Broker Collaboration Expectation and Disclosures

SIBA Residences • May 31, 2021

 

Working with SIBA Residences: A Guide for Our Broker Partners

 

We value our partnership with New York City's real estate professionals. We appreciate your hard work in bringing qualified clients to our communities and are committed to making our collaboration as smooth and transparent as possible.

 

To ensure clarity, please review our commission policy and application procedures below.

 

Important Update: Our Commission Policy (Effective June 2024)

 

  • In accordance with New York City law, the party that hires the broker is responsible for paying the broker's commission. Our policy is as follows:
  • SIBA Management does not pay a co-broke commission on our listings. All licensed real estate agents are welcome to Collect Your Own Fee (CYOF) directly from your client, as agreed upon between you and them.

 

Broker Requirements & Application Process

 

To ensure a successful and efficient process, we ask our broker partners to adhere to the following steps:

 

Client Registration: You must register your client at the time of their application submission.

 

  • Send an email to hello@sibamgt.com.
  • The subject line must be: <Your Name> - Broker Registration - <Client Name>.
  • In your email, please certify that you have pre-screened your client based on our publicly listed application requirements (income, credit score, etc.).

 

Submit a Complete Application: Ensure your client submits a complete application package through our online portal, including all required documents. Incomplete applications will not be reviewed or held.

 

Provide Agency Disclosure: A signed NYS Agency Disclosure form for your client must be included with the application documents.

 

Direct All Communication: All communication, including showing requests, inquiries, and offer submissions, must be directed to our exclusive leasing team at hello@sibamgt.com. The management office will not forward inquiries.

 

Application Status & Client Confidentiality

 

Application Review: We review complete applications in the order they are received and will notify you and your client of an approval within 5-7 business days. Please refrain from calling or emailing for status updates during this period.

 

Client Confidentiality: Due to privacy laws, if your client’s application is not approved, we cannot discuss the specific details with you. We can only discuss the application with a broker if we receive a notarized letter from the client granting us the authority to disclose their confidential information to you.

 

Thank you for your partnership and for helping us find the best new residents for our communities. We look forward to working with you!

 

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