Shady Broker or Shady Client? Where Does It Start...?

Posted by anamaria

Mon Apr 26th, 2010 09:57 AM

Time for a controversial question from The Apple, Peeled … which came first, the shady broker or the shady client? We have all heard of the horror stories of ill-intentioned brokers using bait-and-switch tactics, not showing up for appointments or lying about features or conditions altogether … so many, in fact, that many have attained the status of urban legends. You will find such stories sprinkled throughout the net, shared across dinner tables in bite-size, juicy morsels and relied upon over drinks for award-winning story telling throughout the city (and the country, really). Such stories generate enough emotion to power a small car, it seems.

chicken-egg.jpg
Less prominent are those tales of clients doing the same on their end.

For some reason, we’ve heard too many of such occurrences recently to keep them all to ourselves. Although they exist on the sales side of the equation, as well, to be sure, they truly flourish in rental land, where the transaction cycle is shorter and more ripe for their full glory. Here is a sampling (names are fictional to protect the innocent and not-so-innocent):

TALE #1: Molly’s mom desperately calls Broker A to beg for help in finding her daughter an apartment this weekend, asking Broker A to please adjust her calendar to accommodate these dire needs as she has nowhere else to turn. Broker A’s heartstrings are pulled, and she spends a good half-day begging other brokers for last minute appointments. Right before leaving the office, Broker A overhears Broker B in the same office letting his assistant know that Molly’s application on her apartment had been approved. It so happens that Molly had been working with Broker B for 3 months now and had already placed an application on an apartment. When confronted on the phone by Broker A, Molly replies “… silence … I’m canceling my appointment” and hangs up.

TALE #2: Ted tells his Broker that he wants to see as many apartments as possible over the next two days because he needs to make a decision ASAP. Ted conveys that he is committed to working with the broker and appears very serious. The broker spends about 5 hours researching and setting over 16 appointments for the said properties, clearing out her calendar to do so. When she sends Ted the itinerary the night before, he notifies her that he’s seen most of the apartments on the list either by himself or with other brokers, and to only show him two of the 16 apartments the first day and one the second day. The Broker goes on to cancel 13 appointments and re-arrange the remaining ones. At 11am, at the first apartment, 10 minutes pass, 20 minutes pass with no sign of life and direct transfer to voicemail, and Ted ends up being a no-show altogether leaving 2 brokers (Ted’s and the owner’s) high and dry.

TALE #3: Jack and Jill finally found their perfect apartment with their Broker. They tell him that they definitely want it, ask for it to no longer be shown and want to move forward ASAP. On New Year’s Eve, around 4pm, they beg for the fifth and final show of the said apartment at which point they hand over certified checks for the non-refundable deposit. The Broker accommodates the request just prior to the evening’s festivities, in full party attire, trekking it to the Upper West Side to ensure that the couple has the apartment. Two days later, after several futile attempts to get in touch with Jack and Jill by the Broker, the couple threatens a lawsuit to get their deposit back via email as they’ve changed their minds. To top it off, they ask high-powered friends to call different people they know throughout the brokerage firm to threaten the same, all the while never picking up the phone.

Tenants aren’t the only ones getting burned out there. Brokers are mistreated all the time … it comes with the territory but can leave a real mark on many. After enough of these instances, after enough times of going above and beyond for sincere-sounding tenants, they toughen up. After enough instances of tenants renting apartments behind their backs that in no way met the criteria they described of their ideal home, they start hedging their bets and showing different kinds of apartments anyway (leading many tenants to respond with “this is NOT what I said I wanted! didn’t you listen to me?” After enough tenants going directly to a building to bypass the broker altogether (with the leasing office calling the agent telling him/her so), they stop providing actual addresses. They refuse second or third showings without the completed application upfront, or pressure tenants to sign the lease / provide the deposit the very same day of the apartment visit. They realize that every minute or every hour they spend on long conversations or on long, draw-out appointments may amount to absolutely nothing and, well, they get jaded. (To those who believe this post is too one-sided, you may wish to read the one on the shady broker practices on Craigslist.)

Noah further points out:

"This applies to sales as well. All too often the story is only how shady brokers are, because lets face it, people want choices and the option to pick and dump whomever they want as they see fit irregardless of the quality of service provided - the broker becomes a great scapegoat for any buyer that is too emotional or too confused about the buying process. As a broker, you learn to fine tune your instincts to maximize buyer loyalty and minimize the occasions where a buyer will use you and then dump you - something that takes years to do and unfortunately, many bad experiences need to occur for the agent to see the signs of these types of buyers. Over time, the agent learns when a buyer is playing you or wasting your time and tends to focus on the clients that both respect their time and the service that they bring to the table. Trust me, not every buyer does."


The moral of the story is that, if you’d like to be treated professionally and with respect (which you should expect for sure), karma would suggest you do the same in return. Be honest, respect others’ time, and stick with one person. Not only will your experience be infinitely more enjoyable and productive, but you can prevent the birth of a shady broker in the process, benefitting generations of renters and buyers to come.

Add a comment

16 comments

CAPTCHA Image