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Sale at 215 East 17th Street #2

Started by instantkarma2011
about 12 years ago
Posts: 14
Member since: Nov 2013
Discussion about 215 East 17th Street #2
Tried reaching the broker over phone and email for a couple of weeks and finally got in touch a couple of days back and was told that they already had a contract out on it. Wish they'd gotten back to me two weeks back to let me compete at the very least. Wouldn't that benefit the seller ultimately?
Response by steveF
about 12 years ago
Posts: 2319
Member since: Mar 2008

of course it would but brokers don't care about the seller. All the broker gets is a few extra dollars commission. The seller might benefit thousands but the broker does not care. A brokers main job is to talk the seller into giving them a listing for as low a selling price as possible. Simple, period, done. Churn 'em and burn'em. They get the easy sale and then advertise the sale. Sellers should never be talked into a low price. Brokers use the excuse that 'the market will dictate the price"..bullsh-t. The broker doesn't let that happen as they take the first offer and shut others out...LIKE YOU.

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Response by flarf
about 12 years ago
Posts: 515
Member since: Jan 2011

Good example of why it's worth having your own broker. My impression (and experience) is that a lot of listing agents don't want to bother with buyers off the street.

Next time, if you still want to go in without a broker, at least have somebody like Keith Burkhardt lob in a call after a few days without a response.

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Response by superlun
about 12 years ago
Posts: 79
Member since: Jul 2009

Totally agree with steveF and his words...

flarf not so much.. lol..
Listing agents always want to make double commission. I have lost deals because another broker was involved. It's common sense it you think about it.

If you were the listing agent, would you prefer to sell to your own client at a lower price who walked in off the street, or to the client to came in through another broker at a higher price?

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Response by flarf
about 12 years ago
Posts: 515
Member since: Jan 2011

superlun, I think your analysis is flawed in two ways: first, assuming that all agents use common sense, and second, that they'll get paid double if a buyer isn't otherwise represented.

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Response by superlun
about 12 years ago
Posts: 79
Member since: Jul 2009

Well, how I generally understand commissions to work.. is...
Listing agent splits their commission with their brokerage firm of approx 2.5-6% of sale price
Buying agent splits their commission with their brokerage firm of approx 2.5-6% of sale price

While I appreciate your humor with regards to agents and their common sense, fact is; when we are talking about selling prices easily over 500k, a buyers agent presenting offers 10-50k over a listing agents own offer is simply not rewarding enough for the listing agent to present properly to their seller.

Of course this strategy is done in many different ways. This includes, "losing the potential offer," "telling the sellers that these other buyers aren't qualified", "simply not disclosing the offer", moving the seller quickly into contract once a double commission situation presents itself, gosh, I can go on forever...

This is one of the reasons why streeteasy does so well in NYC, because it has made it easier for buying agents to be eliminated from the equation

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Response by instantkarma2011
about 12 years ago
Posts: 14
Member since: Nov 2013

Still on the market? Poor owner getting the shaft?

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