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Mj Carollson, Real Estate Pro in New York, NY

Question from a brand new agent

Asked by Mj Carollson, New York, NY Sun Jun 24, 2012

Hi, I know this is a rather elementary question, but I am a new agent, and the broker I signed up with (a friend of a friend) pretty much sent me out into the field without much training, and is pretty unresponsive. So as a last resort, perhaps someone will fill me in. I am renting apartments in Manhattan for now, and I do not know to whom the prospective tenant should write his/her check to when it comes time for them to pay the broker's fee and landlord. Is the check cut to the listing broker and the listing broker then pay everyone else, or are separate checks written from the tenant? Also, what is the procedure if the tenant wishes to pay in cash? Thank you in advance for anyone willing to help this newbie.

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16
I'm reading this, and thinking geez, I remember when I was in this very situation where you felt lost and misguided. I left the company and it was the best move I ever made.

Good Luck!
3 votes Thank Flag Link Sun Jun 24, 2012
MJ,
You may have missed the message in all those finessed responses.
You SHOULD NOT be on the lookout for a new broker.
YOU NEED TO GET OUT!
Start Today! Don't be on the look out.
Go knock on the brokers doors. Get out of your situation.
1 vote Thank Flag Link Tue Jun 26, 2012
There should be a separate check written to the listing broker and a separate check to the renting broker.

The landlord's check is written directly to the landlord.

If they pay in cash, be prepared to provide a receipt.

Please feel free to call or email me with any questions you may have at any time.

I am sorry that your Broker is not providing proper education; it is the responsibility of the Broker to train the agents.

I will be happy to assist; I have taught at CW Post for years and provided training to Realtors nationwide for an equal amount of time. There is no charge; it is a courtesy to make our profession a little better.

Gail@GladstoneGroupRealty.com
631-425-6150
1 vote Thank Flag Link Sun Jun 24, 2012
Mj,
Sounds like you need to find a new brokerage. If no one will tell you who the checks are to be written out to in a rental, who will you turn to in the much more sticky, difficult situations that come up? In the early years, each new deal is a learning experience, and you truly need to be with a broker with an open door policy.
The practical answers are, the brokerage fee check gets written out to your company and submitted with your company's paperwork requirements attached. Then they will pay you your split. The check for the rent/security gets written to the landlord. You do need to know if these need to be certified/bank checks.
1 vote Thank Flag Link Sun Jun 24, 2012
Hello Mj. You've got your answers below. I strongl suggest that as a newly licensed agent, you change firms as soon as possible. You interview them as much as they do you. The best question is, what kind of training do you provide? You have nothing to lose and a World of knowledge to absorb. The RE business is difficult enough without an uninvolved Broker leaving you flapping in the wind. Good luck what ever you decide.
1 vote Thank Flag Link Sun Jun 24, 2012
Yeah... this is elementary, and your broker needs to be responsive to you.
1 vote Thank Flag Link Sun Jun 24, 2012
If your broker never discuss with you how to handle a prospective tenant ,you should look for another broker to work for this is like the ABC,
There are many great companies that have good training program.
As far as the checks who they are made to ,the tenant will make check to your company for your fee one check for the landlord broker (or listing broker) and the checks to landlord for security and 1st month rent .
If it is a Coop or Condo list of the check will be listed in the board pack.
Look me up if you are looking for great company to work for.
Simon
1 vote Thank Flag Link Sun Jun 24, 2012
In New Jersey we have two commission checks written, one for the listing broker and one for the tenants' broker. My firm does not allow cash payments because we need to be able to prove payment, so we tell tenants with cash to get a bank check or a money order. Hope that helps.
1 vote Thank Flag Link Sun Jun 24, 2012
Hi, When working under a principle broker all checks are written to the company and then dispersed from there.

Chris
1 vote Thank Flag Link Sun Jun 24, 2012
The procedure you just described is how we collect. The tenant pays the broker (Real Estate Agency), the broker pays the agent, any maintenance bills in that unit, and the homeowner. And we take cash!
0 votes Thank Flag Link Sat Jun 30, 2012
Real Estate are a dime a dozen. Go to an office that made you feel like home. Look for an office that has an interest of your business in the long run and what do they have to offer you to start your business.
0 votes Thank Flag Link Sat Jun 30, 2012
Thank you all so much for your help. I will indeed be on the lookout for a new broker.
0 votes Thank Flag Link Mon Jun 25, 2012
I would suggest you work with a bigger broker company the first year like Coldwell banker. They sent me to training classes for a week plus I have great agents in my office all willing to help me and answer questions. It's all about connecting with people with real estate too. good luck and welcome to this crazy profession.
0 votes Thank Flag Link Mon Jun 25, 2012
Hi Mj

Your questions have been answered below by competent and experienced NYC agents.

In order for you to become a competent, experienced and successful agent, you need a strong foundation and a Broker and support system to help you grow.

It is unfortunate that you do not have that kind of support in place now.

I strongly suggest you interview, and look elsewhere to hang your license, so that you're not left stranded asking "how to" questions from other agents on the internet.
You need to have training .....and a mentor who can guide you through your new transactions.

Best wishes!
0 votes Thank Flag Link Sun Jun 24, 2012
I completely agree!
Flag Sun Jun 24, 2012
Do yourself a bjg favor....find yourself a competant Broker that will help you properly. Good Luck
0 votes Thank Flag Link Sun Jun 24, 2012
Hello,

To respond to your concerns:

1- Question: I do not know to whom the prospective tenant should write his/her check to when it comes time for them to pay the broker's fee and landlord. Is the check cut to the listing broker and the listing broker then pay everyone else, or are separate checks written from the tenant?

Answer: I am sure you are talking about in case of co-brokerage in a rental situation. To make it easier for you, the client will write different checks: one at the attention of the listing brokerage company (50% of the total commission), another at the attention of the other brokerage company involved (50% of the total commission). For whatever check of security deposit or first month rent they have to write to the landlord, the listing broker will give you that instruction because it is all on case to case basics.

2- Question: Also, what is the procedure if the tenant wishes to pay in cash?

Answer: To avoid some surprising issues, rather tell the client to go get a money order or a cashier check instead of paying cash. It help yourself to protect your reputation and on the other hand to protect the client him/herself. But in most case, if you are representing a client that want to pay cash, just tell him to give you the whole amount + cashier check fees, get your brokerage company bank info from your broker, deposit the amount on an escrow account, then get your broker write the checks to pay the landlord and listing broker.


PS: If you don't have anybody to help you out, maybe you should start looking for a company that provide you real training.


Warmest Regards,

Raoul Sodogandji
Member of ELITE
Licensed Salesperson

(o): 212.252.8772 (EXT.782)
(c): 347.993.8333
(e): raouls@nestseekers.com

" It is common in all businesses that the level of customer service, is usually based on income generated from that service given; which is fairly unfair to those who need just the same service of selling, buying or renting in New York City.

That's one of the reasons why we came up with ELITE. It is the highest standard level of same service given from a $2000 rental to a $40 Millions sale, and instead of treating the customers differently, we've decided to give them the ELITE service.

Let's help you with our services, no matter your budget, what you are selling or want to buy, we will give you and your referrals the same best experience ever lived. "
0 votes Thank Flag Link Sun Jun 24, 2012
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