13 Things You Didnt Know You Should Ask When Renting An Apartment for the next 13 days. Heres #9: Do I need a rental agent and how much will that cost me? One of the primary functions of a NY real estate broker is to understand your requirements and desires for your new home—including, but not limited to, apartment size, number of bedrooms, your rental budget, building & unit amenities, your preferred neighborhoods and, often, a more specific location within those communities (on the street, rather than the avenue, for example)--then to show you apartments that seem to meet your needs. Basically, a good broker will call you with news of an apartment that satisfies your criteria, meet you in front of the building, unlock the door, and, if you like the place, help you get all the paperwork done to sign a lease. If you dont rent the apartment, they will continue to search, and call you every time they find something else on the market for you to look at. This sort of NY real estate broker service can be very helpful for people who dont have time to get on the internet and explore the rental apartment listings, or if they are new to the city or moving here for the first time, and are not sure where to start looking. NYC real estate brokers who specialize in rental apartments generally charge between 15% of the annual rent (the fees tend to be higher in Manhattan; less in the outer boroughs and in New Jersey), so hiring a broker to do your research. Do the math: $1500 x 12 months x .15 (15%, in this case) = $2700. Even at the low end, a brokers fee is rarely less than the equivalent of one months rent. In most of Manhattan, the fee is rarely less than 15%.
Posted on: Sun, 16 Mar 2014 15:42:17 +0000
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