Brodsky Organization adapted to the FARE Act by not increasing rents but instead offering brokers double their typical commission for tenant referrals. This strategy aimed to foster better relationships with brokers who had previously shown minimal engagement with the property. As a result, there was a significant increase in broker traffic after the changes were implemented. The organization introduced an electronic portal to facilitate the leasing process for brokers, enabling easier access to necessary information and direct communication for managing appointments and applications.
Brodsky increased broker commissions to double the usual rate to attract more tenants to its Gowanus property, capitalizing on changes from the FARE Act.
The leasing director stated the aim was to strengthen relationships with brokers, showcasing their value by offering them higher commissions and new tools.
Following the commission increase, Brodsky noticed a substantial rise in broker involvement, contrasting with the minimal broker activity before the fee changes.
A new portal was introduced to streamline the leasing process for brokers, featuring unit availability, floor plans, and direct connections for appointments and applications.
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