Rentals in New York>Question Details

Alice, Home Owner in New York, NY

Can any realtors give me input?I listed for rent on MLS ID# 902422 by realtor.com to pay 1/2M bonus com for co-broker who rent out my condo

Asked by Alice, New York, NY Mon Nov 11, 2013

(2 BR 2BD a new glass bldg in Time Square for $5,500) But 5 days over, no any co-broker call me for showing I would appreicate any helps

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Hi Alice, First of all the market is a bit slow right now;

Secondly, realtor dot com is not necessarily the best place to list your apartment through the MLS because Manhattan brokers usually only use OLR which is a fee paid (subscription service) that brokerage firms have to pay money to subscribe to and access. Their agents use the system daily to access new listings and to do searches. MLS is more Nassau and homes...not so much apartments.

My suggestion to you is that you register your apartment with one listing agent through an exlcusive deal, by signing an exclusive contract for a limited period of time, let's say three months, to market your property.

In turn, that broker (agent) will come and take photos of your apartment/property, and place it in the listing; this is a service and there is no cost to you.

If you want to pay the fee, which is 15% of the annual rent, your listing can be listed as an OP which means "owner pays"; if you don't want to pay the fee, you can just list it and the incoming tenant will pay the fee. The listing agent wil hopefully be capable enough to list the condo app fees and all the ancillaries within the listing so that people will know what they are up against regarding application and paperwork....if it's a listing "by owner" and there would be just a letter of agreement between you and the proposed tenant, that is one avenue; another avenue is that the proposed tenant has to be approved by your condo board/managing agent, which is another avenue. It all depends on the rules of your building. The tenant would pay the application fees and the building fees with the application and upon approval.

Usually, tenants pay the full broker fee to the agent marketing and showing the apartment at lase signing and after the condo board has approved the deal; also, you can opt to pay a half a month broker fee as well, which will make it less expensive for the tenant..

The tenant has to have qualifying income to rent the apartment and that is the job of the listing agent.

If this has been helpful to you, you can call me at my office which is near Times Square at 646 484-5111. My company is Metropolitan Property Group and my name is Jackie. I hope this has been helpful to you.
1 vote Thank Flag Link Mon Nov 11, 2013
You may help me to find my listing MLS ID# 902422 on OLR.com broker database to find any I need to improve it since I was noticed my listing MLS ID# 902422 will show up on OLR.com broker database and the broker see my listing will call or text to me for showing please help to find any necessary to improve
Flag Mon Nov 11, 2013
Thank you I know all of these rule I listed on MLS which will download to OLR database where the co-broker can see my listing and I do pay 1/2 m bonus coomission for co-broker Do you think 1/2 m is too low? co-broker is not interest in it? I thought it should be at least 1 call or text but it is 5 days over
Flag Mon Nov 11, 2013
Alice you are going about this the wrong way. Instead of 100 agents only giving 1% effort, choose one agent to help you and they will give you 100% effort plus to get the home rented. It is easier for an agent to use their effort to find a tenant than if any agent just happens to have one they will bring it. There is alot of good agents right here who offered to help,
0 votes Thank Flag Link Tue Nov 12, 2013
I'm confused, Alice - when I looked up your listing on Realtor.com it gave me the address as 350 West 42nd Street, Apt. 7L. When I searched for it on the OLR it did come up but you've had it listed with a broker for the last 6 days. I'm not sure what you mean that you listed it yourself. Your number is not listed on the OLR, only your broker's number. There is a different number and email on Realtor.com, which I assume is yours?

Are you working with a broker, or not?

Also, I must say that having it listed for only 6 days on OLR in a building that has 6 other 2 BR units for rent right now, is probably not unusual. It sounds to me like you just need to have patience.

Finding clients who not only make enough money to rent a $5500 a month condo, but are willing to go through the board approval process AND want to live in the middle of Times Square, is probably going to take more than 6 days. And yes, It's a convertible 3 and you could get 3 people who want to share it, but that could take even more time. They each have to be willing to pay $1833/month which means they each need to make $73,000/year. This is not a good time of the year to get a few students with wealthy parents to rent it out, either.

Good luck.
0 votes Thank Flag Link Tue Nov 12, 2013
However, I would appreicate your more input. Do you know what i need to improve on OLR to incentive the tenant broker bring the tenant to show my condo ?? like OP or bonus commision ???
Flag Tue Nov 12, 2013
After I requested my friend who can access broker web he pointed out the problem for me I will contact the transaction broker to fix these problem and if you have tenant need it you amy bring to me also
Flag Tue Nov 12, 2013
Thank you very much for your input it is help me a lot In fact, my transaction broker who help me to list on OLR broker web for other brokers made some mistake, my listing is OP instead of collect your own fee, this is why there is no any brokers will contact me since there is no any incentives. My problem is over 6 days no any broker contact me , i do not expect to rent out in 6 days
I really appreciated with your analysis I may need to reduce the price to a little be lower
Flag Tue Nov 12, 2013
Alice, I think you would be better off having a professional handle this for you as it seems you are having trouble just communicating your issue here on Trulia, Feel free to call and discuss.

Steve 917 476 1196
0 votes Thank Flag Link Mon Nov 11, 2013
It's always amazing to me when people can't get things done, they reach out to the experts they should have contacted the first time around to mix their mess.
0 votes Thank Flag Link Mon Nov 11, 2013
i did list for agent for 1 month but he did not rent out after I m i decided to list by myself and paid to list on MLS ID# 902422 and was noticed it will download to OLR.com broker database where the co-broker will look for data for their clients and I do pay 1/2 bonus com for co-broker You may give me some input ? whether it is too low to pay 1/2 m or broker note does not show to contact with me
Flag Mon Nov 11, 2013
You can't market your own property. Nobody knows it exists except for those who have seen your post. Still, you include no link, no photos, no price. In short, you give the broker community nothing to hold onto and ask why nobody is helping you. Perhaps your actions are making you your own worst enemy. You paid to list this yourself as per your owm words. Evidently you want to do this yourself. How is that working out? Good luck.
0 votes Thank Flag Link Mon Nov 11, 2013
Hi Alice,

Please feel free to contact me either by email or on my cell and I would be happy to speak with you and give you my input as to what I feel would be helpful in getting your Condo rented quickly.

Best Regards,

Michael
mstreit@ardorny.com
917-275-8360
0 votes Thank Flag Link Mon Nov 11, 2013
Hi Alice,

My office is right near times square, 320 West 37th Street.

We do a lot of rentals for big landlords in Manhattan, Brooklyn, and Queens. Be more than happy to set up a meeting but it seems like you've already met a few.

My advice, hire an agent and let them worry about finding you a renter. Realtor.com and trulia are not necessarily the best places to find a renter. Good luck.

__________________________
Yul Park
Licensed Real Estate Sales
Cell: 917-647-2717
__________________________
RES
320 West 37th Street
Suite 301
New York, NY 10018
Fax: 646-537-2626
Web: http://www.RESNewYork.com
0 votes Thank Flag Link Mon Nov 11, 2013
MLS listing will go to OLR broker database where the broker will use it to find the condo for client is it right?
Flag Mon Nov 11, 2013
Please bring the clients to me I will pay 1/2 month bonus commission for you like i wrote in MLS
Flag Mon Nov 11, 2013
Alice I tried to help you . You made an appoinment them canceled .. You say one thing and do another .. what happened to the exclusive broker you were working with ?
0 votes Thank Flag Link Mon Nov 11, 2013
the exclusive broker is transaction broker which was assigned by realtor.com which i paid $400 to list in new york area and OLR broker web However, through my realtor friend show me i knew there is some mistakes in this OLR listing and i am fixing with her new. This iisitng type is OP instead of collect own fee, etc thus, I appreciated with your input









the exclusive broker is transaction broker which was assigned by realtor.com which i paid $400 to list in new york area and OLR broker web However, through my realtor friend show me i knew there is some mistakes in this OLR listing and i am fixing with her new. This iisitng type is OP instead of collect own fee, etc thus, I appreciated with your input
Flag Tue Nov 12, 2013
MLS ID# 902422 that realtor.com listed for me told me this will go OLR.com broker system where the broker will look for their clients who need to rent condo and she told me they will call me since she listed on broker notes to text or call me for showing it is different for you only list on broker and charge me 1/2 months I do not worry to pay for 1/2 month commission but i worry the situation will like now nobody contact with me
Flag Mon Nov 11, 2013
this exclusive broker is the different from you since I paid $300 more to list by myself through realtor.com
Flag Mon Nov 11, 2013
you misunderstanding with me. I list by myself and give any co-broker who bring the the tenant to me which is the same as what I told you before
Flag Mon Nov 11, 2013
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