Going to No-fee apartments without a broker
Started by tndisco
over 15 years ago
Posts: 1
Member since: Jun 2010
Discussion about
I'm looking at some of the luxury rentals in Long Island City and they advertise themselves as "no-fee" (Avalon, Rockrose, TFCornerstone). Does this mean that if a broker showed me the place they would pay my broker's fee? I am going to go there without a broker so should I have more negotiating power to get a free month since they would not have to pay a broker fee?
Yes, if its no fee and you know the info about the leasing office, avoid using a broker.
You can use Avalon's website to check out their available apts, request a showing, and sign the lease, all no fee.
brokers will bring you to no-fee buildings and you may owe them a fee as their "client" -- go directly and avoidd the broker -- save the 2 mo rent for yourself.
There are "No Fee" developements that also pay your broker fee. It depends.
TN, these management companies will pay your broker fees and still offer you the 2 months. So its really up to you which way you feel more comfortable, with or without broker. I asked this question to a few different management companies when I was searching and they all said makes no difference, we are offering 2 months free and will pay your brokers fee, I paid nothing. But like everything else you never know if thats the truth, if I could have gotten a better deal if I just walked in by myself.....
jahanh, interesting that you say that, because this time last year (and everything that I've heard in between) was 1 month free, or broker fee paid. Or if they were offering 2 months free, then it was 1 month plus broker fee or 2 months without broker. Rockrose, Related & Rose were all doing this...and I moved from a Rockrose to a Rose building so experienced it directly and had to deal with it in the negotiations.
Not that I don't believe you, but just doesn't sound right now me.
That's impossible, there are no more no fee apartments in nyc.
And it's been forecast for a full year now by Jim Hones so give credit where credit is due.
I moved into a TF Cornerstone property and got the 2 months free amortorized over a 14 month lease, I normally like 24 months but accepted anyway and they paid my brokers fee. I moved in Dec 09.
I showed an apartment in Manhattan yesterday that offered my client 1 month of rent free, and also offered to pay my fee, but they are not offering 2 months of rent free on a 1 year lease. The agent later sent me an email agreeing to a rent concession I asked for while we were there.
It's not automatically true that if there's no broker, you will have more leverage. Big leasing companies have no incentive whatsoever to, uh, irritate brokers. They want us to like them so we keep bringing our clients to them once the market recovers. This is very much a long term business for those of us who are in the game all the time.
If you have a broker, just ask her or him about those developments. The broker will know if they can get the broker's fee paid and also get you a month free, or two months free. Everything is negotiable.
I looked at a 1 bedroom in The Archives (Rockrose)last January. I was told one month free on a 13 month lease. I told the Rockrose Sales Assoc that I had been offered 2 months at other properties. He asked me if I had a broker. Told him no. He said "OK 2 months free on 14 month lease if you don't use a broker"
It goes both ways, case by case, and NYCDreamer and kharby2 are both correct.