The Churn: These were the biggest brokerage and agent changes in NYC during Q1 2017 An UES rental brokerage shed the most agents, while a Flushing sales office picked up the most
In the first quarter of 2017, more than 4,500 brokers and salespeople entered the business. At the same time, about 3,800 left, and another 2,000 switched firms, according to a first-ever analysis of the comings and goings of licensed real estate professionals in New York City.
The Real Deal combed through Department of State records of over 58,000 licensed agents in the city to learn which firms had the biggest changes. We looked at the firms with the largest net changes that accounted for at least 15 percent of the firm’s agents.
Each quarter TRD will be analyzing the most significant losses and gains in number of licensed brokers and salespeople, based on the Department of State’s public real estate license database.
The most significant change in the first quarter was at Manhattan Connection, a boutique brokerage that specializes in leasing residential units on the Upper East Side. The firm lost about three-quarters of its agents by the end of the first quarter, or 26 of the 34 licensed agents it had at the start of 2017.
This may seem like a bad sign for the 25-year-old firm, led by Ronen Korin, but his former agents tell a different story.
Candy Galas, who worked at the brokerage for over eight years, said the firm’s recent loss of agents is an attempt to downsize, not to close. She said that Korin “decided to make changes in his life and move his family out of Manhattan and wanted to spend more time with his wife and his three young children.” Korin helped his agents secure positions at Citi Habitats’ Upper East Side office, former agents said.
“He s a stand-up guy. I don t know of anyone in this business that would do what he did for us,” said ex-Manhattan Connections salesperson Spencer Posecai.
The second most prominent change was at Weichert Properties, an arm of the suburban powerhouse that has struggled to gain a foothold in Manhattan. Weichert lost 37 of their 122 licensed agents, or 44 percent, in the first quarter of 2017. Former agents had a laundry list of complaints over how the firm was run.
Matthew Lombardi, a former Weichert agent now licensed with Rutenberg, described what he called a lack of talent development, arbitrary hiring practices and an unsuccessful foray into new development marketing as reasons he left the brokerage.
“They don’t spend money on advertising. You can’t spontaneously get a presence in New York if you aren’t willing to spend the advertising doll爱上海龙凤419桑拿