The Real-Estate Broker Conspiracy

David D. Kirkpatrick and Jamie Heller

The Real-Estate Broker Conspiracy

David D. Kirkpatrick and Jamie Heller

The Real-Estate Broker Conspiracy
An email conversation about the news of the day.
May 23 2000 1:59 PM

David D. Kirkpatrick and Jamie Heller

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David,

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It certainly sounds like you know your stuff. And frankly, as someone who just went to contract on an apartment, that's what terrifies me. Your dream as a home seeker is my nightmare as a recent buyer. But I agree, I'm afraid it's likely to come true.

What amazes me is how far behind the media are on this story. The only publication I've seen even take a stab at it is the New York Observer. Everyone else seems swayed by the brokers who, as mentioned, work for the sellers. The brokers have every interest in maintaining the hottest real-estate market around, as it generates higher commissions for them.

I remember looking at apartments the weekend after the brutal Friday sell-off a ways back. I kept asking the brokers, "How is this affecting the market?" Their response: "Not at all." It was eerie. Like they were all in cahoots, on the Truman Show or something.

Then, when journalists use these brokers as sources, it simply perpetuates the perception--to the detriment of folks like us.

As for the TSC/Fox sitch, let me remind you that I'm employed by the former. I can think of more career enhancing things to do than to comment about it at "The Breakfast Table."

Jamie

David D. Kirkpatrick is a contributing editor atNew Yorkmagazine who writes frequently about business and finance. Jamie Heller is editor for strategic ventures atTheStreet.com, where she's worked since its 1996 founding.