Hi, I spent quite some time looking for apartments on StreetEasy, but I saw quite a few, that entered contract/sale straight on the first day of their appearance on SE. And those listings tend to be of much higher quality than those generally listed on SE. This made me think there's something going on outside of SE, and thus I am missing out on something. Based on that, I am wondering if brokers... [more]
Hi,
I spent quite some time looking for apartments on StreetEasy, but I saw quite a few, that entered contract/sale straight on the first day of their appearance on SE. And those listings tend to be of much higher quality than those generally listed on SE. This made me think there's something going on outside of SE, and thus I am missing out on something.
Based on that, I am wondering if brokers have access to some other universe of listings that don't hit SE. Or maybe some of the best listings just go straight to exclusive brokers first, and only then they hit SE?
Anyway, my main question is this: I have decided to try out to use a buyer-side broker, even though I feel I by now have some decent knowledge of all Manhattan apartments in my range. How do I find one?
Do I just walk into the most shiny office of a broker of my choice in my target neighborhood? Or do I find them on Internet (I am most sceptical about it, as those ranks are so easily hyped)?
Also, I am thinking of either Corcoran or Prudential Douglas Elliman broker. Any comments? My target areas are UES or Midtown-East-South.
I would appreciate any ideas.
[less]
Response by kar3f
almost 16 years ago
Posts: 57
Member since: Sep 2009
I have attended many open houses in the last few months and have spoken with alot of brokers. In general, I have found Prudential to have the LEAST qualified brokers. When at open houses, I ask questions and more often get WRONG answers from Prudential brokers. In one example, two of their brokers (who claim to specialize on the upper west side) insisted on trying to help me find an apartment. So, I asked a few questions regarding different complexes such as lincoln towers. They didn't know anything about lincoln towers, including where it was... Then, they sent me listings via email. These listings were totally inconsistent with what I said I was looking for.
Another example (in another part of townn): I attended an open house for an apartment and asked how strict the coop requirements are for debt to income ratio. The broker had never heard of this type of requirement and said that the only requirement they ever heard of was 25% downpayment. The owner was also there and answered my question saying that the debt:income ratio requirement is 28% which is standard at most coops, but that they may allow up to 30% in certain cases. The broker still didn't understand...
At other open houses, I have received misinformation about the apartment and it's assessments. Again, more often the misinformation comes from various brokers at Prudential.
I have never used a Prudential broker and have no grudge against them, but after asking alot of questions at open houses, I believe them to be less qualified than other brokers. I, too, am looking for a buyer's broker. But, after my experiences, I have determined I will NOT use anyone from Prudential.
Ignored comment.
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Response by front_porch
almost 16 years ago
Posts: 5320
Member since: Mar 2008
nyc9, to find a buyer's agent, you ask people you know (maybe at work, maybe from college -- doesn't have to be people you see every day) for a referral.
I work Manhattan, but I'm not too fond of the East Side. Consider talking to Barbara Fox, who runs Fox Residential, a boutique firm up there; Jackie Teplitzky at Elliman (who is very knowledgeable); West 81st here on this board (who I believe knows the East Side too, and who you could find at the Burkhardt Group) and Gail Haft of Fenwick Keats, who knows the Sutton area. At my firm I refer East Side clients to Michael Walsh, who is fantastically energetic and has been working the East Side for ten years.
IMHO you are looking for local knowledge, but even more than that you are looking for someone who clicks with you, who understands what you want, and who is going to be both helpful and honest.
I have attended many open houses in the last few months and have spoken with alot of brokers. In general, I have found Prudential to have the LEAST qualified brokers. When at open houses, I ask questions and more often get WRONG answers from Prudential brokers. In one example, two of their brokers (who claim to specialize on the upper west side) insisted on trying to help me find an apartment. So, I asked a few questions regarding different complexes such as lincoln towers. They didn't know anything about lincoln towers, including where it was... Then, they sent me listings via email. These listings were totally inconsistent with what I said I was looking for.
Another example (in another part of townn): I attended an open house for an apartment and asked how strict the coop requirements are for debt to income ratio. The broker had never heard of this type of requirement and said that the only requirement they ever heard of was 25% downpayment. The owner was also there and answered my question saying that the debt:income ratio requirement is 28% which is standard at most coops, but that they may allow up to 30% in certain cases. The broker still didn't understand...
At other open houses, I have received misinformation about the apartment and it's assessments. Again, more often the misinformation comes from various brokers at Prudential.
I have never used a Prudential broker and have no grudge against them, but after asking alot of questions at open houses, I believe them to be less qualified than other brokers. I, too, am looking for a buyer's broker. But, after my experiences, I have determined I will NOT use anyone from Prudential.
nyc9, to find a buyer's agent, you ask people you know (maybe at work, maybe from college -- doesn't have to be people you see every day) for a referral.
I work Manhattan, but I'm not too fond of the East Side. Consider talking to Barbara Fox, who runs Fox Residential, a boutique firm up there; Jackie Teplitzky at Elliman (who is very knowledgeable); West 81st here on this board (who I believe knows the East Side too, and who you could find at the Burkhardt Group) and Gail Haft of Fenwick Keats, who knows the Sutton area. At my firm I refer East Side clients to Michael Walsh, who is fantastically energetic and has been working the East Side for ten years.
IMHO you are looking for local knowledge, but even more than that you are looking for someone who clicks with you, who understands what you want, and who is going to be both helpful and honest.
ali r.
DG Neary Realty