The Broker’s Point of View

This article will focus upon looking at you and the potential buyer from the broker’s point of view. So many articles are written by commercial real estate and how to approach it but is also important to know what it looks like from the other side of the table. The broker has as much riding on the process many times as the investor does.

Let’s start by looking at a listing from a listing broker. When the listing broker brings a buyer to the table and recommends the seller moving forward with that particular buyer, it is because of the recommendation of the broker many times that a seller move forward. If the buyer backs out, the seller is not necessarily unhappy with the buyer but rather with the listing broker because of the recommendation given. It is important for the broker to know what the buyer is like because it is the broker’s reputation that is on the line.

Any time you come to the table as a buyer, the broker is going to do due diligence on you to make sure that you can close the deal. That ultimately is the main key and can be more important than price. The broker is going to check on your past dealings and that you followed through on deals in the past. The broker will then rank potential buyers and will often recommend that the sellers sell to the buyer at the top of his or her list. This is very important for any buyer to know so that you can set yourself up very well. If you worked hard to develop a reputation and the listing broker called around to people you worked with in the past and you come highly recommended, your name will move higher on the listing brokers’ ranking list. That broker will recommend to the seller that you be the one who buys the property because you will follow through.

If you have no brokers you worked with in the past and had not been in commercial real estate very long, you may want to go into a commercial brokerage with a check and a list of your net worth. Showing net worth and proof of funds is very important because you can show the broker that you are able to close. Most instances of buyers failing to go through on the deal occur due to lack of money. If you show the broker that you have the money, you have removed a major obstacle from them recommending you to their seller.

The broker is going to pay attention to see what your reputation is like. Getting the deal closed is important because the broker’s paycheck comes out of the closing. A broker will do what is necessary to make sure to protect his or her feet. Make sure that your brokers are well taken care of and you’ll be happy in the end.

Hopefully this article on the broker’s point of view gives you a better sense of what you can do to say yourself up right in the eyes of the broker. The broker’s reputation is on the line until the transaction is closed so he or she will make sure to set themselves up right in the eyes of the seller.

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How to Find the Perfect Buenos Aires Rental Apartment – And What to Avoid

Luckily, Buenos Aires is a city full of temporary rental apartments. This is great for the tourist because you can rent an apartment for a week for the price of one night at a hotel. Also, apartments have full kitchens so you can save money by cooking your own meals. In addition, the apartments are much larger than hotel rooms, and you have more privacy then staying in a hotel.

However, finding that perfect tourist apartment in Buenos Aires can be challenging. At first you might be saying to yourself, well as long as it had a bed and it is clean what do I care? While that may be true for some people, if you are planning on staying in Buenos Aires for more than a few days you will want to avoid some of the mistakes I have made in the past when renting an apartment there.

After renting several apartment in Buenos Aires I now know what to look for and what to avoid. Below are some tips that will help you find that ideal apartment and make your stay in Buenos Aires more enjoyable.

Neighborhood – Make sure to ask exactly where the apartment is located. This might sound strange but many people renting out their apartments market their apartments as being in the desirable neighborhoods of Recoleta and Palmero when they actually are not. In fact at first glance you might think that those are only the two neighborhoods in Buenos Aires! But this is just real estate agents and apartment brokers tricky efforts to falsely expand the borders of the most desired neighborhoods in Buenos Aires. Recoleta and Barrio Norte (these two neighborhoods are usually used to denote the same area, with Barrio Norte being closer to subway stops) is the best place to stay while in Buenos Aires.

Palermo is also nice with cool new restaurants and hip bars, but for me the barrio still has a way to go before it is as nice and established as Recoleta/Barrio Norte. There is too much graffiti and dog crap (watch your step while walking on Palermo sidewalks!) for me to suggest staying there over Recoleta. While some parts of Palermo can be quite charming it is just too big of a neighborhood to recommend it as a whole. Unless you know the specific location in Palermo is what you are looking for, it is best just to stick to Recoleta.

Noise – I read once that Buenos Aires is the noisiest city in the world. After a night trying to sleep in an apartment on the street side of a busy avenue you will agree. Loud buses and scooters with no mufflers will keep you up at night or annoy you during the day if you aren’t careful about your apartment choice. The most important factor is make sure the apartment is not located on the street side of a building. For more quiet you want an apartment in the back side of the building or “contrafrente” as it is sometimes listed in spanish. Secondly, it is preferable to be on a low traffic street. But, I have stayed in apartments on a busy street before but the building was so large and the apartment was so far in the back it was actually very quiet. Finally the higher up the apartment the better, so look for an apartment on a high floor. However, I stayed in an apartment once that was on the 11th floor but it was still very noisy because it was on the street side. Therefore, the most important factor in having a quiet stay in Buenos Aires is look for an apartment on the back side of the building.

Rooms – In Argentina a one bedroom apartment is called a two room apartment. So don’t be shocked when you arrive and the “two room” apartment you rented is not a two bedroom, but an apartment with a living room and a bedroom. Likewise a studio apartment is called a “one room” apartment or “monoambiente” in spanish. Just make sure you are getting the right number of rooms you want when you rent, or ask for a floor plan before you decide to put down that deposit.

Bed(s) – The eyes can be deceiving is what I learned when I rented what I thought was a perfect apartment. I even went to see the apartment before I decided to rent it. But I was fooled by the queen sized comforter covering up two single beds pushed together. Now some people might prefer this if you are two people traveling together and you want your own tiny bed, however there were queen sheets on the bed so you would have to ask for two sets of single sheets and more blankets to have two beds anyway (which in Argentina may or may not happen). So make sure your check under the covers or ask what the bed arrangement is before you book the apartment because waking up in the crack produced when the two beds push apart in the night is not a fun experience.

Refrigerator – Many Buenos Aires apartments are small and sometimes the kitchen only has space for a small “dorm-style” refrigerator with a “freezer” the size of a text book that takes three days to make ice. This might not be a big deal to some, but I prefer to have a full sized fridge to make ice for drinks, and for longer stays to keep frozen food frozen.

Internet – Many apartments in Buenos Aires offer “high speed” Internet. But what that means to some people may be different to you. I rented an apartment once that claimed to have high speed internet and when I arrived it was slower than dial up. The owner was in Spain and wouldn’t increase the speed so I had to spend many afternoons at Internet cafes just to check email. Be sure to ask what the speed of the Internet is and if you don’t know what is fast and what isn’t usually a connection of 512 Kbps will be fine if you are just checking email occasionally, but if you are planning on downloading files and working online while you are in Argentina, then I would recommend at least a 1.0 Mbps connection or faster.

English – If you don’t speak Spanish, be sure to ask if the representative that will be meeting you at the apartment speaks English. Usually this isn’t a problem, but I have had instances where I had to conduct business in Spanish and while it went OK, if you don’t speak Spanish it might not go as smoothly for you.

Quickly and Easily Find a No Fee Apartment

There are so many apartments in NYC that you can rent that it can take up to 40 hours a week to find the perfect one. Particularly if you would like to live in the posh upper east side. If you want to have any chance of renting a brownstone, walkup, or elevator apartment there, you will need to know a few tips before you start.

Not only is it very tough to find apartments in NY, but if you want to limit your search to no fee apartments in the upper east side, you’ll quickly find that you’re going to need a broker to find the deals for you. A broker is able to negotiate good rates and keep you informed when an apartment becomes immediately available. If you think that you’ll be able to snatch up the good apartments before someone else will, well, you may be in for a surprise.

The big issue with brokers, however, is the fact that they charge a minimum of 15% for their services. While this may get the job done, it defeats the purpose of searching for a no fee apartment.

Luckily, times are changing, and there are many landlords that are willing to pay the broker fee in order to get a renter into their building and paying rent. So how do you find those no fee apartments that you’re looking for in the upper east side that will pay for the broker fees? It’s simple – either ask the broker or use a listing service.

A broker who is worth their weight in salt will have a list of apartment buildings that will pay for the broker fees. However, this is going to severely limit the number of options you have available. If you use a listing service, you’ll have all of the available no fee apartments at your fingertips.