Broker recomendations

http://www.theburkhardtgroup.com

You don't pay any fees either for your broker or the seller's broker. The seller pays all fees. If there is a seller's and a buyer's broker, they share the 6% fee. If you enter negotiations without a broker, the seller's broker's fees are reduced by about 1%.

If you use your own broker, this can help with negotiations since he will verify your financials for the seller's broker. If you make an offer without a broker, the seller may consider that he's netting 1% more with the reduced broker's costs.

But the fees are included in the price, so essentially I am paying for that. The seller gets 6% less. And it seems that no brokers are willing to say reduce their fee % so the purchase price is less yet the seller can still net the same amount. By the way everyone I know, in Manhattan, that sold still paid the 6% to the broker even when the seller didn't have one. Seems they don't budge. So instead of them settling perhaps with 4%, I would get a broker as the buyer and now they will only get 3%

Anyone else hear of THE BURKHARDT GROUP memtioned above. I looked them up. Like the fee arrangement, but can't seem to verify any closings. The don't list properties/deals that they closed. Just a few unidentified notes on their website.

Can anyone else comment on them?

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We will be improving our web site soon...Scroll down.

http://theburkhardtgroup.com/agents_details.php?agent_ID=7619

Best,

Keith Burkhardt
TBG

Keith will be on here shortly to describe his great business model. He's real and well-liked here. HE can save you a lot of money through his rebate if you are willing to be your own negotiator. He's a conduit mostly during the bidding, and he will do the headache of the board package your target is a coop.

Regarding your broker fee shopping, you can't do that overtly as the buyer. It's contractual between the listing agent and the buyer- what you have to do (if you don't use Keith) is negotiate to a 1-2% bid/ask and then tell the listing agent, "I don't have a broker, you make up the difference"

cresent22 Thanks for the kind words. But for the record we actually handle all aspects of the negotiations :) There really is not much we don't do, just don't want our biz model to be misunderstood.

Keith Burkhardt
TBG

Hi Keith, What real estate attorneys do you refer to?

I used an attorney whose name has been mentioned here. You can do a search into past threads. I used Steve Gittleson and he was competent and his fees were very reasonable. Before using Steven,I also called up several names that had been mentioned in the forum before and interviewed them.He answers his own phone and very quick to respond.Tell him Nick referred you.

apt55 i have used Burkhardt group when i bought my apartment last year.
Excellent and professional.
And yes they handled negotiations / drafting up of offers and attending the closing with me even which i felt bad b/c it took 3.5 hours b/c the idiot sellers/attorneys didn't notice that the contract said we were meeting at my lawyer's place.
Highly recommend.

As I've already pointed out, several times on streeteasy discussion threads:
KeithB is blazing a new trail. His business model is progressive.

" By the way everyone I know, in Manhattan, that sold still paid the 6% to the broker even when the seller didn't have one. Seems they don't budge." This doesn't make sense. The seller signs a CONTRACT with the broker outlining the fees with and without a buyer's broker. There's no negotiation on fees after that.

I don't agree with you that people tack on 6% to their price to cover the broker's fees. In the last condo I lived in, people who sold without a broker did not ask any less than those who sold with a broker (based on comps).

@snuffles,

In New York City real estate transactions, seller's atty traditionally drafts the contract -- which usually states two possible locations for the closing -- so how can that side not know where the closing is? *smh*

ali r.
DG Neary Realty

@jelj

If I want to receive $500,000 for my unit, the broker would have to list for $532,000 in order for me to net the $500,000

Those that do by owner, sell for the same price but get more in their pocket because they are not paying the fee. Also leave room for more negotiation.

I might try the Burkhadrt Group - ANY MORE COMMENTS ON THEM WOULD BE APPRECIATED. Since I never heard of them, I would like to make sure that they are reputable before I disclose all my personal info on the required apps. That make me very nervous. Who knows where it goes, who has access. The have no office location, isn't that odd?
.

Real Estate Broker here since 1987, also a mortgage broker. I work independently, therefore can negotiate commission. Have an exceptional attorney I can refer you to.

Ellen Silverman
www.esfunding.instantlender.com
esfundingco@aol.com

55,

You are not being realistic about markets. Prices on closed deals are the baseline used to comp units and these are listed before the cost of commission. In rising markets, things go for an amount more than these baselines, yes, but no one just names a post-commission net price out of nowhere are gets it.

The problem with listing FSBO as many here have noted is that you restrict your buyers market as many broker-attached buyers won't be shown the unit and independent buyers are often looking for lowball deals.

I bought an apartment last March through the Burkhardt Group. $1.9mn apartment where Keith viewed the apartment with me, helped negotiate the price, and prepared the condo package. And someone from his office was at the closing in case anything went wrong and to present me with my rebate. I had bid on several apartments with Keith and he or his associate Chris accompanied me on at least 10 viewings before I settled on the apartment above. Keith is smart, knowledgeable about the market, and a nice guy.

I bought an apartment with Michael Waxenberg from the Burkhardt group. It was a difficult deal, I could not be happier with the services provided. 2% back!

Hi. If you're looking for a buyers' agent to negotiate a deal AND I'll rebate 10% of my commission (10% of the usually half of the commission the seller pays) within a couple of weeks of closing, contact me. I have many satisfied clients and most of what I do is represent buyers: azemaitis@CRRNYC.com Ann Zemaitis, Rutenberg Realty 9176761950

Thanks Pyxis!

Full disclosure: Pyxis's deal was a full-commission (6%) transaction on a condo. Our split was 3%, of which we rebated two thirds (2% of the purchase price) to the client at the closing, and kept one third (1%). Had the sale carried a 5% commission, we still would have retained 1%, and the rebate would have been 1.5%, or 60% of the buy-side split. Rebates also tend to be a bit smaller on coops, depending on the complexity of the package and the approval process. 1.5 to 1.8% of the purchase price is the typical range.

My personal view on rebates is "Go big or don't bother." The post above by azemaitis represents a contrary view. Certainly, a rebate of .25 to .3% is better than nothing. But is it enough to sway a buyer's choice of representation?

Burkhardt/West81 are always compelling.
Basically, everything in the modern world rewards reducing transaction costs vs traditional models. No surprise the incumbent market players disagree.
RE will catch up.
Burkhardt is in the lead but not in a scalable way, just yet.