Out in the rest of the world, where brokers use MLS systems, it's always been pretty easy for me as a buyer to find out which owners were really motivated to sell by looking at the size of the fee split being offered to the cooperating broker community...ie the Buyer's Broker (aka the Selling Broker...confused yet?) A really motivated seller will up the fee paid to a cooperating broker to 3.5% or... [more]
Out in the rest of the world, where brokers use MLS systems, it's always been pretty easy for me as a buyer to find out which owners were really motivated to sell by looking at the size of the fee split being offered to the cooperating broker community...ie the Buyer's Broker (aka the Selling Broker...confused yet?)
A really motivated seller will up the fee paid to a cooperating broker to 3.5% or even 4% to draw attention to a listing in the "community". As a buyer, I'd just ask my broker to print out all the listings from the MLS and the fee split would show up on the bottom of the listing sheet.
How do you get this information in Manhattan? Is it available on Streeteasy? Is it only available on Streeteasy if you're a licensed salesperson/broker? What do cooperating brokers do to find out what fee splits are being offered?
Is OLR the defacto MLS in NYC for the cooperating broker community?
Inquiring minds want to know......
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Response by mjsalisb
almost 17 years ago
Posts: 177
Member since: Sep 2006
¿nada?
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Response by Arlodog
almost 17 years ago
Posts: 37
Member since: Jun 2009
Cooperating licensed brokers use OLR to determine fee splits, and many larger firms have their own proprietary data software (that essentially interprets this same information) but none of it is accessible to the general public. Your RE broker should be able to show you what the fee incentives are, however. And the lack of an MLS here is admittedly bizarre, but IMHO Streeteasy is slowly and organically growing to fill this MLS void for the New York public. Despite many who claim Manhattan is different and won't change, I think the transparency of the internet will render that a canard. Give it a little more time.
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Response by mjsalisb
almost 17 years ago
Posts: 177
Member since: Sep 2006
Thanks, Arlo...maybe the StreetEasy folks will think about publishing fee split info on their (insider?)listings in the next go around....Dawn? You there?
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Response by front_porch
almost 17 years ago
Posts: 5325
Member since: Mar 2008
You know that splits change, right? I get emails every week, sometimes every day, telling me that my computerized split on XX property has gone up for a limited time because now the owner really wants to sell ... it's not static information.
ali r.
{downtown broker}
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Response by mjsalisb
almost 17 years ago
Posts: 177
Member since: Sep 2006
Hi Ali....that's helpful info.....how are those emails generated? From OLR or from some inhouse proprietary software? Do you register your interest in specific properties or get emails on every listing in Mahattan?
Just trying to understand how things work here in NYC...
PS Starting to get into the whole Twitter thing so you'll be pleased to know I'm now one of your 109 followers!!! Tweet on!
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Response by front_porch
almost 17 years ago
Posts: 5325
Member since: Mar 2008
Thanks MJsalisb .. I will try to be smart in 140 characters!
¿nada?
Cooperating licensed brokers use OLR to determine fee splits, and many larger firms have their own proprietary data software (that essentially interprets this same information) but none of it is accessible to the general public. Your RE broker should be able to show you what the fee incentives are, however. And the lack of an MLS here is admittedly bizarre, but IMHO Streeteasy is slowly and organically growing to fill this MLS void for the New York public. Despite many who claim Manhattan is different and won't change, I think the transparency of the internet will render that a canard. Give it a little more time.
Thanks, Arlo...maybe the StreetEasy folks will think about publishing fee split info on their (insider?)listings in the next go around....Dawn? You there?
You know that splits change, right? I get emails every week, sometimes every day, telling me that my computerized split on XX property has gone up for a limited time because now the owner really wants to sell ... it's not static information.
ali r.
{downtown broker}
Hi Ali....that's helpful info.....how are those emails generated? From OLR or from some inhouse proprietary software? Do you register your interest in specific properties or get emails on every listing in Mahattan?
Just trying to understand how things work here in NYC...
PS Starting to get into the whole Twitter thing so you'll be pleased to know I'm now one of your 109 followers!!! Tweet on!
Thanks MJsalisb .. I will try to be smart in 140 characters!
ali r.
www.twitter.com/RE_Rookie