This is a complex subject. If an agent takes a listing in the Jackson Hts area, they will be faced with a seller wanting to pay 4% - I would never take that listing. I don't take private listings unless I know the building and the Board. I stick to sponsor owned units which will usually sell (70%) before I even complete the project. But for the balance of apartments the sponsors have certain requirements. One of them pays 5% if I sell the unit without cooperation and 6% if I have a cooperating agent involved. The sponsor will ask me to NOT PLACE THE UNIT IN THE MLS for 3 weeks and if no buyer is secured by then I may place the unit in the MLS. It's the way he does business with brokers in Brooklyn, Manhattan and NJ as well. One I used to work with another landlord that will absolutely not sign any agreements for his Queens listings.
While this benefits me greatly it wouldn't really benefit a Private / individual seller since exposing the unit to the masses will get more traffic. This will absolutely not guarantee that another agent will sell it, as in my case, only 1 out of 15 units (approximately) is sold by cooperating agents. In many cases you have agents that have become "Buyer's agents" in all of their dealings and work with pre-approved buyers. I like working with those agents because it assures me that I am not enabling people posing as buyers, whom often bring dirt and debris to newly renovated units. Many agents cannot be left alone in your empty units either because they will leave lights on and worst, the windows open allowing dust and rain to enter the newly renovated apartment.
Topic: Why Your Listing Agent May Be Doing You A Disservice: Co-Broking Explained. (Read 6122 times)