Going around the broker
So I've been doing some apartment hunting in New York, with a broker and by myself. Something I don't understand is, what's to stop me from going around the broker and talking directly to building's the management company of the buildings a broker has shown me?
I've called up a few places that I saw with a broker, and the management companies were happy to deal with me directly. Now I happen to think my broker is fantastic, and he's worked really hard for me so I'm happy to pay him the fee, but I'm wondering what would happen if I decided to go with one of the apartments he showed me but not tell him about it? I did sign some documents with him, but how would he know? Also, how can he prove that he showed me this apartment?
You know that's their only source of income right?
usually they make you sign an agreement prior to showing you the apartment, giving them the right to the fee no matter who you go through, another broker or directly with the management. If they were naive enough to not have an agreement with you, you are free to do whatever.
I walked into an apartment to check it out after speaking with the management company. The same time I arrived at the unit, I see this lady and guy also viewing the space. When all of us finish and leave the building, I noticed that she had him sign this form, bascially stating what others have said above.
Then I realized, for her 5 minutes of work that I easily did on my own, she was going to clip 15% in upfront commisions (which is not cheap). If you have money to burn and really don't care, good for you- But I really don't feel that the work they do justifies the costs.
Even if you did sign an agreement, how would they know if you went around them? Also, how can they prove in court that they showed you this apartment if you deny it?
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