Brokers - why do they deserve 15%?

Beirut is much better than Manhattan.
Why did you leave?

@fieldschester: I left because I'm a FOOL. I fell for the usual SCAM of Hollywood, trend pieces in the New York Times and all that media crap, just like everybody else.
I wake up every morning counting down the term of my contract what do you think?

I wasn't told that the median price of a walk-in-closet in Midtown East was $2,850 according to NYbits website.

I wasn't told that unless you're making $8,000+ NET a month, you should expect to live 15 to 20 miles away from your duty station and commute in a garbage meatpacking locomotive [in NY they call it the Subway], except if you hang on to Manhattan and split the rent cheque with 3 other foreigners or college nut jobs, [in NY we fancy the term: roommates]. It's widely accepted that your bathroom turns into a public toilet in a country where privacy once meant something.

I wasn't told that I might have to share a 10 sq. mile island with 561,000 millionaires according to Forbes and 34 Million RODENTS [Wikipedia].

I wasn't told that in this side of the planet people work like wretched dogs, 2-3 even 4 shifts to pay for their food, energy, health insurance, rent/mortgage, college loans, bills and the IRS. Talk about freeing the Slaves.

and I wasn't told that the median sales price for homes in NY was $1,325,000 [Trulia].

I wasn't told about the harsh weather and temperature fluctuations, and that a -20 Degrees Celsius in Winter is something very common!

I wasn't told about the noise, the sickening attitude of people, the inbred GREED and rapacity of souls, the absence of morality and values, the tips, the laundry labor, the fitness cost, the hyperinflation, GARBAGE bags, Crime rate, the hypertrophic propagation of traffic lights, racist cantons, etc..

The I wasn't told list could go on forever, but most importantly, what's the compensation? And what's the response of your venerable government? Gutted INTRUSION, INTERVENTION & SPYING into our lives in a capricious, arbitrary & infringing way. This is the largest city in the country and with that honor comes plenty of inert problems. You know, like crime and stuff? Instead, we’re sinking time and energy into Big Gulps. The fact that the size of someone’s soda became a 6 month high-profile policy debate should be enough reason for you to pack your sh(*)t and get the hell outta this infested farm as fast as your feet can paddle.

Finally about that fraudulent rental Broker fee: If you don't take issue with paying a "part time Broker" several thousand dollars for a fee to show you an apartment you found BY YOURSELF online, then you’re a knob head baboon, with all due respect. I guess my 1st FREE MONTH RENT is much more accrued, sensibly earned and deserved than his/her 15% ANNUAL FEE.

I know that I deflected from the main conversation topic, and apologies for that, but it's undoubtedly an overrated city. Take it from someone who's lived in 4 metropolitan cities before, throughout Europe, Asia & Africa. NY easily rates at the bottom, and it keeps getting worse as we speak.

Thank you ;)

it is unfortunate that you chose to come to our fair shores without having done any research, or rather, having done it, but too late. pity, as it seems a personal strong suit of yours.

"A 400 Square meter Unit [4,305 sf] is considered average for a flat in Beirut, PLUS 2 balconies and a huge attic. "

Ozai, you really should calculate sfpp (per person). How many people live in a 400 sq m apt in beirut, 20 (large families right)? Here only 1 person would live in the studio you mentioned. so you still come out ahead in nyc

You sound like a little girl who did zero research before moving.Also, NYC is cheaper than London, Paris, Stockholm, etc.

"Could the landlord notify the tenant that on a certain date they will begin renovations on the apartment? And on that date, remove the front door."

LOL, brilliant.

Here, I'll answer your question. The reason why you pay a brokerage fee, is because NYC demand is so high, landlords don't pay it, so it falls on the client, since is a service payed profession. (Landlords pay it, when demand is low, or when a new construction an is vacant under 50%-70% of occupancy) .

You are paying for a service, - if you don't need that service (i.e.. don't need it, or cannot afford it,) you can definitely do it on your own, like everything else service oriented. For example, years ago, people bought air flights from travel agents, now everyone does it online with the airline carrier. Unless you want to, or are wealthy, you make one phone call, and your travel agent takes care, not only of your airfare but of your entire trip scheduling, accommodations, restaurants, sightseeing, and you take that chore off your brain.

Same with the real estate brokerage in Manhattan, years ago, clients did not have all this access you have today. Brokers will get lists from landlords, and thats how you found apartments, listed in the Nytimes, or the village voice (real printed papers). Today with the great advancements of technology and mobility, we all brokers and clients now have tons of information available at our hands.
It is the era of information (as the industrial era died in the 80's). When you do things for a certain amount of hours (10,000 hour mark) , you bring and edge in what you do, you master it. I bet you I can look in streeteasy and find things my clients don't. That also comes from knowing the landlords, how they renovate, and from seeing tons of apartments each month. And a dose of vision!

Ask yourselves, what are you getting payed for in your jobs? Isn't it for the information you bring in, the knowledge of the subject? here is no different.

Nothing to compare NYC with, it's like no other city in the world. That you get more space anywhere else, (aside from London) of course! Less stress somewhere else? highly doubt it, stress comes within the persona- you can manage that anywhere if you choose to.
The riches favorite places to buy is London, New York, Beijing and Paris; and New York is the least expensive of all. Highly desirable real estate! Good luck on your hunts, and if you choose to, get a good broker to service you, its worth it!

Ozai, did you really pay an 18 PERCENT broker's fee? That's a little nuts. I'm researching shady brokers and was hoping to chat with you. Can you contact me at annkatie51@yahoo.com?

i just wanted to say that i love you ozai.

@Ozai - you are hilarious!!

They are going to go down just like the taxi can industry! They are offering nothing but a middle man who gets in the way