"Hogging" Rental Brokers

Going to "Plan B"

Real estate agents who represent both the Buyer and Seller are said to "hog" the commission, because they get both sides.

Are (some) rental agents doing the same thing?

I'm certainly starting to think so.

I just spent two-plus days trying to get rental information on a home my client is interested in.

I called the rental broker, identified myself as an agent calling on behalf of a client, and left my contact info.

Nothing.

Over the next two days, I left two more messages, including one for the broker's assistant -- and still heard nothing.

Plan B

So this morning, I had my wife call.

Bingo.

The agent got back immediately, with all the info I'd wanted, which my wife forwarded to my client (a mutual family friend).

The only thing I can figure is that the rental broker had designs on the commission -- typically, one month's rent -- that is normally paid to the agent representing the renter.

If they have one, that is.

So, if you're a home owner contemplating renting your home and using a broker, two words of advice: 'Heads up!'

Such conduct comes straight out of your pocket . . .

"How's the Market?"

Answers Depend on Who, Where You Ask

I got two, very different answers to that question in New York City yesterday, barely 2 hours apart.

"Terrible," said the owner of a Forest Hills title company, who noted few transactions, and a stalemate between owners who are in disbelief about current prices -- and buyers who expect them to fall more.

"Great," said a broker in Brooklyn Heights.

She focuses on rentals, which are booming.

Easier Way to Make $5k?

The rental math did seem compelling - at least if you use New York numbers.

So, if apartments rent for $3,500 a month (they do, in Brooklyn Heights), and agents collect a 12% commission, paid by the renter (they do in NY) . . . that comes to about $5,000.

And that's without multiple showings, inspection issues, financing hurdles, complicated closings, etc.

Hmmm . . .