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Putting apartment on the market to rent.

Started by maudymay
over 15 years ago
Posts: 26
Member since: Sep 2009
Discussion about
I understand the basic pros and cons of using a broker when trying to sell a place but what about when renting? I need to rent a recently purchased Coop for six months and am wondering if it's worth the hassle to do it on my own and place an ad here, or if I should call a broker. Firstly how does the Broker commision work? Are they taking a percentage of the gross rent, monthly rent? A simple broker fee? What am I getting for their service beyond their supposed wide-ranging marketing skills? Will they prepare all paperwork for instance? From searching rental listings on StreetEasy I don't see a whole lot of no fee rentals by owners that are independant and not huge managing agents, is there a reason for that? Any thoughts?
Response by ph41
over 15 years ago
Posts: 3390
Member since: Feb 2008

Just wondering - have you checked with your coop if you're allowed to rent for six months? Or even for a year? Most coops have stringent policies re: renting.

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Response by maudymay
over 15 years ago
Posts: 26
Member since: Sep 2009

Yes, we're a very small Coop (I'm on the Board) and this whole endeavour is in the interest of the building. We will probably meet with prospective renters just to make sure they're not ax murderers but beyond that it's not an issue. We may well end up renting for a year but would like the option to have apartment back after six months.

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Response by budda
over 15 years ago
Posts: 69
Member since: Jan 2009

You pay for the time savings by using a broker with commission. You can Craigs list it yourself, but you will have to vet and show all you prospective buyers. In another market, we have been successful renting units out with Craigs list. Can't tell you here as I don't own apartments for rent in NYC.

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Response by NYRENewbie
over 15 years ago
Posts: 591
Member since: Mar 2008

Maudymay, I'm looking for a sublet. How can I contact you for more details?

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Response by maudymay
over 15 years ago
Posts: 26
Member since: Sep 2009

NYRENewbie: You can contact me at k.marcoe@att.net

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