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New York

Not too proud to do rentals

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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.