Author Topic: Are there brokers in JH that will take less than standard 6%  (Read 5062 times)

Offline 80thstreet.observer

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Are there brokers in JH that will take less than standard 6%
« on: February 18, 2008, 03:25:05 PM »
Does anyone know of a broker (representing sellers) of Jackson Heights real estate that works on less than the standard 6% commission?  If so, I am interested a hold of his or her contact info. 

Thank you! 

Offline buddy

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Re: Are there brokers in JH that will take less than standard 6%
« Reply #1 on: February 21, 2008, 01:26:47 PM »
I suspect you'd get a better response if you posted this question under the Apartments, Sublets and Roommates section where people look for realtors.  Just a thought.  :)
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Offline smok

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Re: Are there brokers in JH that will take less than standard 6%
« Reply #2 on: February 24, 2008, 09:33:22 PM »
I remember buying my apartment and overhearing a realtor training while i was sitting in the office. The leaders were instructing their staff not to take anything lower than 4% - in a way that strongly suggested that they were willing to negotiate on this point. Perhaps the market has changed - but negotiating seems prudent. I also remember them saying "we don't take less than 4% - we are not Foxtons" - so maybe you should check out Foxtons. Here's a link for a few JH listings.

http://www.foxtons.com/for-sale/real-estate-in-jackson-heights-queens-ny-usa-773/real-estate-for-sale-in-jackson-heights.html

I don't think they are as aggressive with listings as some realtors based in JH - so there is always that tradeoff...

Offline 80thstreet.observer

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Re: Are there brokers in JH that will take less than standard 6%
« Reply #3 on: February 24, 2008, 10:20:47 PM »
I’m curious how most who have recently (last 5 years?) bought into JH found their condo/co-op/house? 

In my own case, I just went on NYTimes.com and circled open-house listings, visited more than a few openhouses and made a bid.  Once the bid was accepted, the lawyers just got to work.  So aside from listing the property on the NYTimes, which anyone with a credit card can do, I don't really understand what the broker did to earn his fee from the seller.   

Now that I am looking at things from a seller's perspective, I wonder if hiring a broker (with real estate prices being what they are these days) will really provide anything more than what I can already do myself…is there a reason to believe the broker can get me a better price or a faster/smoother sale?

Offline 80thstreet.observer

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Re: Are there brokers in JH that will take less than standard 6%
« Reply #4 on: February 24, 2008, 10:40:02 PM »
Smok, I wonder what other "training" these realtors get...

wouldn't it be funny if, for example, all the delis in JH got together and decided no participating deli can sell sandwiches in JH for less than 50 dollars...unlike that renegade deli down the block that dares to try to compete on price and sells sandwiches for 5 dollars instead!     :)

Offline toddg

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Re: Are there brokers in JH that will take less than standard 6%
« Reply #5 on: February 24, 2008, 10:47:22 PM »
I bought directly from the seller via an ad in the NY Times.  No real estate agent was involved.  It took nearly five months for the deal to close, but I think that was mostly due to delays by the co-op board.  Since this has been my only purchase so far, I can't compare with and without a realtor.

Offline 80thstreet.observer

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Re: Are there brokers in JH that will take less than standard 6%
« Reply #6 on: February 24, 2008, 11:06:50 PM »
I bought directly from the seller via an ad in the NY Times.  No real estate agent was involved.  It took nearly five months for the deal to close, but I think that was mostly due to delays by the co-op board.  Since this has been my only purchase so far, I can't compare with and without a realtor.

It took me 4 months to close, with the seller being represented by a broker.  The co-op board was pretty on top of things.  I guess one month can make a difference for some people, for example, a buyer who is selling a place and buying another, or a seller who is looking to move or cash out asap...but weighed against paying a broker 6% (ex. $30,000 fee for a $500,000 apartment)...hmmm...

Offline Shelby2

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Re: Are there brokers in JH that will take less than standard 6%
« Reply #7 on: February 26, 2008, 10:37:11 AM »
I bought 2 years ago.  In my case, I think that the broker had a lot to do with the sale, and that if it had been offered FSBO I might not have made an offer.  This may be an unusual case though - because the broker lives in what is now my building.  I got a good sense of her as a person and determined via instinct that because she had lived in the neighborhood for so long -- mostly in a different (and high-end) building, she would not have bought into this current building if it were questionable in any way.  Also I knew she was familiar with the board and would be able to help me with the package.  I closed in under 3 months.

So, while this is an unusual case, I do think that there are lots of potential buyers out there coming from Brooklyn and Manhattan who are relying on what they feel is a trusted source (a broker who has been selling in this neighborhood for years and years) to advise them on what might be a good or bad building.  Of course this may not be the best idea - for a buyer to rely on the broker for such info, since the broker works for the seller- but I believe this happens pretty frequently in terms of buyer's psychology.  Also there are at least a few brokers in the neighborhood who probably won't take what they feel is a questionable listing such as one that is overpriced or in a building with bad finances, because they have a reputation to uphold. 

And a good broker will also have a list of people who are waiting for the right apartment to come along.  Those same people might be reading the NY Times classifieds every week to see if there is a new listing like yours, but they also might not. 

However, I see that you could probably save alot of money by doing it FSBO if it works out. Would it be possible for you to list it FSBO at first and see what happens and if you are not successful then turn it over to a broker?
« Last Edit: February 26, 2008, 11:38:11 AM by Shelby2 »

Offline Greentea822

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Re: Are there brokers in JH that will take less than standard 6%
« Reply #8 on: February 26, 2008, 12:05:38 PM »
We bought directly from the sellers and had an amazing experience.  We worked with brokers prior to finding our place - both good and awful - but ultimately found that having our attorney talk to the seller's attorney was more than enough (and loads cheaper for everyone).  We used propertyshark for comps, and gathered information about buildings, people, etc from various sources. 

I think I might consider using a broker for our sale (in 5-10 years!) because broker's generally handle the collection of financial information and approval so that you don't waste your time on someone who can't afford the place and won't pass board approval. 

Sometimes I think brokers are the only way to get in to certain buildings and apartments unfortunately.  PLus, for first time buyers they can be a good resource.  I definitely see why sellers use them too - it takes the burden of the process off your hands (for a price).  Depending on your situation, I'm sure it's worth it at times.

Feel free to send me a message if you want a rec for an awesome broker in the area (or if you want to know who to avoid!)

Offline NYC Native

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Re: Are there brokers in JH that will take less than standard 6%
« Reply #9 on: June 07, 2008, 02:13:25 PM »
Most Local realtors charge between 4% and 5%.  I rarely see JH realtors charging 6% anymore.  Other areas like Jamaica, Briarwood and Corona are starting to charge 6% again.  If this trends continues it won't be long before others could follow.  Most big name realtors (mainly in the city) will not take a listing unless it's agreed on 6%. Generally I found if a seller asks for a discount from the traditional fee they will usually do it.  Unfortunately if I charged my clients (sponsors) 6% they would have a baby...LOL. 

I can easily justify charging 6% or more for a difficult or hard sale.  If it is an easy Board issue a 5% will suffice but on and "exclusive right to sell" with a multiple unit client (investors, new developments etc) I would expect the client would not want to pay more than 4% unless an MLS agreement is involved and a bonus is paid to the cooperating agent.   It is very diffcult to convince a seller to offer a bonus to cooperating agents since this incentive is foreign to most and it is practiced mostly by big landlords.
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Re: Are there brokers in JH that will take less than standard 6%
« Reply #9 on: June 07, 2008, 02:13:25 PM »