[philipdlang]

Market knowledge is gained by hitting the streets and knowing which buildings are decent deals. 50% of the time, the renter has a special situation - bad credit, international, needs a guarantor, etc and brokers have to know the buildings and which are flexible. When you go to a broker and tell them you are looking for a $3500 Convertible 2 bed in Murray Hill, they are going to rattle off 5 buildings that have availability. If everybody could do that, there wouldn't be a market for brokers (see lawyers, consultants and just about any other service industry for a comparable).

Most brokers don't make exorbitant six figure salaries, which is why the turnover in the industry is close to 80%. In fact, most make about $40k and leave the industry soon after they enter. Only the top 5% of brokers in NYC are making six figures. Brokers are certainly compensated for the low hit rate, just as bankers are as well. This may be a controversial comparison, but in both industries the professionals work on a success-based transaction fee with a very low probability of success.