RE Brokers are lazy morons
I am looking for a brownstone. In talking to brokers, only 1 in 10 seem to grasp the concept of cash flow. And only 1 in 20 could actually do the arithmetic. They are all aggressive, obnoxious obstacles between their clients and a sale.
I am looking for a brownstone. In talking to brokers, only 1 in 10 seem to grasp the concept of cash flow. And only 1 in 20 could actually do the arithmetic.
They are all aggressive, obnoxious obstacles between their clients and a sale.
Just because a broker has been around Brooklyn for 10+ years doesn’t mean they know anything.
I had a broker who has been in business in Brooklyn Heights for the better part of 2 decades try to tell me I could get 80% financing on a 10 unit building. He stared at me blankly when I explained the concept of a commercial loan (5+ units are financed as roughly 9xs the rent roll minus expenses).
He claimed he had never heard that…
“Obviously, anybody paying 1M to 2M is going to be diligent. Who do they think they are fooling.” Are you kidding? They made away like bandits the last 10 years. The government should put some clawback rules for real estate brokers too. Real Estate brokers make Bernie Madoff look like an amature.
not so great for buyers if you’re nervouse (and many are). Prices insane, and most seem not to know how to build a historical picture based on financial data, or dig behind the scenes to get you info that’s useful.
Then there’s being good at negotiating a million+ purchase.
oy vey!
dumb lazy brokers are great for buyers – helps buyer get lower prices. For sellers, you’re screwed
It’s amazing to me that brokers tend to be pretty piss-poor as far as being professionals of their industry. But I guess that’s par for humanity in general.
We looked in Hoboken for a while and had the best broker ever. Man this guy was a pro. pulled 10 years of comp sales for me to track prices of 1 and 2 family sales so I could decide what the home we bid on (was pulled off the market) was worth.
But this guy’s been selling for 25 years only in Hoboken. Shows what a difference it makes.
Good Luck MFN. I am resigned to looking at many properties and doing the brokers jobs for them. Extra frustrating is uncovering negatives that the brokers should have been upfront about. Obviously, anybody paying 1M to 2M is going to be diligent. Who do they think they are fooling.
Regarding this, I have a post about looking for a broker. I agree, most brokers are a bit lazy, and actually know very little b/c they all started mid boom to get easy money.
Wife and I looking to buy a brownstone in prime areas. Have the cash and credit to do so. But we’re still bearish and want to be aggressive.
Looking for a broker who can help in buying who really knows their shit, has been in bklyn for 8-10 yrs min as a broker and adds a lot of value w/ COMPS spreadsheets, historical pricing and points out details to be aware of while looking. Someone who knows townhouses specifically.
Anyone knows any, there are 2 very motivated, but savvy clients looking for someone exceptional to help us make this purchase. No time for BS sales crap.
They had it too easy for too long. They are just sales people. Most don’t know squat about construction, costs and problems. You would think this economy would be a wake up call. I treat all our customers well and our price range is from $1.00 to $5,000.00. I would take them to dinner if I were making 6% off of a million dollar sale.