Category Archives: Advice

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Category: Advice

Side Effects of Being an Agent

If you’re a real estate agent you may experience one or more of the following symptoms:

  • Loss of appetite
  • Loose bowels
  • Constipation
  • Indigestion
  • Head pain
  • Nausea
  • Chest pain
  • Fatigue
  • Insomnia
  • Irritability
  • Dry mouth
  • Excessive sweating
  • Extreme elation followed by severe sadness
  • Unable to follow any conversation that’s not related to your deals
  • Urge to check cell phone every 30 seconds.
  • The red blinking email notifier light on your blackberry causes you post traumatic stress disorder
  • Fantasize about becoming a recluse and moving to a sheep farm in the middle of nowhere.
  • Fantasize about having a career in manual labor i.e. plumber, painter, construction worker, etc.
  • Chronic animosity towards homo sapiens in general

Run for the Hills If:

1. Client named “Christian” signs off with: Christian (very!).
2. You’ve taken client out 3 or more times and each time he/she asks you to have lunch  between or after appointments.
3. Client (unsolicited) buys you clothing at Loehmann’s, gives them to you along with the receipts, then asks to be reimbursed.
4. Before you go out for the first time client tells you they’ve seen at least 55 rentals already.
5. Client tells you you’re their best friend and means it after two outings.
6. You go into contract with the same clients on three different condos in two months and they bail on the eve of  contract signing for each.
7. Client is male, less then 5’5″ tall, and works in finance.
8. Client tells you they have some mental health issues which is why they don’t have a job and are using a guarantor.
9. Client must consult (Staten Island) psychic before she will purchase any apartment on the Upper West side.
10. Client tells you they have no budget and needs a place ASAP. - What they’re really saying is “I have all the time in the world, bad credit, and no money”.

Category: Advice

ALWAYS Make Them Sign Fee Agreements

French RatIn early June I was contacted by past clients we’ll call Ratatouille (after my favorite French culinary rodent) and his wife Janine.  Janine said that they were expecting a bundle of joy any day and that the lease of their apartment (I rented them 3 years ago) was coming to an end in late August. Therefore it was time to start looking for a larger rental in a more affordable neighborhood.

After congratulating them both on their happy news we made an appointment to go out apartment hunting in early July.  Janine informed me that Ratatouille would be out of town on business but that she was very anxious to sign a lease and would be able to make the decision herself should we find the right place.

I, baby gift in tow, met her as planned.  Because I naively assumed we were on a friendlier level due to our history, I neglected to have her sign a fee agreement which would turn out to be a BIG mistake.

In any case, I showed her several apartments that perfectly fit her criteria. She loved two of them but, of course, couldn’t make the decision on her own (anyone who says they can is lying through their teeth). So we’d have to see them again when her husband was back in town, which happened to be when I was supposed to leave for a long awaited vacation.

Being that these were past clients who I felt an allegiance to, I postponed my trip an extra three days to show them the two apartments that Janine liked and another couple places that had come available in the interim. They ultimately agreed on the same one, and foolishly asked me to make an extremely low offer on their behalf – knowing that there was another one on the table much closer to the asking price. Ratatouille went on to say that even at the lower price, it was still above their budget so he expected me to pay the $700 condo fees should their offer be accepted.  That’s ridiculous on so many levels but mostly because the very well-known international conglomerate who employed him paid all of their moving expenses including application and broker fees. Never the less, I told him that we would cross that bridge only if their offer was accepted; which it wasn’t.

We had seen all there was to see for the time being so I went on my week long trip assuring them I’d continue to email listings and would arrange access to anything they liked.

As promised I combed through listings daily, emailed the good ones to Rat and Janine, and spoke with them on the phone.

Then on the 4th night of my vacation at 10:45 pm, Janine emailed me a link for an apartment she found online, in one of the buildings I showed them, that had just been entered into a public listings database. She asked me if it was “real” and if they could see it the next morning. I immediately emailed the listing agent to find out.

Here is the hilarity that ensued:

from:   info@miserylovesrealestate.com
to:  Janine<Janine@inconsideratehuman.com>
cc:  Ratatouille<Ratatouille@thoughtlesslug.com>
date:  xxxxx
subject:  Re: Apartment

 

 

Hi Janine,

It looks like it just came on the market. I’ve emailed the listing agent just to be sure. What time would you like to see it tomorrow?
Thanks.
from:   Janine<Janine@inconsideratehuman.com>
to:  info@miserylovesrealestate.com
cc:  Ratatouille<Ratatouille@thoughtlesslug.com>
date:  xxxxx
subject:  Re: Apartment

 

Thank you I have emailed other agent yesterday night and we Will visit the apartment tomorrow morning. Thank you.

 

from:   info@miserylovesrealestate.com
to:   Janine<Janine@inconsideratehuman.com>
cc:  Ratatouille<Ratatouille@thoughtlesslug.com>
date:  xxxxx
subject:  Re: Apartment

 

Ok great. Please let him know that I’m your agent and let me know what you think after seeing it. I’m sure you’re going to love it.

 

Several hours went by and then this gem:

from:    Ratatouille<Ratatouille@thoughtlesslug.com>
to:   info@miserylovesrealestate.com
cc: Janine<Janine@inconsideratehuman.com>
date:  xxxxx
subject: Re: Apartment
What do you mean by “agent” as we :
  • found the listing on our own
  • organized the meeting with him directly
  • visited without you?
Thanks
Best,
Rat
from:    info@miserylovesrealestate.com
to:   Ratatouille<Ratatouille@thoughtlesslug.com>
cc: Janine<Janine@inconsideratehuman.com>
date:  xxxxx
subject:  Re: Apartment
Rat,
I am very surprised to hear this from you. The listing was just entered into StreetEasy yesterday and Janine sent it to me last night asking to see it today to which I immediately made the request at 11pm last night. I’ve scoured listings for you and have met you and Janine twice to see apartments, and have been looking several times every day I’ve been away. Although Janine sent this particular listing to me first, I of course would have sent it to by first thing this morning. As far as me not being there, I told you that I would be away through Sunday but would still arrange access.
 
When people ask me for assistance as you have, we’ve spoken many times via email and phone, seen apartments together and have established a mutual sense of trust, in the rare instance I can’t attend a showing, my clients are happy to mention that I’m their agent. That is what I mean by “agent”.

 

from:    Ratatouille<Ratatouille@thoughtlesslug.com>
to:   info@miserlovesrealestate.com
cc: Janine<Janine@inconsideratehuman.com>
date:  xxxxx
subject:  Re: Apartment
Don’t misunderstand me I agree you have been doing your best to help us out
over the very few visits we did together, and thank you very much for that.My point is just that you have not been involved on this particular
instance and deal.I guess it makes sense that our broker gets the fee when they organize the deal and doesn’t get it when they don’t, sounds like normal business to me. In the same vein, when I contacted you 2 years ago and you found me the
apartment on X Street, you got 100% of the fee after 2 visits and a 5
minute phone call, while the other broker I was working with for 1 month
and with which I had done 25 visits didn’t get a penny, normal business
again and he didn’t happen to be my “agent” on the deal.


from:   info@miserylovesrealestate.com
to:    Ratatouille<Ratatouille@thoughtlesslug.com>,
cc: Janine<Janine@inconsideratehuman.com>
date:  xxxxx
subject:  Re: Apartment

 

Rat,

I respectfully disagree. I  brought Janine to this building last week and showed her an apt there. Furthermore she emailed me the listing asking to set up access.

Your agent from 2 yrs ago never brought you to X Street. It takes a lot of time to comb through listings, getting keys and arranging access so 2 yrs ago there was more work involved then just a 5 min phone call and showing you 5 apartments. I didn’t waste your time and made it easy for you which is why you asked for my assistance again.

Good luck.

xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

Naturally Rat and Janine didn’t respond. Nor did the agent who had the listing. Why would he? He didn’t have to split his commission and all he had to do was open the door.

Forget the agent though. I blame myself for not having them sign a fee agreement, although Rat is the kind that would throw a major temper tantrum and in the end it wouldn’t be worth the headache.

However, I really charge them for being inconsiderate, smug, and disappointing. They emailed me a total of 40 times before we even went out on our first appointment, all which I answered diligently, not to mention the several lengthy phone conversations we had. When I rented them their apartment two years ago, I had to show it to them multiple times and when after their lease started, they couldn’t reach the super for something, who did they call in a panic? You guessed it. Me.

Moral of the story: In this business TRUST NO ONE no matter what kind of history you have.

 

Category: Advice
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