Not too proud to do rentals

TRD New York /
Jan.January 09, 2009 11:49 AM

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.

Related Articles

(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

Breather CEO Bryan Murphy (Credit: LinkedIn and iStock)

Breather bloodbath: Flex-office startup fires at least 10% of staff

The Tel Aviv Stock Exchange (Credit: Getty Images)

All Year’s Israeli bonds tumble on $41M loss

Brooklyn Point at 138 Willoughby Street and Extell Development’s Gary Barnett (Credit: Alistair Gardiner for The Real Deal)

And you get an incentive! Extell offers to pay carrying costs at Brooklyn’s tallest tower

225 Park Avenue South, Buzzfeed CEO Jonah Peretti and Facebook CEO Mark Zuckerberg (Credit: Getty Images)

The Midtown South home of Facebook, Buzzfeed asks up to $800M

According to a lobbyist, the REBNY is not planning to attend Governor Andrew Cuomo’s birthday party (Credit: Getty Images, iStock)

Big Real Estate facing new limits on NY state campaign contributions