Avoiding Broker Fees

[jjbradleynyc]

Originally Posted by texags02

What % is a usual broker's fee?

It varies from broker to broker. In Brooklyn/Queens, it is usually less--more around 10 to 12% of the annual rent. In Manhattan, 15% is pretty much standard.

[newtoli]

If you are looking in LI, NJ, Westchester, the standard broker fee is 1 months rent. In NJ the owner usually pays the fee.

But to get a decent apartment quickly, you're pretty much going to have to get a broker.

I went through this in '99 and it was hell. I was determined to do it without a broker and looked at apts for 2 months. They were pretty much all crappy. One wanted me to hand $600 cash to the super to get the apt, every single one was taken immediately if I did not agree to sign the lease right then and there.

I ended up w/ my apt in "Williamsburg" at a cost of $1900/mo (in 1999 not less), with 1 month security, first and last months rent, and a 15% broker fee.

It cost $5,700 in rent and security and $3,400 in a broker fee. We ended moving out a year later. Plan on staying where you are if you pay a broker fee! I was young and stupid

[LookingtoLeave]

I see ads from Prudential and Century 21 for rentals in the online edition of the paper. They are known to be fairly reputable down here as far as real estate agents go. Is it the same up there? It sounds like using one may be necessary to get a better apt. in a better area, but I don't know if they're just as bad about screwing someone out of a lot of $$ in fees.

[newtoli]

It is pretty standard to pay at least 10% (usually 15% in Manhattan) in Broker Fees in NYC. So I'm sure Prudential and Century 21 also charge those fees and don't see it as ripping you off since it's par for the course in this area.

[LookingtoLeave]

I found a site called Rapid Realty in Brooklyn that claims to be no fee. Some of the apts look nice in the pics, but of course I know better...

[Travelher]

Peter Cooper Village and Stuyvesant Town both have no-fee apartments.
Same standards apply w/ first, last month's rent and deposit, but that is normal.
www.pcvst.com
I've lived here for three years and just signed a 2-year lease. The no fee really pulled me in. They aren't much to look at from the outside, but the location for Manhattan is PERFECT (for me) and the apartments are huge and completely gut-renovated. Plus, HUGE closets. I've never seen closet space like this.

No fee apartments are very hard to find. You need time, patience and luck.

[NatashainTwo]

I just used Rapid Realty, and it IS no fee (they have no fee places AND broker fee places, which are 15%, but negotiable). The place we got was no fee (the way they do it is charge first month, last month, and a security deposit, and then the landlord signs an agreement saying that, basically, they won't be paid last month, so it's like they pay the broker fee). The only reason I know so much about this is that "no fee" seemed almost impossible.

We got a really great place from this company, and I would totally recommend them. They have a really good inventory, and are a pretty youthful company, which makes the experience a little more fun.