Real Estate Brokers

Subterms

    Latest story

    100 Shares169 Views

    How to Sell a Haunted House (or Not)

    by

    Even the most skeptical real estate agents say they think twice about the existence of ghosts, especially after unusual encounters.A real estate agent, Mike Fabbri, still remembers the chill of opening the door of an apartment near Washington Square Park in Manhattan.His client, a media planner in her mid-20s, was on the hunt for a quiet, one-bedroom in Greenwich Village. She walked in and immediately walked out. “She said, ‘I’m fine with a nice ghost, but I felt really evil energy in that apartment,’” Mr. Fabbri recalled.He sympathized. “I said, ‘You know, there are things you can change in an apartment, like the wallpaper. But you can’t change an evil spirit or a demon without priests. Let’s move on.’”Mr. Fabbri helped her find what he called a “charming” unit in a prewar co-op. No ghosts.Haunted houses, if one believes, can be problematic for real estate agents. The New York Times talked to agents who have embraced the macabre or have at least learned how to navigate it, as believers themselves or as sympathizers.They are the kind of agents who confess to would-be buyers that something might be amiss — an acknowledgment that many agents are not necessarily bound to. According to a 2023 Zillow analysis of state laws, only Massachusetts, Minnesota, New Jersey and New York require agents to disclose suspected haunting or paranormal activity.Some houses considered “stigmatized” are the sites of grisly murders or criminal operations. Others have been rumored to harbor ghosts. The rumors aren’t always just rumors, in the experience of Cindi Hagley, a real estate agent in the San Francisco Bay Area.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    More stories

    • 138 Shares99 Views

      in Elections

      New Real Estate Rules Sow Confusion, at Least in Short Term

      by

      Changes in how real estate commissions are advertised and paid went into effect this weekend. Buyers and even some agents aren’t sure what they mean.An hour before the open house on Saturday afternoon, a real estate agent paced across the dark bamboo floors, straightening the throw blanket, fluffing the pillows and lighting a scented candle.The last-minute sprucing at the $1.2 million condo in Jersey City, N.J., was exactly what agents have done at open houses for decades before this weekend.The difference now is the information they are required to disclose and where they can disclose it when it comes to real estate commissions — a charge that had hovered between 5 to 6 percent of the sales price, and until now was typically paid by the seller and split between the seller’s agent and the buyer’s agent.The changes that went into effect this weekend decouple the two commissions: Sellers are no longer expected to pay buyers’ commissions, though they can still choose to do so, and the proposed commission split can no longer be advertised on the online database commonly used to sell homes, the M.L.S.The new rules went into effect across the United States as part of a $418 million settlement agreement with the National Association of Realtors, a powerful real estate trade group that was successfully sued by a group of homeowners in Missouri who argued that the longtime practice requiring them to pay agents’ commissions led to inflated fees. Brokerages have spent months trying to educate agents and consumers on the looming changes.But when they were implemented nationwide this Saturday, buyers remained befuddled.Sarthak Jain, left, and his wife, Aditi Maheshwari, touring a duplex in Jersey City alongside their Realtor.Andres Kudacki for The New York TimesWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 150 Shares169 Views

      in Elections

      Oren Alexander, Top Real Estate Agent, Faces Another Claim of Sexual Assault

      by

      A fourth woman filed a lawsuit against Oren Alexander, once a star agent of luxury real estate.An actress and comedian says she was drugged and sexually assaulted by Oren Alexander, a top luxury real estate agent who is facing a string of accusations that he and his two of his brothers sexually assaulted women — allegations that had been whispered throughout the high-end real estate industry for years.Renee Willett, 31, filed a federal lawsuit on Friday accusing Mr. Alexander, 37, of attacking her in his apartment nearly nine years ago. She is the fourth woman to file a lawsuit this summer against Mr. Alexander. Two earlier lawsuits filed this year name Mr. Alexander and his twin brother, Alon, who does not work in real estate but often socializes with him. A third suit filed in June names Oren, Alon and their older brother Tal Alexander, 38, who is Oren’s longtime partner in real estate sales.Isabelle Kirshner, a lawyer for Oren Alexander, said she had no comment on the new allegation at this time. Oren, Tal and Alon have denied all previous allegations.Like other women who have said they were assaulted, Ms. Willett said she was prompted to file a lawsuit after reading articles about similar claims involving the Alexanders. Her lawsuit, filed in U.S. District Court in the Southern District of New York, came two days after The New York Times published an article with accounts from several women about the brothers.“I felt a responsibility to come forward,” she said. “I have to do this not just for myself, but for everyone else.”Ms. Willett is an actress and comedian who is now working on a screenplay. She came forward, she said, after learning about other allegations of assault against the Alexanders.Vivien Killilea/Getty Images For Idol RocWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 38 Shares189 Views

      in Elections

      Real Estate Fantasies

      by

      Celebrity agents are selling a dream, as real homes get more out of reach.There are few acts more optimistic than shopping for a home. You walk through its doors, run your fingertips along its appliances and see your face reflected in its windows and mirrors. You consider untapped versions of your life, imagining yourself waking up every day in that bedroom, cooking every day in that kitchen and letting the years unfold between those walls.Real estate agents understand this allure. The good ones package it up, serving it to clients in the form of property tours that show off not only a house, but also the life that a house can offer. And the really good ones are so adept at spinning the fantasy that they’re building careers on television out of it.For a new story for The Times’s real estate section, which published this morning, I spent time with agents from shows like “Million Dollar Listing” and “Buying Beverly Hills” to understand how they became stars in their own right, and what that tells us about the state of housing in the U.S.Hollywood luxuryLate last year, I flew to Los Angeles to attend an awards show for some of Hollywood’s most famous real estate agents. Seated in the backyard of a sprawling estate once owned by Madonna, I watched as Mauricio Umansky, who stars on Netflix’s “Buying Beverly Hills,” cracked jokes and presented awards like “Stratospheric Sale of the Year.” (The winner was Kurt Rappaport, who represented Beyoncé and Jay-Z in their purchase of a $190 million Malibu pad last May.)“This is the Oscars of real estate,” Alexander Ali, a public relations official, told me that night. He runs a company, the Society Group, devoted solely to promoting celebrity agents and the houses that they list.Millions of us are hooked on his clients’ content. The most recent season of “Selling Sunset” brought in about 3.2 million streaming viewers per episode, according to Nielsen Media Research; “Buying Beverly Hills” drew 1.7 million per episode in its first season.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 138 Shares109 Views

      in Elections

      Judge Approves $418 Million Settlement That Will Change Real Estate Commissions

      by

      Home sellers will no longer be required to offer commission to a buyer’s agent when they sell their property, under an agreement with the National Association of Realtors.A settlement that will rewrite the way many real estate agents are paid in the United States has received preliminary approval from a federal judge.On Tuesday morning, Judge Stephen R. Bough, a United States district judge, signed off on an agreement between the National Association of Realtors and home sellers who sued the real estate trade group over its longstanding rules on commissions to agents that they say forced them to pay excessive fees. The agreement is still subject to a hearing for final court approval, which is expected to be held on Nov. 22. But that hearing is largely a formality, and Judge Bough’s action in U.S. District Court for the Western District of Missouri now paves the way for N.A.R. to begin implementing the sweeping rule changes required by the deal. The changes will likely go into full effect among brokerages across the country by Sept. 16. N.A.R., in a statement from spokesman Mantill Williams, welcomed the settlement’s preliminary approval.“It has always been N.A.R.’s goal to resolve this litigation in a way that preserves consumer choice and protects our members to the greatest extent possible,” he said in an email. “There are strong grounds for the court to approve this settlement because it is in the best interests of all parties and class members.”N.A.R. reached the agreement in March to settle the lawsuit, and a series of similar claims, by making the changes and paying $418 million in damages. Months earlier, in October, a jury had reached a verdict that would have required the organization to pay at least $1.8 billion in damages, agreeing with homeowners who argued that N.A.R.’s rules on agent commissions forced them to pay excessive fees when they sold their property. We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 113 Shares159 Views

      in Elections

      Five Ways Buying and Selling a House Could Change

      by

      The National Association of Realtors has agreed to change its policies to settle several lawsuits brought by home sellers — a move that could reduce commissions.A settlement reached this week threatens to strike a blow to an established standard of residential real estate: the 6 percent sales commission. It also will change who pays it. The deal, reached after a yearslong court battle initially brought by a group of home sellers in Missouri, calls for the powerful National Association of Realtors, which has long regulated the way U.S. homes are sold, to amend its rules on how Realtors for sellers and buyers are compensated.In most real estate transactions in the United States, both the seller and buyer have an agent representing them. For decades, there’s been a standard for paying these agents: a commission of between 5 and 6 percent of the home’s sale price, covered by the seller and split between the two agents.Commission rates are significantly lower in many other countries. In Britain, they are just above 1 percent, while in Singapore, the Netherlands and Denmark, they hover between 2 and 3 percent, according to a study by the investment firm Keefe, Bruyette & Woods. The homeowners who sued in federal court in Missouri said that N.A.R., through its rules on agent compensation, conspired to artificially inflate the commissions paid to real estate agents.Now those rules are set to change as early as July, pending court approval of the settlement that includes N.A.R.’s agreement to pay $418 million in damages.There could be more room for negotiation.Real estate agents argue that commissions have long been negotiable, and the standard 5 to 6 percent is practice rather than precept.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More