Industry News

Trials of long-distance brokering

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

I closed my first deal last week, a rental. In New York City, rentals are for newbies, since you can make so much more doing sales, but they are also prized for their quick payout. A typical rental fee is 15 percent of a year's rental, split between the listing agent and the agent who brings in the tenant. My firm takes the majority of our split (in their defense, the splits are better on sales) but on a "starter" Manhattan apartment an agent is still looking at pocketing $900. So when I got a call on my cell phone from a potential renter, I did what we've been exhorted to at Real Estate Connect: I responded instantly. She'd been recommended to me by my first renter, so I was thrilled that word-of-mouth was starting, and determined to execute this one perfectly. No sophomore slump for me. I wanted it to be like that old shampoo commercial: "you tell two friends, and they tell two friends." Only one problem: I was in San Francisco. This would make it really tough to work with my client...