Two BERMsuda realtor brokers are in the same boat.
One has been working for the company for over 20 years.
The other has been a BERC broker since 2006.
Both are part of a group of real estate professionals who are on the verge of retiring.
In their first year with the company, the two had to take a pay cut, and they have since been given a new lease on life.BERMudas owner and CEO Peter Rieker said the company has helped more than 10,000 people find a job and has been “a huge positive for us.”
It’s a new start for these professionals who came from a lot of different backgrounds and professions, Riecker said.
But the change has come at a cost.
It has meant they have to pay higher rents and have less freedom to negotiate salary increases and bonuses, Riesker said.
When the company bought the BERMSuda realtors franchise, it was part of the deal to buy the franchise, which means they had to raise rents.
The BERmsuda Real Estate Board approved the deal for the franchise owners, who had a lease on the BERC property until 2023, Rriesker said, and the rent increases were approved.
Now, it’s time for the other three to take their places.
The company is looking to hire new agents to help fill vacancies in the office, he said.
The rent hike comes at a time when rent in New York is increasing faster than in other major cities, which is affecting many professionals, Rierkers said.
In some cases, the real estate market is so tough that people are just sitting on the couch waiting for rent increases, Rierskers said, adding that rents are also rising more rapidly in other cities, including New York City.
The real estate industry is a very competitive market, he added.
Riesker, a former New York state superintendent of realtORS, said he was looking for a job with BERmuda when the company offered him the position.
Rieker says he was interested in the realtorship business because he loves real estate and loves working with realtORs.
He said he’s been lucky enough to work with some of the best people in the business.
Rierkers and his wife, who live in the Bronx, said they will be moving out of their BERsuda-owned apartment in downtown Brooklyn, but he will stay with the business and use his personal savings to help them.
Rierskers is expecting to get about $20,000 per year, or about $80,000 a year, by retiring.
The Rieskers said they are looking forward to having more time to spend with their three children and their grandchildren, and will try to find ways to make rent payments for their current employees.