Sellers turning to finders not brokers

New York /
Aug.August 27, 2010 09:30 AM

Property owners looking to sell their homes are increasingly offering finder’s fees in lieu of hiring traditional brokers in an effort to save money, according to the Wall Street Journal. Unlike brokers, finders simply recommend buyers to a property and do not help negotiate the terms of the deal. But in an era when Craigslist and other social networking tools make it easy to broadcast available homes without the help of a traditional listing, many sellers feel they can bypass brokers and be just fine. Not only are brokers more expensive than finders, who are typically offered either a flat fee or around 2 percent of the final sale price, but brokers with exclusive listings can be limiting in terms of their reach. Finders are most common in the residential world, but according to Harpreet Bagga of Long Island real estate development company Cimran, “it is a noticeable trend in residential properties as well as commercial leasing. Residential and retail property owners are hurting the most.” [WSJ]

 

Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Ulster County, NY (iStock)
Ulster County home prices spiked 20 percent last year
Ulster County home prices spiked 20 percent last year
Lenox Grand 13505 Burnet Road, Austin, Texas (OHT Partners)
A 16-acre multifamily development headed to North Austin
A 16-acre multifamily development headed to North Austin
Ben Hakimian, founder, Hakimian Organization; 244 West 49th Street (Google Maps, KSU)
Hakimian changes Midtown hotel plans to residential
Hakimian changes Midtown hotel plans to residential
Micron President and CEO Sanjay Mehrotra with Lockhart, Texas (Facebook, Wikipedia)
Intel nah, Micron maybe: Texas could get another multibillion-dollar semiconductor plant
Intel nah, Micron maybe: Texas could get another multibillion-dollar semiconductor plant
Bayonne Mayor Jimmy Davis (City of Bayonne, NJ, Google Maps)
Bayonne to weigh 2 redevelopment proposals
Bayonne to weigh 2 redevelopment proposals
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...