{"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 <\/p>\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 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 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>\nWhat is Bait and Switch?<\/h2>\n
Broker Frustrations<\/h2>\n
How Did the Broker Get Here?<\/h3>\n