Selfish selling brokers who won't co-broke
Anyone want to discuss the still-prevalent practice in Brooklyn of real-estate brokers who refuse to co-broke? (That is, listing agents who will not split their commission with a buyer’s broker?) The vast majority of brokers across the country co-broke as a matter of course; personally, I think refusing to do so should be illegal. Why?…
Anyone want to discuss the still-prevalent practice in Brooklyn of real-estate brokers who refuse to co-broke? (That is, listing agents who will not split their commission with a buyer’s broker?) The vast majority of brokers across the country co-broke as a matter of course; personally, I think refusing to do so should be illegal. Why? After spending two months working with a nice broker who showed us 30-something houses, I found the right one in the Times. Unfortunately, despite our repeated pleas, the seller’s agent would not relent from this practice–meaning that if I wanted to buy the place, I would have to do the negotiating myself, without advice or representation (I’m not an expert in negotiating and I’m also really busy). I would also be placed in the awkward position of having wasted my buyer broker’s time–unless, I suppose, I wanted to shell out a fee for his time, when I had expected from the beginning he would be amply compensated at closing, the way most transactions work. Aside from my own issues with this practice as a buyer, I believe it is a HUGE disservice to the seller–it means that an enormous number of potential buyers will NEVER see your house because their buyer brokers have no incentive to show it to them. Potential sellers: Trust me, DON’T list your house with an agency that won’t co-broke. And thanks, B-stoner, for letting me get that off my chest. Thoughts?
Postscript to Anon 7:51 about how refusing to co-broke is a violation of REBNY (Real Estate Board/Brokers of NY, or something) rules–my understanding is that you’re right. I think it’s just that that many BKLYN agencies are simply not REBNY members, probably for this reason. Yet another argument for why real-estate in Bklyn needs reform–they refuse to comply with the requirements of their own professional trade group, rules that every other city/borough in the country considers standard, ethical practice. WILL NO BROOKLYN BROKER STAND UP FOR THE PRACTICE OF REFUSING TO CO-BROKE? Probably not. Says a lot. Nighty night.
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I would love to have resisted this non-co-broking policy on principle, but it was THE house, dammit, and I love my new nabe in Bklyn. So I bought it. I’m trying to atone now for compromising my principles, I guess. Maybe I should thank the seller’s broker, since their exclusive policy helped a magnificent house languish on the market for half a year and contributed to several significant price decreases. 🙂 Why am I complaining? Happy new year, Brownstoner readers one and all.
True, 10:01, nowhere else in the country do you see non-co-brokers.
Exactly, Anon 9:45, which is exactly as it should be, and as it is in the vast majority of the country–including Manhattan. These non-co-broking dinosaurs are not long for this world.
Well we didn’t pay a fee to our Brown Harris Stevens broker to show us properties or rep our interests when we bought a place. She made her commission from the SELLERS not we the buyers.
yes, there are buyers brokers out there but no one worth his salt would spend a minute with you without being paid for their time. Otherwise, they could never make a living b/c few agents are willing to share their loot with anyone. Cant exactly blame them since I wouldnt volunteer half my salary to someone either if I didnt have to.
If there is some home you really want, maybe try reaching out to the sellers and explain your situation. They can put pressure on the agent to accept some kind of cobroke agreement. At the very least, they should know the situation is causing a deal to fall thru.
I fully agree, Anon 7:56, that for a buyer or a seller to trust ANYBODY in the home-buying/selling process is idiotic. However, having a buyer’s agent who knows the neighborhoods and who effectively pre-screens listings for you can, in fact, make a difference–at least when you’re learning a new ‘hood and trying to understand market values. Ours did. Half these crazy Brooklyn brokerages refuse even to list a house’s address online (another asanine behavior that reallllllly pisses me off), and our agent had been inside most of the listings we asked him about. Your second point is perhaps well taken, from the buyer-broker’s POV; then again, there is no way I was going to agree to pay a flat fee (how much of a fee? do people do this?) or even sign an exclusive with a buyer-broker until he had demonstrated his competence to me with lotsa showings. That is a cost of doing business for a real-estate agent. And then, what: I have to pay his fee, and happily let the listing broker suck up the entire 5% or 6% from the seller just for placing a couple ads and hosting an open house? What I’m saying is: that sucks. But you know who it really sucks for? The seller, who gets a tenth of the buyer traffic he would otherwise get.
Having a buyers agent doesnt make that much of a difference. I can say this as someone with experience in buying in both NJ and Brooklyn. An agents (buyer or seller) priority lies with himself/herself first and foremost. Buyer or seller are definitely far down the list. Any buyer/seller who trusts a agent is an idiot.
I could care less if a broker co brokes or not.
My real question is why would a buyers agent work with you if he hadnt negotiated a flat fee up front? Almost all the listings in Brooklyn are exclusives and are agencies are known for being difficult to cobroke with. Why would someone waste their time showing you 30 more places if he knew what he was doing?