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Buyer's Wish List

Started by Appleluv
about 14 years ago
Posts: 4
Member since: Jan 2009
Discussion about
Having been involved with several transactions in years past, we recently started looking for another purchase as an investment. Is it just me or has the broker profession become less professional? In the current process, I've met many different brokers ( both sides) and thus far, I've been under impressed. Thought I'd start this thread as a guide sheet for brokers based on my not so great... [more]
Response by ab_11218
about 14 years ago
Posts: 2017
Member since: May 2009

9) DON'T lie that you have an offer out and the buyer needs to put an offer ASAP to get the apartment.
10) DO find out if the building allows pets and what kind so that you don't drag buyers with a 50 lbs dog to a no pets building.
11) DO find out what the sublet policy is.
12) DO find out what the down payment policies are to ensure the buyer is able to purchase the unit.
13) DON'T say "Financials of this building are great" if you have no clue at all.

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Response by generalogoun
about 14 years ago
Posts: 329
Member since: Jan 2009

14. DO arrange a showing for a time when other building amenties such as gym, play room, etc can also be seen.

15. DO NOT steer a buyer to a particular listing simply because it's from your own agency and/or because your office manager wants that listing sold.

16. DO say "I don't know but I'll try to find out" if you are asked a question to which you do not know the answer.. and then DO make the effort to get the information to the potential buyer ASAP.

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Response by bramstar
about 14 years ago
Posts: 1909
Member since: May 2008

At an open house - don't stand over me like a salivating hound making sure I sign in. Don't follow me around step for step--I want to be able to speak freely with my husband without you hanging onto every word.

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Response by front_porch
about 14 years ago
Posts: 5249
Member since: Mar 2008

I wonder what niche you're looking in. I went to four UWS 2-3 BR open houses this Sunday, and I caught 3 senior brokers who knew their product cold and were fantastic -- and only one "show-er" who was new enough that he didn't know the apt.

ali r.
DG Neary Realty

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Response by tina24hour
about 14 years ago
Posts: 720
Member since: Jun 2008

This is a truly helpful list that I will share with the agents in my company. It reminds me of the 100 restaurant do's and don'ts from the NYTimes: http://boss.blogs.nytimes.com/2009/10/29/one-hundred-things-restaurant-staffers-should-never-do-part-one/

I think it might be useful to divide the list into a) advice for agents representing properties (1,2,3,7,both 8s, both 9s, 10-14, and 16) and b) advice for agents representing buyers (all the rest, plus 16 as well).

If you are an agent running an open house, by all means you should know about sublet, down payment and pet policies (though it is often the case that, for legal reasons, you may not know about the building's "financials"). And of course a thorough listing is preferable (though some co-ops frown upon square footage calculations, preferring # of shares as a unit of value rather than ppsf). What you may perceive as respecting open house clients' privacy sometimes translates as "I can't be bothered"; conversely, taking all potential buyers seriously may come off as the "super suck up" attitude of "a salivating hound". Learning to walk that fine line can distinguish a successful broker from an object of scorn and derision.

If you are an agent representing a buyer, many of the items in the original list ring true. But if I am setting up a dozen initial showings for a new buyer client, I am unlikely to have the same breadth of knowledge as the listing agents, unless I happen to have sold a similar unit in the same building. If a client is truly interested in one of the properties I have shown her, I will absolutely follow up with all the due diligence I am permitted by law. But I'm not going to do that before we show up at an open house - my time is valuable, too, and best spent researching the properties you are genuinely interested in.

Tina
(Brooklyn broker)

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Response by needsadvice
about 14 years ago
Posts: 607
Member since: Jul 2010

Do NOT continue to have open houses after the contract has been signed by both sides. Seriously, what IS that?

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Response by bramstar
about 14 years ago
Posts: 1909
Member since: May 2008

Needs--it would be very unusual for showings to continue to happen after signing. I've never heard of that happening. It is standard, however, to continue to show for back-up after contracts have gone out but before signed papers have been delivered.

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Response by Sunday
about 14 years ago
Posts: 1607
Member since: Sep 2009

Tell the seller and family to take a hike during the showing.

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Response by falcogold1
about 14 years ago
Posts: 4159
Member since: Sep 2008

17) always smell like lavender and have blonde hair
18) Try to maintain focused attention for at least 30 seconds IN A ROW
19) Practice identifying body language and facial ticks that give away insincerity.

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Response by bramstar
about 14 years ago
Posts: 1909
Member since: May 2008

falco--LAVENDER?? Seriously? No Theirry Mugler Angel or Viktor Rolf Flower Bomb? Or at the very least some Victoria's Secret Pear Glace Splash?

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Response by sjtmd
about 14 years ago
Posts: 670
Member since: May 2009

Know what the pied a terre policy is, and what recent history of the board has and has not allowed.
Know what the renovation policy is and how it is implemented.
Know if there is storage, bicycle room, gym - and any costs associated.
Know the specifics of any assessments, etc - why, for how long.
Take responsibility - I have grown tired of hearing this at open houses - "I am sitting in for the agent - sorry I cannot answer all your questions. Write your mail address clearly and I am sure he/she will get back to you."

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Response by generalogoun
about 14 years ago
Posts: 329
Member since: Jan 2009

** Do NOT continue to have open houses after the contract has been signed by both sides. **

YES PLEASE don't do that. I've seen it before, it has happened to us -- the property was being shown and offered after we signed a contract and handed over the deposit.

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Response by inonada
about 14 years ago
Posts: 7718
Member since: Oct 2008

The obvious response there is to go see another of the listing broker's places and place an offer there as well which he/she is required to communicate.

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Response by 300_mercer
about 14 years ago
Posts: 10214
Member since: Feb 2007

20) State the correct square footage (Gross and Net excluding exterior walls and stairs).
oops that would be hard as it would make it harder to inflate the square footage.

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Response by w67thstreet
about 14 years ago
Posts: 9003
Member since: Dec 2008

WTF r u smoking. They wouldn't be brokers if they went out and did 1-9. Fk every time my wife beytches about our nannies, I gently remind her that those r the qualities that keep them as nannies.

Like the other day, having to remind them to give me change for takeout. $100 bill for $50 meal. Waited 3 days, then had to say, 'do you want me to net the change against payroll or do you want to cut me a chk'. Put a smiley face on it, so she won't spit in my kid's dinner.

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Response by w67thstreet
about 14 years ago
Posts: 9003
Member since: Dec 2008

Let her use kid's van for 2 weeks over winter break. Big glowing Fking gas empty light. What a surprise!

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Response by w67thstreet
about 14 years ago
Posts: 9003
Member since: Dec 2008

She drank our orangina. Like completely emptied our stock. WTF.

But you know what? She ain't asking $60k for 10 hours of work. So my nanny wins!!!!!!

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Response by swiftykat
about 14 years ago
Posts: 15
Member since: Mar 2007

21) Do not put your listing on and off the market several times over the course of a week and say it's not for sale anymore, it's for rent now, then it's off the market, then I see an open house for sale scheduled??? At the very least, let people who expressed interest before that it's back on the market and the open house is on x day...

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Response by ssakamoto
about 14 years ago
Posts: 3
Member since: Dec 2009

Tina, I have two more for your list:

1. Don't show listings that are 20% over the buyer's limit.

2. DO return emails after the buyer says they can't spend that much.

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Response by rkravath
about 14 years ago
Posts: 5
Member since: Apr 2007

Barrier to entry for new brokers is too low. Find a good buyer broker and dont deal with the sharks representing the sellers.

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Response by needsadvice
about 14 years ago
Posts: 607
Member since: Jul 2010

Here's another: Don't say "There's nothing like that in your price range" when I am on the other end of the phone with a printout from Streeteasy that shows plenty of those in my price range. The MLS is not a closed system anymore. If you are too lazy to even take a look on the MLS for me, then you don't deserve my business.

Or here's my favorite TRUE STORY: don't give me a picture of yourself as the congrats gift at closing. Seriously?

WAIT THERE'S MORE: When you're visiting to drop off paperwork, don't ask me why you don't see the picture of yourself anywhere. WTF?

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Response by NYCREAgent
almost 14 years ago
Posts: 156
Member since: Sep 2010

rkravath has a good point. Most people with a buyer broker don't realize that the sellers broker is representing, well, the seller. So, while it's fine to think that having access to information is all you need, getting to the table without someone on your side isn't always pretty.

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Response by NYCREAgent
almost 14 years ago
Posts: 156
Member since: Sep 2010

without, rather

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Response by bburg_curious
almost 14 years ago
Posts: 17
Member since: Nov 2010

Seller's broker:
1. DON'T say nobody can predict taxes after the abatement runs out. There is an estimate in the Offering Plan, that is the number a buyer wants to know
2. DON'T lie about the tax abatement status - we'll see the offering plan.
3. DO know the number of units in contract in the building. Do not lie about that number, especially when a mortgage approval depends on it.

Buyer's broker
1. DON'T say everybody in NYC sells after 5 years, so it is crazy to plan beyond that.
2. DON'T submit the offer until the questions regarding the property have been answered.
3. DO have recommendations for a plumber, where one can check city's chemical spill records, etc.
4. DON'T sign people up for open houses without telling them.
5. DON'T tell a client that after the company takes 1/3, your boss takes 1/3 then you are left with what amounts to a minimum wage, so you don't have to address my questions.

Has anobudy ever really benefitted from having a buyer's broker? I felt it added an extra level of astraction and delay. However, I was very thorough and did a lot of my own research which I guess a knowledgeable broker would have brought to the table.

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Response by veggiefleur
almost 14 years ago
Posts: 7
Member since: Apr 2009

Don't tell me I should love every apartment you show me. Some of them are totally inappropriate for me and you know it. Some of them are complete dumps! If you represent me then you should have my best interests in mind. I can easily replace you.

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Response by BLOOMSDAY
almost 14 years ago
Posts: 128
Member since: Apr 2010

Don't tell a buyer that their offer is an insult, then try to extract an offer that is 10% higher but the buyer refuses. When the apt sells a few months later for the price you considered "insulting" and least a mea culpa call would be nice.

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