Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
i'm currently applying to apartments in NYC. I have my application filled out, with papers and finances looking good. Will the condo board (or owner) put other applications submitted after me on hold (or notify the applicants of such), or will they decide to pick and choose between me and other applicants even though I was the first?
So, in other words, is there law or moral/professional/ethical code among real estate brokers in NYC to follow a first come, first served approach? or can they simply decide to pick someone else (even if you have $1,000 or more as a deposit) ?
Please share your stories (or better yet if you're a RE broker, your approach )
You're mixing a lot of different things here. I'm on a coop board. The owner of a unit who wants to rent, decides who they want to rent to, and submits that prospect to the board. They get applications from the broker they use to show the apartment. They may do it themselves but I don't often see that. I'm guessing they take several applications, and submit the one that is either willing th pay the highest rent, has the best chance of getting approved, or both.
The broker doesn't do the picking, the owner does. The board then either approves or denies.
You're mixing a lot of different things here. I'm on a coop board. The owner of a unit who wants to rent, decides who they want to rent to, and submits that prospect to the board. They get applications from the broker they use to show the apartment. They may do it themselves but I don't often see that. I'm guessing they take several applications, and submit the one that is either willing th pay the highest rent, has the best chance of getting approved, or both.
The broker doesn't do the picking, the owner does. The board then either approves or denies.
Thank you for the answer. You're right, the front-end of the process is the broker, the back-end at the building board.
So, as a coop board member do you have the right to veto an applicant (submitted by the owner) to be in your building? I'm just trying to understand the balance of power
As a real estate agent WE dont choose its the owner/landlord/management company who makes the decisions. Some follow a first come first serve policy only, others like to collect 4-6 or more applications to see who is the best qualified. Also if someone puts in an offer that is less than asking some will wait a few hrs end of day to see if someone else applies with asking.
Lots of different potential outcomes BUT in my experience the majority of landlords/management companies do honor the first come first serve. Good luck with your apt search.
i'm currently applying to apartments in NYC. I have my application filled out, with papers and finances looking good. Will the condo board (or owner) put other applications submitted after me on hold (or notify the applicants of such), or will they decide to pick and choose between me and other applicants even though I was the first?
So, in other words, is there law or moral/professional/ethical code among real estate brokers in NYC to follow a first come, first served approach? or can they simply decide to pick someone else (even if you have $1,000 or more as a deposit) ?
Please share your stories (or better yet if you're a RE broker, your approach )
Thank you
Real estate brokers gather data and present to the owner or whomever is in charge of making decisions regarding rentals. Nothing else.
Can things go on within that process that favours one applicant over another? Of course but it had better be above board and legal to avoid charges of discrimination if it involves protected classes.
That being said good RE brokers know who they are dealing with (the building) and if there isn't a snow ball's chance in hell the first applicant will pass muster of course they are going to keep taking paperwork. RE brokers do not make money unless a deal takes place so it is wise to present a landlord or whomever is making the decision with choices
That being said good RE brokers know who they are dealing with (the building) and if there isn't a snow ball's chance in hell the first applicant will pass muster of course they are going to keep taking paperwork. RE brokers do not make money unless a deal takes place so it is wise to present a landlord or whomever is making the decision with choices
Yup. I have a screening process i use to determine who not to bring to certain landlords and i explain why as i dont like games and want my clients fully aware of situations.
The entire board does. We vote on the application, and either approve or deny it. It's the same for both sales and rentals. Individual members don't have a veto.
Quote:
Originally Posted by wittgenstein83
So, as a coop board member do you have the right to veto an applicant (submitted by the owner) to be in your building? I'm just trying to understand the balance of power
My advice when I represent sellers and owners in a hot NYC market is to always take multiple offers/applications within a given time frame. It's not about closing a deal or attempting to drive prices up but essentially about finding the most qualified and sound buyer/renter that will make the deal close as flawlessly as possible. Obviously if you are well prepared and have all your supporting paperwork handy, that usually is considered a good thing and I would highlight that to my sellers/owners when I present all of the offers.
In short there is NO real estate law that states brokers and owners have to abide and honor first come first served. Feel free to ask away if you have any other question.
The entire board does. We vote on the application, and either approve or deny it. It's the same for both sales and rentals. Individual members don't have a veto.
What about a rental condo (not coop)? Does the majority have a right to prevent an owner from renting to someone?
My advice when I represent sellers and owners in a hot NYC market is to always take multiple offers/applications within a given time frame. It's not about closing a deal or attempting to drive prices up but essentially about finding the most qualified and sound buyer/renter that will make the deal close as flawlessly as possible. Obviously if you are well prepared and have all your supporting paperwork handy, that usually is considered a good thing and I would highlight that to my sellers/owners when I present all of the offers.
In short there is NO real estate law that states brokers and owners have to abide and honor first come first served. Feel free to ask away if you have any other question.
-Andrew
Thanks Andrew -- the broker I'm working with is from a well established real estate firm in NYC; within a day I've got all my application ready + certified checks for application form, broker fee, credit check....etc It's about $1,000 of non-refundable fees. My broker said that things look good and she is taking it to the board on Monday....Now I do have one hiccup in my credit report from a while back (student loans) that I have an explanation for + willing to put 1 more month security deposit.
I've actually pulled up a new credit report and communicated all of that to the broker before she even submits the app, she still said that she's not worried about it. Maybe I'm just being paranoid.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
)
