Can You Do That in Hoboken Real Estate?
Categories: About Realtors, For Buyers, Hoboken Condos
I had a curious request from a friend and colleague the other day. He used to be with us at Century 21 but now works at a very small agency here in Hoboken. He had been working with some buyers and they were very interested in seeing some properties over the weekend but he is going on vacation. After trying to get someone from his own agency to cover for him without success, he asked us if we could possibly do it. He offered to repay the favor going forward.
Normally, properties are listed on the MLS by a seller’s agent and any other agent who brings a buyer splits the commission with the seller’s agent. Sometimes the seller’s agent sells it him or herself and keeps the whole commission. Normally an agent shows properties to buyers and, if the buyer makes a purchase, the agent gets half the total commission.
Occasionally, we agents do what is called a referral. That means I have a buyer who, for example, has given up on Hoboken and wants to look in the ‘burbs’ where I don’t work. I recommend the best agent in Montclair and refer my buyer to that agent in exchange for typically 25% of that agent’s commission. That is my referral fee. Or an agent from NYC may send me a buyer and I pay the Manhattan agent 25% of my commission for the referral.
What my friend was asking me to do was basically the same thing. He would refer his buyer to us for a limited time. For the week while he was on vacation, we would show his buyer some properties and we could have agreed that if they purchased one of the home we showed the buyer, we would earn the commission and my friend would be compensated whatever amount of referral fee we had agreed upon.
Yet in Hoboken real estate circles this is unheard of. No one does it, to my knowledge. I suppose part of the reason is the fear that the buyer will want to keep working with me, for example, and not go back to the referring agent. People are often resistent to change. I think this is one of those situations where no one has done this so it’s assumed it can’t be done. It’s just another referral. It would make life easier. There’s no real reason I know of why it couldn’t or shouldn’t be done. I’d be curious to know what you all think.
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The Hoboken & Downtown JC Open House Google Map for Saturday, May 19th & Sunday, May 20th, 2012
Categories: For Buyers, Hoboken Condos, Jersey City Condos, Open House
The Original and Best Open House Google Map!
Courtesy of the Turoff Realty Team
No need to register! No form to fill out!
Just click on the map below to see every Open House in Hoboken this weekend:
Click HERE to see the Downtown Jersey City Open House Map
When you look at the maps, place markers are color coded:
- Studios & 1BRs are red
- 2BRs are green
- 3BRs & Bigger are yellow
- New listings are marked with a Push Pin icon (in the same color scheme.)
Click the “Address”, “Price” “Bed” or “Details” columns to sort the list of open houses in ascending or descending order.
Click on the location marker for:
- open house date
- time
- unit size
- asking price
- link to all the info found on the MLS and more (from ourHobokensBestHomes.com IDX feed.)
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The Weekly Wednesday Wrap-Up – Hoboken Condo Sales and Activity for the Week of May 16th, 2012
Categories: For Buyers, For Sellers, Hoboken Condos, Market Analysis, Weekly Wednesday Wrap Up
This Week’s Condo Sales & Activity versus last week’s:
252 active Hoboken condo units – vs. 246 last week
- 8 DABOs (Deposit Accepted By Owner i.e. under contract) vs 14 last week
- 7 Sold vs. 15 last week
- 39 New listings vs. 28 last week
- 5 Price changes vs. 26 last week
- 1 expired listing vs. 2 last week
1 Bedroom & Studio Condos
10 New listings
2 Price Changes
86 Active
2 DABOs
- 209 2nd St., 1L listed April 25 for $219K;
- 800-830 Jackson St., PH12 Listed May 1 for $350K;
3 Sold
- 423 Jefferson St., 8 listed Feb 16 for $269K; sold for $269K;
- 1125 Washington St., 4R listed Mar 19 for $345K; increased Mar 25 to $360K; sold for $345K;
- 1122 Washington St., 3 listed Aug 17 for $369K; sold for $355K;
2 Bedroom Condos
25 New listings
3 Price changes
140 Active
4 DABOs
- 1302 Park Ave., 2S listed April 23 for $409K;
- 133 Grand St., 3 listed April 26 for $485K;
- 635 6th St., 2D listed Dec 5 for $499K;
- 1100 Adams St., 205 listed Mar 3 for $539K; reduced Mar 15 to $535K reduced April 13 to $525K;
4 Sold
- 803 Willow Ave., 5N listed Feb 16 for $336K; sold for $325K;
- 531 Jefferson St., 4 listed Jan 18 for $399K; sold for $381K;
- 717 Willow Ave., 7 listed Feb 8 for $419K; sold for $406K;
- 380 Newark St., 4D listed Feb 9 for $599K; sold for $585K;
3 Bedroom & Bigger Condos
4 New listings
No Price changes
26 Active
- 213 Monroe St., 3 listed April 5 for $716K;
- 233 Washington St., 3 listed April 10 for $989K; reduced May 3 to $960K;
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