Shady Realty transactions in Hoboken?
Many may be cutting corners in the Mile Square
As far as I know – there are two ways to move a property in Hoboken:
- Enlist a full-service broker, their network, agents, and experience (and pay appropriate fees)
- Do all the hard work yourself (via Craigslist or other manual methods – much less expensive)
However, the buzz on the street is that there are a growing number of both Real Estate Agents, as well as property owners – looking to scam the system for their own financial benefit…
If you use a Broker, you need to pay commissions
As you know, if an agent wants to rent an apartment for instance – they have to split the commission with the Broker. And the landlord also needs to pay the agreed-to fees to have the Broker market his or her property.
What I’ve been hearing is that there’s an increasing trend from both the agents and landlords – looking to cut the broker out of the equation. The overall “fee” is less – the landlord pays less, but the agent takes a higher payment “on the side.” The broker gets zilch. From what I understand, this type of scam takes place mostly on rentals – not properties for sale.
Hey, if I was a property owner looking to sell or rent, I’d most certainly try to do it myself to save a few bucks. But I’ve seen many properties sit vacant, so it might be in your best interest to try a Realtor if your main objective is to complete the transaction as quickly as possible. But in this market – it may not make a difference anymore.
Either way, it’d be unethical to cut the Broker out of equation – especially if you use their office, marketing reach, and more.
But then again, if all agents had giant blow up billboards of their own faces (like Donna Antonucci), they’d probably want the extra money for their fat marketing budgets.