The Great Realtor Rip off -- Discuss

Where are all the fsbo's?

"social waste" of $8bn is a pretty strong statement

Do the job...I dare you. You will wonder why it's only 6%.

> According to Norm Miller of the University of San Diego, an average agent in Britain closes 40-50 deals a year, compared with just seven in America.

In NYC it's even fewer than seven. Looking at SE's broker stats, a few brokers get lots of listings per year, while the rest (thousands of them) get a few or none.

Over 8000 sales listing's on streeteasy in manhattan

15 fsbo's

According to folks like brooks,.we are a business full of poorly educated liars. Yet,.despite the technology, those are all numbers.

What does that say about the public?

No, you didn't. You just post stupid shit here constantly. Another unemployed loser who's smarter than everyone else. Brooksie

Thanks for the article, Brooks. I've been posting on the issue for a while. My estimate for Manhattan is 4 transactions (half-sided) per broker per year at a top firm, not including the part-timers. Really inefficient structure, but brokers fight for it tooth-and-nail.

If you ask a broker how they'd feel about a structural change where they'd sell twice as many homes for 2/3rds the fee each, they'd miss the point and explain to you how hard they have to work for the 6%. It's as if the NAR and brokerage houses have a social goal of large numbers of poorly-compensated brokers.

Ininada should change his name to "iamanexpertonabsolutelyeverythingeveryoneshouldlistentowhatihavetosayisobadlyneedattention"

More than $1000. Less than $1,000,000. I filed for an extension, so I'm still unsure.

Touchy subject?

No, but it isn't any of your business either, is it?

It's tough to count it when you get paid in pennies.

Did 67 not give you any dick yet today? Do you get lonely when he travels? Is that why you are kissing brooksies ass?

You're other boyfriend just checked in.

Actually, I ask most clients to pay by wire transfer. That way they don't have to wait at the bank. Then my firm pays via direct deposit.

You're anonymous on this board with a vested interest in not revealing your identity, who cares about "none of your business"? I'm curious what sort of income is associated with such a personality in the brokerage community. Not $1M, I guess.

he lives in a 1 bed walk up in midtown east .. i doubt he maid anything over 5 figures..

made

The Economist puts an interesting (dare I say academic) twist on things & they love to 'quantify' whether it's the Afgan drug trade or US Real Estate brokerage costs/income, putting an estimate on the 'situation' does raise an eyebrow. One key point they seemed to be making is how it seems curious that so many other industries have had brokers & middlemen cut out by the internet yet US RE brokers hang on with relatively high fees (for now!). It will be interesting to see what the future will bring. In the end we all (buyers & sellers) pay the fees.

inonada
35 minutes ago
stop ignoring this person
report abuse You're anonymous on this board with a vested interest in not revealing your identity, who cares about "none of your business"? I'm curious what sort of income is associated with such a personality in the brokerage community. Not $1M, I guess.

great. so you share what you made last year. since it's anonymous.

23 minutes ago
ignore this person
report abuse he lives in a 1 bed walk up in midtown east .. i doubt he maid anything over 5 figures..

brooks, wrong. my first apartment in ny, was, in 2005, a walk up one bed in mideast. i still live in the neighborhood, but, since i have a family, i have a nice pre-war two/two with terrace and proper working fireplace in a doorman building in the neighborhood. no real ameneties, but a huge space. you'd be jealous, most people are. we must be neighbors, since you are obsessed with the neighborhood.

What is an improper working fireplace?

columbiacounty
11 minutes ago
ignore this person
report abuse What is an improper working fireplace?

i will explain, just for you podunk, since you live in a place where fireplaces and potbellied stoves are probably still used for heat. here, in civilization, we have heated buildings. we don't need to build a fire to keep warm. so there are "deco" fireplaces, and for the lucky few who can afford, real fireplaces (though they serve no real purpose other than making you feel great about having one). I know you don't understand, just forget it.

Well I guess one thing is for sure, Jim doesn't have inonada on ignore.

"...they serve no real purpose other than making you feel great about having one"

Interesting analogy, though I'm sure there are exceptions.

Still waiting on definition of improper working fireplace.

columbiacounty, how were the deer? Did you have a good time?

For more context on columbiacounty and his deer, see this thread: http://streeteasy.com/nyc/talk/discussion/30830-brokers-are-obsolete

Do any Brit's know if the seller splits the commission with the buyer's broker? If so what percentage?

NWT: There are thousands of actors who have never landed a paying role. They are only actors in there own personal dreams. Same with brokers. Even worse. I know many actors who cannot get jobs who have become brokers that are not selling any inventory.

How many RE deals are executed by the top 1% in the field of brokers? I think it must be a substantial number. I also think that brokers are becoming more and more negotiable on commission fees. So US brokers may be slow to succumb to the laws of the internet but it will happen eventually.

definition of improper working fireplace: looks like a fire place, lights like a fire place, fills house with smoke prior to burning all to a crisp.

ah....thanks much.

probably limited to one time use, wouldn't you say?

columbiacounty had a pretty good acting gig for a while:
http://www.bing.com/images/search?q=muppets+balcony+old+guys

The chef at the 5 stasr Basement Bistro would probably take any deer and/or rabbits columbiacounty brings to him as he cooks only things grown/raised locally. Couod be an extra source of income for CC

columbiacounty doesn't kill and cook deer, he has a different type of relationship with deer.

Hones, people here actually know me so it isn't quite anonymous for me.

In any case, sorry to hear about the down year. Hopefully, it'll get better next time.

http://en.wikipedia.org/wiki/Perry_Mason

I have no dog in this fight, I am not a broker and I am not selling property.

I do think before you give your opinion on this matter you should explain where your coming from (Owner, Broker, Broker's Firm etc.).

I have no problem with a fee obviously, but 6% is insane.

>I have no dog in this fight, I am not a broker and I am not selling property.

Same

Mr. Iknowcocksbetterthanstocks thinks he's baiting me. Stupid silly little man.

nobody puts jim boner in a corner.

None of you at any rate.

What's up with your constant use of homosexuality for attempted insults? Is is plain homophobia? Or is jealousy from watching Eklund on Million Dollar Listing ever week and wonder how a former gay porn star is netting over $1M while you're sitting here on what should be a busy Sunday spewing hate?

Not cool. If you want to talk smack about me, go for it. But leave the gay-bashing out of it.

So back to in Britain:
an estate agent showed a lovely house in Hampstead Heath. It needed work and each time she pointed something out she said "They've been having a bit of trouble with this, but it should be sorted out in a jif."

I wonder how you guys feel about attorneys taking 33% of any settlement they get you? And yes the average manhattan agent closes 3 deals per year.

inonada
about 6 hours ago
stop ignoring this person
report abuse What's up with your constant use of homosexuality for attempted insults? Is is plain homophobia? Or is jealousy from watching Eklund on Million Dollar Listing ever week and wonder how a former gay porn star is netting over $1M while you're sitting here on what should be a busy Sunday spewing hate?

Not cool. If you want to talk smack about me, go for it. But leave the gay-bashing out of it.

Frederik seems terrific. As far as sitting here on a busy Sunday, I am a great delegator of lesser responsibilities. I'm sure if lesser agents were able, they'd do the same.

Love it, Dolly Lenz is doing calls a couple of hours after giving birth but Hones "delegates". You should give her some tips.

You believe everything you read huh? Gullible, and a cocksucker. Sad.

From my experience commission rates are less than you say in the UK...on the properties I've sold the rate has been 1 or 1.5%. To clarify I was the seller and not a broker, just simply moving up the property ladder over the years.

Here's how it works in the UK...the seller chooses an estate agent (that's a company and not just one person) to market the property and agrees a commission rate with them. If the agent feels that the property will be easy to sell then they will negotiate on the rate, at least that has been my experience. If the seller is in a rush then there is the option of placing the property with multiple agents but the commission rate is higher, I believe that's the 2/3%. Buyers contact the estate agents to see what properties they have on their books, the agent arranges the viewing and then if the buyer wishes to make an offer the agent handles the negotiations. The agent is the middle man.

so jim...

your secret to business success is to do nothing and insult everyone.

you should write and book.

columbiacounty, did you enjoy your time with the deer?

how come you always respond to comments directed to boner?

why are you so interested in boners?

how come you always respond to comments directed to boner?

why don't you bring back julia?

She seemed to go away around the time that alanhart and aboutready disappeared.

but that was your decision.

why?

So how were the deer? Did you enjoy your time with them?

why

Well, I'm interested in knowing if you enjoyed yourself with the deer.

why

would you like more?

"I wonder how you guys feel about attorneys taking 33% of any settlement they get you? And yes the average manhattan agent closes 3 deals per year."

What you're missing is that if commissions dropped to 3%, say, the average broker would make the same exact amount by closing 6 deals per year and the other half will drop out and do something else useful. It's not that the labor is over-tapped at 3 deals per year. There's just a whole lot of everyone chasing each other's tails for no reason.

Look at Hones -- obviously the guy does not have enough business to even fill a Sunday, but he'll spend all week chasing leads that get nowhere save for the white knight listing overpriced by 25% that he thinks he'll be the one to convince the owner to drop pricing, never mind the last 2 brokers.

>Look at Hones -- obviously the guy does not have enough business to even fill a Sunday, but he'll spend all week chasing leads that get nowhere save for the white knight listing overpriced by 25% that he thinks he'll be the one to convince the owner to drop pricing, never mind the last 2 brokers.

Stay on topic, what does that have to do with columbiacounty and the deer?

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Iknocoxbettertanstox once again thinks he's baiting me.

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Cunty, delegating isn't doing nothing. I realize thus is beyond you as well.

Now get on that your knees for inococks

bring back lucille.

or julia.

or...

or...

or...

columbiacounty was "delegated" out of his firm a decade ago.

why

you'd have to ask

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you must enjoy coming back to NYC where the internet works fast

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good question

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