{"id":3904,"date":"2010-02-11T03:51:09","date_gmt":"2010-02-11T08:51:09","guid":{"rendered":"http:\/\/renthop.com\/news\/?p=411"},"modified":"2023-07-24T14:22:56","modified_gmt":"2023-07-24T18:22:56","slug":"undercover-broker-bait-and-switch-in-depth-frustrations","status":"publish","type":"post","link":"https:\/\/www.renthop.com\/blog\/undercover-broker-bait-and-switch-in-depth-frustrations\/","title":{"rendered":"Undercover Broker: Bait and Switch In Depth"},"content":{"rendered":"

As one of the founders of RentHop<\/a>, I’ve made it a point to infiltrate the Manhattan apartment broker ranks, inspired by Nickel and Dimed<\/em> (Barbara Ehrenreich). I spend a few days each month as an undercover broker, tackling the full pipeline of previewing, advertising, showing, and closing deals! In this edition of Undercover Broker, we’re exploring the real estate bait and switch in depth.<\/p>\n

\"bait\"<\/p>\n

What is Bait and Switch?<\/h2>\n

You contact a broker<\/a> regarding a particular apartment advertisement but then you never manage to see it.\u00a0 The broker tells you that the unit was just rented, but they have many more apartments available. Usually, these apartments charge a broker fee<\/a> or have a higher-price rent.<\/p>\n

Why is it that ordinary, ethical, and law-abiding humans wind up resorting to these tactics? The answer is, it’s your fault! \u00a0That’s correct; the legions of Manhattan<\/a> renters who have come before you act just like you, and the most rational response is for brokers to behave as they do. Please let me explain.<\/p>\n

Broker Frustrations<\/h2>\n

Picture for a moment a savvy and organized apartment hunter who sifts\u00a0through hundreds of ads, makes dozens of calls, and squeezes in an entire day full of appointments with 12 different brokers, 30 minutes each. This is the absolute worst customer for a broker, and\u00a0sadly, our savvy renter is likely to have a terrible day full of delays, conflicts, and bait-and-switch attempts.<\/p>\n

Contrast this with a clueless renter who calls just one broker and\u00a0agrees to block off an entire afternoon for showings. Not every broker\u00a0is good, but I’d easily bet the less prepared renter will have the\u00a0more productive day.<\/p>\n

How Did the Broker Get Here?<\/h3>\n

Some insight into a broker’s life will shed some light here. Most\u00a0customers responding to an ad will not transact a deal. Brokers only\u00a0get paid when a deal closes. Therefore, most customers are a waste of\u00a0time! How does a broker minimize time wasted? Let me present the top\u00a0four biggest time wasters:<\/p>\n

1.) \u00a0No show customers.<\/p>\n

2.) \u00a0Customers with poor financial qualifications<\/a>.<\/p>\n

3.) \u00a0Customer that are not serious about renting.<\/p>\n

4.) \u00a0Customers working with many brokers.<\/p>\n

And now, pretend you are a broker and a renter calls asking to see the\u00a0apartment you advertised. Is there time-efficient, low cost way to\u00a0avoid all of the four big time wasters above? Indeed there is! And\u00a0this decade old secret is called, “Sure, come and meet me at my\u00a0office.”<\/p>\n

Meet at the Office<\/h3>\n

It’s brilliant. \u00a0The broker doesn’t waste any time until you walk in the door (avoid no-shows). Often they may ask that you bring your financial documents or at least fill a long form asking about your money situation (avoid unqualified people). Finally, if the renter has agreed to come to your office, chances are they have blocked off at least a few hours for tours. And if they didn’t, you can be sure they’ll miss their other appointments (solves problems three and four).<\/p>\n

Broker Commission<\/h3>\n

There are still more bonuses. The forms you fill out protect the broker’s commission should you ever get the slightest idea your broker doesn’t deserve to be paid. While you are carefully reading the fine print, the broker has time to search his database for all of the other good apartments fitting your criteria. They suggests a half dozen other places that are great potential fits, and one of their junior assistants will be happy to take you around to all of them (they’re too busy to be the one following you around with the keys for two hours).<\/p>\n

Two hours later, you a suitable apartment and saved a ton of time and hassle. But, because you are human, you feel some last minute buyer’s remorse. You cry foul, accuse the broker of bait-and-switch,\u00a0leave bad reviews on Yelp, curse all brokers, etc. It’s a shame because the broker was acting in both of your best interests; you just didn’t realize it.<\/p>\n

So now that you’ve seen the full story, you know the number one way to avoid getting bait-and-switched.<\/p>\n

To Avoid Bait-and-Switch: Do Not Meet the Broker at Their Office.<\/h2>\n

But if that’s the only take-away you get out of this piece, then brace\u00a0yourself for a sad and painful apartment hunt. You will end up just\u00a0like our savvy renter who schedules appointments with a dozen different\u00a0brokers and wonders why they all treat him so poorly.<\/p>\n

My Advice: Suck It Up and Allow Yourself to be Bait and Switched<\/h2>\n

Do yourself a favor. Pick just one or two decent agents, and give\u00a0them at least a few hours to show you all of their best apartments. Make an appointment, agree to meet them at their office, and agree that you won’t use another broker for any of the buildings he shows you.<\/p>\n

At least then, the broker will appreciate that you are a serious\u00a0customer and can truly tailor your search based on your initial\u00a0reactions. Again, if a broker knows you are a solid customer who\u00a0won’t flake out, you will get superb service. \u00a0Treat brokers as showing robots and they will return the favor!<\/p>\n

That said, I’m all for an option where I pay less for some showing\u00a0robots, but to make that feasible and worthwhile, a whole lot of other things need to\u00a0happen. I shall cover it in a future edition of Undercover Broker.<\/p>\n

That’s all for now. \u00a0If you are currently looking for New York City apartments<\/a>, feel free to check out our website or email us directly.<\/p>\n

Editor’s Note: We updated this article to enhance readability.\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

As one of the founders of RentHop, I’ve made it a point to infiltrate the Manhattan apartment broker ranks, inspired by Nickel and Dimed (Barbara Ehrenreich). I spend a few days each month as an undercover broker, tackling the full pipeline of previewing, advertising, showing, and closing deals! In this edition of Undercover Broker, we’re […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"yes","_lmt_disable":"no","footnotes":""},"categories":[269],"tags":[],"class_list":{"0":"post-3904","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-brokers-and-landlords"},"yoast_head":"\nUndercover Broker: Bait and Switch In Depth - Real Estate Topics, Tips, and Guides<\/title>\n<meta name=\"description\" content=\"In the first edition of Undercover Broker, we examine the classic bait and switch in depth to understand how this process affects renters.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.renthop.com\/blog\/undercover-broker-bait-and-switch-in-depth-frustrations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Undercover Broker: Bait and Switch In Depth\" \/>\n<meta property=\"og:description\" content=\"In the first edition of Undercover Broker, we examine the classic bait and switch in depth to understand how this process affects renters.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.renthop.com\/blog\/undercover-broker-bait-and-switch-in-depth-frustrations\/\" \/>\n<meta property=\"og:site_name\" content=\"Real Estate Topics, Tips, and Guides\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/renthopapartments\" \/>\n<meta property=\"article:published_time\" content=\"2010-02-11T08:51:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-24T18:22:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.renthop.com\/content-manager\/wp-content\/uploads\/2010\/02\/bait.jpg\" \/>\n<meta name=\"author\" content=\"Lee Lin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@renthop\" \/>\n<meta name=\"twitter:site\" content=\"@renthop\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lee Lin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.renthop.com\/blog\/undercover-broker-bait-and-switch-in-depth-frustrations\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.renthop.com\/blog\/undercover-broker-bait-and-switch-in-depth-frustrations\/\"},\"author\":{\"name\":\"Lee Lin\",\"@id\":\"https:\/\/www.renthop.com\/blog\/#\/schema\/person\/5877a1d4b27a98e84d9840c6aea99af7\"},\"headline\":\"Undercover Broker: Bait and Switch In Depth\",\"datePublished\":\"2010-02-11T08:51:09+00:00\",\"dateModified\":\"2023-07-24T18:22:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.renthop.com\/blog\/undercover-broker-bait-and-switch-in-depth-frustrations\/\"},\"wordCount\":936,\"publisher\":{\"@id\":\"https:\/\/www.renthop.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.renthop.com\/blog\/undercover-broker-bait-and-switch-in-depth-frustrations\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.renthop.com\/content-manager\/wp-content\/uploads\/2010\/02\/bait.jpg\",\"articleSection\":[\"Brokers and Landlords\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.renthop.com\/blog\/undercover-broker-bait-and-switch-in-depth-frustrations\/\",\"url\":\"https:\/\/www.renthop.com\/blog\/undercover-broker-bait-and-switch-in-depth-frustrations\/\",\"name\":\"Undercover Broker: Bait and Switch In Depth - 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