Not too proud to do rentals
January 09, 2009 01:47PM By Julia Dahl
Bellmarc broker Michael Stansfield in front of rental building 110 West 86th Street
From the January issue: With residential sales slowing, an increasing number of brokers who once worked exclusively in sales are now taking on transactions that in the past they never would have touched: rentals. According to Daniel Baum, COO of the Real Estate Group New York, it comes down to dollars and sense. "We are seeing a number of brokers who in the past, in all sincerity, wouldn't even consider working the rental side of the market -- you might even say shunning the rental side of the market -- who are today now looking to bring rentals as part of their repertoire in order to make an income," Baum said on The Real Deal Webcast last month. "They're not making the income they once were, let alone even doing transactions on the sales side of the market." Others echoed that sentiment. "It is absolutely a clear trend, no doubt about it," said Veronica Raehse, executive vice president and sales manager at Bellmarc Realty.
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Comments
Anonymous
It's either rentals or welfare.
Comment #1 Posted By: Anonymous 01/09/09
Anonymous
That about sums it up.
Comment #2 Posted By: Anonymous 01/09/09
Anonymous
Rentals is to Sales, as, Philadelphia is to New York.
Comment #3 Posted By: Anonymous 01/10/09
Anonymous
Rentals is to Sales, as 2009-2013 is to 1999-2008
Comment #4 Posted By: Anonymous 01/10/09
Anonymous
any broker who started in nyc real estate in the late 80s early 90s would always do rentals here and there, most of those brokers who would refuse to do rentals because they felt they were too polished to deal with such crowd are now desperate to generate dollars to keep their Prada wardrobe going, so now they have to humble themselves to the rental market. CORCORAN anybody. ha ha ha
Comment #5 Posted By: Anonymous 01/10/09
Anonymous
I agree all the new people that got into the business in 2001 and after and they never worked in a down market and they thought this was going to last forever, anybody with half a brain was able to sell an apartment and collect a big paycheck, but this downturn will cleanse the market of all these wannabe gucci clowns and they will have to earn a commission like got intended with hard work or get out of the business most likely, bye bye to the high end clothes and the attitude to go with it
Comment #6 Posted By: Anonymous 01/10/09
Anonymous
I am a broker. I dont wear prada. I am against furs. I have stuff thats 25 years old and i dont care and still wear it. I made 80K in 07 and 40K in 08 and I am supporting 2 other people from it - anyone who thinks thats a lot of money in NYC is missing a brain. I will not do rentals because they are really tough and you end up wasting most of your time and get paid nothing. It has not a thing to do with pride. Most people making comments here have no idea what they are talking about looking in from the outside. I dont need for the market to be red hot - all I need is a very few people out of this huge city to come to me for help and I have faith and know that that will happen. I am sure this will generate some more hatefull and malevolent comments. Blessings.
Comment #7 Posted By: Anonymous 01/10/09
Anonymous
if and when you ever do a rental, you will find out that renting an apartment is quick money, of course if you know what youre doing, now if you dont you should ask someone to teach you is not rocket science. Its about knowing your inventory, listen to your client and type a lease. Voila! you made money. Im sorry to hear you have to support two from an 80K income, but the fact that 80k is all you made and that you neglect rentals shows you are a rookie and for the most part a moron, you need to adapt to the new economy and go where the money is, acquire knowledge in a company that has a good trainer/manager. A paycheck from a sales transaction is a beautiful thing, but waiting for a buyer to appear out of thin air to solve your problems is just plain stupid. sorry to tell you in harsh words, but you need to wake up and smell the coffe or your paycheck next this year will be 10K for the year
Comment #8 Posted By: Anonymous 01/11/09
Anonymous
Well said #8.
Comment #9 Posted By: Anonymous 01/11/09
Anonymous
Haters were to be expected. Now they come from amongst brokers. The brakedown was directed to the above crew who thinks brokers are packing themselves rich at buyers sellers expense. Its all about choices. No need to call anyone a moron. You can choose to do rentals and that is ghood for you. I have done enough of them and from a company that specializes in them and has every single listing just about. I no longer chooose to do them , I do not LIKE THEM sweety. I am getting a foreign investor for a multi family in Manhattan. You can do them for me and collect your 1000K quick monies. Best of luck. Bless.
Comment #10 Posted By: Anonymous 01/11/09
Anonymous
hey sweetie, Im not the one who made 40K last year, and Im not the one complaining I have to feed people with those 40K, you are! so best to get with the program and start doing some rentals. While you may not be able to afford Prada, you do have some comments about your foreign investors and you sound like rentals are beneath you, typical talk of a madison avenue broker corner of Barneys that was flying high in the past and now cant even afford to pay rent. Its funny how brokers that do only sales think that theyare above everyone but other than showing apartment to foreing buyers, they have no other skills to make a living, real funny.
Comment #11 Posted By: Anonymous 01/11/09
Anonymous
In this environment you must have many weapons. Only those with real talent will survive. Remember To Learn Balance!
Comment #12 Posted By: Anonymous 01/12/09