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Pat Hallesy
June 9, 2011 at 5:46 am
It's simple, just make the commission agreement part of the contract – it's done in the commercial world (so is not paying co-op brokers, which is why it becomes part of the contract in commercial). If there's an issue, then the courts can get involved.
Tony Green, Winston Salem Realtor
June 9, 2011 at 7:31 am
I would have to agree with Pat that the commission agreement should be made a part of the contract. However, it's a deeper issue, and again shows the ethical and moral decline of America. If the agent worked hard to ratify the contract, and the management company acknowledges the fact, then the RIGHT thing to do is pay the agent. But just as GREED caused the market crash of '06, it once again has risen it's ugly head. It really shouldn't be so hard to live by the GOLDEN RULE. Just treat others they way you would like to be treated.
herman chan
June 9, 2011 at 10:44 am
i wanna echo pat's comment. maybe the condodomain.com agent didnt know the prevailing nyc rules? submitting a commission agreement is not just in commercial but even in residential. for example, on a 'for sale by owner' listing thats not on mls, agents still include a commission agreement.
Diana Hoyt
June 9, 2011 at 10:48 am
Uh, the comment "no NYC brokerage pays when there is any affiliation between the brokerage and the client" sounds like a HUGE anti-trust violation to me. Is that not price fixing??? Assuming and stating that no brokerage in NYC pays. How could he possibly have known that? Had he stated that it was HIS policy it would be one thing but I am surprised that the courts didn't pick up on that. That said, it's sad that they refused to pay. I have always believed and conducted my business in the "we are all each other's bread and butter" mantra. What goes around comes around folks. They may have paid this agent when otherwise it wouldn't, but some day the shoe could be on the other foot. If I had an agent that went "above and beyond", I would be jumping all over myself to pay him/her for a job well done. Those are the kind of people you want to surround yourself with – hard working, honest people who can get the job done!!! At the very least, a referral could have been offered. What is wrong with people today???? Especially in this economy. Are there really that many people out there that are that greedy??? Very sad.
Hoyt Morgan
June 9, 2011 at 12:51 pm
Thank you all for weighing in. In the NYC rental world, the contracts are currently provided by the owner/manager and are pretty much non-negotiable. So ideally yes the commission could be included in the residential rental contracts, but in practice we are a long way from that in NYC. Having co-broke commission guidelines and/or a specific number in the contract – for all contracts – would be a strong step in the correct direction. Having a "real" and open MLS system, and corresponding governing rules and regs, seems like the universal solution, though.
Liz Benitez
June 9, 2011 at 1:15 pm
"I come from New York, where if you fall down they pick you up by your wallet."
Al McGuire
It would seem he is correct, but in this instance the Realtor didn't fall down she was knocked down and robbed.
Jim Duncan
June 9, 2011 at 1:28 pm
Divorce the commission. Have the buyers pay their representative and have the sellers pay theirs. Admittedly, the solution is more complex than "divorce the commission" but that is where we need to go.
sfvrealestate
June 9, 2011 at 1:46 pm
Here in So. Cal., after many years' experience, I say the less MLS's and Realtor boards, the better.
Ted Mackel
June 9, 2011 at 6:02 pm
Ha I have to laugh at this discussion. Our whole industry is headed the way of NYC. The constant misunderstanding of an MLS I see the more NYC is coming to a AOR/MLS near you.
All I hear these days is "give away your MLS data, the consumer deserves it", "If you dont give it away you're a neanderthal."
The MLS exist for the sole purpose so brokers can cooperate in compensation. Brokers form an MLS so they can pool their listing inventories together and have a set of rules to pay each other. So give away our inventories to anyone who demands, NYC here we come!
James Malanowski
June 10, 2011 at 1:37 am
I've got to agree with Jim Duncan, here. If buyers actually hired and had a contract with their agent AND agreed to PAY their own agent out of their pocket, this industry and the public's outlook on this industry would do a 180.
I'm sorry that the buyer's agent didn't get compensated, but at the same time, he didn't do anything to guarantee his pay, either. If one is aware of the possibility of getting the shaft in NYC, one would be wise to protect their paycheck.
NYC doesn't need an MLS, they need a buyer/broker agreement.
Sig Buster, III
June 10, 2011 at 6:41 am
First of all, any resemblance between Ethics and Morality and New York real estate agents are purely consicential. Having said that: Rule #1. Always, slways, Always get the commission agreement up front and in writing. In the case of New York, get it cast in stone and written in blood. They make up the rules in their favot as they go along.
Chris Trunell
June 10, 2011 at 10:01 am
This isn't so cut and dry. The OP is more of an incentive than a "commission." And how much hard work goes into a rental deal in a large building. They don't negotiate the lease, or anything contractual. How much in rent, How long a lease (as simple as 1 or 2 yrs), and when can you move in? They have a leasing office to answer every question, type the lease, run credit and so on. The tenant isn't himself licensed in NY so he could not collect, so he used an agent from his company. The question is would he have paid his agent a commission if the building was not offering the OP? It's only one month, is he paying up the difference to the standard 15%?
And finally, an MLS in NY would open our market to small companies (and very large ones. Keller Williams has the same no MLS complaint) who know nothing about our market, case in point, this guy looking for his OP from a major landlord. And he still hasn't figured out that they are holding all his cards.
Samantha
February 6, 2016 at 4:28 pm
One main mls would be helpful if the rules would be implemented and held by all members.. enough fines to keep brokers and their agents intised to follow rules and respect their fellow agents. Sadly this is still not in sight as it sames the mls administration turns their head to anything other than collecting dues. Brokers and agents advertise for the any reason other than cooperating honestly with other lisenced profesionals. Instead all the excuse in the world is made up to not show or open door. When a simple lock box could make a world of difference. If not disclosed special showing instructions on mls. It’s unethical to subject fellow agents to unreasonable drive by only garbage and so much other garbage..yet nothing being done..I hold my lisence in other states and none but new york has this corrupted mls not giving a hoo attitude. In spite of extensive red tape to file complaints.