Cobroking: Anyone out there paying more than 15 percent?

I once heard of someone who was new to the City paying 16%, because she didn’t know any better. But 15% plus broker fee? This guy has no shame.

mgalka

in Real Estate - Rentals 10 years and 2 months ago

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katecast | 11 years and 6 months ago

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Has anyone ever paid a broker’s fee of more than 15 percent? A listing agent told my broker that I would have to pay his full commission of 15 percent, plus my broker’s fee. Seems like a total scam. But I heard other people are so desperate for apartments that they’re doing it. Especially in Brooklyn, where some agents refuse to cobroke?

dorkofwindsor | 11 years and 6 months ago

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Just a guess – – sounds like the listing agent doesn’t want to share the commission. i guess that’s a personal decision one can pull in a hot market. Esp at a small firm or independent. Given that rental brokers tend not to be concerned with their long term reputation or what brokers will remember when she/he has a buyer and the situation is reversed, i can see why they just decide to get their own while the getting is good. No doubt soon enough they will likely be selling cars or copiers by then.

deanbh | 11 years and 6 months ago

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What did the contract you sign say? Read the contract and then tell them to take a jump.

NeoGrec | 11 years and 6 months ago

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That’s disgusting! As a one-unit landlord, I won’t use a broker because even the 15% fee offends me. I also feel it creates a better relationahip between home owner and tenant if you can let the tenant off the hook for this absurdly high fee.