In a down market, co-broke or go broke

TRD New York /
Dec.December 15, 2008 03:24 PM

Brokers eager to make a sale in the down market are putting their pride aside and becoming more open to co-broking.

“Co-broke or go broke. People have been saying it for years, but are now really getting it,” said JoAnn Schwimmer, an associate broker at DJK Residential.

Schwimmer is selling a studio at 360 East 72nd Street, between First and Second avenues, where several other units are sitting on the market and prices have been softening. Schwimmer said Prudential Douglas Elliman and the Corcoran Group have some of the other listings in the Upper East Side co-op, and because open houses aren’t allowed in the building, the brokers have agreed to show their clients the other units, even if the listing isn’t their own.

“This is the kind of building where apartments used to go in one weekend,” Schwimmer said, adding that now, the goal is just to get as many potential buyers as possible to see the units.

“I think brokers need each now more than ever,” said Jessica Buchman, a vice president at the Corcoran Group. “When I hear people say they are not [co-broking], I think, ‘are you insane?’ I’ve always been the hugest advocate for [co-broking]; it’s the only way to do business. You’re only as good as your last deal, so properties need to be exposed to everyone.”

Even brokers who used to be hesitant about co-broking are seeing its necessity in the current market.

“We used to be a little more territorial, but because of the climate of the market, we realized we’re all in this together,” DJK’s Schwimmer said. “If I can get two people and you can get two people, maybe it will lead to more sales in the building.”

The Real Deal looked at this trend of brokers playing nice in its August issue.

 

Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Struggling cannabis retailer MedMen dumps REIT stake

Struggling cannabis retailer MedMen dumps REIT stake

Huizenga lobbied Rick Scott to secure Opportunity Zone designation for West Palm site

Huizenga lobbied Rick Scott to secure Opportunity Zone designation for West Palm site

Charles Kushner and 229 West 43rd Street (Credit: Getty Images)

Kushner Cos needs loan workout as Times Square tenants tank

Merchants Hospitality's Abraham Merchant and Adam Hochfelder with the Playboy Club (Credit: Getty Images, Playboy Club NYC)

Merchants scrambles to fill void after breakup with Playboy

A $2.5B litmus test for the Century City luxury market

A $2.5B litmus test for the Century City luxury market

arrow_forward_ios