One word to Corcoran rental brokers. GET WITH THE TIME. I recently found an apartment on Street Easy, went to look at it on during an open house (the owners are trying to sell or rent) and when I asked the broker if he would be willing to discount the his broker's fee (especially since I was there independently w/o a broker), his response was "We don't do that at Corcoran. We charge a flat 15%... [more]
One word to Corcoran rental brokers. GET WITH THE TIME. I recently found an apartment on Street Easy, went to look at it on during an open house (the owners are trying to sell or rent) and when I asked the broker if he would be willing to discount the his broker's fee (especially since I was there independently w/o a broker), his response was "We don't do that at Corcoran. We charge a flat 15% commison" and refused to discuss further. Seriously, GET WITH THE TIME! First, I don't see why I have to pay a broker a full fee when I found his listing on my own and he's representing the owner of the apartment, who in all logical grounds, should be paying their broker's fees, who they hired. Second, without exception, all of the other brokers from other big name firms have been willing to negotiate or discount their fees.
This is not the first time I've encountered this attitude from a Corcoran broker. What is up their wazoo? SERIOUSLY.
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Response by hofo
almost 17 years ago
Posts: 453
Member since: Sep 2008
Screw these brokers. Go else where. Let these brokers earn their 15% of 0.
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Response by stevejhx
almost 17 years ago
Posts: 12656
Member since: Feb 2008
go to nybits.com.
No need ever to pay a broker again.
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Response by ClintonB
almost 17 years ago
Posts: 128
Member since: Sep 2008
In March of 2006 I rented in a condo whose owner was represented by a Corcoran SVP. He was pretty quick to lower his fee to 1 month, and was more flexible to get it done than the owner who I had more difficulty trying to negotiate a lower rent with.
Again, this is a Corcoran SVP. No one becomes senior in real estate if they are doing residential rentals ... so this is a guy specializing in sales. These rentals are more favors and annoyances than bread and butter, so lowering a fee when the tenant is easily going to pass the condo board and has all the right creds and paperwork and was otherwise low hassle, is what a smart agent would do to get a deal through.
Those who are hand to mouth rental brokers, they are going to try to be more protective of their fee. but of course as someone says, 15% of 0 is zero. A truly smart broker frankly should be negotiating with a condo owner to pay the fee as one of the incentives to getting the transaction moving.
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Response by ccdevi
almost 17 years ago
Posts: 861
Member since: Apr 2007
"First, I don't see why I have to pay a broker a full fee when I found his listing on my own and he's representing the owner of the apartment, who in all logical grounds, should be paying their broker's fees, who they hired."
I think you should follow up on this, perhaps you can change the system. Course once the owner pays the broker, they'll just increase the rent.
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Response by newbuyer99
almost 17 years ago
Posts: 1231
Member since: Jul 2008
All of the listing brokers we dealt with in our recent apartment search offered to discount their fee to 1 month, without us even asking. This included several corcoran brokers.
If you're interested in an apartment, put in an offer in writing (or email). Spell out all the terms, including "owner pays the broker fee". Explicitly request that the broker relay your offer to the owner. Then the owner can decide if they're interested, and if the broker's fee needs to be negotiated, it's the owner's problem, and not yours.
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Response by starfish
almost 17 years ago
Posts: 249
Member since: Jul 2007
I am guessing it is possible that the apartment was a good one and a good bet to rent quickly. If that is the case, then it is not surprising they would not consider cutting the fee (that is no excuse for giving you attitude if that is the way they conveyed it though). A smart broker would have simply said it just went on the market (assuming that was true) and therefore would be sticking to the full fee for the time being. Not that I love brokers, but it has to be pretty painful to put up with the craziness out there right now (again no excuse for being rude though). Good luck.
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Response by fakeestate
almost 17 years ago
Posts: 215
Member since: Nov 2008
And it's also possible that the broker is brand new, naive, optimistic, and generally clueless about the leverage he and his ilk no longer have.
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Response by uwskuro
almost 17 years ago
Posts: 8
Member since: Dec 2008
We did put in an offer in writing, spelling out all the terms (including owner paying the broker's fee). The apartment has been on the market for more than 3 months and as great as the apartment is, it is overpriced (unpainted, worn floors that need to be stripped etc, which we would have to do ourselves incurring extra expenses). Either the landlord is completely unaware of what's happening in NY (he lives far away) or the broker is not doing his job well. We were very decent, polite in our proposal but our efforts went ignored.
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Response by newbuyer99
almost 17 years ago
Posts: 1231
Member since: Jul 2008
Did you get a negative response? Or no response at all? Owner is certainly within their rights to turn down your offer, but if the broker is simply ignoring you, you should be able to report them and/or figure out a way to go directly to the owner.
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Response by exit2
almost 17 years ago
Posts: 98
Member since: Dec 2008
some brokers are not facing reality.
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Response by uwskuro
almost 17 years ago
Posts: 8
Member since: Dec 2008
the broker is just unwilling to even discuss his fees. he is sticking to 15 % and when i mentioned that many other brokers are offering discounts, he scoffed and said "oh, they're just discount brokers". I seriously think he is simply out of time and not doing a good job for his client, the owner of the apartment. i'm not even sure if he even discussed with the owner about the possibility of the owner paying the broker's fees. the broker is not doing anyone any favor, and the property is just languishing on the market.
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Response by uwskuro
almost 17 years ago
Posts: 8
Member since: Dec 2008
i wish i knew how to go directly to the owner as i'm afraid the broker actually isn't doing his job and presenting our proposal to the owner. he has mentioned that the owners are desperate but i guess the broker isn't desperate enough to work something out.
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Response by jgr
almost 17 years ago
Posts: 345
Member since: Dec 2008
Knock on the door? It can't hurt.
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Response by Slope11217
almost 17 years ago
Posts: 233
Member since: Nov 2008
uwskuro, is there anything particularly special about this apartment? It sounds like you're putting in a lot of effort (including plans to fix it up, etc) and running into a lot of hurdles. If I were you, I'd find something that was less of a hassle. Rest assured that the difficult Corcoran broker you ran into will eventually blink (or be out of work) as more and more renters refuse to pay their excessive 15% fee.
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Response by w67thstreet
almost 17 years ago
Posts: 9003
Member since: Dec 2008
there u r exit2....
"some brokers not facing reality".... so let me get this straight you support techie in his purchase of his "home" at the height of the market and say "enjoy it" like some agentrachel wanna be. You just agreed rental markets are lower.
Lower rents => lower inputed rent for techie => lower asset price of recent purchase => negative wealth effect. What a "broker." Great advice... great contribution to SE.... what a dumbass....
Another point.... techie "pretends" to be in technology and can answer some "infinite loops" lingo so I assume he's on-line persona may have a grain of truth in it...
You speak very knowledgeably of Bldg G in psyche ward.... come on! your parents are in there or maybe your sister/brother, no? Or maybe you go for your weeklies there and take the train down to NYC proper to do some open houses? Enjoy the snow u shut-in.... gotta go drive my prenta-a-porsche in the snow... love to pretend to do that... it's so much fun doing power slides... c-u-soon.
exit2... did you actually state "you should be afraid" ---- what a complete psycho.... I've been on SE like 2 weeks tops and already can see when this is gonna end... but seriously you were one of the "original anonymous poster" brokers saying NYCRE will never fall... again psycho dumbass stmts.... pls.... pls.. contribute something to SE at least... cause u ain't doing it in the "REAL" world......
Sorry to the other SE posters I know this is getting old, but I just needed to get this off my fake boobs. I'll take a bull that can play the other side and contribute something rather than (exit2) a complete pyscho broker who can't decide whether NYC RE is going up/down or is witty enough to make me laugh.....
you're still a loser in that studio with the 10 cats... hope they don't eat your face when you drop dead of loneliness :)
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Response by w67thstreet
almost 17 years ago
Posts: 9003
Member since: Dec 2008
fellow SE... sorry to highjack this post... watch out exit2... I just threw my ferragamos at you....
uwskuro.... it cost 2x rent to turn over a new tenant (if there are other takers in the market)... so my suggestion to you is that somewhere between 0 and 2x your current rent is the "negotiating" gray area... it depends on how much they have their heads in the sand and how good you are calling their "no" bluff...
In my experience... talk to the mgmt co... and put a little "411" in their ear and ask politely and say in the next month or 2... you may be forced out if you can't get the rent down.... play "my firm" just laid off people.... 1) they'll never go after someone whom they think just got laid off (if u lv)- neither will the courts 2) makes them fell like they r helping someone out vs. being blackmailed into giving concession.... all in the delivery.
exit2.... u can use above advise to lower your payments on that studio in the bx (I'll throw u a bone and make it an "alcove") m'okay, m'okay.... duck! here comes the other ferrragamo!
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Response by exit2
almost 17 years ago
Posts: 98
Member since: Dec 2008
if i were you, i'd be very alert the next time you are in the parking lot at the Edgewater Golf Range.
You'd better not start something you white cracker Pink Polo shirt wearin, private school punk can't finish. Cuz cracker preps like you are all talk.
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Response by exit2
almost 17 years ago
Posts: 98
Member since: Dec 2008
w67thstreet, keep telling yourself i'm only a harmless broker.
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Response by w67thstreet
almost 17 years ago
Posts: 9003
Member since: Dec 2008
exit2... truce.... let's first get this msg back to you mano a mano... "67thstreet drive some balls link." to save the others our little love spat.
Okay..... just follow me there.... come on .... the open house can wait....
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Response by Streetwise123
almost 17 years ago
Posts: 22
Member since: Nov 2008
"Some brokers are not facing reality". All this blog does is talk about how you shouldnt buy (prices are crazy)...only rent. So then shouldnt the rental market be booming? If so, then rental brokers can increase their commissions! You might not like real easte professionals...but they need to make a living. So why should they have to lower their commission because you are going through a hard time with money? People are always going to need a place to live, so just pay the fee and move on. I wonder how you would feel if you boss approached you every two weeks and tried to negotiate down your paycheck?????
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Response by modern
almost 17 years ago
Posts: 887
Member since: Sep 2007
"You might not like real easte professionals...but they need to make a living."
LOL. It's called disintermediation. Maybe you should read up on it. Real estate brokers with commissions are going to be extinct in 5-10 years maximum. They are like zombies, dead but they don't know it.
"You might not like real easte professionals...but they need to make a living. ... I wonder how you would feel if you boss approached you every two weeks and tried to negotiate down your paycheck?????"
The difference is, I have several advanced professional degrees and actually contribute a lot of original content to my firm. I ADD to the process, I am a PRINCIPLE in the transactions I engage in. As opposed to leaching off the principals to a transaction as a realtor does, sucking as much blood as she can. While you're on wikipedia from Modern's post, please look up "parasite".
To paraphrase Hugo Weaving in the Matrix, "I’d like to share a revelation that I’ve had, during my time here. It came to me when I tried to classify your species and I realized that you aren’t actually mammals. Every mammal on this planet instinctively develops a natural equilibrium with its surrounding environment, but you realtors do not. You move to an area and you multiply, until every natural resource is consumed. The only way you can survive is to spread to another area. There is another organism on this planet that follows the same pattern. Do you know what it is? A virus. Realtors are a disease, a cancer of this planet. You are a plague."
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Screw these brokers. Go else where. Let these brokers earn their 15% of 0.
go to nybits.com.
No need ever to pay a broker again.
In March of 2006 I rented in a condo whose owner was represented by a Corcoran SVP. He was pretty quick to lower his fee to 1 month, and was more flexible to get it done than the owner who I had more difficulty trying to negotiate a lower rent with.
Again, this is a Corcoran SVP. No one becomes senior in real estate if they are doing residential rentals ... so this is a guy specializing in sales. These rentals are more favors and annoyances than bread and butter, so lowering a fee when the tenant is easily going to pass the condo board and has all the right creds and paperwork and was otherwise low hassle, is what a smart agent would do to get a deal through.
Those who are hand to mouth rental brokers, they are going to try to be more protective of their fee. but of course as someone says, 15% of 0 is zero. A truly smart broker frankly should be negotiating with a condo owner to pay the fee as one of the incentives to getting the transaction moving.
"First, I don't see why I have to pay a broker a full fee when I found his listing on my own and he's representing the owner of the apartment, who in all logical grounds, should be paying their broker's fees, who they hired."
I think you should follow up on this, perhaps you can change the system. Course once the owner pays the broker, they'll just increase the rent.
All of the listing brokers we dealt with in our recent apartment search offered to discount their fee to 1 month, without us even asking. This included several corcoran brokers.
If you're interested in an apartment, put in an offer in writing (or email). Spell out all the terms, including "owner pays the broker fee". Explicitly request that the broker relay your offer to the owner. Then the owner can decide if they're interested, and if the broker's fee needs to be negotiated, it's the owner's problem, and not yours.
I am guessing it is possible that the apartment was a good one and a good bet to rent quickly. If that is the case, then it is not surprising they would not consider cutting the fee (that is no excuse for giving you attitude if that is the way they conveyed it though). A smart broker would have simply said it just went on the market (assuming that was true) and therefore would be sticking to the full fee for the time being. Not that I love brokers, but it has to be pretty painful to put up with the craziness out there right now (again no excuse for being rude though). Good luck.
And it's also possible that the broker is brand new, naive, optimistic, and generally clueless about the leverage he and his ilk no longer have.
We did put in an offer in writing, spelling out all the terms (including owner paying the broker's fee). The apartment has been on the market for more than 3 months and as great as the apartment is, it is overpriced (unpainted, worn floors that need to be stripped etc, which we would have to do ourselves incurring extra expenses). Either the landlord is completely unaware of what's happening in NY (he lives far away) or the broker is not doing his job well. We were very decent, polite in our proposal but our efforts went ignored.
Did you get a negative response? Or no response at all? Owner is certainly within their rights to turn down your offer, but if the broker is simply ignoring you, you should be able to report them and/or figure out a way to go directly to the owner.
some brokers are not facing reality.
the broker is just unwilling to even discuss his fees. he is sticking to 15 % and when i mentioned that many other brokers are offering discounts, he scoffed and said "oh, they're just discount brokers". I seriously think he is simply out of time and not doing a good job for his client, the owner of the apartment. i'm not even sure if he even discussed with the owner about the possibility of the owner paying the broker's fees. the broker is not doing anyone any favor, and the property is just languishing on the market.
i wish i knew how to go directly to the owner as i'm afraid the broker actually isn't doing his job and presenting our proposal to the owner. he has mentioned that the owners are desperate but i guess the broker isn't desperate enough to work something out.
Knock on the door? It can't hurt.
uwskuro, is there anything particularly special about this apartment? It sounds like you're putting in a lot of effort (including plans to fix it up, etc) and running into a lot of hurdles. If I were you, I'd find something that was less of a hassle. Rest assured that the difficult Corcoran broker you ran into will eventually blink (or be out of work) as more and more renters refuse to pay their excessive 15% fee.
there u r exit2....
"some brokers not facing reality".... so let me get this straight you support techie in his purchase of his "home" at the height of the market and say "enjoy it" like some agentrachel wanna be. You just agreed rental markets are lower.
Lower rents => lower inputed rent for techie => lower asset price of recent purchase => negative wealth effect. What a "broker." Great advice... great contribution to SE.... what a dumbass....
Another point.... techie "pretends" to be in technology and can answer some "infinite loops" lingo so I assume he's on-line persona may have a grain of truth in it...
You speak very knowledgeably of Bldg G in psyche ward.... come on! your parents are in there or maybe your sister/brother, no? Or maybe you go for your weeklies there and take the train down to NYC proper to do some open houses? Enjoy the snow u shut-in.... gotta go drive my prenta-a-porsche in the snow... love to pretend to do that... it's so much fun doing power slides... c-u-soon.
exit2... did you actually state "you should be afraid" ---- what a complete psycho.... I've been on SE like 2 weeks tops and already can see when this is gonna end... but seriously you were one of the "original anonymous poster" brokers saying NYCRE will never fall... again psycho dumbass stmts.... pls.... pls.. contribute something to SE at least... cause u ain't doing it in the "REAL" world......
Sorry to the other SE posters I know this is getting old, but I just needed to get this off my fake boobs. I'll take a bull that can play the other side and contribute something rather than (exit2) a complete pyscho broker who can't decide whether NYC RE is going up/down or is witty enough to make me laugh.....
you're still a loser in that studio with the 10 cats... hope they don't eat your face when you drop dead of loneliness :)
fellow SE... sorry to highjack this post... watch out exit2... I just threw my ferragamos at you....
uwskuro.... it cost 2x rent to turn over a new tenant (if there are other takers in the market)... so my suggestion to you is that somewhere between 0 and 2x your current rent is the "negotiating" gray area... it depends on how much they have their heads in the sand and how good you are calling their "no" bluff...
In my experience... talk to the mgmt co... and put a little "411" in their ear and ask politely and say in the next month or 2... you may be forced out if you can't get the rent down.... play "my firm" just laid off people.... 1) they'll never go after someone whom they think just got laid off (if u lv)- neither will the courts 2) makes them fell like they r helping someone out vs. being blackmailed into giving concession.... all in the delivery.
exit2.... u can use above advise to lower your payments on that studio in the bx (I'll throw u a bone and make it an "alcove") m'okay, m'okay.... duck! here comes the other ferrragamo!
if i were you, i'd be very alert the next time you are in the parking lot at the Edgewater Golf Range.
You'd better not start something you white cracker Pink Polo shirt wearin, private school punk can't finish. Cuz cracker preps like you are all talk.
w67thstreet, keep telling yourself i'm only a harmless broker.
exit2... truce.... let's first get this msg back to you mano a mano... "67thstreet drive some balls link." to save the others our little love spat.
Okay..... just follow me there.... come on .... the open house can wait....
"Some brokers are not facing reality". All this blog does is talk about how you shouldnt buy (prices are crazy)...only rent. So then shouldnt the rental market be booming? If so, then rental brokers can increase their commissions! You might not like real easte professionals...but they need to make a living. So why should they have to lower their commission because you are going through a hard time with money? People are always going to need a place to live, so just pay the fee and move on. I wonder how you would feel if you boss approached you every two weeks and tried to negotiate down your paycheck?????
"You might not like real easte professionals...but they need to make a living."
LOL. It's called disintermediation. Maybe you should read up on it. Real estate brokers with commissions are going to be extinct in 5-10 years maximum. They are like zombies, dead but they don't know it.
http://en.wikipedia.org/wiki/Disintermediation
"You might not like real easte professionals...but they need to make a living. ... I wonder how you would feel if you boss approached you every two weeks and tried to negotiate down your paycheck?????"
The difference is, I have several advanced professional degrees and actually contribute a lot of original content to my firm. I ADD to the process, I am a PRINCIPLE in the transactions I engage in. As opposed to leaching off the principals to a transaction as a realtor does, sucking as much blood as she can. While you're on wikipedia from Modern's post, please look up "parasite".
To paraphrase Hugo Weaving in the Matrix, "I’d like to share a revelation that I’ve had, during my time here. It came to me when I tried to classify your species and I realized that you aren’t actually mammals. Every mammal on this planet instinctively develops a natural equilibrium with its surrounding environment, but you realtors do not. You move to an area and you multiply, until every natural resource is consumed. The only way you can survive is to spread to another area. There is another organism on this planet that follows the same pattern. Do you know what it is? A virus. Realtors are a disease, a cancer of this planet. You are a plague."