YOUR RENTAL GUIDE
HOW TO RENT AN APARTMENT IN NYC?
Finding the best rental apartment in NYC is not easy, and there’s plenty of rental agents but working with me is different, because:
1) Transparency: My fees are clear from the beginning.
2) Efficiency: I save you time in guiding you from the misrepresented apartments listed online.
3) My Guarantee: I will ensure you get approved.
In a desperate attempt to lure new business, the rental market has become flooded with bad brokers.
Let me make this move an easy one!
BROKER'S FEES EXPLAINED:
Who is Who?
If a Broker represents the landlord/management company of the apartment they are called a “Landlord’s Agent/Broker” . They may collect a fee from the tenant because the owner/management company has pushed the cost of their services and work onto the tenant.
Landlord’s Agent Fee
Depending on the seasonality, a landlord can expect to pay 1 month’s broker’s fee to their representing broker to prepare, market, and procure qualified tenants. A landlord’s agent would do an in depth market analysis to ensure the property is priced correctly, they would market the property, host open houses, sift through applications and help the landlord select an incoming tenant. Once a tenant is selected, I would assist in lease/rider preparation, ensure funds are received, and work with the tenant on obtaining all building approvals needed to schedule a move in. I also assist with utility set up, rent collection directions, and resources to ensure the tenant is happy in their new home.
Tenant’s Agent Fee
If you are engaging a Tenant’s Agent to work with you, there is a service fee associated with that agents time and knowledge. My fee for working with tenants can range from 15% of the annual rent to 1 months rent. The range will depend if the property in question is being represented by a Landlord's agent, what time of year you’re renting, and if the market is competitive - tenants will pay larger fees to secure an apartment.
Sometimes, newer rental buildings will pay for both the landlord’s agent and tenant’s agent at lease signing. These apartments will be advertised as "no fee" online and to the prospective tenant. The seasons affect the demand of rental units. In the winter, when the rental market is less competitive , a building may offer concessions such as paying the broker’s fee, along with other negotiable items.
When should you hire a Tenant’s Agent ?
You're a new resident of New York City. You need guidance in understanding prices in each neighborhood. You have a full time job and don't want to track down appointments, negotiate with multiple parties, and you prefer not to waste your precious weekends touring at apartments that smell like mildew and are under the train tracks, but advertise, " Luxury Living".
When should you hire a Landlord’s Agent?
Hiring a Landlord’s Agent to represent your investment apartment for rent creates a level of privacy between you and the incoming tenant. It ensures your property is correctly marketed and and creates a level of professionalism which carries throughout the lease term. A landlord’s agent spends countless hours responding to inquires, phone calls, hosting open houses, marketing both your property but also the lifestyle of the surrounding neighborhood. You can rest assured that your Landlord’s agent can manage past tenant move outs, final walk throughs, gathering bids for painting and cleaning your apartment, virtual staging, as well as helping you select the most qualified financial candidate who will reside in your property.
If you have any questions about this, please email me.
Thanks for reading and I hope you enjoyed this article!
