Tuesday, December 30, 2014
Recently, while on Facebook, I got into a deep conversation/debate with a young man who decided to call my friend and Real Estate Broker Debbie Kueber of Coldwell Banker Kueber a liar. He did this because of his feelings over the fee that real estate professionals charge when they rent an apartment. I decided to reply to this young man. Below is what I wrote. I have changed HIS name in order to protect his identity.
Dear friends, I've been on both sides of the rental commission issue. At a point in my life, I was the one using a broker to find me an apartment, and I couldn't understand why I was paying him 10% of the yearly rent in the form of a fee (Charlie, that's more than a month buddy). Now that I am the one that helps people find apartments, I can shine some light on the WHY.
Dear Charlie L., since you decided to call Debbie Kueber a liar, I will address you first. There are some companies that charge a month's rent, and some that charge 10% or 15% of the yearly rent. There are some that charge less. There is no set industry price, because believe it or not Charlie, THAT IS ILLEGAL. There are also apartments out there that are O.P. apartments. Charlie knows everything so he must already know what that means so this is not for him. I am going to tell everyone else since NO ONE else is as smart as Charlie L. (sarcasm is so much fun). "O.P." stands for "OWNER PAYS." In many cases, the owner decides that our services are worth it for him/her to pay us a broker fee, at which point we get to pass the savings onto the renter. Don't celebrate just yet. This is usually the case for much higher end apartments (EXPENSIVE or LUXURY APARTMENTS).
Looking for apartments is stressful, time consuming and sometimes nothing more than a dead end for us Realtors. Remember that Realtors do not get paid a weekly salary. Friday is not payday for us. Yet we don't charge you a penny to put you in the car and take you to an apartment. We don't charge you a penny to speak to you and listen to your needs in order to find you an apartment or a home that will make you happy. We don't charge you a penny to take your phone call while in the middle of having dinner with our children so that we can help ease your apartment hunting worries. We don't charge you a penny to prepare your documents for the landlord, and to act like matchmakers, helping landlords and tenants find someone they can both love and trust. We don't charge you for the FULL DISCLOSURE we provide when helping you find that perfect apartment. We don't charge anything up front for our efforts, and in the end you may find a way to cut us out of the deal by either going with a different agent or finding an apartment on your own. It's OK, we wont hate you for that either. In the end, we charge a fee for the work we've put in, and we only collect if we produce a result for you, the client. Would you show up to your job knowing that you may or may not get paid in the end? That is exactly what Realtors do every day.
I find it funny that a person will go to the dentist, the mechanic, the movies, a bar, the barber, an attorney, a restaurant, etc. (notice the wide span of professions) and they will pay whatever that professional wants to charge, but they come to us and before they even shake our hand or say hello, they say they don't want to pay us. I've seen people happily spend $5 a day on Starbucks coffee, five times a week and twice on Sunday. Charlie L., that's about $1,820 a year but I'm sure you already did the math. Others spend just as much if not more on Lotto, cigarettes, etc. But they decide that paying the person that is helping you find a place to live is not worth it. WoW! That's because some people think that all Realtors do is show houses and apartments, and then we go back home to our mansion and a toilet made of solid gold... lol.
We don't just show houses and apartments. We are professional advisers, hunters, match makers, therapists, security experts, organizers, administrative assistants, tour guides, taxi drivers, resume builders, educators, personal assistants, image consultants, mediators, advertisers, interior decorators, marriage consultants, psychiatrists, marketers, counselors, and so many more things every single day we show up to work, and we do it all with the understanding that we may or may not get paid in the end.
BY THE WAY, if there are any landlords out there reading this, think about this conversation the next time you decide to rent the apartment on your own or sell your home on your own. Get ready for a few Charlie L. types to show up to your door. Not fun at all.
George L. Rosario
Real Estate Salesperson
Coldwell Banker Kueber
67-13 Myrtle Avenue
Glendale NY 11385
Monday, December 15, 2014
I read an interesting blog post about a record setting coop sale in New York City. After reading it, I felt it necessary to add to it in the form of a comment. Below is the link to the blog post and the comment I made to the post.
$80 MILLION CO-OP PRICING RECORD SET IN NEW YORK
There truly is no other place like my New York. We’ve seen many record breakers come out of our great city. While some outsiders will immediately state that they don’t think our real estate is worth the “astronomical” prices they sell for, the other 52,000,000+ outsiders who visit our city every year, many of them for the first time know what it feels like to step foot in this city. New York is a magical place that truly embodies the greatness of our nation. From the food, to the culture, to the art, to the shows, to the architecture, to the landmarks, to the healthy mix of locals and foreigners, to the uniqueness of the air all around us, this is absolutely the one place no one should ever keep off their bucket list. I could write a thousand line poem and still not be able to capture the romance of our city. I could write a thousand page essay on the sheer greatness of our skyline, and still sound illogical to anyone who’s never experienced it first hand. Yes, our real estate is priced much higher per square foot than any other major city in the US. Yes, our monthly rentals are higher than most mortgages in the rest of the world. But we are New Yorkers. We are happy to pay to be a part of the greatest city in the world. $80,000,000 does NOT scare our buyers away. Bring on the next one! We are ready!
Please tell me what you think about my comment. You can post a comment to my blog or you can email me your comments. Please excuse any typos you may find. I wrote this comment on my phone while riding the L train back home from the city. Thank you for reading.