Real Estate - Agents & Brokers

  • psustud

    Posts: 111

    Mar 14, 2010 5:43 PM GMT
    Hey everyone,

    My name is Cecil. I am currently in the process of obtaining my New York real estate license and I need your help!
    Naturally, I want to be the absolute best at whatever I do. Transitioning from my current corporate environment, in Supply Chain/Logistics, will be tough, but I’d like to hit the ground running when I get started in real estate. I want to do everything I can to truly set myself apart from the sea of license holders here in NYC.

    I have a couple of questions to ask those of you who have used a broker to either buy or lease a home. I’d especially like to hear from New York buyers and leasers since the market and process here is so unique.

    I’d like to ask the following:

    What did you dislike about the condo/apartment hunting process?
    What did you like about it?

    What did you did you like about your broker/agent?
    What did you dislike about past broker/agents you have worked with?

    Was there anything your broker/agent did that really stood out?
    What would make you want to run and tell your friends to use (or never use) your broker?

    I’d appreciate any details anyone can provide regarding the questions above. I will print all of your responses out and review them closely. I want to come with a check-list of strategies to use to make sure that I do everything in my power to be a broker that everyone enjoys and likes.

    I’m out to make the apartment hunting process in NYC fun!

    Thanks everyone.
    Best regards,icon_lol.gif
  • psustud

    Posts: 111

    Mar 19, 2010 2:53 AM GMT
    Awe... no love for my new venture. Oh well, I forgive you all.
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    Mar 19, 2010 3:11 AM GMT
    I'm also getting my real estate license now. Are you going to NYREI?
  • psustud

    Posts: 111

    Mar 19, 2010 6:05 PM GMT
    I'll be doing it online.
  • bmw0

    Posts: 588

    Mar 19, 2010 6:10 PM GMT
    My real estate agent was amazing that sold my house in NC. Just do whatever you can to make it as little stressful as possible. Oh, and encourage people to get pre-approved before making an offer. Losing the sale of a house cause some jack ass charges up a card is a pain in the behind.
  • Mikeylikesit

    Posts: 1021

    Mar 19, 2010 6:13 PM GMT
    I been an Agent for over 11 years ....Worst time in the business now...Run for the hills....LOL

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    Mar 19, 2010 6:18 PM GMT
    Mikeylikesit saidI been an Agent for over 11 years ....Worst time in the business now...Run for the hills....LOL

    Depends on where you are. There will always be a rental market in NYC.
  • Mikeylikesit

    Posts: 1021

    Mar 19, 2010 6:20 PM GMT
    O cant live off that little bit of commission from a rental...LOL
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    Mar 19, 2010 10:24 PM GMT
    Mikeylikesit saidO cant live off that little bit of commission from a rental...LOL

    Average rental in lower Manhattan: $2795

    Brokers commission(sp): $2515.5

    3 rentals per month: $90,558 per year

    I could live with that! icon_biggrin.gif
  • jgymnast733

    Posts: 1783

    Mar 19, 2010 11:05 PM GMT
    Hello Cecil,
    I'm not sure what i disliked about apartment hunting ,
    But i liked seeing whats out there...

    I liked my agent because he took the time to ask me about my likes, such as my favorite artist,composer,film, if i liked children ect..not interigating me,just asking questions ...
    I dislike agents in the past for steering me towards neighborhoods of color,assuming i'd prefer being amongst my own kind.....

    The agent that stood out LISTENED to what i asked for, i wanted the classic new york apartment,,i.e. a city view, being on the top floor ect... I wanted all the bells and whistles plus a doorman.... Once i saw the apartment i now have i knew it was love at first site., 2bedrooms,living/dining room,,views of the hudson river,george washington bridge,triboro brige,central park,the midtown skyscape and a wrap around terrece on the 35th floor,,,this place is truly heaven...I LOVE IT...icon_smile.gif

    I'm always passing his card to others looking for a GEM in the city,,,He engaged me with a relaxed yet refined professionalism and fulfilled even my unexpressed wishes...A true Gentlemans Gentleman....
    Now all i have to do is work until i'm 90 to pay for it....
  • psustud

    Posts: 111

    Mar 22, 2010 4:39 PM GMT
    Thanks for the respnses guys.

    Mikey, I can indeed live off of rental commission. What onthewaytome said in response is true. The average Apartment I will lease will be between $2600-3500. Most of the agencies I interviewed with allow me to walk away with 60-70% of that. One pays out 85%! I will end up with $1700-2800 per lease Most agencies I interviewed with expect me to lease 6-8 apartments per month.

    We'll just say that $80k per month is what I can expect to make as a less than mediocre agent. I currently make $60k. icon_smile.gif

    I should mention that the guy who leased me my current place, whom is kind of a friend now, lives in a $3700/month 1 bedroom a block from me. Im sure he does better than even $90k.

    That said, I expect to be much better than mediocre! I totally expect to do more than just leases too, but i, in fact, want to start of with leases just to get my bearings and then move on to sales. Real estate in New York is actually doing just fine, ESPECIALLY RENTALS! Both rentals and sales are expected to do very very well thus spring and summer season.

    Jgymnast thanks fir the VERY helpful response. I am trying very hard to become the kind of agent you ended up using and liked. I like that you give his card out regularly. That is the kind of respnses and loyalty I want to create with my clients. I don't want to run my business off of craigslist as so many agents do these days.

    Although a lot of what you said is common sensecal, it's good to be reminded of things I know so many agents forget. I did learn from your response that it might be good to ask questions outside of the typical when dealing with clients.