East Hampton - Two brokers and one homeowner's travails defend the exclusive rental practice.
Prudential Douglas Elliman's Gioia diPaolo chimes in, saying last week was a wonderful, busy week and is responsible for her late entry.
Ms. diPaolo addresses the benefits of security and peace of mind. Some homeowners need the comfort of knowing their home is in the hands of a known and trusted agent who will schedule and accompany all showings, knows the fine points of the home and is accountable for the safety of the home, adhering to the specific protocols of the homeowner. They uncomfortable having unknown agents with access to their home.
"The listing commission on an exclusive rental is most often only 10 percent to 20 percent of the total commission, minimal compensation for effort involved. I rented a house last August ($200,000 range). The listing agent accompanied us on the showing, negotiated with the landlord, prepared the lease; received 10 percent of the commission as her listing fee. The transaction was smooth. I was happy to relinquish 10 percent!
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Property courtesy of The Corcoran Group. |
"An exclusive rental listor is more likely to spend time and money on marketing," she adds. In cases where exclusive sale listings are offered for rent - "If the sale is the priority, it is advantageous that the exclusive sale listor be the exclusive rental listor. Uncontrolled showings become confusing, interfering with the homeowner's priority. Without an alarm system with each agency possessing its own code, homeowner never knows who has been in his home or when. Seeing the same home 10 times in a row on line suggests a fire sale, especially if multiple agencies use the same photos.
"Most exclusive rentals are co-broked (unless otherwise stipulated by the homeowner) giving all agencies the opportunity to rent," diPaola says. "Exclusives ideally are not exclusionary but are inclusive." (Whoa! Operative word ideally. There is litigation about that going on right now, I understand.) diPaolo ends with, "exclusive rental listings represent a minuscule part of the rental market and most are at the high end."
In the interest of fairness, brokers who argued against exclusive rentals cited exceptions, including owners' wishes and high-end properties. As to knowing who and who was not there - what happened to leaving business cards and notices of showing which are sent to landlord (client) with name of customers regularly?
Another argument favoring exclusive listings (and Multiple Listing Service) from broker Jude Lyons of Westhampton Beach Realty: "I read with interest your discussion on exclusive rentals. Exclusive sales, and rentals too, are in the best interest of the owners. It allows the professionally management of the property. It gets the owner more exposure. The MLS system involves brokers from most of the Island and the country providing fabulous exposure."
Broker Lyons writes that rental listings particularly need exclusive management and reports a conversation with a home owner/landlord to support that assertion: "I dread every year. Calls start in September after Labor Day and it is broker after broker calling to see if I want to rent next summer. I have just gotten through Labor Day and am not ready to think about next summer. One day I had three calls from the exact same office. Don't they talk to each other?
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Property courtesy of Prudential Douglas Elliman. |
"I then go through the round of brokers who want to take pictures. Never mind, my house has been available for the past 10 years and the furniture is covered. My house has been photographed more than
Paris Hilton! Holidays come; I finish putting the Christmas decorations away - the calls begin again.
Want to make sure you are still available, they ask repeatedly, though I repeatedly tell them I will advise if rented.
"In February, I check out the internet to insert specifics for my house. There it is! Fifteen times in a row on the Internet. This is not good marketing. It looks like a sale in the discount bin at Walmart. Then we get to the Presidents' weekend and Easter time, another round of calls. At least once a season, some broker makes a mistake or deliberately puts a wrong price on my listing, requiring another set of calls from what seems like a million brokers asking have you changed your price?
"Spring comes. I go out to the house to check it. Lights are on. The door isn't locked; a window is open. I don't know who has been there. I'm told a key is important for walk-ins, but here is my lovely home left in a terrible state by I don't know who!"
Wow! From a landlord's point of view that sounds like one big nuisance, let alone a nightmare, though we don't hear how it feels when the rent money rolls in.
So much deals with agent ineptitude, an absence, of professionalism and management control. Where to look for information? A real internal office - communication breakdown and procedure, exclusive or not, on how to pass along information. Updates, buddy, updates.
East End real estate sometimes is too strange a business.
Guest (Joseph Kazickas) from East Hampton says:
Interesting story. We are generating more leads than we can handle at hamptonsrentals.com and need agents. Get in on the ground floor. Call me at 631-495-3404 or email jkazickas@rosehipre.com