Broker Fee in Brooklyn? I don't want to get ripped off! (Ridge: real estate, apartment)

[Blitz2014]

Hey,

So I'm finally moving to NYC (BK) this weekend. I'm checking out properties in Bay Ridge - Park Slope - Sunset Park next week, and hoping to lock down a place for 12 months.

I have a lot of apts/viewings setup next week, a few with real estate agencies. How do broker fees work? What is the average % cut they take?

Sorry, I'm moving from London, UK so this is a bit unfamiliar territory for me.

Thanks,

[DitmarsNY]

It depends and can be negotiated, but normally it is equal to one month's rent

[Blitz2014]

Originally Posted by DitmarsNY

It depends and can be negotiated, but normally it is equal to one month's rent

Thanks. Hmmm, 1 month rent is a lot.

You guys recommend I go through agent or is it not worth it?

[stillife]

In your situation, you're better off going through a broker. I assume you have limited time and want to get an apartment ASAP.

[Blitz2014]

Thx stilllife,

Well I want to move in June 1. I'm spending next week looking at properties. I have a lot of viewings lined up via craigslist and padmapper.

I used Trulia as well, but they mainly use brokers...

I'm staying with my friend in Manhattan until I sign a lease, so I have about 7-10 days to look

[silverbullnyc]

One month is lowest possible negotiated fee. It can also go up to 15% of the annual rent, ESPECIALLY if these are exclusives.

If I were you to save time for yourself and the agent I would try to discuss the details before meeting. I know before I show exclusives I explain how it's a co broke and the fee is determined by the exclusive agent and not myself. Some people agree others don't understand right away and sometimes come back to me after a week of seeing I was not bssing them.

Good luck with your search. I would offer to help you but I don't deal with BK aside from a few small places in dumbo/willy b.

Feel free to ask any questions though.