Avoiding Broker Fees (Fine: cost, floor, to move)

[texags02]

That's funny=I go to Florida now.

Texas A&M-undergrad
Texas Tech-law school
Florida-LLM, Taxation.

Small world, I love the Aggies, really like the Gators, hate Texas Tech (if you've even heard of those damn rednecks)

[Guywithacause]

and you will end up in Hoboken too! It is a small world..GO GATORS....tough loss last night to Michigan. I am a college football fan so I know all teams.

I am looking forward to the Championship game...Ohio State is going to get ANOTHER smack down by ANOTHER SEC team..it isn't gonna be pretty.

[jjbradleynyc]

You can find a "by owner" apartment on craigslist. Also, brokers offer "no fee" apartments, where the owner pays the fee, not the tenant. There are a TON of not-so-professional and rude brokers in NYC--but a lot of super professional ones as well. Never take an apartment before seeing it (obviously) and don't believe an apartment is in a neighborhood as described, until you've seen it for yourself.
Brokers famously describe apartments in red-hot Williamsburg as being "on Bedford"--which is the first L train subway stop and the most coveted in the neighborhood. Unsuspecting people moving to NYC for the first time arrive and the apartment is in Flatbush (bad 'hood). If you look at Bedford Avenue, it runs all the way from Williamsburg to the Atlantic Ocean. There are some sketchy brokers, for sure.

[texags02]

No kidding. Although I hate LSU, as we used to play them every year at the beginning of the year for over 50 years, until they backed out of the series in 1996 after we delivered 5 straight beat-downs to them. I know it's hard to believe, but my Aggies were actually pretty damn good at one time.

[Guywithacause]

Hmm...yes I think I recall....I remember the first national championship in florida in '96...it was a VERY GOOD TIME!!!

[texags02]

[quote=Guywithacause;2394836]Hmm...yes I think I recall....quote]

God, we suck now. Thanks, Franchione!

[Guywithacause]

Lol...well its cyclical (in theory)...have not seen much from the Aggies since then though.

[EdJones]

I also came from TX and I also fought as much as I could to avoid those broker fees. I also went through this period of "shock" and "denial" about this game of having to use a broker to get an apartment.

Based on my experience, this is my opinion:

1. If you come and start working right away YOU'LL NEED A BROKER. Believe me, once you start working in this super-high-speed city, you will have no time left to go in person to find the few good apartments you can find that require no brokers.

2. There's a zilliong apartments in this city. It would take you, literally, months to look at hundreds of different options. Again, if you are working you won't have enough time for this.

3. For the reasons stated above, the broker will save you time; and time in this city means money.

4. Be aware that there are many dishonest brokers all over the place. Ask me how I know

5. Be aware that the few good apartments available that require no broker fees will be fought for. You are not the only one watching for those apartments. Be prepared to come with a good offer. Otherwise somebody will outbid you. If you don't have all the $$$ on hand, next thing you know somebody got in front of you and you lost the opportunity. No management will wait for you to make your decision.

Believe me, as painful as it is to pay those fees, it will save you more in the long run as you will find; unless you have lots of time available to go out and go into the apartment hunt by yourself.

Also, be aware that besides the broker fees many places require one month's deposit plus two extra months of rent. That is another BIG chunk of money you will have to put on top of the broker's fee. And if you are looking at living in the city, we are talking BIG money here my friend.

Welcome to the reality of NYC. Not trying to discourage you, but I'll rather tell you the reality of things. The housing situation in NYC is something to be serious about.

-Ed

[texags02]

What % is a usual broker's fee?

[Guywithacause]

15% of a years rent..which is essentially extortion since there is no way around it.