative aspects to their marketing plans. What does their web site look like? What kind of traffic does it get? Do they use a professional photographer for every listing? What about floor plans?

Also, feel free to ask a broker for references--both on the buy side and the sell side...