From the July issue: It’s easy for Charles Doolan to explain why he left the 100 percent — commission firm Rutenberg Realty to launch his own brokerage. “I saw a loophole in their structure,” Doolan said. “I felt I could improve upon it and make it better for rental agents.”
Doolan’s new firm, Kian Realty, launched last month in a 1,600-square-foot office at 450 Seventh Avenue. Doolan said he expects to hire 100 agents over the next year and 200 by 2014. He currently has six, including himself. The firm has a similar model to Rutenberg, but with a different fee structure, Doolan explained. At both Rutenberg and Kian, agents keep the lion’s share of their commissions, paying fixed monthly fees instead. When Kian agents do a rental deal, however, they pay $200 to the firm for apartments that rent for less than $2,000 per month, and $400 for all other rentals. [more]
