« Stopping Big Rent Hikes at Ex-Mitchell-Lamas G Route, Smith-9th Renovation Getting Extended »
November 26, 2007
Brokerage Switcheroo Frustrating Sellers?
We missed news of this when it was first announced, but last month Brooklyn-based Fillmore Real Estate bought 1,400 New York City-area listings from bankrupt discount brokerage Foxtons. Fillmore said the $110,000 buyout would increase the brokerage’s listings by almost 50 percent and help it expand beyond Brooklyn. But we’ve been getting reports that the deal may not be great news for some sellers. Apparently, Fillmore hasn't been completely cooperative about letting some people out of the contracts they had with Foxtons. We got in touch with Fillmore president John Reinhardt, who told us that only about a dozen ex-Foxtons sellers have tried to get out of their contracts with Fillmore, in most cases because they're dealing with another broker who wants to get a full commission for the property. And Reinhardt says that most of the sellers who had been using Foxtons have been "thrilled" with Fillmore's services. "We've hired a number of new agents and publicized the homes better than Foxtons," says Reinhardt. "We've been selling those homes left and right." Anyone who's personally experienced the Foxtons-Fillmore changeup care to differ?
Fillmore Rises, As Foxtons Sinks [NY Sun]
Trackback Pings
TrackBack URL for this entry:
http://www.brownstoner.com/mte/mt-tb.cgi/2981
Comments
You get what you pay for. Sellers who go with a 4% commission broker don't really think very hard about what they're getting for that 2% or 1% savings: Not much. Less exposure, less professionalism, less web presence = fewer people looking at your property = less money for your property = you lose. You'd be better off going FSBO than dealing with one of these schlocky firms...
Posted by: guest at November 26, 2007 10:03 AM
I can't speak to the changeup but when I was selling my house, I spoke with a Foxtons broker who was incredibly rude and unprofessional. And all this while he was trying to get the listing from me! I can't imagine dealing with them if I had signed a contract. Filmore has to be better than Foxtons.
Posted by: Mrs. Limestone at November 26, 2007 10:07 AM
10:03. You are so right. A seller would be much better off going with an Eastern, Marcus or Massey and pay the extra 2% if it is going to mean they sell for 10% more. People are stupid.
Posted by: guest at November 26, 2007 10:14 AM
"You get what you pay for. Sellers who go with a 4% commission broker don't really think very hard about what they're getting for that 2% or 1% savings: Not much. Less exposure, less professionalism, less web presence = fewer people looking at your property = less money for your property = you lose. You'd be better off going FSBO than dealing with one of these schlocky firms..."
Bingo, They had bad service. I used to wait to the listing agreement was over then, sign up the homeowner. I got some sales from this, the was very happy with me.
I cant understand, why they can't get out of their listing agreements? Was there a clause saying this is binding? I would have my Lawyer on these guys ass. BTW Fillmore sucks also! They just want to smack a sign on your property to get calls from buyers, then show them other houses.
The What
Someday this war is gonna end....
Posted by: guest at November 26, 2007 10:59 AM
The What, are you a broker? I'm shocked!
Posted by: Jen KG at November 26, 2007 11:09 AM
There are several "The Whats" on here now. No way to know which one is real.
The What
Someday this war is gonna end....
Posted by: guest at November 26, 2007 11:15 AM
"There are several "The Whats" on here now. No way to know which one is real."
Pay attention to my style of writing, (bad grammar, snytax and other mistakes) and what I say. Blame Mr.B for that.
"The What, are you a broker? I'm shocked!"
Yes I am but, I'm not in the business now. I like to earn money. It's very hard in Real Estate now. I think it will get worse.
The What
Someday this war is gonna end.....
Posted by: guest at November 26, 2007 11:26 AM
snytax!
Posted by: guest at November 26, 2007 11:30 AM
As a recent buyer, I have to say that dealig with Foxtons was way better than dealing with Fillmore. The FIllmore sites have NO info about a property, whereas the Foxtons site has tons of pictures, floorplan, map, etc. As a super busy buyer, having that information before I go through the hassle of getting a pitch and waiting on street corners for brokers who are always late is HUGE.
Posted by: guest at November 26, 2007 11:51 AM
i never dealt with either company for a real sale, but i always did like that foxtons site. as 11:51 says foxtons often had everything but the address of the property, while fillmore barely provides a photo to accompany a listing.
Posted by: Jimmy Legs at November 26, 2007 1:17 PM
My limited experience with Fillmore is that they get the job done. There was a development of two family homes near my house, these two family homes were languishing on the market for months with one agency, Fillmore stepped in with open houses, big signs and all that. The houses were all sold within three months. Take it for what it's worth. Exposure means alot. My experience with Foxton's when I was selling a property was that the broker put the house on their website then basically sat back and waited for other broker's to show the place. No open houses, no mailings, no newspaper advertisements and no pre-qualifying of buyers. The broker was basically selling an MLS listing. They did have a good website and photographs though.
Posted by: guest at November 26, 2007 1:21 PM
i've dealt with both foxtons and fillmore from the buyers side, foxtons service was hands down better than fillmore.
the foxtons agent was intelligent, the fillmore agent not so much.
Posted by: guest at November 26, 2007 2:59 PM
You guys are way off if you think the key to selling a property is exposure. You can have a TV commercial in prime time for your home every night for a year along with web and print media advertising, and it won't sell if it's not priced properly. All you'll get is a bunch of nosy home lookers like the most devout readers of this site. If it was all about exposure, more FSBOs would end up selling without the use of brokers.
I've also dealt with agents from Corcoran all the way down to Mom & Pops. To be honest, since each agent is an independant contracter, the expertise and service received was varied. It all depends on who you get.
Posted by: guest at November 26, 2007 11:24 PM
Post a comment
Please be patient while your comment is published. It may take a moment.