UrbanBaby

06.29.08, 18:44 PM New York City
26 replies

So we are selling apt and are doing an open listing where we are acting as our own listing agent but will pay a buyer's broker 3%. A broker came through previewed the apt, advertised on his company's web site and today brought over a client to see the place. Then as they are leaving they tell him "we have a broker but he is on vacation right now, but we'll have him contact you"- So now I'm thinking...how is this all going to pan out? Should their broker get a cut of the 'deal' if it happens for doing absolutely nothing if the sale goes through? [ Reply | Watch | Flag ]
New York City 06.29.08, 06:44 PM Flag

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Its not your problem but you are clearly working with a very inexperienced agent (which is why he previewed a FSBO). [ Reply | More

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General Topics 06.29.08, 06:46 PM Flag

maybe....but he did bring two clients by today and they were both very good showings...but I guess he should have asked if they were working with someone. [ Reply | More

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General Topics 06.29.08, 06:52 PM Flag

What makes you think they were good showings? [ Reply | More

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General Topics 06.29.08, 06:53 PM Flag

My own unique classification system...bad showing=client(s) stays less than 5 minutes or says something like "I've just started looking and am just in the research phase right now" vs good showing where client stays 25-30 minutes and asks lots of questions such as "what walls are load bearing" and "when are you looking to close?" [ Reply | More

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General Topics 06.29.08, 06:58 PM Flag

how long have you been on the market? [ Reply | More

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General Topics 06.29.08, 06:59 PM Flag

12 days [ Reply | More

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General Topics 06.29.08, 07:00 PM Flag

I thoght the buyers broker had to be present when they saw the house to get his/her cut [ Reply | More

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General Topics 06.29.08, 06:48 PM Flag

maybe the broker was covering for another agent [ Reply | More

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General Topics 06.29.08, 06:52 PM Flag

OP: the impression I got was that they thought he was the listing agent (aka my broker- but I hadn't signed anything with him). [ Reply | More

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General Topics 06.29.08, 06:54 PM Flag

as long as he know's he is not, even though he previewed your place [ Reply | More

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General Topics 06.29.08, 06:57 PM Flag

yeah, he is from one of the smaller agencies. They are allowed to advertise the open listings I guess with their name on them, whereas the big name firm people do not (but they have brought by some clients because my listing is in their interal database) [ Reply | More

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General Topics 06.29.08, 07:03 PM Flag

wow this sounds very strange - if their agency name is on your listing and you are not a client that is a gross misrepresentation. [ Reply | More

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General Topics 06.29.08, 07:04 PM Flag

It is, isn't it? A few asked me to sign a paper saying it was an open listing and that I'd pay the 3% if they brought a buyer and asked permission to take photos etc which I gave them-but in westchester for example, when you go to one companies web site they list all the MLS listing so if you don't look closely you may be lead to believe you have to call that agency to view the property...this is really not that different [ Reply | More

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General Topics 06.29.08, 07:10 PM Flag

Actually it is quite different. As I recall you have a good lawyer at the ready and it doesn't sound like the newbie broker is going anywhere anyway. [ Reply | More

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General Topics 06.29.08, 07:12 PM Flag

I guess...is it hard to get a job as a broker at a big name firm? Most of the ones who seem eager to post it on their web sites work for the less-recognized firms [ Reply | More

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General Topics 06.29.08, 07:15 PM Flag

not your problem, they are going to have to work it out. He should have figured that out before he showed the place. [ Reply | More

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General Topics 06.29.08, 06:55 PM Flag

by the way, I'm glad that fsbo is working out for you. I'm assuming you're the women that asked a bunch of questions a week or two ago [ Reply | More

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General Topics 06.29.08, 07:00 PM Flag

yeah, well no offers yet but we'll see. I just feel bad for this guy but I need to toughen up I guess! [ Reply | More

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General Topics 06.29.08, 07:04 PM Flag

If you feel bad, reimburse him for the ad if this person buys the apt. that way he's not out anything. I'm sure you would have bought an ad if you knew it would work. But really, he's playing the game just like everyone else, you win some you loose some [ Reply | More

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General Topics 06.29.08, 07:10 PM Flag

I don't think he personally paid for the ad though, I think his agency did. I noticed my place was on streeteasy for example but he said all he did was put it on his company's web site and streeteasy picked it up automatically...so I'm not sure they paid anything (or maybe they pay a monthly flat fee to link into other sites) [ Reply | More

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General Topics 06.29.08, 07:12 PM Flag

then if you get an offer from this couple, send him a gift card to a nice restaurant or something as a thank you and move on. [ Reply | More

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General Topics 06.29.08, 07:14 PM Flag

lol...yeah I'm sure he'd be happier with the 50K though...I tried this because I thought maybe I'd dabble in real estate when the kids got older but I don't think I have the stomach for this! [ Reply | More

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General Topics 06.29.08, 07:18 PM Flag

So your property is priced at over 1 mil? [ Reply | More

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General Topics 06.29.08, 07:18 PM Flag

1.6 [ Reply | More

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General Topics 06.29.08, 07:20 PM Flag

the Agents cut would be about 20 - 30k. [ Reply | More

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General Topics 06.29.08, 07:21 PM Flag

oh, right because a chunk goes to his agency...oh well, maybe they won't make an offer and I won't have to worry about it [ Reply | More

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General Topics 06.29.08, 07:25 PM Flag