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http://streeteasy.com/nyc/talk/discussion/30892-emailing-a-broker-about-renting-a-for-sale-apt?comment_id=468508
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Emailing a broker about renting a for sale apt
19 comments
er1to9
about 12 months ago
Posts: 369
Member since: Mar 2007
If I email a broker about renting an apartment that is for sale do they have to present it to the seller of the apartment ? I emailed a couple brokers about there listings. I asked if I can rent the apartment instead of buying it. And they instantly responded with the answer no.... Makes me think they didnt even ask the sellers.... I understand 6percent of the purchase price is a lot better than leasing it for them... But shouldnt they try to look out for the sellers? If i was selling my apartment I would want feed back in case renting would be an option.....
maybe they "should", but they have no contractual obligation and no incentive. If it's been sitting around forever, they might think about it. Otherwise, why?
Dear Broker,
I see that you have a listing for a $5MM apartment. I was wondering if the owners have an unmarried daughter. If so, couuld you please put me in touch. I realize that you were looking to sell the apartment, but I can promise them a dowry of 5 goats, and a golden ring, which might ease their burden and allow them to stay in the apartment. Also, do they have a son, if not, after marrying their daughter, I would be happy to be listed in their will for the $5MM apartment.
Nah
about 12 months ago
Posts: 6
Member since: Feb 2008
The broker should present to the owner/seller, however if the broker also responds with a quick, no, there isn't anything you can do about it. A broker has a fiduciary responsibility to work for the sellers best interest, but if the apartment is not being "offered" a certain way, you are technically not being excluded for any reason that falls within fair housing, etc. Who are you to question why? If the broker says no, then it's a NO. For all you know the seller could be ill and has to sell, regardless. The seller could have their own son or daughter using the apartment while it's for sale. You just don't know and while I understand you are being proactive with your search, just move on to the next one. You might have better luck. Don't make this out to be another broker witch hunt or worse, show a sense of entitlement that you should be allowed to view or rent the apartment, just because. Move on.
er1to9
23 minutes ago
ignore this person
report abuse
If I email a broker about renting an apartment that is for sale do they have to present it to the seller of the apartment ? I emailed a couple brokers about there listings. I asked if I can rent the apartment instead of buying it. And they instantly responded with the answer no.... Makes me think they didnt even ask the sellers.... I understand 6percent of the purchase price is a lot better than leasing it for them... But shouldnt they try to look out for the sellers? If i was selling my apartment I would want feed back in case renting would be an option.....
curious to know what kind of listings you are trying for? apt size/neighborhood please
Plenty of rental inventory in that area in that price point. Perhaps he's adverse to paying a fee. Maybe he'll see the light on that.
sonnynyc
about 12 months ago
Posts: 39
Member since: Feb 2008
send the owner a letter direct, yes it is stalking, but you seem to be comfortable with it..
sonnynyc
about 12 months ago
Posts: 39
Member since: Feb 2008
or just post the listings up here with the prices you are willing to rent for, there is a chance the owners look at their listings on this site..
maybe you will stir up some type of online rent auction, will be fun..
Er, what about the time you have wasyed trying to find a convertible three bedroom these last 5 months. Would you categorize this as time well spent?
FormerRenter
about 12 months ago
Posts: 37
Member since: Dec 2010
What's with all of the snide comments??? This is an absolutely legitimate questions that goes to the "scope" of the contractual relationship between an owner and the owner's broker (including whatever fiduciary obligations flow out of that relationship). I encountered a similar, albeit opposite, situation recently, as I was trying to see whether an owner who was trying to rent would entertain my offer to buy. The owner's broker simply said "no" in an email. But here's the additional - material - fact: the owner had been trying to sell the apartment for a while and when it didn't sell, it was pulled off the market and re-emerged as a rental with this broker (who had NOT represented the apartment when it was up for sale). Interestingly, the broker didn't even ask me how much my offer was (it could have been over the last asking price; so much for fiduciary duty). Did the broker bother to ask his/her client if they would entertain my offer? I doubt it, because if the broker had done so, I'm assuming that the owner would have asked the broker "how much?" - and that didn't happen. My situation, i.e., offering to buy a rental (as opposed to offering to rent an apartment up for sale) would seem to be of interest to an owner, particularly an owner who had just unsuccessfully tried to sell. My guess is that if the broker presented my offer to the owner and the owner sold the apartment to me, the owner would still be on the hook to pay the broker the rental commission. So I'm wondering if anyone on this board knows: what is the typical boilerplate language, if any, that covers these permutations of a rental that sells or a sale that rents? Because that will answer the question about whether a broker is obligated (or incentivized) to bring these situations to their client. Thanks.
bramstar
about 12 months ago
Posts: 1511
Member since: May 2008
Why bother at all? There are plenty of real rentals out there. I'd focus on those and leave the sales listings to the buyers.
jamesdh
about 12 months ago
Posts: 8
Member since: Feb 2012
No, they have no obligation to present your rental request - in fact, rentals aren't even possible in many co-ops, so it's a waste of everyone's time. If you want a rental, look at apartments for rent...crazies...
Target
about 12 months ago
Posts: 67
Member since: Nov 2009
Has it occurred to you that the building may not allow or actively discourage rentals?
Just because one wants to rent a certain apartment doesn't mean that the apartment is possible to rent due to board restrictions.
sma10022
about 12 months ago
Posts: 66
Member since: May 2010
The seller and realtor would have discussed this when they agreed to the listing. If they would consider renting, the apartment would be listed under both catagories.
If I email a broker about renting an apartment that is for sale do they have to present it to the seller of the apartment ? I emailed a couple brokers about there listings. I asked if I can rent the apartment instead of buying it. And they instantly responded with the answer no.... Makes me think they didnt even ask the sellers.... I understand 6percent of the purchase price is a lot better than leasing it for them... But shouldnt they try to look out for the sellers? If i was selling my apartment I would want feed back in case renting would be an option.....
You are a nutcase, aren't you?
crazy
maybe they "should", but they have no contractual obligation and no incentive. If it's been sitting around forever, they might think about it. Otherwise, why?
Dear Broker,
I see that you have a listing for a $5MM apartment. I was wondering if the owners have an unmarried daughter. If so, couuld you please put me in touch. I realize that you were looking to sell the apartment, but I can promise them a dowry of 5 goats, and a golden ring, which might ease their burden and allow them to stay in the apartment. Also, do they have a son, if not, after marrying their daughter, I would be happy to be listed in their will for the $5MM apartment.
The broker should present to the owner/seller, however if the broker also responds with a quick, no, there isn't anything you can do about it. A broker has a fiduciary responsibility to work for the sellers best interest, but if the apartment is not being "offered" a certain way, you are technically not being excluded for any reason that falls within fair housing, etc. Who are you to question why? If the broker says no, then it's a NO. For all you know the seller could be ill and has to sell, regardless. The seller could have their own son or daughter using the apartment while it's for sale. You just don't know and while I understand you are being proactive with your search, just move on to the next one. You might have better luck. Don't make this out to be another broker witch hunt or worse, show a sense of entitlement that you should be allowed to view or rent the apartment, just because. Move on.
This has actually worked out for my twice in the last few years. But I am a professional and know how to go about such things.
er1to9
23 minutes ago
ignore this person
report abuse
If I email a broker about renting an apartment that is for sale do they have to present it to the seller of the apartment ? I emailed a couple brokers about there listings. I asked if I can rent the apartment instead of buying it. And they instantly responded with the answer no.... Makes me think they didnt even ask the sellers.... I understand 6percent of the purchase price is a lot better than leasing it for them... But shouldnt they try to look out for the sellers? If i was selling my apartment I would want feed back in case renting would be an option.....
curious to know what kind of listings you are trying for? apt size/neighborhood please
Here Jim:
http://streeteasy.com/nyc/talk/discussion/28810-i-need-a-2-conv-3-on-the-ues-for-under-6k
http://streeteasy.com/hamptons/talk/discussion/15228-i-would-love-to-rent-a-hamptons-house
Plenty of rental inventory in that area in that price point. Perhaps he's adverse to paying a fee. Maybe he'll see the light on that.
send the owner a letter direct, yes it is stalking, but you seem to be comfortable with it..
or just post the listings up here with the prices you are willing to rent for, there is a chance the owners look at their listings on this site..
maybe you will stir up some type of online rent auction, will be fun..
HunterBug . You are useless...
Er, what about the time you have wasyed trying to find a convertible three bedroom these last 5 months. Would you categorize this as time well spent?
What's with all of the snide comments??? This is an absolutely legitimate questions that goes to the "scope" of the contractual relationship between an owner and the owner's broker (including whatever fiduciary obligations flow out of that relationship). I encountered a similar, albeit opposite, situation recently, as I was trying to see whether an owner who was trying to rent would entertain my offer to buy. The owner's broker simply said "no" in an email. But here's the additional - material - fact: the owner had been trying to sell the apartment for a while and when it didn't sell, it was pulled off the market and re-emerged as a rental with this broker (who had NOT represented the apartment when it was up for sale). Interestingly, the broker didn't even ask me how much my offer was (it could have been over the last asking price; so much for fiduciary duty). Did the broker bother to ask his/her client if they would entertain my offer? I doubt it, because if the broker had done so, I'm assuming that the owner would have asked the broker "how much?" - and that didn't happen. My situation, i.e., offering to buy a rental (as opposed to offering to rent an apartment up for sale) would seem to be of interest to an owner, particularly an owner who had just unsuccessfully tried to sell. My guess is that if the broker presented my offer to the owner and the owner sold the apartment to me, the owner would still be on the hook to pay the broker the rental commission. So I'm wondering if anyone on this board knows: what is the typical boilerplate language, if any, that covers these permutations of a rental that sells or a sale that rents? Because that will answer the question about whether a broker is obligated (or incentivized) to bring these situations to their client. Thanks.
Why bother at all? There are plenty of real rentals out there. I'd focus on those and leave the sales listings to the buyers.
No, they have no obligation to present your rental request - in fact, rentals aren't even possible in many co-ops, so it's a waste of everyone's time. If you want a rental, look at apartments for rent...crazies...
Has it occurred to you that the building may not allow or actively discourage rentals?
Just because one wants to rent a certain apartment doesn't mean that the apartment is possible to rent due to board restrictions.
The seller and realtor would have discussed this when they agreed to the listing. If they would consider renting, the apartment would be listed under both catagories.