All Forum Posts by: Amar G.

So you would let a buyer enter an occupied residence with a key, instead of just calling the owner to open the door? Wow.

I'm so annoyed with New York City Real Estate Investors who constantly beg me for deals, but never buy anything.  Like this 1 investor, who I've been sending stuff for over 3 years, but not once has he made a purchase. The only reason I keep sending him stuff is because he sends out an email every so often showcasing his latest new purchase. He wants me to look at what he purchased and then send him something similar. But yet, I can send him something absolutely identical, with nearly duplicate financials, and he won't even budge, let alone make an offer. 

The few times that he has made offers, they've always been low ball offers, nowhere close to asking price. For example, I recently sent him a deal where the seller was asking for $1.95M. He offered $1.2M. On another deal I sent him, the seller was asking for $1.8M. He offered $1.1M. This is his pattern. And these are deals with good numbers and locations. For example, the cap rate will be 8.5, but he'll try to get it for 12. So I confronted him and said, "Why are you always so way off?  I said, "How can I do business with you if you're always putting in low ball offers?"  He gave me some ridiculous excuse about variables, and this, and that, etc.

So in the past 7 days, I've been sending him a ton of really good deals, off-market stuff that matches his inventory and criteria..... yet not a single offer. The guy is an absolute joke. I find it incredible (if not a lie) that he actually owns property. And he's not the only one. I got hundreds and hundreds of them. And they're all the same. Fake Buyers. It's to the point now, I've practically scratched all of them off my list, except for 2.  But they're hardly any different -- low ball offers and/or no feedback. 

How do you deal with fake buyers? Do you keep sending them deals? At what point do you cut them off? And where can I find real buyers at, buyers who when you send them a good deal, their next response is, "When can I see it?"

I had the worst showing of my life today, thanks to a listing agent using a so-called "Supra Lockbox" instead of just a regular lockbox. A Supra is a bluetooth-enabled lockbox where you gotta have a smart phone to get the key out. I never heard of this company before in my life, nor have I ever used (or had to use) such a ridiculous device for a showing. 

My showing was for 3pm, but I arrived at 2:45pm with my client and they're standing there in the freezing cold staring at me while I'm struggling to get this thing opened. It was so embarrassing. 

Basically to open the box, you have to register..... yes.... REGISTER, by completing an online application which is unlike any other online registration process. With this junk, you need to enter the device's serial number, then put in a slew of information including license ID number, address, phone, broker name, broker address, etc. It asked for everything except for the kitchen sink. 

Then after you register, you have to download an app, enter the info you provided during registration and then create a pin number. After you do that, you gotta check your email for a 9-digit code which you have to enter into the app. But that's not all. You also have to turn on your bluetooth, then turn on your location services, then navigate the app to find the access section, then tell it that you want access, then enter your pin, then wait. 

Meanwhile, your client is standing there looking at you like wtf. It takes 15-20 seconds to pair your phone with the lockbox, then it takes another 5 to 10 seconds and then, finally, it says, "Opened!!! Press the latch then release it to get the key."

But this is the part where it gets frustrating, because the box doesn't actually open. So then you try it again, and again, and again,  but each time it doesn't open. I was so mad, I felt like picking up a brick and smashing this thing. 

So around 2:59pm. I got on the phone and called Supra, the company that makes this garbage. And of course I got the long-winded auto attendant telling me to press 1 for this, then press 2 for that, then a sub-menu saying the same thing: press 1 for this, and press 2 for that. Then the recording says, "We're sorry. We're experiencing a high volume of calls. Your estimated wait time is 15 minutes." So then I hung up and called the listing agent, and as you can guess, the moron didn't answer the phone. 

So at this point, it's 3:03pm and I'm fed up, frustrated and feeling really embarrassed and just about to throw in the towel and apologize to the client and tell them to forget about it and then show them another property, when something told me to try 1 more time. So I tried 1 more time and finally the device opened up. 

What I didn't realize is that it's dead set to open at the exact time of your showing and not a second earlier. This pissed me off even more, because the listing agent didn't tell me any of this, and I received a very misleading text message the day prior from Supra saying "2:00pm to 4:00pm" which gave me the false impression that I could open the box anytime during that window. 

I'm a new york city agent. I've never used this crap before. But the property and the listing agent are in Westchester. So I guess the agents up there live in their own little bubble where they think everybody is a Westchester "Hudson Gateway MLS" Agent and familiar with bluetooth lockboxes. But I'm not surprised because this particular listing agent never answered his phone. I had to call his broker and then get transferred to the broker's secretary who set me up with the showing.

At no point did anyone say, "you have to register. You have to download an app. You have to enable bluetooth and location services, and you have to WAIT until the exact time of your showing."  No.... instead, they ask for a copy of your agent card and business card and cell number. Then after you send it to them, you get a confirmation text message from Supra with the device's serial number on it, but it doesn't tell you it's a serial number it just says "Keybox: 343843344343" as if you're supposed to know what that means, like you have a mindreader. Then it sends you a separate text message from a different number with a 2 hour time slot, like the one I mentioned above which for me said "2:00pm to 4:00pm" - very vague and very misleading. 

Then to make matters even worse, the moron listing agent sends me a text message an hour later, saying (exact quote) "What's going on with my Supra? It's showing you have been in and out of the box about 10 times? Your appointment was 3-3:30pm" 

I got so livid, I called him and was going lay in on him hard, but he didn't answer the phone, so I tried again and he still didn't answer.  But it's good that he didn't answer, because I had the client with me and they would've saw a different side of me. But then once I calmed down I realized I didn't want to hurt my client's chances, so it's a really good thing he didn't answer the phone at that moment, because I would've ripped him another you know what. 

Instead, I sent him a text message saying (exact quote) "Hi, I arrived a few minutes early with my client and attempted to open the box, not realizing that it would open at exactly 3pm on the dot. It kept saying 'opened' without actually opening. It didn't actually open until 3:03pm. I replaced the key when we left. That's a total of 2 times that it was opened. So I wasn't in and out of it and there's nothing going on with your supra. Prior to that I struggled to figure out how to work it. I wish I had known in advance that it was dead set to 3:00pm."

All he had to do was answer his phone when I called him at 3pm. Moreover, all he had to do was answer his phone when I called to setup the showing. If I gotta call your broker to schedule a showing, then what good are you?! And furthermore, all he had to do was provide some helpful information about using the Supra Lockbox instead of assuming that I would be familiar with it. 

My client was really liking the property too, and had me discussing what their offer would be, but the whole time I'm thinking in the back of my head, "Sigh, I gotta deal with this dude"....Mr so-called listing agent, but more like a voicemail agent. 

Thankfully, my client changed their mind. So I get to show them other properties. I would not want to sell anything from that moron. 

Why do agents get listings and don't answer the phone is mind-boggling to me. I answer all my calls, ESPECIALLY when I got a property on the market. Even if I'm on the toilet, I answer the phone. It's common sense. Some of you get a listing and act so premadonna, you're doing your client such a disservice. And I feel sorry for them, because they don't know what such a lousy agent you are. 

Then you're going to use a Supra Bluetooth Lockbox.........moron........ make your listing EASY TO SHOW, use a normal lockbox. If you're going to use something complicated, then take the time to ask the buyer's agent if they're familiar with it, and if not, explain it to them. After all, you ARE trying to sell a property, right? Then act like it. Again, some of you get a listing, but instead of acting like salespeople, you act like passive-aggressive invalids.

Oh and by the way..... the moron hasn't even called me back back to find out how the showing went. His only communication thus far has been "What's going on with my Supra?"   

What an absolute idiot. That dude is going to need a lot of luck. He and his broker.

What really is getting to me, is not so much that he's withholding my money, but because he won't give me a reason. If he just gave me a reason, any reason, then I might be more empathetic. I understand the guy is low-budget and not really established, so I realize he can't afford an attorney "if something happens". But is that really my problem? No it isn't. But I'm the type of guy that I would still support him and say, "Look, I get it. No worries. Just pay me when you can". Just be straight up and give me a reason. He admitted that he has no intention to return the deposit. Ok, so then if he's not going to return the deposit, then what is the reason for the delay and why can't he just say, "I'll pay you Monday". If he values his license, he will put a check in my hand by 5pm Monday. If not, it will be his undoing. 

By the way.... on April 4th, when the title came back, I sent the seller's attorney a commission invoice (it was addressed to the seller but I sent it to the seller's attorney) for the 6% along with a copy of the listing agreement. On the invoice, I stamped in big red letters the word "Paid" indicating that I considered the commission paid at that time. Then at the bottom of the invoice, I referenced the payment terms from the listing agreement (which I posted above). There was no protest from the seller's attorney such as, "Hold on! Wait a second!!! What is this? What do you mean by 'Paid?' What do you think you're doing". Instead, the seller's attorney replied back, "Thank you." I know I'm right on this issue, because I learned this from an attorney when I was took my 75 hours. I can and should have been paid on March 20, because the buyer and seller was locked in on that day with no way of getting out nor getting the money back from escrow unless stipulated by a judge. But like I said earlier, there's no feasible chance of that happening here because it's only a small holdup delaying the buyer. The seller's attorney is likely to postpone the closing, as a favor to the buyer, rather than hold the buyer in default. 

My listing agreement says, (quote), "Said commission being due and owing by Seller upon the successful sale of the Property or when Broker produces a ready, willing and able purchaser of the property regardless of when closing occurs [...] Said commission will be remitted [...] in no event later than the time of closing [...] Seller authorizes Broker to hold any and all deposits made as part of the purchase price in Broker’s escrow account until closing of title. Seller further agrees that the Broker shall apply and pay any deposits or earnest money received as part of the purchase price toward the Broker's commission due under this Agreement. Should the Purchaser default for any reason, Broker shall retain all payments made as liquidated damages up to the amount of commission." (end quote)

So based on that listing agreement, it doesn't matter what happens at closing nor when closing occurs. If the buyer performs, I get paid. If the buyer defaults, I get paid. 

Now, here's what the purchase ontract says, (quote) "If Seller shall have performed or tendered performance of his or her obligations under this Agreement and Buyer shall have defaulted hereunder with any Terms of this Agreement by the time set forth for compliance then, Seller, at his or her option, may: (a) Retain the Earnest Money Deposit as liquidated and agreed upon damages," (end quote).

I'm sure the department of state will agree with me that based on this language alone, no matter what happens at closing, the broker is obligated to pay me. The only language my IC agreement with the broker has is that he will pay within 3 days after closing.  To me, that means after the closing date, not "if it actually closes and title transfers".

I'm going to make that phone call Monday morning to the Department of State for clarification, but I really don't like this. As a broker, your job is not to produce a title transfer or any other miscellaneous closing requirement. Your job is to produce a buyer. And I don't believe the law requires you to make my commission contingent upon anything else, other than that. And just because my payment is governed by IC agreement with the broker, doesn't mean that every term in that agreement is enforceable (contract law 101). What if the agreeement says, "I will not pay you!" and I signed that. Don't you suppose that would conflict with laws governing payment of agents. Bottom line, you HAVE to pay your agents, regardless if you fear law suit or not. If you can't pay because your business is too bottomless to deal with risks common to all real estate transactions, then its you who are in the wrong business, not me. 

I'm a licenced new york real estate salesperson. My broker and I signed a listing agreement for 6% with a seller on 11/22/17. I found a buyer who entered into contract with the seller on 3/4/18. I made the buyer submit proof of funds and a deposit of 6% to my broker's escrow. This way we collect our commission upfront. 

The buyer had an inspection contingency which ended on 3/19/18. On 3/20/18, buyer indicated in writing that he was satisfied with the inspection and willing to proceed with closing. On 4/4/18 title came back clear however, the title company is requesting an affidavit from the publication company that published the buyer's LLC in the newspaper. This can take weeks or months.

The purchase contract stipulates that closing is scheduled for 4/16/18 with "Time of the Essence", but there's a chance that the buyer may not close on time due to the request being made by the title company

The listing agreement says commission is due when the broker produces a ready, willing and able buyer, and no later than the time of closing. So am I correct that my commission was due and payable on 3/20/18 when I produced a ready, willing, and able buyer? My broker wants to hold out on paying me until the title actually transfers, which I don't feel is right. I feel that my commission was rightfully earned on March 20. When I asked for payment on March 20th, my broker declined. When title came back on April 4th, again I asked for payment and my broker declined. 

Since then I have been waiting patiently for 4/16/18 to arrive so that I can get paid, but now my broker is telling me he wants to "wait and see what happens". Apparently he's worried about the deal falling through and the buyer suing for his money back, even though no such scenario is forseeable because the buyer has given every indication verbally AND in writing that he intends to close. But even still, like I told him, "If the buyer doesn't perform, then what are you going to do, send him his deposit back?!" He said, "No." Then I said, "What if the title transfers, and 6 months later the buyer sues for his money back? Are you going to ask me for my commission back?" He said, "No." So then I sand, "Then what are you withholding my payment for?!!??!?" He couldn't give me a straight answer, which is very unsettling. So I told him, "Look, I understand that you don't want anything to happen, but my earnings are NOT contingent on your inability to accept the risks of doing business". 

And actually the attorneys took care of all the closing paperwork last week and they're just waiting for the title company to release the title which will happen as soon as they get the affidavit from the publication company. I really don't understand what my broker is so concerned about. 

I joined this broker in October of 2017 but I feel like I made a huge mistake. I sent him a notice today via email demanding payment no later than 5:00pm 4/16/18 and I threatened to notify the MLS board and the department of state if he doesn't pay me. This is very unsettling. What recourse do I have to get paid if the buyer doesn't perform and close on the day stipulated in the contract?