Can anyone recommend a good broker on the UWS

Yes, definitely. I worked with Doug Heddings and recommend him highly. Straight with us and always cheery, a pleasure

what agency is he with?

He's independent - under the aegis of Charles Rutenberg. http://www.heddingsproperty.com

Michael Pelligrino at Sotheby's.

Who has sold recently in your building? Interview at least 3 persons and ask for references.

One of the most valued SE poster is West 81st. He specializes on the UWS and knows the market very well.
michael@burkhardtgroup.com

michael@theburkhardtgroup.com

90% of being a good broker is to price correctly, right from the beginning instead of letting the market do pricing for you.

What kind of apt are you selling?

I dont work with sellers anymore, only buyers and the coming new urbandigs.com...however, I would recommend Paul Anand at Sotheby's International for at least a visit, pricing and marketing strategy. Paul.Anand@Sothebyshomes.com

NYCDreamer: Thanks for the kind words. I'm still focused on a small buy-side practice, but I'm happy to offer advice to sellers.

mjh1962: It's hard to say one broker is "the best" for the whole Upper West Side. The neighborhood comprises diverse sub-markets, and each top broker has her area(s) of focus. So I would repeat 10023's question: "What kind of apartment are you selling?"

'Digs: For the Upper West Side? The one time I crossed paths with him here, his pricing overshot by $800K on a $1.85MM sale.

That said, I have to disagree with 10023's contention that pricing is 90% of the package. The great sell-side brokers are closers. They close listings, and they close sales. The top dog at BHS-UWS is just an OK pricer, but she's an awesome closer. The alpha female at Halstead-UWS can't price her way out of a paper bag, but she closes deals.

West - I think you need to consider something as I know you are referring to this listing:

http://streeteasy.com/nyc/sale/390025-coop-205-west-84th-street-upper-west-side-new-york

Sometimes as brokers work for sellers, the seller gets VERY stubborn and wants to try something their way. As a seller broker, you eventually learn what you have to do to make deals. I agree with the best sell side brokers close deals, but I know many great sell side brokers that have listings that are overpriced and eventually close. Look at the listing history of the apt you basically blame the broker I recommend for overpricing by 800K. After 3 weeks, it was reduced 17% or 440K, less than 4 weeks later, reduced another 10% or $210,000. I know the property and the situation there. The broker recommended, as did other brokers recommend to that seller, WHERE the listing should be priced. However, this seller, like many sellers had little time pressure to sell and felt his unique property with his own renovations were worth more on the open market than what the brokers were advising him. I recall Paul telling me on the onset he recommended the place be priced in the high 1.9s and likely will sell in mid to high 1.8s..spot on. But the seller had a different plan. So, the broker makes a verbal agreement up front that goes like this - "That is fine, but as you know what you feel your property is worth and what I am telling you your property is worth are two very different things. I will try your strategy first, with the understanding that if we do not get traffic or acceptable bids in the first 3 weeks we do a major price cut. Still, if we get no traffic in the next 3-4 weeks, we get the price closer to where I suggested from the beginning that you price it. I will work my a$$ off the entire way through for you, but at least you get to satisfy your desire to test the market and see if you are right about pricing, I hope you are. Deal???"

After 6 weeks, the seller listened to Paul and the ask was $650,000 lower. Now I ask you, is this Pauls fault as a broker? Are we to believe Paul suggested the seller price at 2,650,000 and as a result, we criticize how wrong he was? Sure you can. But that is plain wrong and to not understand what in reality happened. Fact is, it was priced right after 6 weeks. However, as I wrote many times on UD, the markets were uber depressed in April of last year and only started their progressive improvement then. It took a few months to gain steam and the improvement was slow to start and began in lower price points. Over time, it trickled to higher price points. After 7 months, the market improved to the point where a bid came in at 1.85m level. I know for a fact bids came in the 1.7s range in the 4-6 months before, but seller didnt take it. The improvement with time of those bids to 1.85m eventually led to the sale.

My point? Good brokers will handle a tough and stubborn seller that chooses to test the market like Paul did here. At least he educated the seller enough to get a 650,000 reduction after only 6 weeks. That to me is telling and to understand the nature of working with sellers in this marketplace. Not every seller is realistic and forthcoming about listening to a brokers' advice!

'Digs: Thanks for the color, and I completely agree. I didn't intend to blame the broker for the specific situation. I'm sure he's great, and in that one case, the fact that he kept the listing after the initial belly-flop suggests that even the seller didn't blame him. My point was that his track record in the subject neighborhood appears very thin.

One general point about situations like this: I think brokers underestimate the degree to which they personally own the prices at which they list properties. Going along with an unreasonable seller may make tactical sense in the short run; but as the Internet preserves that history, a trail of nutty asking prices will tend to erode a broker's credibility. In the old world, only the discount to final ask generally mattered. Now the whole life cycle of every listing is out there for the world to see. If I know that a particular broker has a record of ambitious asks, I tend to discount - or even ignore - his opening prices.

On the other hand, you and I follow apartment prices with freakish compulsiveness, so this topic may be of narrow interest, even among brokers. Apologies to mjh1962 for hijacking this thread.

"In the old world, only the discount to final ask generally mattered. Now the whole life cycle of every listing is out there for the world to see."

Very interesting West! I know Heddings now has a DISCOUNT FROM LAST ASK on his site. Doug is a friend and I admire his passion to be on the leading edge of innovation in this industry, as a proven success in Manhattan real estate. But to me, discount from LAST ASK is quite misleading. I mean, take that one example I provided above.

DISCOUNT FROM ORIGINAL ASK ---> 30%
DISCOUNT FROM LAST ASK ---> 3.8%

WOW, quite a difference. If the broker would start advertising that he gets his clients within 4% of misleading to the target consumer. Im not saying its bad or wrong, simply misleading. It is especially misleading for the seller to see when the discount from LAST ASK starts to exceed 100%. So sellers start to think that working with a broker will get them a bidding war over ask.

Now the problem, as you state with your ambitious ask remarks, is that the original ask is very likely a function of the sellers desires and less likely a sign of the broker's provided advise on how to price properly. Thats the thing. Many brokers got to the point where they will simply not work with unrealistic sellers, while other brokers will take on the listing knowing the first 2-3 months are a waste to get through to a stubborn seller that needs to see for themself that what they think their place is worth in open market, is wrong. Since agreements are 6 months in duration generally, brokers will focus on the latter part of the period to close the deal.

I should refine my point. To be a top-grossing/selling broker, you have to please the seller to some extent. If your intuition or people-sense tells you that the seller would rather set an ambitious price and suffer death by a thousand cuts, you do it. IMO, the few "top" brokers I know, if you said that you wanted to get the apt sold quickly, would price for you correctly. They have to dance delicately around the egos of the sellers as well as maintain their reputation with the buyer/broker community. So it's not to say that they can't price properly, it's that they are not going to given the seller's circumstances. Of course, the market is segmented, and in some segments, you don't really have to price properly because it is possible to perform price discovery without damaging the sales price in the end.

I went to an OH this weekend that was held by a top broker, who did it herself (surprised me as it was far from her higher-priced listings). She communicated to me very effectively that there was room for negotiation without talking down the listing. It's interesting that we should be discussing what makes a good broker, as I was pondering on how "good" I felt after chatting with her as opposed to the vast pool of so-so brokers out there. What makes her a good salesperson is that if I was in the market for that sort of apt, I would walk away feeling kinda bad if I didn't make an offer.

I don't know that allowing the seller to dictate high asking price to start necessarily damages the broker's reputation, even when it ends up with a lower selling price. As long as the broker is able to point to examples where they were allowed to set the asking price, and sold quickly. I think the market recognizes that there is such a thing as seller's ego.

the problem is that brokers are taking listings where the seller wants an unrealistic ask (20% above market). if all the sell side brokers would tell the seller to go to *#@&, maybe he/she would realize.

i've seen listings during the hot market of 2007 being priced at 20% above and sitting there for 6 months with a decrease of up to 10% of initial ask. that did not move the properties.

it's time for the seller brokers to realize that this isn't a hot market and price the properties correctly or let some idiot take it and sit with it for 6 months. if the seller is serious, the good broker will get a call and they will be able to price it correctly without throwing money in the wind for advertising something that will not sell close to ask.

"the problem is that brokers are taking listings where the seller wants an unrealistic ask (20% above market). if all the sell side brokers would tell the seller to go to *#@&, maybe he/she would realize."

aha! after years of working with sellers and understanding HOW to make good money in this business, you will learn that this is NOT the best strategy. Look at Carrie Chang's portfolio of listings, certainly a top performer. Do you think her success breeds this type of business model? No way...part of this business is time and recycling business. Get a overpriced $20m exclusive that is really worth $15m, and

a) you have a chance to SELL IT and earn

and..

b) you have a chance to expand your potential pool of buyer clients in the $20m price point

AB: why is it a problem? For whom, exactly? Agree with Digs.

Poor mjh, you need a good broker. Get your apt priced by the "top" UWS brokers - Ann Cutbill Lenane, Deanna Kory, Lisa Lippman, Brian Lewis. Depending on your apt, you may not get the personal attention you want from them. Look to see who has sold in your bldg, and see what price they suggest, get a feel of whether they are good salespeople. I would go with one of the two (top broker or broker who has sold in your bldg).

Thanks for the suggestions all very helpful!!!

10023: That's quite an All-Star Murderer's Row. I appreciate the inclusion of a token male, though he doesn't reach the bleachers as regularly as the slugging women on your list.

I suppose I'd better include the baronial Daniel Douglas and James Perez. The Pashbys, Robert Browne, etc. I guess I think more of them as carriage-trade types who do well in specific sub-markets. James Perez gets a special call-out for upper RSD and WEA apts. I do like Brian Lewis for the smaller apts on UWS.

I think it would help to know more about the apartment -- I think of Ann Cutbill Lenane and Rick Wohlfarth as both great UWS brokers, but I would recommend them for different things.

Here are the questions you want to ask:

1) what was the last apartment that you sold that was like my apartment (price range, historical period, micro-location, state of renovation -- whatever) and what did you do to sell it?

2) What was the last big failure you had and why did it happen?

3) what makes you determine what price to list my apartment at? (you want to beware of hiring the broker who tells you that your apartment is worth the most, because they are probably "buying" your listing.)

4) who will show my apartment and how often? if it's someone on your team, what will you do to manage and direct them?

5 (if you are in the $2mm plus market) How can you find a qualified buyer and what will you do to help them through financing hurdles?

6) What will it cost me in terms of commission?

oh, and West 81st -- How about John Burger? Do you think of him as an East Sider? Because snagging Conan's listing certainly has put him in the news as an UWS powerhouse.

ali r.
DG Neary Realty

FP: John Burger is one of a group of all-round power brokers who aren't neighborhood specific. They know their $$$ market and what they might want to drop $$$ on, on any given day. Maybe I'm wrong, but I don't think mjh is selling a trophy kinda-place. If you wanna talk power brokers, I would add Sharon Baum, Carrie Chiang, Wendy Maitland, Copabianco, etc. to that list.

To me, a UWS workhorse/powerhouse is someone who can price/sell/close a studio as well as one of the 4 Beresford tower apts. I like Wohlfarth as a relic of the old-style UWS broker, but he isn't in the same category as ACL. And I'm not ACL.

As to someone's suggestion of Doug Heddings, I second that too. I've had (small) dealings with him, and he is top-notch, professional and can certainly sell studio to 3br+ on the UWS. If you let him, he will price aggressively and sell the place with a minimum of fuss.

10023, the "different league" perception is interesting, but remember, to the individual client, the stat that someone closes dozens of deals a year may be very meaningful ("I want the top broker in my area") or it may not be meaningful at all ("I want top price for my apartment -- I don't care if that correlates with a broker's sales volume or not"). Objectively, volume might matter more if you a dealing with a building where it looks like the broker has a large market share in that building. ("I want him because he's already sold three apartments here, and he's the name people would think of if they were interested in this kind of thing.")

I still maintain we don't know enuf about mjh's situation to give meaningful advice.

ali r.
DG Neary Realty

Ali: I agree; not enough information. That said, I think Lisa L. could sell pork to the Taliban.

W81: I'm gonna tell your wife that you have a crush on LL. She has gotten some things in K lately that I thought were telling of a good salesperson.

FP: I reco'd the high-volume people only because I know they can (given willing seller) price well. Mjh can then take those #s to the brokers in his bldg or lower-volume people and compare. So use 'em for price discovery, and then take it to a lower-volume broker if you want personal attention (not that low volume nec. correlates with personal attention).

heddings is def a solid choice..the guy is proven.

mjh1962: Please e-mail me if you have a moment. I have a question for you, and a suggestion. Keith posted the address above: michael@theburkhardtgroup.com

Pardon the extra bump. My previous post doesn't seem to have bumped the thread.

Re: Paul Anand: he was so rude on the phone that I was put off sufficiently enough that I'd not want to deal with him.

Michael Reed with Brown Harris is the best there is!