From the May issue: Rental brokers who lost exclusive contracts with building owners after the market crash are now re-auditioning for those roles as the market picks up.
Still, some say the economic downturn has permanently altered landlords’ reliance on exclusive relationships.
Adina Azarian, founder of the rental brokerage Adina Equities, recalled the rude awakening she got just after Lehman Brothers collapsed in 2008. In the blink of an eye, she lost several long-standing clients who said they wanted to start managing their vacancies in-house.
They ended the relationship because of “their concern about how the recession would affect their bottom line,” said Azarian (now the new CEO of Keller Williams New York City), who at the time was forced to scramble for new contracts to replace them. [more]
