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Old 07-12-2012, 06:03 PM
 
2,664 posts, read 5,620,938 times
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I'm looking for a place, and most of them come with rental agents. Most of the agents I had the pleasure of speaking with seem shady as hell so I'm kinda paranoid. Right away, they like to ask me a 100 questions about how much I make and such, but don't answer all of mine. One told me that I will need to pay a $150 credit check (100 for me, 50 for my guarantor if I end up needing one). Now I understand they gotta check me out, and I don't have a problem with paying, but how do I know they will actually do this and not just rob me and say I didn't check out or whatever? I don't mind paying the broker fee either as long as they don't try to f#ck me, and I'll pay it once I sign the lease so that shouldn't be a problem. Should I maybe talk to the building staff and make sure the agent is actually representing them? Maybe I'm being overly pessimistic, but it's better like this than not. So in general, what steps should I take in order to avoid being a "mark"?
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Old 07-12-2012, 07:15 PM
 
4,471 posts, read 9,812,346 times
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Quote:
Originally Posted by OleSchoolFool View Post
I'm looking for a place, and most of them come with rental agents. Most of the agents I had the pleasure of speaking with seem shady as hell so I'm kinda paranoid. Right away, they like to ask me a 100 questions about how much I make and such, but don't answer all of mine. One told me that I will need to pay a $150 credit check (100 for me, 50 for my guarantor if I end up needing one). Now I understand they gotta check me out, and I don't have a problem with paying, but how do I know they will actually do this and not just rob me and say I didn't check out or whatever? I don't mind paying the broker fee either as long as they don't try to f#ck me, and I'll pay it once I sign the lease so that shouldn't be a problem. Should I maybe talk to the building staff and make sure the agent is actually representing them? Maybe I'm being overly pessimistic, but it's better like this than not. So in general, what steps should I take in order to avoid being a "mark"?
Wow paranoid much?

Do the brokers work for a reputable firm? Thats what I most look for. And I think $50 for the guarantor credit check is a good deal.

The usual broker fee is 15%, but sometimes if it's an exclusive you may be able to get them down to 12% or one month's rent.
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Old 07-12-2012, 07:29 PM
 
1,494 posts, read 2,714,279 times
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Quote:
Originally Posted by OleSchoolFool View Post
I'm looking for a place, and most of them come with rental agents. Most of the agents I had the pleasure of speaking with seem shady as hell so I'm kinda paranoid. Right away, they like to ask me a 100 questions about how much I make and such, but don't answer all of mine. One told me that I will need to pay a $150 credit check (100 for me, 50 for my guarantor if I end up needing one). Now I understand they gotta check me out, and I don't have a problem with paying, but how do I know they will actually do this and not just rob me and say I didn't check out or whatever? I don't mind paying the broker fee either as long as they don't try to f#ck me, and I'll pay it once I sign the lease so that shouldn't be a problem. Should I maybe talk to the building staff and make sure the agent is actually representing them? Maybe I'm being overly pessimistic, but it's better like this than not. So in general, what steps should I take in order to avoid being a "mark"?
Agreeing to pay for a credit/BG check after you have the lease is not going to happen. No landlord will even consider offering you a lease to sign until your credentials and financial qualifications are checked, it does not work the other way around. If it's not a broker doing this due diligence on the owner's behalf, it would be the management company's personnel.

But yes, it is good to check with the management company to make sure the broker has been given the authority to represent if you are suspicious.

Otherwise, it is VERY standard for a background, credit check and verification of income (2 years of w2's from you and your guarantor) to be asked for at your expense before you can apply for an apartment.

If the broker asked for an outrageous sum for the credit check/BG check, then I'd raise an eyebrow. But $150 is about right to run a check for you and your guarantor. The broker commission is usually paid when you sign the lease and produce your deposit checks.

Good luck.
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Old 07-12-2012, 07:40 PM
 
2,664 posts, read 5,620,938 times
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Quote:
Originally Posted by ohiogirl22 View Post
Wow paranoid much?

Do the brokers work for a reputable firm? Thats what I most look for. And I think $50 for the guarantor credit check is a good deal.

The usual broker fee is 15%, but sometimes if it's an exclusive you may be able to get them down to 12% or one month's rent.
Slight paranoia is helpful. Keeps you from getting hurt. Plus I'm in buying/selling real estate myself and law enforcement in the future so comes with a territory.

Quote:
Originally Posted by Alkonost View Post
Agreeing to pay for a credit/BG check after you have the lease is not going to happen. No landlord will even consider offering you a lease to sign until your credentials and financial qualifications are checked, it does not work the other way around. If it's not a broker doing this due diligence on the owner's behalf, it would be the management company's personnel.

But yes, it is good to check with the management company to make sure the broker has been given the authority to represent if you are suspicious.

Otherwise, it is VERY standard for a background, credit check and verification of income (2 years of w2's from you and your guarantor) to be asked for at your expense before you can apply for an apartment.

If the broker asked for an outrageous sum for the credit check/BG check, then I'd raise an eyebrow. But $150 is about right to run a check for you and your guarantor. The broker commission is usually paid when you sign the lease and produce your deposit checks.

Good luck.
I didn't expect to pay the credit check fee after the lease is signed, I only said that in regards to the broker fee.
Appreciate the info though.
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Old 07-13-2012, 02:28 PM
 
1,494 posts, read 2,714,279 times
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Quote:
Originally Posted by OleSchoolFool View Post

I didn't expect to pay the credit check fee after the lease is signed, I only said that in regards to the broker fee.
Appreciate the info though.
Sorry I must have misread your post.

Good luck with the rental!
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Old 07-13-2012, 03:55 PM
 
15,514 posts, read 15,509,807 times
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I would have liked more details. The fact that you refer to a guarantor would imply that you're fairly young - in which case, why aren't you looking at more places without brokers? It would seem to me that you tell them you'd be happy to pay the credit check fee after you choose an apartment.

They won't pretend you don't check out, because they want the bigger fee from the rental.
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Old 07-13-2012, 06:47 PM
 
2,664 posts, read 5,620,938 times
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Quote:
Originally Posted by Alkonost View Post
Sorry I must have misread your post.

Good luck with the rental!
its all good

Quote:
Originally Posted by Cida View Post
I would have liked more details. The fact that you refer to a guarantor would imply that you're fairly young - in which case, why aren't you looking at more places without brokers? It would seem to me that you tell them you'd be happy to pay the credit check fee after you choose an apartment.

They won't pretend you don't check out, because they want the bigger fee from the rental.
Almost all the places I looked at on craigslist come with brokers from the start. Like you have to call the broker to actually see the place. They don't even list the address, since they fear a person will go around their back to the landlord without paying the fee. In regards to credit check fee, I don't tell them anything, but they ask me first, and I have to answer cuz they wanna make sure I am down to pay it like another 100 questions they ask, I have to answer or they won't even show me anything. I don't take it personally really, I understand they don't wanna waste their time, but the fact that they waste MY time when they exaggerate, misrepresent or lie is what I don't like.
After physically looking at several apts in NYC today, I actually decided that I ma stay in NJ instead, but I still need to find a new place so this thread is not worthless.
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Old 07-15-2012, 03:36 AM
 
Location: NY,NY
2,896 posts, read 9,788,060 times
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Quote:
Originally Posted by OleSchoolFool View Post
its all good



Almost all the places I looked at on craigslist come with brokers from the start. Like you have to call the broker to actually see the place. They don't even list the address, since they fear a person will go around their back to the landlord without paying the fee. In regards to credit check fee, I don't tell them anything, but they ask me first, and I have to answer cuz they wanna make sure I am down to pay it like another 100 questions they ask, I have to answer or they won't even show me anything. I don't take it personally really, I understand they don't wanna waste their time, but the fact that they waste MY time when they exaggerate, misrepresent or lie is what I don't like.
After physically looking at several apts in NYC today, I actually decided that I ma stay in NJ instead, but I still need to find a new place so this thread is not worthless.
Well, I think you've heard a lot of negativity about brokers w/o really comprehending the issues with brokers.

Legitimate brokers aren't going to rip you off of the credit check fee. Issues re CC fee came about during a time when not all landlords required a CC. So, some unxrupulous brokers dealing with a naive applicant would ask for the fee even though the Landlord didn't require it.

Lastly, you're having a poor experience, because you are not utilizing the services of brokers properly. You need to find one or two brokers who work the neighborhoods your interested in. This way, brokers w/h a more vested interest in you! The question they'd ask initially w/b in determine what suits you within the inventory they have available.

The problem in this comes when they don't have anything which suits you, but they try and 'sell' you on what they do have, which s/b obvious you aren't interested ion. The thing is they have nothing to lose pushing their 'crap' onto you.

The trick is in understanding the broker's motivation and using it and them in your interest.

What you are doing is responding to these craigslist ads w/o really understanding the circumstance. Brokers need renters, but they need landlords and propertied to ten MUCH more! With available properties a broker can always find tenants; but, w/o properties/Land,odds as *clients*, then a broker isn't going to make a living.

Solo, when you respond to Craigslist, the broker's aim is to SCREEN you, in the interest of the landlord, the broker's *client*! They are getting many, many, responses, consequently, in the interest of time and effort, their job is to screen you first!! In order to determine whether you are even eligible for the apt. If not, you are just a waste of their time.

Note, the majority of people who respond aren't eligible for a variety of reasons. Of course, everyone wants their interests served and served first, but that just isn't how things work. The lower the market the less 'service' you'll get. The higher the market, the better service will be afforded you; but, ultimately, the broker's client is the landlord.

So, relax with the paranoia, play the game, and remember, YOU are the applicant!

Also, note, if you are the type of applicant that parent any apt in the broker's inventory, thenyou will have a value to him; but, if you're the type that can only cent a portion of his inventory then you have less value. So, that is another thing the broker will attempt to evaluate and determine.
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Old 07-15-2012, 03:40 AM
 
Location: NY,NY
2,896 posts, read 9,788,060 times
Reputation: 2074
Quote:
Originally Posted by OleSchoolFool View Post
Slight paranoia is helpful. Keeps you from getting hurt. Plus I'm in buying/selling real estate myself and law enforcement in the future so comes with a territory.
It can also make you look foolish and/or naive. You could also appear as a potential 'problem' tenant. That c/b a problem when dealing with a lot of medium sized Landlords. They are very picky.
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Old 07-15-2012, 09:09 AM
 
12,340 posts, read 26,051,185 times
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Quote:
Originally Posted by OleSchoolFool View Post
After physically looking at several apts in NYC today, I actually decided that I ma stay in NJ instead
What did you see, for how much, and where? And what was the condition of the apartments?
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