Seinfeld not laughing at paying real estate commission
I loved the TV show, "Seinfeld", and I have probably seen every episode at least twice. A show about "nothing" but really about everything. This story is about money and real estate agent commissions. When money is involved, there is generally a little less joking.
Jerry Seinfeld isn't laughing about being on the losing end of a lawsuit involving a broker's commission on the purchase of his West Side NYC townhouse. A judge has ruled that Seinfeld must pay a real-estate broker a commission of at least $98,750 for the $3.95 million townhouse he and his wife purchased in 2005.
The short story: Seinfeld testified that the broker, Tamara Cohen, did not deserve the payment since she was not available when he and his wife wanted to see the home. The Seinfelds also testified that they did not know that the reason Cohen did not return their calls was that she was an observant Jew and observed the Sabbath (Jerry Seinfeld is Jewish, I'm not sure about his wife, Jessica).
The judge ruled that despite evidence the broker did not immediately return the call, evidence clearly indicated she served as the Seinfeld's real estate broker. The broker located several homes for consideration, showed this specific property on several occasions to Seinfeld's wife and his business manager. When unavailable for another showing, the Seinfelds returned to the building, and successfully negotiated to buy the building directly with the owner.
Yah dah, Yah dah. 
A couple of observations:
Real estate agent availability and responsiveness- A real estate agent must be available and responsive. Should an agent be available 24/7 or is promptly responding to clients being available?
It would be nice to be available at all times of day and night, however, reality dictates that would be impossible. In working with my clients, I tell them when the best times to reach me are. Unless a deal is working, I generally don't answer my phone or check emails in the evening. Caller ID tells me who called and voice mail picks up. I can decide how urgently a client needs to hear back from me. Likewise, I don't contact my clients too early or too late. Overnight emails are returned early morning. Most everyone is happy with my availability and responsiveness in the service I provide.
If you are looking to hire a real estate agent, one of the due diligence tasks you should do is call 3 or 4 potential agents. See who answers the phone, of course, they might be on the phone when you call, busy is good, and if so, leave a voice mail and see how long it takes to get a return call. Inquire of another 3 or 4 by email and see if and when you get a response. Doing these couple of things will let you know how available and responsive your agent will be when dealing with you as their client.
I hear of a lot of real estate consumers don't hear back from their agents, voice mails go unanswered, emails are not replied to. I've heard the story of an agent who proudly proclaimed that she didn't check her email for 3 weeks. I'd hate to be her client and count on her to work on my behalf. Agents have to work with other agents. It is a pleasure to work with agents who answer their phone, and if/when you get voice mail, they call back quickly. Send an email and get a reply quickly. That's availability. That's responsive.
Go away on vacation and Murphy''s Law states you'll be busy for sure. (If business is a little slow, the best way to get busy is to go on vacation.) Unless you are on a cruise or possibly out of the country, your phone and email still works. But you should cover your business with an associate at your firm. Let your clients know what your plans are. They will understand that you are entitled to "have a life". You are still available and responsive. As to the Seinfeld story, my personal opinion is that the agent did her job but Seinfeld saw an opportunity to save $100,000. I've lost a bit of respect for Jerry over this.
Who really pays the real estate commission - Transparency - Is it free to use a buyer's agent or is there a cost to the real estate consumer?
The old school answer was that it is free to use a buyer's agent because the seller is paying the commission to the listing agent who then shares the commission with the agent who brings the buyer to the transaction. That's what the MLS is really all about, an offer to compensate by "co-brokering".
Of course, if a buyer doesn't purchase, no commission is paid. And the commission is actually paid out of the sellers proceeds from the closed transaction which means the buyer did pay the commission either in cash or as part of the loan to purchase the property. Many agents do not disclose this vital bit of information to their buyer clients. Many if not most are told "it's just a free service" to use a buyer's agent, you only pay a commission when you list and sell your property. Now you know. Seinfeld knew, he just tried to get out of paying after the fact.