I deal with quite a few real estate developers and, you would think, that dealing with developers would be a bit easier than dealing with the average real estate consumer because developers have been around the block a few times. You would think that developers wouldn’t screw a real estate broker like me because I’m a seasoned broker and one that they’ll inevitably have to deal with in the future because I have listed and will probably continue to list quite a few properties that developers like to buy. You would think that developers know where their bread is buttered but you would be wrong. So here’s the problem. I showed this particular real estate developer a multi-family property in Mattapan earlier this year. In fact, I showed it to him twice and on the second occasion I took some time out while my girlfriend’s parents were in town from Cleveland to show him this multi-family property; I actually dragged my girlfriend and her parents to the showing because we were on the way to or from somewhere else, I forget. I found out today that he bought the property and not only did he buy the property but he bought it through another broker. I am beside myself with anger because this developer is one of a few that was, until today, on my short list of trusted developers; I’ve sold this developer five other multi-family properties since 2009. The kicker is that he did this same exact thing to me back in 2008 with another multi-family property in Mattapan but I let it slide back then because I thought that it might be a one-time thing. Nope, now it’s a pattern. This is serious business; the gross commission on that most recent sale would’ve been $8,187.50 and the gross commission on that sale from 2008 would’ve been $3,206.25 for a total gross commission of $11,393.75. I spend a lot of time practicing real estate and I’m really good real estate broker. I’ve been taking my personal inventory since I started to type this rant and I can’t think of another thing that I could’ve done to prevent this situation from occurring. It was the developers ethical and moral responsibility to contact me to let me know that he was ready to make an offer but he simply didn’t. Why not? I don’t know.
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