Co-broke or Go Broke in Manhattan New York Real Estate! When I first started selling Real Estate in Manhattan an experienced broker said to me, "Sometimes you either co-broke or go-broke."
Manhattan New York is a different animal as far as the exclusive broker being the gate keeper to every single one of their exclusive properties. As I have blogged before we don't have keyboxes on our properties. Any time an appointment is made to look at an apartment we have to show it ourselves. In years past when the market was red hot getting appointments to see a great apartment could become very difficult. The listing broker would have a variety of reasons why they couldn't show you or accommodate anything. This is a reason why building a relationship with big listing brokers is very important. Many times I was able to view an apartment with my customers before an official open house to the public because I knew the listing broker personally or they were from my office.
Now that the market has changed listing brokers are bending over backwards to accommodate any type of appointment. You could ask for that 730pm Friday night appointment and they will try to make it happen or call them the morning of and they will rush over to show. I know this myself because with my own listings I try to do everything I can to work something out to show the apartment every chance I get.
Getting back to that sage advice I received, in a hot market selling the apartment to a buyer who is unrepresented coming direct would obviously enable the listing broker to not have to co-broke or share the commission with another side. This is why some listing brokers would make it very tough for agents to see property, trying to buy enough time for a direct buyer to make an offer. Not the most ethical thing to do, but it happened. Now that buyers are scarce showing an apartment to any interested property is the name of the game!
WHAT DO YOU DO in YOUR MARKET PLACE? Has the Real Estate community change its attitude since the shift of the market? Love to hear from your part of the market!
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WOW... In Houston TX, I would venture 98% of all deals are co-brokerd... It is my beliefe as a listing broker, you are not doing your clients a good job if you don't co-brober the deal... After all, as the listing broker it is your job to sell the property as fast as you can and for the most amount of money as you can, not for you, the broker to make the most money as you can... By Texas law, it is my fiduciary duty to get as much money and sell it as fast as I can for the property owner....