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Brokers are useless people.
Pay them $25 an hour to show places, not this absurd amount for an apartment that could be listed on Craigslist in 15 minutes.
I can't wait until Realtors get replaced by technology. Oh wait, they have... they just need to accept it now.
I think you might be confusing things. If you are the one renting the apartment your broker is the tenants broker (should be clear in the disclosure form you filled out). If I understand correctly the landlords broker is charging 7.5% and you hired your own broker to fine the apartment for you for another 7.5%.
No he's not. Its you that's confused about the rental apartment broker system in NYC.
Fifteen percent or an sum equal to one months rent has been the standard NYC apartment broker's fee going back to the 1980's if not before. Nothing new to see here.
Only difference is during bad times when LL's cannot find tenants they offer to pay the broker's fee and or waive in the cast of using in house staff.
I'm new here and just moved to NYC from California. I'm new to this whole brokers fee thing for trying to find an apartment. What's the deal with this? Is it necessary to use a broker to find an apartment in NYC? is it ONLY for NYC (manhattan) or does it cover the other boroughs as well? I'm in the process of looking for a place and I really want to educate myself on this whole non fee and/or broker fee deal. I read that it was basically 1 months rent or 10% of annual rent which was pretty standard unless they just happen to find u an absolute "gem" that u couldn't pass up because it was such a good deal etc then you'd pay a little more or whatever.
So what's the deal? if I try to land an apartment myself, is it just way to difficult that everyone ends up using a broker? Also, when viewing apartments, if i find one that I like, is it absolutely necessary to put down a deposit or sign the lease right then and there? or can you "hold" it for a few days or whatever? or because of such high demand you need to snag it up right away?
Someone please enlighten me on this whole process...thank you in advance.
I'm new here and just moved to NYC from California. I'm new to this whole brokers fee thing for trying to find an apartment. What's the deal with this? Is it necessary to use a broker to find an apartment in NYC? is it ONLY for NYC (manhattan) or does it cover the other boroughs as well? I'm in the process of looking for a place and I really want to educate myself on this whole non fee and/or broker fee deal. I read that it was basically 1 months rent or 10% of annual rent which was pretty standard unless they just happen to find u an absolute "gem" that u couldn't pass up because it was such a good deal etc then you'd pay a little more or whatever.
So what's the deal? if I try to land an apartment myself, is it just way to difficult that everyone ends up using a broker? Also, when viewing apartments, if i find one that I like, is it absolutely necessary to put down a deposit or sign the lease right then and there? or can you "hold" it for a few days or whatever? or because of such high demand you need to snag it up right away?
Someone please enlighten me on this whole process...thank you in advance.
It isn't necessary, but sometimes an evil that cannot be avoided.
Right now for most market rate and certainly above a certain rent level (luxury or near), landlords are dying for well qualified tenants. Thus all sorts of concessions are being offered including waiving broker's fees. This happens all the time when bad times hit the NYC rental apartment market. However because the surplus is in the market rate sector (as opposed to rent controlled), don't expect to see such things happening with "affordable" units.
If you are willing to do the leg work and be diligent it is possible to find apartments without a broker. Some buildings however only will deal those vetted via brokers because they do all the background screening (court records, credit checks, etc....). Large property owners such as Glenwood and others have such departments in house so it doesn't matter.
Brokers have and still do go around to property owners looking for "business". That is asking if there are any vacant units for them to rent. Often the same apartments were or still are listed in adverts or somewhere. Thing is all brokers make you sign a contract that guarantees you'll pay them a fee even if you cut a deal elsewhere. That is if you see an apartment with a broker on Monday morning, but find out later that day or next it is on CL, call LL and do the biz, you may and probably will still be on the hook for broker's fee because he or she showed you the unit first.
This is why it pays to work CL and other listings (with care as there are plenty of scams out there), to see what is available. Walking around an area asking doormen and or looking for "apartments for rent" signs is a start.
Personally never have paid a brokers fee for any apartment. However am a native NYer and had the blessings of always happening to be looking for an apartment when the market was bad, so fees were waived.
It isn't necessary, but sometimes an evil that cannot be avoided.
Right now for most market rate and certainly above a certain rent level (luxury or near), landlords are dying for well qualified tenants. Thus all sorts of concessions are being offered including waiving broker's fees. This happens all the time when bad times hit the NYC rental apartment market. However because the surplus is in the market rate sector (as opposed to rent controlled), don't expect to see such things happening with "affordable" units.
If you are willing to do the leg work and be diligent it is possible to find apartments without a broker. Some buildings however only will deal those vetted via brokers because they do all the background screening (court records, credit checks, etc....). Large property owners such as Glenwood and others have such departments in house so it doesn't matter.
Brokers have and still do go around to property owners looking for "business". That is asking if there are any vacant units for them to rent. Often the same apartments were or still are listed in adverts or somewhere. Thing is all brokers make you sign a contract that guarantees you'll pay them a fee even if you cut a deal elsewhere. That is if you see an apartment with a broker on Monday morning, but find out later that day or next it is on CL, call LL and do the biz, you may and probably will still be on the hook for broker's fee because he or she showed you the unit first.
This is why it pays to work CL and other listings (with care as there are plenty of scams out there), to see what is available. Walking around an area asking doormen and or looking for "apartments for rent" signs is a start.
Personally never have paid a brokers fee for any apartment. However am a native NYer and had the blessings of always happening to be looking for an apartment when the market was bad, so fees were waived.
Thanks for the info. Just looking for a little more clarification on something you mentioned. So with higher end "luxury" units, when you say landlords are looking for "good" tenants, I'm presuming you mean good income, good credit, etc right?
Also, when you mention "affordable" units, is that in reference to like the subsidized housing that is available for those on a lower income? I'm not looking for an affordable unit, specifically a subsidized housing program so I just want to clarify when you say "affordable".
Thanks for the info. Just looking for a little more clarification on something you mentioned. So with higher end "luxury" units, when you say landlords are looking for "good" tenants, I'm presuming you mean good income, good credit, etc right?
Also, when you mention "affordable" units, is that in reference to like the subsidized housing that is available for those on a lower income? I'm not looking for an affordable unit, specifically a subsidized housing program so I just want to clarify when you say "affordable".
Good is a flexible term depending upon what parameters a particular LL sets down.
Some only want "40x", credit score of >700, excellent references up the who-ha, decent to vast assets in reserve, etc... Others are more flexible, it depends on many factors.
Some LL's will not deal with those requiring back up co-signers, others aren't too picky.
Some don't want a bunch of Bros and or Bro-Hoes (several roommates in one apartment), others are more than happy.
Some won't deal with *anyone* who has been to housing court for *any* reason. Others will look at the details then make a decision based upon reason behind legal action.
In general the bare minimum for a "good" tenant is someone who is going to pay rent on time, not cause any trouble, keep their apartment clean and in general be an asset to the building.
Useless to you, not useless to the landlord. The landlord doesn't want to deal with the riffraff, they want someone to do all the advertising, touring, endless email back and forth so they can bring them a list a of pre-qualified prospective tenants and then they can just point to one and be done with it.
Such is a seller's market
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