A New York landlord is learning the hard way that you shouldn’t mix business with pleasure after his former business partner and girlfriend filed a lawsuit against him seeking $500,000 for breaches of contract and restitution.
The suit, raised by Douglas Elliman agent Vesna Todorov out of Palm Beach, alleges that her ex-lover Michael Speiser kept her on the hook for years as he promised to leave his wife for her and used her to make real estate deals in South Florida.
Speiser and Todorov met in New York around May 2010, according to the suit, filed earlier this week in New York Supreme Court. The landlord and interior designer quickly hit it off and began dating, despite Spieser being married with children.
The two even began living together full-time in a Palm Beach apartment, while Speiser continually delayed his promises to divorce his wife. Todorov, who was not working at the time, became restless and wanted to start earning her own income, according to the suit.
Speiser proposed they begin investing in real estate together: Todorov would earn her Realtor’s license and identify properties for them to invest in, and Speiser would fund the transactions.
As part of the agreement, she was to get a commission from the purchase as well as a piece of whatever the property sold for when they flipped it, according to the suit, first reported by the New York Daily News.
With Tadorov as his broker, Speiser bought a $1.775 million unit at 350 South Ocean Boulevard in Palm Beach and a flashy $3.7 million unit at the Ritz-Carlton Residences in Miami.
The suit alleges that Speiser later pocketed part of Tadorov’s $37,800 commission for the Palm Beach unit and told her she wouldn’t get anything when the Ritz-Carlton unit was eventually sold.
On top of that, Speiser picked up a new broker girlfriend when Todorov left for a few weeks in 2014. He kicked her out of his properties and refused to return all of her belongings, the suit alleges.
While Palm Beach’s biggest firms have significantly less agents than those in Miami-Dade and Broward counties, their hooks remain the same: competitive commission splits, technology and in-house tools and training.
The Real Deal ranked real estate firms in Palm Beach County by the number of actively licensed agents and spoke to executives about recruiting strategies, commissions and top sales for the year.
Here are the top five:
#1 Keyes Company | 526 agents
Keyes has 11 offices and four satellites in Palm Beach County, president Mike Pappas said. The family-owned and operated firm targets a mix of newly licensed and experienced agents. Keyes is on track to reach $4.3 billion in sales this year, and hires more than 1,100 agents a year statewide.
While most of its agents are in Miami-Dade and Broward counties, Keyes leads the ranking in Palm Beach. The brokerage also has an in-house corporate relocation program, based in West Palm Beach.
Keyes has recently refinished or relocated up to eight offices in Palm Beach County. “We think facilities still matter,” Pappas said.
Steve Reibel, vice president of recruiting, previously said that commission splits between the agent and company vary from 60 percent to nearly 90 percent, “pending the level of production.”
Pappas has said the firm is “very aggression on splits.”
#2 Coldwell Banker | 466 agents
Coldwell Banker has 10 offices in Palm Beach County, including Boca Raton, Delray Beach, Jupiter Beach, Wellington, Palm Beach Gardens, West Palm Beach and Boynton Beach.
Duff Rubin, regional senior vice president, would not disclose the company’s commission split policy but said, “We as a company try to be more of a value-proposition brokerage,” including Coldwell Banker’s tools, management and support. “Commission splits are typically based on production. You’re only as good as your production,” he said.
The top sale in Palm Beach County was a single-family home at 600 Northeast Fifith Avenue in Boca Raton. Jonathan Postma had the listing for the property, which sold for $8.3 million.
Rich Fleischer, regional vice president of Coldwell Banker east central region of Florida, said sales are split evenly between condos and single-family homes. “We do not focus solely on one type of property or one specific price point. Our overall goal is to ensure that the customer has the best real estate experience possible, regardless of property type,” Fleischer said.
The company hires about 225 agents, a mix of experienced and newly licensed, in the county on an annual basis.
#3 Illustrated Properties | 435 agents
Illustrated Properties has 23 offices in Florida. The firm offers online marketing tools, a lead generation program, training classes and mentoring programs, according to its website.
The company also provides in-house marketing.
Debbie Zuloaga, director of recruiting, could not be reached for comment.
#4 ERA Home Run Real Estate | 373 agents
Home Run Real Estate hires about 50 agents a year, owner Debbie Smith said. The company has three offices in Palm Beach, including Palm Beach Gardens, Royal Palm Beach and Lake Worth.
Smith said she doesn’t pay for recruiting, and that ERA’s technology brings the majority of her agents. Home Run offers services like a seller security program, a Palm Beach County auction department and a Zap platform for its agents. Smith also provides a real estate boot camp, which takes agents from contract to closing.
Home Run, which was founded in 2003 and affiliated with ERA in July, does not charge its agents monthly fees. Smith would not disclose its commission split policy. It’s closed about $200 million in transactions this year, Smith said.
#5 United Realty Group | 356 agents
United Realty Group offers 100 percent commissions with a flat per-transaction fee. The firm has four branches in Palm Beach County, according to Melanie Brownell, director of recruitment. It hires on average 20 agents a month.
The majority of sales in the county come from single-family homes, she said.
United Realty, which is in the tri-county area and Orlando, doesn’t charge its agents desk or franchise fees or provide training. It offers a 100 percent commission with a $299 transaction fee.
Year-to-date, United Realty has $810.3 million in sales. The firm has 13 offices with two additional locations opening early next year. Top sales this year include a commercial sale in West Palm Beach in August for $4.8 million.
Miami-Dade’s biggest brokerages offer a handful of incentives to bring in and keep agents – including high commission splits, online tools and tailored training.
The Real Deal ranked real estate firms in Miami-Dade County by the number of actively licensed agents and spoke to executives about recruiting strategies, commissions and top sales for the year.
Beachfront Realty, a tri-county firm based in Aventura, takes the lead in the number of actively licensed agents. Ed Roberts, owner of Beachfront Realty, said the firm doesn’t charge hiring fees and provides a 90 percent commission. “That’s why we’re so big,” he said. “All of our recruiting is word of mouth.”
As of mid-October, Beachfront agents sold 1,052 properties with a combined $1 billion in sales so far this year, Roberts said. He said the firm’s top sale this year was $8.5 million for a unit at the Continuum South Beach.
“In our case, the larger majority is condo sales, developer sales and single-family home sales,” he said.
Keyes, a family owned and operated company, has 11 offices in Miami-Dade County. The full service firm has an in-house mortgage partner, and title and insurance companies. Statewide, Keyes hires more than 1,000 agents every year, targeting both newly licensed agents and, using corporate recruiters, agents from other firms.
Steve Reibel, vice president of recruiting, said that commission splits between the agent and company vary “pending the level of production that associates bring in.” He said it ranges from 60 percent for associates, to nearly 90 percent.
To date, Keyes has more than $2.9 billion in sales volume this year. The top transaction was the sale of a 37-unit condominium building, Harbor Point, at 5000 North Ocean Drive in Riviera Beach for $15 million.
“At the end of the day, it’s about doing more transactions,” Reibel said.
Florida Realty offers agents 100 percent commission with a $400 fee per transaction, according to the company’s website. “We make a little on a lot of people instead of a lot on a few people,” the website reads.
The Miami-based firm has two offices, one in Hialeah and one in the Kendall area.
Juan Baixeras, owner of Florida Realty, could not be reached for comment.
Coldwell Banker recruits anywhere between 200 and 250 agents a year in Miami-Dade, regional senior vice president Duff Rubin said. Rubin said the company uses a tailored quiz that analyzes the skills of potential agents to see if they’re a good match.
“It gives us a look into their weaknesses,” he said.
Rubin would not disclose the company’s commission split policy but said, “We as a company try to be more of a value-proposition brokerage,” including Coldwell Banker’s tools, management and support. “Commission splits are typically based on production. You’re only as good as your production,” he said.
Each quarter, the firm reaches between $1 billion and $1.5 billion in sales, he said. Rubin would not disclose year-to-date earnings or annual earnings.
Coldwell Banker’s most prominent team, The Jills, are involved in a dispute over claims they allegedly altered the MLS to hide listings. Luxe Realtor Kevin Tomlinson allegedly tried to extort Jill Eber and Jill Hertzberg for $800,000, threatening to go public with his claims if they didn’t pay up.
EWM, a Coral Gables-based Berkshire Hathaway affiliate, has eight offices in Miami-Dade.
Ron Shuffield, EWM president, said the firm focuses on full-time hires, both newly licensed and those who have been in the industry. “I think a lot of people don’t realize it’s not a part-time job,” Shuffield said.
“Most people who come to work with us are people who have some kind of connection to the company,” he said. “We’re not doing mass mail-outs.”
Shuffield would not disclose the company’s commission split policy, but said that the tools EWM offers make up for the difference in commission splits.
EWM’s top transaction this year was the $33 million sale of 5800 North Bay Road to Phil Collins. The full service firm is on track to close anywhere from $2.8 billion and $3 billion in sales this year.
Title Companies: First ones to know when a closing does not pan out.Tax Deed Sale Properties: Easy to get a list from county and state.Social Media: Facebook, Twitter, YouTube, Pinterest, InstagramRetirees: Excellent prospects for seller financing and homes with equity.Rental Agents & Property Managers: Has a list of non-owner occupied owners and can identify landlords eager to get rid of cash-flow property.Networking: Connect with Investors online, Call We Buy Houses ads & signs, Investment Associations & ClubsMobile Homes: Get to know park managers. Sellers have hard time dealing with banks.Car Signs and Wraps: Tell the world that you “buy houses” while running your errands.Local Fast Food: Many sell advertising. Pick a target neighbor and test.Lis Pendens: Notice of a law suit, usually a foreclosure.Judgments & Liened Properties: Public county or city records, Mechanics Liens, HOA Liens, Tax LiensInvestor Packages: May be able to negotiate seller financing as well as termsFSBO Signs: for sale by owner“We Buy Houses” Bandit Signs: Think Shopping Centers, Wal-Mart, Home Depot, Malls. Put near high traffic intersections or pay someone to do it for you. Print on both sides
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When I made less than $30,000 in 2007 I was trying to sell houses as a real estate agent and flip houses with my father. I loved flipping houses, but was less excited about selling houses as a real state agent. I did not like cold calling, holding open houses, talking on the phone or many of the other tasks it takes to be a successful agent. I wanted things to happen for me, without stepping out of my comfort zone. It was no surprise that I did not find much success and I did not make much money as an agent. It is pretty rare to find success if you aren’t willing to step out of your comfort zone and take chances.
The biggest mistake I made that year was fixing up one of our flips myself. I replaced windows, doors, a kitchen, baths, flooring and fixtures. I worked very hard to fix up this house and it took me six months to finish. I learned a lot about construction during this process, but I also learned to never fix up a house myself again!
While I was busy fixing up this house, we were not buying more flips and I was not selling any houses as an agent. I didn’t have time to do anything else and it was not fun doing manual labor every day. Even though I thought working on this house myself would save me money, it cost me much more money in opportunities lost. The really sad part was we lost money on this house, because of a declining market and it took me so long to repair it.
Keyes has 11 offices and four satellites in Palm Beach County, president Mike Pappas said.The family-owned and operated firm targets a mix of newly licensed and experienced agents. Keyes is on track to reach $4.3 billion in sales this year, and hires more than 1,100 agents a year statewide.
Rich Fleischer, regional vice president of Coldwell Banker east central region of Florida, said sales are split evenly between condos and single-family homes. “We do not focus solely on one type of property or one specific price point. Our overall goal is to ensure that the customer has the best real estate experience possible, regardless of property type,”Fleischer said.
Smith said she doesn’t pay for recruiting, and that ERA’s technology brings the majority of her agents. Home Run offers services like a seller security program, a Palm Beach County auction department and a Zap platform for its agents.Smith also provides a real estate boot camp, which takes agents from contract to closing.
As of mid-October, Beachfront agents sold 1,052 properties with a combined $1 billion in sales so far this year, Roberts said.He said the firm’s top sale this year was $8.5 million for a unit at the Continuum South Beach.
To date, Keyes hasmore than $2.9 billion in sales volume this year. The top transaction was the sale of a 37-unit condominium building, Harbor Point, at 5000 North Ocean Drive in Riviera Beach for $15 million.
Coldwell Banker’s most prominent team, The Jills, are involved in a dispute over claims they allegedly altered the MLSto hide listings. Luxe Realtor Kevin Tomlinsonallegedly tried to extort Jill Eber and Jill Hertzberg for $800,000, threatening to go public with his claims if they didn’t pay up.