I think it only applies to R.E. Attorneys, but you should check that out.

If you are acting as your own broker, you are entitled to collect your co-broke commission (traditionally 3% of 6%). You can collect it at closing, but will have to pay income tax on it. Or you can built into the deal and receive the discount on the purchase price (this is what I suggest).

Word to the wise, make sure you deal with a reputable REBNY firm. Most Listing Brokers will want to keep the entire commission and will make it as difficult as possible.

Posted by: kdabrowski at November 2, 2009 11:24 AM in response to Fee for Lawyer Acting as Broker

Unless you will be doing all the marketing & advertising plus all open houses and showings yourself you need a listing agent (that's what an exclusive means.) The job of that person is to market your property to all other brokers (who will market to their customers)and directly to the public.

The commission (traditionally 6%) is than split between the listing agent and the buyers agents (with each firm receiving 3%). An open listing means the 6% commission would go to whoever brings the buyer. However there is no contract, the owner is not obliged to give the broker anything in this case.

Open listings work with Rentals, because the tenant not the landlord pays the fee.

People who can afford a $5MM Townhouse are generally very busy (making the money) and work with a Broker.

When selecting an exclusive agent your friend should do the following:
1) Get recommendations 2) Interview a least three brokers who have sold Townhouses in your area 2) Call their clients to determine their level of satisfaction (references)

What to expect from an exclusive agent?
1) At least Professional Photography, professional floorplan
2) Marketing Campaign to market property to brokers
a. Broker Open house
b. E-mail Blasts to broker community

3) Marketing Campaign to general public
nytimnes.com
streeteasy.com, etc

3) No matter how great the property is marketed it means nothing if it's not PRICED RIGHT.

Hope this helps and good luck to you and your friend.

Posted by: kdabrowski at October 29, 2009 2:35 PM in response to Broker Contract?

Unless you will be doing all the marketing & advertising plus all open houses and showings yourself you need a listing agent (that's what an exclusive means.) The job of that person is to market your property to all other brokers (who will market to their customers)and directly to the public.

The commission (traditionally 6%) is than split between the listing agent and the buyers agents (with each firm receiving 3%). An open listing means the 6% commission would go to whoever brings the buyer. However there is no contract, the owner is not obliged to give the broker anything in this case.

Open listings work with Rentals, because the tenant not the landlord pays the fee.

People who can afford a $5MM Townhouse are generally very busy (making the money) and work with a Broker.

When selecting an exclusive agent your friend should do the following:
1) Get recommendations 2) Interview a least three brokers who have sold Townhouses in your area 2) Call their clients to determine their level of satisfaction (references)

What to expect from an exclusive agent?
1) At least Professional Photography, professional floorplan
2) Marketing Campaign to market property to brokers
a. Broker Open house
b. E-mail Blasts to broker community

3) Marketing Campaign to general public
nytimnes.com
streeteasy.com, etc

3) No matter how great the property is marketed it means nothing if it's not PRICED RIGHT.

Hope this helps and good luck to you and your friend.

Posted by: kdabrowski at October 29, 2009 2:07 PM in response to Broker Contract?

Most big firms, Corcoran, Halstead, etc. charge 6% commission and usually don't negotiate the fee. Smaller and mid size firms usually give a discount, but expect 4% to be the lowest commission a reputable firms will accept.

The commission is split (usually in half) between the listing agent (your broker) and the buyer's agent. When the pot is too small, brokers won't bring their customers, greatly reducing traffic to your home.

If you have the time to do the showings yourself, eliminate the listing agent and market your home yourself (FSBO). Advertise on nytimes.com and streeteasy.com.
If you don't get much interest, I suggest you open the listing to buyers brokers and offer a 2% or 2.5% commission to them. Add "Buyer's brokers welcome" to your marketing materials and distribute your listing to all the local firms.

If you go with the listing agent, I disagree with Ed on the exclusive: no broker will spend
any money on advertising your home, without it.

I work in the industry for one of the parent companies (don't do sales). I see the slimy dishonest brokers get all the listings, where as the good, knowledgeable ones (and there are tons of them), don't. If you do go with a broker to market your home, please choose one carefully.

Posted by: kdabrowski at October 29, 2009 11:18 AM in response to First Time Seller

This place is tiny: 17 x 40 including the common hallway comes to 680sf. Exclude the hallway and you're looking at about 600sf. So they are basically asking $875 a square foot.

Posted by: kdabrowski at October 27, 2009 1:54 PM in response to Co-op of the Day: 100 Underhill Avenue, #2

OP here. Thanks for your input. Next door building is 70 deep. From the responses, I estimate the one floor extension would run $60K to $100K. Right now the space is a brick patio, but we would turn the extension to a family room.

If we wanted to extend the Parlor floor, or all 4 floors for that matter, does economy of scales apply here or should we estimate by multiplying the garden floor by the number of desired floors?

Thanks again.

Posted by: kdabrowski at October 22, 2009 12:47 PM in response to Cost for Adding Extension?

I think your only solution is an FHA loan. The building has to be FHA approved. Co-ops and older condos are not but a lot of the new condo constructions are. On the downside, sponsor units in new constructions have very high closing costs due to transfer taxes (figure 20K to 25K on the price range you mentioned). FHA loans do not allow seller's concessions so you have to pay the above out of pocket yourself.

I am not an expert, so please someone in the know chime in.

Posted by: kdabrowski at September 17, 2009 4:17 PM in response to First-time Home Buyer

Our monthly bills on our 1277sf duplex are similar to snowbunny's. Winter is around $300 a month, but we keep the place nice and toasty for the kids. Summers about $50-$60. You don't mention electricity, but it's the opposite. About $300 for Con Ed in the summer months. Of course less this summer, due to the cool rainy weather.

Coming from a rental which included all utilities, this was a big shock but now we've adjusted.

Posted by: kdabrowski at August 21, 2009 12:21 PM in response to Heat/HW Costs in a Rental?

In the first place what this person is doing is illegal.
You have to be a licensed real estate salesperson or broker to collect a brokers fee for a transaction involving real property (sale or lease).

The only way this could have been legal is if some sort of Finders Fee agreement was signed.

If you know he is not licensed he needs to refund your fee. Here is the link to the public search: https://appsext7.dos.state.ny.us/nydos/nydosmainMenu.do;jsessionid=EFABNKDIAHKP

PS: My landlord is a real estate broker and did not charge us a fee.

Posted by: kdabrowski at August 19, 2009 8:41 PM in response to Landlord Problem

We moved to downtown JC from Brooklyn in November. We've been investigating different hoods for future purchase(2010), and this is what we found.

Greenville = Brownsville or East New York
Market Price Range = mid 100's for a fixer upper to 400's for Jersey equivalent of Fedders (multi-family).

Bergen Lafayette = Bed-Sty
Some beautiful brownstones and townhomes.
Market Price Range: mid 200's for a fixer upper to high 400's for mint condition
Commute: Path+Lightrail

Jersey City Heights = Sunset Park
Diverse Housing Stock, large Hispanic population. Pretty Safe.
Market Price Range: mid 200's for a fixer upper to high 600's (along Palisades ave - great city views)

Journal Square Area - all of the above depending on block
Market Price Range: upper 200's for fixer uppers closer to Summit Ave - 700's for mint Victorian mansions in Lincoln Park.

Downtown - BoCoCa
Market Price Range: low 500's for fixer uppers to 1 mil for good condition brownstones/townhomes.

BIG PLUG FOR JC: FREE PK-3 and PK-4 with aftercare until 6pm ($90 a month for the aftercare).

Note: these are listing prices. There are many forclosure opportunities at significant discount (not downtown).

Posted by: kdabrowski at July 7, 2009 11:18 AM in response to Jersey CITY Brownstones

Most inspectors do not provide estimates. If you anticipate issues with the house I recommend you bring in a contractor either at the same time or very soon after the inspection.

Our inspector allowed several contractors/experts to accompany him, and we were able to get estimates pretty immediately. This was a must for us since we were set to close in two weeks.

Posted by: kdabrowski at July 6, 2009 3:21 PM in response to inspection process

I am not saying this is the case here. However it is a common practice for new developments to release units in increments. So let's say they market 40 out of 100 to start with. 8 out of those 40 go into contract, and they start advertising 20% Sold.

Again not saying its being done here. But its fairly easy to check, if someone has the time.

Posted by: kdabrowski at June 25, 2009 1:09 PM in response to 500 Fourth Avenue 20% Sold; Opening in Fall?

Don't discount downtown Jersey City. We moved there in November after 15+ years in brownstone Brooklyn. The area has a similar feel to Carrol Gardens in late 90's; a mix of single professionals, young families, and old timers.

The public school system offers full day (8:30 to 3) P-K for 3 and 4 year olds. In addition an after school program takes place in each school until 6pm, which is great for working parents. This is guaranteed. No wait-lists, no applications, etc.

I work downtown so the commute for me is 15 minutes. My husband's Midtown commute is about 35 minutes.

Having said that I still prefer BK but prime BK. We sold a small place in Cobble Hill for a big place in more fringe area, and the school situation drove us out of Brooklyn. So my advise is to use a good school system as your guiding light whereever you go. Good Luck.

Posted by: kdabrowski at June 24, 2009 10:45 AM in response to Townhouse for $600k?

They are just a listing broker. You can retain your own buyer's broker who will nagotiate with the listing broker on your behalf. The comission is split bet the listing agent and the buyers broker, so this does not cost you a dime, and you never have to deal with them directly. This is the standard co-broke procedure as governed by REBNY.
However if you already saw the unit on your own and they have your classified as a direct, it's too late, you have to deal with them.

Posted by: kdabrowski at May 6, 2009 4:46 PM in response to Aguayo & Huebener broker?

They are just a listing broker. You can retain your own buyer's broker who will nagotiate with the listing broker on your behalf. The comission is split bet the listing agent and the buyers broker, so this does not cost you a dime, and you never have to deal with them directly. This is the standard co-broke procedure as governed by REBNY.
However if you already saw the unit on your own and they have your classified as a direct, it's too late, you have to deal with them.

Posted by: kdabrowski at May 6, 2009 4:46 PM in response to Aguayo & Huebener broker?

What is the deal with these buildings? I thought they were subsidized for mid income families. In fact I put in an application in 1994. My friend lives there and pays like $800 for a 2 bed (it was originally grandmas).

Of course they could have turned co-op with insider pricing since I last visited. Just curious?

Posted by: kdabrowski at April 21, 2009 1:07 PM in response to Co-op of the Day: 75 Henry Street

I guessed $400,000. After 20% down, the total payment would be around $2500 ($1800+ $700). So if you got 80K lying around, and are paying about this for a similar apartment, it makes sense.

Posted by: kdabrowski at April 2, 2009 2:34 PM in response to Co-op of the Day: 59 Pineapple Street, #5I

If it's a new construction that sounds about right due to transfer taxes. If not it should be about half.

Posted by: kdabrowski at March 25, 2009 12:24 PM in response to Closing Costs?

The traditional commission is 6%. In today's climate most brokerage firms will accept a 5% commission if there is a co-broke (the buyer has a broker representing him) and 4% if it's a direct.

If you go with a too low commission on a co-broke deal you run the risk of buyer agents not bringing their customers, hence I don't recommend going below 5% on the co-brokes.

My suggestion is to try to nagotiate a 3% or even 2.5% on a direct.

If you go with a broker please view the process as a job interview. There are so many professional, ethical agents out there, and they are all dying to work for you.

PS: I sold my condo as a FSBO this summer.

Posted by: kdabrowski at January 21, 2009 1:18 PM in response to Tips on FSBO?

Depending on size and finishes, i believe $1800 - $2400.

Posted by: kdabrowski at January 4, 2009 1:09 PM in response to Current mark rate for a 1 bedroom in park slope

You mention, 301K FHA loans. Our experience in the last 3 months has been that no lender is doing these anymore.
If someone knows otherwise, please share, because we still want to buy this house.

In September, we tried to buy a 3 family row house in Jersey City. We had an executed contract, and a mortgage commitment from a lender with 20% down.

Although the house was marketed as move in ready, the inspection revealed 80K in immediate repairs. We nagotiated a 100K discount. However even with the discounted price funding a 20% down payment and 80K for the work became an issue.
The Original lender would no longer lend us the money.

We spend the next 3 months trying to get a mortgage. We had the bait and switch done on us so many times. No one would even discuss a 301K FHA, since in a declining market, a house is expected to loose value even after renovations and improvement. We tried to put down 15%, but the PMI people wouldn't insure. It truly was a nightmare.

Have things eased up a bit? We rented but want to start the process again in the Spring.

Posted by: kdabrowski at December 19, 2008 9:24 AM in response to Crazy talk?

What would a comparable 2 bed apt in this nabe rent for?
$1600.
In this scenario, you put down $73K (20%)and are left with $292K mortgage. Your monthly carrying charges will be about $2,200 (1400 mortgage at 6% plus $819 maint.)

The chance of building any equity in the next 5-7 years is slim. Unless I am really off with the projected rent, it doesn't make sense to buy this place at this price.

If you use the anology that the purchase price should be 16 times the annual rent, this place should be priced at a little over $300K.

Posted by: kdabrowski at December 18, 2008 2:29 PM in response to Co-op of the Day: 515 East 7th Street

What would a comparable 2 bed apt in this nabe rent for?
$1600.
In this scenario, you put down $73K (20%)and are left with $292K mortgage. Your monthly carrying charges will be about $2,200 (1400 mortgage at 6% plus $819 maint.)

The chance of building any equity in the next 5-7 years is slim. Unless I am really off with the projected rent, it doesn't make sense to buy this place at this price.

If you use the anology that the purchase price should be 16 times the annual rent, this place should be priced at a little over $300K.

Posted by: kdabrowski at December 18, 2008 2:28 PM in response to Co-op of the Day: 515 East 7th Street

We paid $1,700. Brownstone duplex (garden and parlour), probably about 1300 sf. Walls perfect condition.
Got 3 estimates - ranging from $1300 to $2000.

Originally quoted at $1200, but the job required a primer and 3 coats. We wanted pure white, and each room had a different funky dark wall color.

I think Bessie's estimate is right on the money.

Posted by: kdabrowski at December 3, 2008 3:04 PM in response to Trying to Create Apt. Painting Budget

Ok! Let's revisit Friday's post about not being able to sell a simillar 2 bed on Henry Street 475K http://www.brownstoner.com/forum/archives/2008/11/advice_for_a_fr.php

One is a co-op in what I think is a better location (Henry), almost identical square footage. That strech of Bergen is a fugly street but the condo is more modern and has outdoor space.
I know condos generally fetch 20% more, but the price difference here is huge.

I am no expert but the Bergen Street condo seems really overprice by comparison.

Posted by: kdabrowski at November 24, 2008 3:06 PM in response to Condo of the Day: 56 Bergen Street FSBO

Ok! Let's revisit Friday's post about not being able to sell a simillar 2 bed on Henry Street 475K http://www.brownstoner.com/forum/archives/2008/11/advice_for_a_fr.php

One is a co-op in what I think is a better location (Henry), almost identical square footage. That strech of Bergen is a fugly street but the condo is more modern and has outdoor space.
I know condos generally fetch 20% more, but the price difference here is huge.

I am no expert but the Bergen Street condo seems really overprice by comparison.

Posted by: kdabrowski at November 24, 2008 3:06 PM in response to Condo of the Day: 56 Bergen Street FSBO

Have you considered Jersey City, around Grove Street? It's very reasonable compared to prime or even non prime Brooklyn, its very simillar to Brownstone Brooklyn from 6 or 7 years ago before the Upper Eastsiders moved in, and the commute to the city is fantastic.

PS: We moved from Carrol Gardens (which we loved) to a more fringe neighborhood in Brooklyn (which we hated) and now have ended up in Jersey City (which we like way more than we thought we would.

We rented a 3 bed/2 bath duplex in a brownstone: about 1400sf, fully renovated, eat in kitchen with stainless steel appliances, granite countertops, formal dining room, huge backyard, basement. The rent is $2400. The 1 bed floor-throughs went for $1400. We looked for a while and these are market rents not some bargains; we had a lot to choose from.

Posted by: kdabrowski at November 24, 2008 10:22 AM in response to Reasonable Rent for a Reliable Tenant

Hang in there. This price is a steal and it will happen.
We lived around the corner before we bought in "fringe" part of Prospect Heights, and the location is amazing.
Two months on the market is not long in today's climate.

The only thing the floorplan does not give dimentions, and the place looks tiny in the pictures. If it is bigger than 800sf you should state the square footage.

Good luck.

Posted by: kdabrowski at November 20, 2008 5:20 PM in response to Advice for a Freaked Out Apartment Seller

Before I checked the comps I was going to say the price was crazy. However an 1125sf 2 bedroom on 1st floor closed for 960K in August. A 2000sf unit closed for 1.95K in June.

Which brings me to this: Are comps, even from 3 months ago, insignificant these days? The sale was recorded in August, which means the closing most likely took place in July, which indicates the contract was signed in May/June and the offer made in April/May.
Spring 2008 was a totally different ball game.

Posted by: kdabrowski at November 17, 2008 1:54 PM in response to Condo of the Day: The Ansonia, Apt. 4D

Also, most new developments release units incrementaly over time. For instance they could have released 20 units on the market and sold 10, hence the 50%.

This is a deceptive practice that almost everyone employes in their marketing efforts. To get a better gage, know the number of total units in the building and do your own math.

Posted by: kdabrowski at November 11, 2008 11:55 AM in response to Sales Moving Along at 378 Baltic

What's the rate on a 10/ARM I/A?
We locked in a month ago at 6.25%. Can I re-nogotiage with the bank or am i trully "locked in".
Thanks

Posted by: kdabrowski at September 8, 2008 1:42 PM in response to Interest Rates Are Awesome

At 700sf this place is the size of a average 1 bedroom, and the $785 price is more than the average price per sq foot of the Ore or Toren.

Strickly by numbers this place is overpriced by at least 20%-25%. But from the pictures it does look charming and there are not many 2 bedrooms (however tiny) at this price point in the area. So my quess is it will sell close to ask.

Posted by: kdabrowski at September 5, 2008 3:16 PM in response to Co-op of the Day: 422 State Street, #20

Before you become a broker you have to become a salesperson.
The course is 45 hours and you can do it in a week.

After two years as a salesperson, and with enough documented transactions you can become a broker.

Posted by: kdabrowski at August 9, 2008 1:38 PM in response to The Quickest, Easiest Way To Become a Licensed Real Estate Agent/Broker

Three years ago we got a mortgage in a snap although income lower, FICO lower, and downpayment much lower.

Today, we just sold and are having challenges obtaining a good rate for a new house. My Fico is over 720 but I'm a 1099 now; husband good income but Fico in high 600's and recently changed jobs. This makes us undesirable...we can still get a mortgage it's just the rate is not attractive.

Yes, so I say it's more challanging. However, like previous posters already stated if you have 20% down, FICO score 720+, and have W2s its still a smooth process. Even 10% is ok, you'll just have to pay PMI.

Posted by: kdabrowski at July 17, 2008 1:49 PM in response to Who is trying to get a Mortgage and what problems you are facing?

After 20+ years in brownstone brooklyn (me) we'll be moving to West Orange, NJ in August.
Honestly the move is driven purely by economics. As a middle class family of 4(160HHI) we're struggeling. Pre-School tuition and childcare eat up about 40% of take home pay, mortgage and utilites another 40%, leaving us very little to live on.
Paying the high "burb" taxes is still a quarter of the private school tuition facing us.

We chose West Orange right on the border of South Orange, because it's diverse, artsy, has a great community feeling, is a closer commute than where we are right now, has a good public school system, and most importantly you can get a nice house for 400K. It took us over a year to make this decision, but I think it's the right one for our family.

If we could afford a 3 bed apartment, lived in a good school district or private tuition was not an issue we would absolutely stay.

Am I melonchaly a bit, absolutely. But we can always come back and visit.

Posted by: kdabrowski at July 9, 2008 3:23 PM in response to Leaving Brooklyn For The Burbs

Purely by the numbers:
According to the floorplan, the orange place is 364 sqare feet, so thats $876 per sf.
This is a little high for a co-op but on par with the neighborhood.

I'm going to assume the PH place is about the same size (although it actually looks smaller in the pics), so it's price per square foot is $783, very high for the hood.
To warrent this price tag, the place would have to be about 500 sf feet.

So i say orange.
PS: I live in ph

Posted by: kdabrowski at June 30, 2008 1:26 PM in response to Co-ops of the Day: Head-to-Head Studio Battle

According to the lawyer who represented the buyers, the closing already took place and yes it went for asking.

Posted by: kdabrowski at June 27, 2008 2:45 PM in response to Schloss Connelly In Contract

To guest 3:24. It's entitled smug idiots who make me hate this borough which has been my home for 20 years.
Try 2k a month rent and another 2k for childcare if you have small children.

Posted by: kdabrowski at June 12, 2008 3:44 PM in response to House of the Day: 266 Stuyvesant Avenue

There is a huge need for affordable childcare in all of brownstone Brooklyn, particularily for children under 2.

So far we've lived in Brooklyn Heights, Cobble Hill, and currently in Prospect Heights.

I will speak for Prospect Heights, since we've been here for the last 3 years. There are almost no daycare options for children under 2. Also prices are very high, and cater to mostly non working parents, which kind of defeats the purspose of a daycare.
Please open a nice clean facility, with a caring staff, hours that accommodate working parents schedules, and charge affordable tuition for middle class families ($800-$1000 for full day 8-6:30).

Posted by: kdabrowski at June 4, 2008 1:14 PM in response to child care

OP here. No, we love the house, and its actually being offered as a rent to buy option, as are many of the houses we've looked at.

We're just clueless about the process. Again, when is the price set, can the rent be applied towards the downpayment. However from the responses, it sounds like anything can be nagotiated.

Posted by: kdabrowski at June 2, 2008 2:15 PM in response to Renting with Option to Buy

We came to Brooklyn because of the people, and now we're getting out because of the people. People like the "I make 150K and work in the arts". Statistically your salary puts you in the top 5% of earners. You are blessed and very lucky. There is nothing wrong with making a good living, but why all the gloating.
All this entitlement and judgment. What happenened to all the cool easy going people? Where did you go? We want to follow.

Posted by: kdabrowski at May 16, 2008 5:03 PM in response to Open House Picks

To those of you who are saying brownstones in PH (below Washington) are selling for under 1m please let me know where and where. I will give you a nice commission.
A gut rehab just around the corner from this one went for 1.4 a few months back. Plus PH under is far from a Ghetto, it is the 5th priciest neighborhood in Brooklyn; a diverse community which like many other neighborhoods in experiencing an increase in petty crime.

The only reason i see this going to forclosure is time: it takes time to sell property. An auction usually yields instant results.

Posted by: kdabrowski at May 6, 2008 1:09 PM in response to Foreclosure of the Week: 136 Underhill Avenue

To those of you who are saying brownstones in PH (below Washington) are selling for under 1m please let me know where and where. I will give you a nice commission.
A gut rehab just around the corner from this one went for 1.4 a few months back. Plus PH under is far from a Ghetto, it is the 5th priciest neighborhood in Brooklyn; a diverse community which like many other neighborhoods in experiencing an increase in petty crime.

The only reason i see this going to forclosure is time: it takes time to sell property. An auction usually yields instant results.

Posted by: kdabrowski at May 6, 2008 1:09 PM in response to Foreclosure of the Week: 136 Underhill Avenue

The verification process begins after the winners are selected. Both my mother and aunt won housing lotteries, and
trust me the verification proccess is rigerous and detailed. If the recipient does not qualify another name is selected, and put through the process.

Posted by: kdabrowski at May 6, 2008 12:06 PM in response to 420 Classon Avenue: Waiting for the Lottery Results

We're on Prospect Pl bet Grand and Classon, so not Prime PH and our neighbor just sold his 2 bed 900sf condo for $575,000 in 2 open houses. A 1400sf duplex with very small garden went for 680,000.
I think they may get it, if the apartment is in mint condition.

400's for a 2-bed in PH was a 2004 price tag.
Yes you may find something in this range past Franklin but that's not Prospect Heights.

Posted by: kdabrowski at April 14, 2008 2:29 PM in response to Co-op of the Day: 415 St. John's Place

Every neighborhood has a parent forum. There are yahoo groups like Prospect Heights parents, Park Slope parents, etc. They are most helpful. This is probably not the venue for the topic.

Parkslopeparents.com lists all the groups.

Posted by: kdabrowski at April 9, 2008 3:25 PM in response to Day Care in Bed-Stuy

I live on the Prospect Place block, and all the units have been occupied since January.
The broker lived above me and has moved to California a while back.
So, how come its being reported as just sold now? If there really such a tremendous lag time by the time it's reported?

Posted by: kdabrowski at April 4, 2008 7:15 PM in response to Just Sold in Brooklyn

We just turned our walk-in closet into a bathroom, so the job included plumbing and electrical. We bought all the supplies (Ikea, Lowes, HD) and just paid for labor.

It ended up costing about $6000, but both my husband and I did the labor with the contractor.

Posted by: kdabrowski at April 2, 2008 4:49 PM in response to About how much to renovate small BATH & KITCHEN???

The market is extremely slow. Even for rentals, but I'm told it's begining to pick up again. If you have the time to show the apartment continue to do it by yourself, no one wants to pay a fee.

Posted by: kdabrowski at April 2, 2008 4:24 PM in response to Is rental market soft?

Thanks Ed and Kdabrowski for taking the time to answer my questions.
One more, if you will ... What is the time commitment like? meaning how many hours does the broker put in for the purpose of selling my apartment? Am I paying 6% for the broker's brand? It just seems like alot of money.
(sorry if this sounds naive)

Posted by: BlondAmbition at October 29, 2009 1:45 PM in response to First Time Seller

Unless you will be doing all the marketing & advertising plus all open houses and showings yourself you need a listing agent (that's what an exclusive means.) The job of that person is to market your property to all other brokers (who will market to their customers)and directly to the public.

The commission (traditionally 6%) is than split between the listing agent and the buyers agents (with each firm receiving 3%). An open listing means the 6% commission would go to whoever brings the buyer. However there is no contract, the owner is not obliged to give the broker anything in this case.

Open listings work with Rentals, because the tenant not the landlord pays the fee.

People who can afford a $5MM Townhouse are generally very busy (making the money) and work with a Broker.

When selecting an exclusive agent your friend should do the following:
1) Get recommendations 2) Interview a least three brokers who have sold Townhouses in your area 2) Call their clients to determine their level of satisfaction (references)

What to expect from an exclusive agent?
1) At least Professional Photography, professional floorplan
2) Marketing Campaign to market property to brokers
a. Broker Open house
b. E-mail Blasts to broker community

3) Marketing Campaign to general public
nytimnes.com
streeteasy.com, etc

3) No matter how great the property is marketed it means nothing if it's not PRICED RIGHT.

Hope this helps and good luck to you and your friend.

Posted by: kdabrowski at October 29, 2009 2:35 PM in response to Broker Contract?

As an attorney, you can get a real estate license without taking the classes and exam. It is that license that enables you to seek a cut of the fees.

The theory is that if you do not use a buyers' agent and have your own license, you should be entitled to the share of the fee that a buyers' agent would have received. Whether the sellers' broker agrees remains to be seen. You do need to disclose the idea up front.

Posted by: nyc_sport at November 2, 2009 2:18 PM in response to Fee for Lawyer Acting as Broker

It applies to all licensed NYS attorneys. However, as slope farm said, it's something that should be disclosed from the begining. If the listing is an open listing, not a co-broke or otherwise does not compensate a buyer's broker - then you are entitled to nothing.

Posted by: Crownlfc at November 3, 2009 10:55 AM in response to Fee for Lawyer Acting as Broker

You need to have your Broker's license. As an attorney, you are entitled to a broker's license by virtue of your degree and admission to the bar, but you still have to appy to the state department for your broker's license and pay the fee. Agreed with above, you need to disclose it to the selling broker your idea. It may not sit well. Many times, the selling broker deals directly with the buyers (no buyers broker) and the seller in broking the deal. The selling broker in this situation will still be doing all the work. A buyers broker shares the load with the selling broker and you will not be doing that work since you are the actual buyers.

Posted by: broker at November 3, 2009 1:41 PM in response to Fee for Lawyer Acting as Broker

I respectfully disagree with you Broker. As far as I know, a NYS Lawyer does NOT need a brokers license to broker deals. They do however, need one if they plan to be a principal broker, open up an office and have people work under them.

Posted by: Crownlfc at November 4, 2009 1:53 AM in response to Fee for Lawyer Acting as Broker

I am a lawyer as well, you have to be a licensed broker in order to get paid a commission in a real estate transaction in a cobroke.

Posted by: broker at November 4, 2009 10:07 AM in response to Fee for Lawyer Acting as Broker

greed knows no limit among lawyers...lol

Posted by: eman1234 at November 5, 2009 12:09 AM in response to Fee for Lawyer Acting as Broker

Fair point broker

Posted by: Crownlfc at November 5, 2009 2:28 PM in response to Fee for Lawyer Acting as Broker

We have a most excellent mortgage guy to get us this far. But to qualify for the program he found for us, he had to use the middle of my three scores, which is 656 at Equifax. Is it beneficial to give our broker permission to pull a credit report??
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Posted by: jhnsmith978 at November 6, 2009 6:08 AM in response to Mortgage brokers and credit reports?