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Thanks for the link - I was surprised to not see it on the LI board since this is apparently a state-wide thing, and LI has no shortage of shady "brokers" demanding $1500+ in fees on crappy, often illegal apartments. Good riddance.
Thanks for the link - I was surprised to not see it on the LI board since this is apparently a state-wide thing, and LI has no shortage of shady "brokers" demanding $1500+ in fees on crappy, often illegal apartments. Good riddance.
Typically brokers just scan local papers and call landlords advertising their apartments and offer to help rent them free of charge, since the tenant would pay ....guess that ends that
Since this just dropped this morning, all agents and brokerage firms were caught by surprise and are still examining it.
I suspect that a lawsuit will be filed, so it should end up tied up in court for a while.
Yes, it was much easier to demonstrate value to landlords when it wasn't them who were paying, but those who like the convenience and security of having someone else handle the process will likely pass it on to the tenant in the form of monthly rent. On a typical $1500 rental that amounts to an extra $125 per month. Unfortunately for the tenant under this scenario, they will be paying that extra monthly rent as long as they remain in the unit, costing them more if they stay beyond one year.
Thanks for the link - I was surprised to not see it on the LI board since this is apparently a state-wide thing, and LI has no shortage of shady "brokers" demanding $1500+ in fees on crappy, often illegal apartments. Good riddance.
Yes, it was much easier to demonstrate value to landlords when it wasn't them who were paying, but those who like the convenience and security of having someone else handle the process will likely pass it on to the tenant in the form of monthly rent. On a typical $1500 rental that amounts to an extra $125 per month. Unfortunately for the tenant under this scenario, they will be paying that extra monthly rent as long as they remain in the unit, costing them more if they stay beyond one year.
I doubt it. Metro NY is one of the only places in the country that this awful practice was being used, and everywhere else seems to get by just fine (with much lower rents to boot). In the year 2020, there's no reason why a landlord should even consider spending a couple grand for someone to post a few pics on Craigslist and show people around the apartment when they could do it themselves.
It's misleading to say that broker's fees have been banned.
Rather, if the broker is working for the landlord, now the landlord has to pay the fee. Not the tenant. If the broker is working for the tenant, then this doesn't apply and there's no change.
It's misleading to say that broker's fees have been banned.
Rather, if the broker is working for the landlord, now the landlord has to pay the fee. Not the tenant. If the broker is working for the tenant, then this doesn't apply and there's no change.
True that! Can't edit the original post anymore, unfortunately.
It's misleading to say that broker's fees have been banned.
Rather, if the broker is working for the landlord, now the landlord has to pay the fee. Not the tenant. If the broker is working for the tenant, then this doesn't apply and there's no change.
except there is no way the broker can show an apartment unless he has been sanctioned by the landlord .
like i said brokers take the apartments out of the classified ad's then ask the landlord if they can show them ... that in itself is an agreement with the landlord . or else landlords ask them to handle the rental .
i fail to see any situation where the tenant is paying if that is the case , how are these apartments showing up on the brokers doorstep ?
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