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My broker is charging 15% of annual rent on a sublet apartment because there's a tenant's broker involved. This seems a bit excessive. Is this rate negotiable?
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%.
Tell him to go screw himself, and go find a normal broker that charges one month's rent.
A couple years back these folks at Rapid Realty tried to scam me like this, and I told them I would work with them unless they charge one month's rent. They backed down after I called their bluff
That's been standard for as long as I can remember.
In theory, you could negotiate, but why would you? There's a good risk the broker will just skip over you and go on to the next person. If you don't want to deal with a broker fee, go to the "by owner" section on Craigslist.
That's been standard for as long as I can remember.
In theory, you could negotiate, but why would you? There's a good risk the broker will just skip over you and go on to the next person. If you don't want to deal with a broker fee, go to the "by owner" section on Craigslist.
I too remember 15% of the annual rent being charged by brokers already in the late 1990s.
Brokers take one look at you and know they can milk it out of you, and why not? It's probably coming from mommy and daddy's trustfund anyway.
But I'm working class... I've used three different brokers to get three different apartments in he past and never ended up paying more than one month's rent. Like I said I laughed at the guy who tried to ask me for 15%, when he saw I wasn't a sucker he gave me native New Yorker rate not the bull**** yuppie rate.
If you guys are fine with 15% hey go ahead bleed yourself dry
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