A reader notices that a senior agent has moved his whole team from Urban Bay to Vanguard.
“You don’t cover much industry stuff…but I haven’t seen a large group of agents leave one office for their direct competitor like this in a while. Unless Vanguard is merging with Urban Bay, but I haven’t seen anything about that. Have you heard anything?”
We haven’t. And while this is a bit beyond our normal purview, we’re happy to ask the readers (some of whom just might have a vested interest).
UPDATE: No merger, just a move. And we’re closing the comments.
[Removed by Editor – according to the principal, no merger (simply a move).]
interesting – [Removed by Editor] – does anyone know who this mystery agent is?
[Editor’s Note: We do, but let’s try to keep this from becoming personal. We found the news interesting from an industry consolidation standpoint (which it appears it’s not).]
This comment is so telling. To a realtor “industry stuff” means which gormless realtor works for which overpriced brokerage. Usually industries have a product, presumably the construction industry’s product would be residential or commercial construction. SocketSite appears to cover this topic very well. So in the “Real Estate industry” the product is… 6% commissions!!!
In this case, then, it’s less an issue of consolidation, than the breakdown of the traditional power that big brokers have. It’s a case where successful agents at a firm decide to open their own company, with the potential of earning more money and having more control over how they conduct business. More agents, like more consumers, are finding new ways to do business.
I used to think that I had something to learn from the readers comments. Alas I have seen so many people making statements that I know in fact to be false that it makes me question all the other ones that seem reasonable.
I will continue to read because I do in fact learn a great deal from the posts themselves… but holey COW regular readers beware. There is more fiction masquerading as fact in the comment section than a tabloid rag. If you dont know it but hate someone make it up eh?
As for why not 2%, you too have a brokerage for your needs… Help U Sell (which incidentally is on it’s last legs as a company) – but feel free to join that club, they are all open arms just waiting for Y O U.
We were represented by an Urban Bay realtor for our recent purchase (and we had a great experience, btw)… not sure if that agent is still there, but i noticed one of that agent’s colleagues was representing another unit in our building and the sign changed last week from Urban Bay to Vanguard. This sort of thing happens all the time in other cities, agents shift around alot, and new firms open, close, merge, all the time… FWIW, I think you should cover the agent scene too… I think it’s almost as much a part of this market’s dynamics… but harder to cover I would imagine.
[Removed by Editor]
[Editor’s Note: Allow us to paraphrase this one… “I didn’t hear they were opening an office, I heard that the working environment was becoming ‘uncomfortable’.” Again, no industry consolidation (which we would find both interesting and relevant), and let’s just leave it at that.]
In the big vs. small… there does seem to be a pretty big splash from the newer shops in town. AFI and South Beach RE seem to be holding their own against the big brokers. I see South Beach everywhere and think that they just opened shop?? And both are closing deals.
Most CPA’s will tell independent agents that they will make more working for a Large Real Estate firm than working for themselves.
Those 6% commissions are most often an educated value and can deliver a lot of things for both buyers and sellers that effect their bottom line.
Location is key. If most of the deals and most of the new delvelopment is in South Beach, it is where The Boys Are, as Annette would say.
Did this turn into a Hollywood gossip blog? If so, what does everyone think of Britney Spears chances of retaining her kids. Talk about real estate issues, not Realtors. It’s not news when people leave a brokerage. What’s funny about this story is the 4th St listing – it has a Vanguard for sale sign with the names of the agents in Urban Bay signage — classy stuff!