broker commission

there is no MLS for NYC.

it is kinda funny how you say "will consider 5% with a buyer's broker but encourages 6%."

you might as well put "he will take $25,000 but is encouraging me to give him $35,000." i am selling my place FSBO so I don't have to deal with that but from everything I read in the papers and on these boards if there was ever a time when the BROKER WOULD BE ENCOURAGED to take less...it is now! take advantage of that. everyone in every industry needs business.

Does your broker have other exclusives? Ask and see other listing sizes. If they are working on other deals at 6%, getting paid less on yours does seemingly reduce the energy to you. If you are the only active deal -- the only way they get paid is to close your deal.

Manhattanfox
I am pretty sure the broker has other exclusives but I am not so concerned about him putting less energy in, rather the buyer's brokers.
Sniper: I think STREETEASY is a pretty good MLS, amongst others

streeteasy is as close as you come for NYC but the will not list FSBO's.
what are the others you are thinking of?

nytimes

Hmmm. I didn't realize that FSBO's aren't on street easy---how do you get your listing out besides NYT?

Somehow I linked to Trulia don't remember why but thought why not check out their "forum". I answered some guys question based om my ideas, but a few brokers have other ideas about lower commissions..lol.

http://www.trulia.com/voices/Home_Selling/what_is_the_broker_commission_in_NYC_under_current-79493

you can get it out posting on this board:
http://web.me.com/seif69/11K/HOME.html

there is also another site called No Brokers Please (www.nbpny.com) that lists FSBO's and always provides INVALUABLE consulting on selling.

when i think of MLS i think more of www.NJMLS.com which has all listings in one place.

that post on trulia is pathetic--its basically all brokers plugging the same crap line---"big inventory --need a high commission to stand out"- these brokers are such f___ing vultures.
they should drop in the same hole as the investment bankers

That trulia forum is hilarious. The brokers admit that a buyer's broker does not represent the buyer; they represent themselves! I think everyone already knew that but the fact that they would state it is amazing.

Waxer- ask your broker to give you a list of apts that are comparable to yours that are currently on the market showing the commission rate for each. This way you'll know what your competition is offering & you'll have a better idea if 6% will get you more traffic. i did the same thing with one of my sellers. We initially listed at a lower commission & weren't getting enough traffic- so i looked up the comps & 80% of them were at a higher commission, so my seller upped the commission & we got a better turnout.
sanzaroot@gmail.com
http://www.prudentialelliman.com/mainsite/agents/agents.aspx?BID=SOPA

Waxer: A clarification of terms may be helpful. Where you refer to a "buyer's broker" in this thread, I think what you actually mean is the "selling broker", i.e. the broker who brings the buyer to the transaction. That broker MAY be a true buyer's broker, i.e. an agent of the buyer, with a fiduciary responsibility to represent the buyer's interests. More often in New York, however, the selling broker is a free actor with no obligation to the buyer beyond basic fair play, who commits no clear ethical violation by steering a buyer toward high-commission properties. The problem is that a broker in this position will often mislead a buyer about where his loyalty lies. Even worse, when it comes to negotiating and closing the purchase of a particular property, such a broker is generally obligated primarily to the seller (through the seller's broker), not the buyer.

I think the problem isn't so much that brokers are bad people, but rather that the law creates incentives for bad behavior. It's possible, of course, that those incentives attract bad people.

Coming back to the original question, it's likely that a higher commission for the selling broker will generate more traffic, and perhaps a higher price. If you don't mind doing business with the sort of people who are swayed by that kind of incentive, you have to consider the possibility that it might work in your favor - no matter how distasteful it may seem to buy the allegiance of brokers who mislead prospective buyers.

There is no data to really look to other than anecdotal. I think that developers have it wrong that are offering higher commissions. Get your pricing in line and pay a fair commission, that will bring about a sale. We can all point to listings we had and various results.

I had a listing at 88 Greenwich street the only 3 bedroom in the building and it was custom built by a member of the development team. It was priced to high as the market was starting to soften. I suggested we lower the price, owner eventually agreed but it was to little to late. A new broker took over and raised the commission to 8%, I think it's still unsold.

I just want to be clear I offer lower commissions because I accept less the cooperating broker gets his/her 2.5% which is a pretty typical commission. Deals have been the same way at the same commission scale since the 1970's. Things are going to change, we are living in a much different world and there are others that are thinking the same way I am. Properties will sell when priced correctly, stick to fundamentals not smoke and mirrors with commissions.