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Old 05-08-2017, 09:48 AM
 
16 posts, read 60,919 times
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Hi guys,

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?

Alec
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Old 05-08-2017, 10:00 AM
 
268 posts, read 235,443 times
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You can try but that's what they are asking these days. I usually negotiate down but failed last time (16 mos ago).
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Old 05-08-2017, 03:06 PM
 
13 posts, read 15,059 times
Reputation: 17
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%.
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Old 05-08-2017, 05:15 PM
 
1,015 posts, read 1,185,520 times
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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
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Old 05-08-2017, 06:58 PM
 
Location: Middle of the Megalopolis
478 posts, read 767,145 times
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I thought "normal" brokers actually did charge 15%.
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Old 05-08-2017, 07:45 PM
 
9,329 posts, read 4,104,837 times
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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.
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Old 05-09-2017, 09:58 AM
 
43,292 posts, read 44,001,476 times
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Quote:
Originally Posted by Clarallel View Post
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.
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Old 05-09-2017, 06:22 PM
 
Location: Manhattan
2,498 posts, read 3,751,894 times
Reputation: 1608
I charge btwn 15% or 1 month depending on many factors.

Anyhow 15% is also normal for all exclusive apartments (meaning they belong to one particular agent only)
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Old 05-10-2017, 11:32 AM
 
274 posts, read 295,848 times
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Live in Jersey and much better chance to avoid this broker fee nonsense.
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Old 05-10-2017, 02:22 PM
 
1,015 posts, read 1,185,520 times
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Lol yes for you yuppies 15% is standard

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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