Having a quality, effective and accurate listings portfolio are cornerstones of a successful real estate firm and the lifeblood of thriving agents. Both new agents and experienced agents rely daily on these listings portfolios.
Absolute Properties has spent years cultivating strong lasting relationships with landlords and management companies. Our company houses one of the largest proprietary databases in northern Manhattan. It includes our coveted exclusive listings, co-exclusives, limited listings and open listings. As Absolute maintains a high volume of business each day, our current available listings changes on a daily basis. The most important thing agents need to know about listings at Absolute is that we are transparent, we manage thousands of listings daily and provide agents unprecedented access to this data resulting in higher closing ratios. We'll say it time and time again, where other brokers will perform nasty tricks to keep others at bay from "their exclusives," we promote the opportunity of competition as it results in better success for the landlord and management companies. Other brokers fear us with their listings because they cannot compete with our volume and deal closing ability and they KNOW we would show them up.
Last year alone, Absolute Properties successfully brokered an excess of $9.5mil worth of rental transactions when our competition closed roughly $4mil less. Our Exclusive, co-exclusive and open landlords are confident in our ability as we do 46% more business a year than our competition.
Things to know for new agents
In this business it's important to know the lingo! Many brokerages don't focus on transparency to their agents, they only make it appear as if they do. In Fact they do just the opposite and seize the opportunity to take advantage of novice agents that don't really know the industry lingo and what is and is not exclusive. Many Brokerages will internally classify a listing a s an exclusive when its actually an open listing. Why do they do that? Because in most companies if a listing is classified as an exclusive, the brokerage often takes a premium commission from it. So, let's say your broker offered you 70% commission to join their firm... It's quite likely , they didn't tell you that only pertains to listings they consider Open. So, when the call a listing an exclusive, your commission actually ranges between 20-40% of the actual broker fee that was collected.
Quite a handful of brokers will say things inferring their brokerage has the largest portfolio of private listings, when in reality they are factoring open listings into their bottom line of so-called exclusives in an effort to fabricate the numbers in turn making better profits for the broker. At the same time, this becomes a great sales pitch for the broker to hire new blood. Do you really want to split a commission at an exclusive rate for an open listing? This does exist, but not at Absolute.
Internal co-brokes -
Another interesting point is that many brokerages will say they have an abundance of exclusive listings, but those exclusives are actually an exclusive of an agent within the company. This means there is a co-broker within the commission split. As a result, many agencies will sell an agent on a high commission split and avoid the fact the new agent will receive a net adjusted commission of roughly 20% of the overall collected brokers fee (this is before out of pocket expenses and taxes). So, if the agent collected a broker fee of $3,200.00, they would make $640 before advertising, desk fees and taxes. Does that sound good to you? This type of practice does not take place at Absolute.
Outsourced Databases -
Another key factor to be identified is that many brokerages will use sites such as Nestio, ACME and OLR. Now, we are not discrediting these sites in any way, we offer the opportunity for our agents to use these sites if they would like and have the ability to receive accounts for the sites, but we do not use them as our primary source of data. Our agents that use these sites only use them as a comparison and cross-reference the data they receive.