Brokers and developers say that commissions on large projects are negotiable, but typically range from 1% to 3% for selling brokers. "That is a big number when you are talking about $2 billion," he said. ...when Mr. Barnett kicked off marketing at his most ambitious building yet, One57, he opted to hire his own sales staff. "To be frank, there is an awful lot of money in sales commissions and we... [more]
Brokers and developers say that commissions on large projects are negotiable, but typically range from 1�% to 3% for selling brokers. "That is a big number when you are talking about $2 billion," he said.
...when Mr. Barnett kicked off marketing at his most ambitious building yet, One57, he opted to hire his own sales staff.
"To be frank, there is an awful lot of money in sales commissions and we want to get a piece of that ourselves," Mr. Barnett said.
During the housing boom, sales teams from major brokerage firms made millions by helping with the development of ever-more extravagant buildings and then generating commissions from selling apartments.
But with buyers more cautious, more big developers with a focus on the bottom line are taking a do-it-yourself approach, forming internal sales teams.
http://online.wsj.com/article/SB10001424052970204452104577059120624328602.html[less]
