You don't know Jack
In a recent entry of the Gothamist, a troubled reader told her tale of woe regarding two brokers who showed her the same apartment and ended up taking the apartment through the broker who charged a lesser fee. The other broker’s response was that what she did was illegal. The Grunt jumped into the comment fray when some responses presented inaccurate information and ended up in a tete a tete. For your entertainment the Grunt will present that link to you.
Fee shopping can be risky for the client because if they have signed a fee agreement with one broker and the same apartment through a cheaper broker then the client has no choice. I had a client once who was going fee shopping and was willing to pay me if I charged a lesser fee. When I informed my former manager of this he said no dice, either full fee or nothing at all. So if any of you decide to play this game you are opening yourself to a lot of problems. Also if word gets around that you are a fee shopper, agents maybe less inclined to work with you.
There is nothing wrong with fee shopping. Its a free market. But its also a free market for the broker.
A side note, The Jack you ignorant slut line is a play on the famous SNL skit between Jane Curtin and Dan Ackroyd. It was meant in jest.
My latest response to Jack follows below.
I see you have been eating those lead paint chips again Jack.
Your information about real estate is akin to a recipe for pork kreplach. In other words, its wrong.
First of all, the fee is 15% of the first years rent, not 20%. Depending on the agent and management company it can be negotiated. How this number was determined, I have absolutely no clue but it simply was not pulled out of the air.
I should take offense to the comment about agents doing nothing more than opening a door and walking around and not much else. But I realize you do not have the time to learn the facts of the real estate industry due to your strenuous schedule of being a professional tourist taking pictures of bright shiny signs. But I would be more than happy to enlighten you.
The duties of a real estate agents range from marketing apartments, contacting landlords and property management companies for listings, preparing leases, running credit reports, finding comparable apartments for clients and providing pertinent data to clients. It’s a helluva lot more than simply than walking around and opening doors.
By the way what Ivy League school did you graduate from? You were so quick to pick up that I am an agent from my comments. Unfortunately I picked up nothing of value from your words.
I never said the broker is always right. I am just telling it like it is. The customer is very important but some of them can be annoying as hell with unrealistic expectations, bad credit, or the fact they do not have the money to afford the apartment.
If you think finding an apartment with a broker is stressful try being a rental agent. A rental agent has to go through the same experience of everyday of finding an apartment and has to be ready to educate someone who has no idea what they are doing.
If you notice the sharp tone in my comments it annoys me when people who consider themselves authority on the subject just because they had a couple of run ins with some brokers who start shooting their mouth off about the subject. Their words offer nothing but trouble to the rest of society. However its one of prices we pay for our constitution. You know what that is right? Although I find your words misleading I will however defend your right to speak. However don’t expect me to remain silent when you say something that is false. Don’t worry. I take great pleasure in correcting a member of Phi Beta Kappa.
Jack, if you have such a grievance against the rental industry then I challenge to get a license and join up with a firm. See if you can make a difference and be one of the good guys. The great thing about being an agent is that you can make your own hours, which will give you plenty of time to fulfill your vital duties as a day-tripper. Surely a Harvard graduate such as your self can accomplish this task.
Fee shopping can be risky for the client because if they have signed a fee agreement with one broker and the same apartment through a cheaper broker then the client has no choice. I had a client once who was going fee shopping and was willing to pay me if I charged a lesser fee. When I informed my former manager of this he said no dice, either full fee or nothing at all. So if any of you decide to play this game you are opening yourself to a lot of problems. Also if word gets around that you are a fee shopper, agents maybe less inclined to work with you.
There is nothing wrong with fee shopping. Its a free market. But its also a free market for the broker.
A side note, The Jack you ignorant slut line is a play on the famous SNL skit between Jane Curtin and Dan Ackroyd. It was meant in jest.
My latest response to Jack follows below.
I see you have been eating those lead paint chips again Jack.
Your information about real estate is akin to a recipe for pork kreplach. In other words, its wrong.
First of all, the fee is 15% of the first years rent, not 20%. Depending on the agent and management company it can be negotiated. How this number was determined, I have absolutely no clue but it simply was not pulled out of the air.
I should take offense to the comment about agents doing nothing more than opening a door and walking around and not much else. But I realize you do not have the time to learn the facts of the real estate industry due to your strenuous schedule of being a professional tourist taking pictures of bright shiny signs. But I would be more than happy to enlighten you.
The duties of a real estate agents range from marketing apartments, contacting landlords and property management companies for listings, preparing leases, running credit reports, finding comparable apartments for clients and providing pertinent data to clients. It’s a helluva lot more than simply than walking around and opening doors.
By the way what Ivy League school did you graduate from? You were so quick to pick up that I am an agent from my comments. Unfortunately I picked up nothing of value from your words.
I never said the broker is always right. I am just telling it like it is. The customer is very important but some of them can be annoying as hell with unrealistic expectations, bad credit, or the fact they do not have the money to afford the apartment.
If you think finding an apartment with a broker is stressful try being a rental agent. A rental agent has to go through the same experience of everyday of finding an apartment and has to be ready to educate someone who has no idea what they are doing.
If you notice the sharp tone in my comments it annoys me when people who consider themselves authority on the subject just because they had a couple of run ins with some brokers who start shooting their mouth off about the subject. Their words offer nothing but trouble to the rest of society. However its one of prices we pay for our constitution. You know what that is right? Although I find your words misleading I will however defend your right to speak. However don’t expect me to remain silent when you say something that is false. Don’t worry. I take great pleasure in correcting a member of Phi Beta Kappa.
Jack, if you have such a grievance against the rental industry then I challenge to get a license and join up with a firm. See if you can make a difference and be one of the good guys. The great thing about being an agent is that you can make your own hours, which will give you plenty of time to fulfill your vital duties as a day-tripper. Surely a Harvard graduate such as your self can accomplish this task.
posted by Grunt at
11:43 PM
