benefits/ disadvantages to exclusive contract with Corcoran to rent my condo apt?

I’m moving out of my condo apartment in Clinton hill and am looking to rent it out. I’ve spoken to Corcoran who have encouraged me to sign an exclusive agreement with them, so that they are the exclusive agents for the property. Was wondering if anyone has any strong feelings on this either way? any clear disadvantages to using one agent only? FYI – i am too busy traveling and moving out of nyc to be dealing with leasing it myself. thanks!!

Carolinem

in Agents and Brokers 13 years and 2 months ago

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Carolinem | 13 years and 2 months ago

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Many thanks for everyone’s advice. I think i’m going to go for Corcoran as they have pretty good coverage in this area and they were actually the office that was responsible for the sale of my unit anyways.

Snezan | 13 years and 2 months ago

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the only way a broker can co-broke their listing is if they have an exclusive. That is a rule every REBNY agent must agree to for membership. I definitely recommend signing an exclusive agreement. 90% of the time, I rent the apartment myself even with an exclusive agreement, but it’s nice to have that 10% available. Just make sure the agent knows how to use craigslist and streeteasy, as a lot of Corcoran people seem to have trouble with the more… plebeian methods of advertising :).

jwilli1234 | 13 years and 2 months ago

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In my experience, the rental agents work harder with an exclusive – BUT I’ve typically given them an exclusive for a month or so and said “Let’s see how it goes after that.” This way if you don’t get the results you want you’ve got an out.

slopegirl | 13 years and 2 months ago

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for rentals typically the owner pays no realtor fee and the tenants pay it. I’ve found that we get MUCH higher rents using a realtor than renting on our own. In theory this shouldn’t work, but it seems to. My guess is high earning tenants want an agent and don’t mind paying. I think using a top agency is a good idea since there are a lot of (much) less professional ones and they will annoy you.

Crownlfc | 13 years and 2 months ago

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Since you will be away and can’t rent it out yourself you can do two things: You can list it with multiple agencies as an open listing, it may be good to have multiple competing brokers showing but you may have to deal with 1 – 700 agents, with varying degrees of professionalism, bothering you for access, or asking the same questions over and over again.  You can list it as an exclusive with Corcoran, Douglass Elliman, or another Rebny Firm (note: A Rebny agent should but does not guarantee professionalism). The advantage of giving an Rebny firm an exclusive is, it will be put on OLR, for other Rebny agents to see and potentially co-broke with and YOU will only have to deal with ONE agent. The potential disadvantages to look out for when considering giving an exclusive: Make sure the agent actively does rentals in the area and not just a sales agent that will put your listing on the back burner in favor of their spring sales activity. Also, many mayor Rebny firms charge their clients 15% as a broker fee, a bit above the average usually charged in Brooklyn. That may negatively impact the odds of it being rented in a timely fashion. Simply ask the agent if they are willing to be negotiable with their fees to avoid a deal from “dying.” As it’s a condo, make sure you keep them in the loop about pets move in fees etc. Good Luck.