Rutenberg NYC Reaches 700-Agent Milestone
Manhattan's 5th largest residential brokerage firm keeps up pace as one of fastest growing brokerages; success attributed to 100% commission model
NEW YORK, Aug. 23, 2017 /PRNewswire/ -- Rutenberg NYC, the 5th largest residential real estate brokerage firm in New York City and one of the fastest growing, announced that it has reached the 700-agent milestone. Rutenberg NYC has been attracting new agents at a rapid pace due to its 100 percent commission business model that allows agents to keep double the commission typically offered at traditional brokerage firms. Due to that business model's success, the firm has achieved nearly 20 percent growth in the last year alone and expects to maintain that swift pace leading into 2018.
"Rutenberg NYC's 100 percent commission model is changing the landscape of residential brokerage in New York City," said Stefani Berkin, President of Rutenberg NYC. "We offer a compelling combination of financial rewards and operational flexibility that has attracted a steady stream of seasoned agents. We believe agents should keep their hard-earned commissions, while our role is to provide counsel and supportive services to help them close deals and grow their business base."
Berkin noted that she anticipates Rutenberg NYC taking over the #4 residential brokerage ranking in the near future, and the firm has its sights set on soon being in the top three. Deal activity is also quite strong with agent transactions in recent weeks including a contract for a penthouse duplex at 520 Park Avenue priced at $79 million (agent Jeffrey Fields) and the $26 million purchase of a 5,000-square-foot duplex condominium at 515 Park Avenue (agent Tak Cheung). The two agents involved in those deals are among a bevy of new and seasoned Rutenberg NYC agents negotiating high-caliber deals.
Added Berkin about all of its agents retaining 100 percent of commissions earned, "Agents leave a lot on the table at other firms, and industry change has long been overdue. That's why agents are knocking on our door to join Rutenberg NYC."
Due to the firm's swift growth, it nearly doubled its office space, moving into new office space at 641 Lexington Avenue. The larger space provides a 30 percent increase in desk capacity to accommodate more agents and features beautiful views of Manhattan.
Rutenberg NYC agents, in return for retaining 100 percent of their commissions, pay nominal monthly fees and nominal transaction fees to Rutenberg NYC for supportive services. Those services include coaching on deals, mentoring, technology support, in-house continuing education, marketing services, and office and conference space. The firm also recently added research to its offered services, naming Tak Cheung as Director of Research. As such, he will spearhead research and analysis of the macro and micro forces driving New York City real estate markets.
About Rutenberg NYC
Rutenberg NYC, www.RutenbergNYC.com, is one of the fastest growing residential real estate brokerage firms in New York City, ranked #5 in size with more than 675 experienced agents. The firm has taken the industry by storm with its groundbreaking 100% commission model that allows agents to retain the full fees earned, which is twice as much per deal as the traditional 50% standard. Rutenberg NYC, under the helm of President Stefani Berkin, offers brokers considerable operational freedom with the firm on-call to provide expert coaching on business plans and deals, and it provides marketing, technology and administrative support as well as an in-depth continuing education program. Rutenberg NYC was founded in 2007 by a highly successful Wall Street IPO expert and a real estate industry veteran. The firm's name originates from the legacy of Charles Rutenberg, who pioneered the concept of a 100% commission model in Florida.
Contact: Great Ink Communications
Anne Kazel-Wilcox [email protected]
Lindsay Church [email protected]
212.741.2977
SOURCE Rutenberg NYC
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