All Forum Posts by: Roger R.

@Russell Brazil standard practice is If an agent lists the property via a written agreement they have with the owner, they own the right to a commission on up to 15 people that viewed and made an offer on the property during the listing agreement for up to 180 days after it expires. The list of 15 people must be provided 15 days after the agreement ends.  Not only did the broker not have the listing, but he didn't come out with the required list and the contract was signed 197 days after the last offer came in. 

  @Russell Brazil   Nothing vague! There was not an agreement for this broker to list my property. He brought by one party almost 7 months earlier. The offer didn't pan out .  Now that the offer is significantly less, he feels he is owed something.  If you actually list with a broker in NYC and the place doesn't sell, the listing agent is supposed to provide a list of 15  people max that they brought by that if they bought your place within 6 months of the agreement ending; they are owed a commission. This would have to be done at time of signing the agreement.  This obviously wasn't done. Generally that is the process for situations like this in NYC . 

In March a deal was presented to me by a broker. If I were to accept the terms, and the deal closed, a commission was owed by me of 1.7% of the sale price. This deal didn't make it. 6.5 months later I get into contract with what I thought was a different buyer, but it turns out the same party as last time hiding behind a LLC. The terms of the second deal are significantly different and I took it because no broker was involved. Now the original broker from months ago wants a commission. There was no formal listing agreement at any time, do I owe him?

In applying the 50 % rule do you generally do it after vacancy or is vacancy part of the 50% allocated towards expenses?

@Elliot Juarez right now is a decent time to invest in nyc. The market is down here.  The rent law change has devastated a lot of properties' values and there are deals to be had.  I've been here for most of my RE career as a landlord.  PM me. 

@Yonah Weiss small apt buildings.

@Tj Hines yes I know I can do this blind. What good is a network if we can’t bounce ideas or experience off people.

@Anthony Dooley you are right. The first commercial broker I called was from bickerstaff parham. You are right they were a real f@#king waste of my time. If you are bashing other agents/ brokerages for your benefit you are a problem and a troll. There is no benefit to having your input on here.

@Lee Ripma If you read through the entire post, you would see that I corrected myself BEFORE your comment! 

@Anthony Dooley it sounds like you haven't any luck.  Selling real estate as a broker/agent has a low barrier for entry.  Anyone can give it a go. That's why there are so many bad apples.  That being said, not all of them are bad and some are great.  I do my thing in NYC and I doubt anywhere is as cut throat as here.   I listen to what deals are thrown at me, but in the end it's my call.  Surface DD doesn't take long.   I'm sure there is one agent in KC that is on the level. If they waste my time; i'll waste their time.  

@Anthony Dooley Well isn't that why everyone is on BiggerPockets?   I don't want to go in blind.   Perhaps someone on here has had some experience that they would like to share.