Fee versus No Fee Listing

what are the size, ameneties, location, etc?

Does it actually matter what the amenities and specs are? Looking at the rents in the city, they seem completely arbitrary.

Seriously, do we really think it matters? I get the impression that it's whatever the market will bear in this town.

I've been told by "professional" brokers that I can get these rents; $6000, $3500, $3200, $4500, $5000, $4000, or "whatever you got last time". If I look at the "market reports" for 2 bed/doorman/elevator/condo in my area, I should be getting $5200.

SO . . . is no fee still a big draw or have renters figured out how to do math?

most of the landlords i work with are getting a 10 - 15 percent increase in rents. On the high end, in some neighborhoods, they are getting 20 percent increases compared to 2 years ago. I do not work with any no fee landlords.

>SO . . . is no fee still a big draw or have renters figured out how to do math?

Seems as if individual owner apartments that don't differentiate from the top landlords' rental buildings need to go for a discount.

needsadvice, of course it matters as pertains to your question. you've already decided where you want to price it, just a ques of whether you want to pay the broker or have the tenant pay. if it is in murray hill for.example, 4500.may be too expensiveto attract many renters no matter if you are paying the fee, in the village you wouldn't have to offer to pay the fee and you would still get traffic. same as if the building is doorman etc.

i suppose the good thing about paying the fee in your case is you would be able to base your renewal increase on the higher number.

"I do not work with any no fee landlords."

What? Why not? Does that mean you just haven't come across it, or does that mean you won't?

Because obviously a "no fee" listing means the landlord will pay your fee . . .

jim_hones10
about 3 hours ago
ignore this person
report abuse i suppose the good thing about paying the fee in your case is you would be able to base your renewal increase on the higher number.

You asked for advice, and received it.

Many of the nicer bldgs. are no fee. The broker then gets a fee from the renter as well as the landlord. That's double dipping, and that's why I would never use a broker again who takes a fee. The broker made me pay cash under the table, and as being unexperienced and naive that people could be so shrewd, I paid. When I realized what was going on, the broker berated me for thinking what he did was untrustworthy. No guilt on his part.
I know I should have reported his ass to REBNY.

In the past year, very few landlords have been paying brokers on relatively reasonably priced apts in desirable locations, as there has been no need for them to do so. If the economy is in a decline, that may change.

loveislife
about 2 hours ago Many of the nicer bldgs. are no fee. The broker then gets a fee from the renter as well as the landlord. That's double dipping, and that's why I would never use a broker again who takes a fee. The broker made me pay cash under the table, and as being unexperienced and naive that people could be so shrewd, I paid. When I realized what was going on, the broker berated me for thinking what he did was untrustworthy. No guilt on his part.
I know I should have reported his ass to REBNY.

this is incorrect. most of the nice building are certainly not paying brokers commissions. and collecting a commission from both sides of a transaction is not unethical provided the client knows about it.

Did I not make it clear jim_hones what this bum did was unethical and hhis license would have been revoked if I had reported it to REBNY.
IT IS NOT INCORRECT UNLESS YOU ARE ONE OF THE SAME!

jim_hones you must be delisional to think that a client would consent to what James Roubal did. I paid him cash as he insisted so that there would not be a trail to trace his despicable doings. And you think this is ethical?

love, why did you pay?

Because I was naive as to how brokers are thieves.

the incorrect part is that "many of the nicer buildings are no fee".

your paying anyone cash in a business transaction was stupid.

read more carefullu. i realize from your posts that english isnt your first language. what i said is that a long as the client is aware than collecting on both ends of a deal is not unethical, provided they are aware.

a commission could total $3000 with one side paying $500 and the other paying $2500 could it not? How would that in and of itself unethical?

but mostly you are incorrect in tbat owners pay the fees

your broker robbed you. that doesnt make brokers thieves. it calls your judgement into question.

if i was james roubal id get a lawyer to sue you.

I paid my broker cash.... twice.... the second time he did not even ask for it. I did because he found me a great apartment in a great building. As much as i would love to agree with loveislife(that all brokers are Sc%^%%^%). There are some good ones out there. Yes, they are difficult to find but some do a very good job... some.

Also, one fact of life. you should be leery of anyone that ask for cash... duh.

Oh really, then you must be as crooked as he is. And being that you think English is not my first language, I know what all time low you are coming from.
As far as the broker suing me, you are a joke!
I have choice English for you but will not waste anymore of my time.

>Also, one fact of life. you should be leery of anyone that ask for cash... duh.

I'm with you (I probably am you for all some people here know).

im far from crooked. but you have slandered someone online. id sue you if you did it to me. you should be more careful.

>im far from crooked. but you have slandered someone online. id sue you if you did it to me.

How much do you think you'd get?

Careful about the truth? How is that slander?

I'm with you (I probably am you for all some people here know).

yes, i too enjoy your witty retorts.

i dont know. but if everytime someone googled my name this thread came up and it was unwarranted then at least legal costs id think.

Sue me...... sue you...... sue everyone!!!!!

First, you'd need to prove that the statements put forth as _fact_ were in fact untrue.

You wouldn't get anywhere with your suit just because you don't like love's _opinion_, which YOU are pointing out reflects the overwhelming majority of her statement.

you paid cash yes? do you have proof? do you have proof that this broker definitely collected a commission from th owner as well? anything in writing?

hburg, read last post.

Yes, Yes and Yes!

loveislife why are you grey?

I sense an episode of Judge Jerry Brown in the next few months.

Offer it at $4000 and let the renter pay the fee. Where is the property by the way?

hammy how does this make sense if at renewal he can base his increase on $4500?

the op wont say where the property is as he thinks it isnt relevant to the question.

FYI, it is not illegal if a broker takes a fee from both the landlord and from the renter.
Often, a landlord will pay a one month fee to the broker and the broker will then collect the remainder fron the renter so as to receive a total of 15%.
It is legal however, for a broker to accept a 100% fee for example, although extreme and obviously not the standard, it is not illegal.
Instead of complaining about brokers and how "evil" they are, why not just attempt to get the apts all by yourself.
Stating that a renter can have a broker's license revoked in a situation such as this, is an ignorant statement. REBNY,does not revoke licenses.

Jim Hones, assuming it's a market apartment, she can ask whatever she wants next year anyway. I would only recommend that she pay an OP if the building has a difficult, co-op-like board or something else that makes it not easy to rent.

Hammy -- If rent is collected from a landlord and a renter, a broker MUST (by law) 'inform both parties' that he is collecting the fee from both sides. Otherwise it is illegal.

Hammy, I have no idea what grade school you might have graduated from. But, you should not make statements as to what you do not have any knowledge of.

And BTW, HAMMY you are the ignorant one!

"Offer it at $4000 and let the renter pay the fee. Where is the property by the way?"

I think I will do that, list at $4K. It's in Central Park South area, good open street view but not a park view.

"I would only recommend that she pay an OP if the building has a difficult, co-op-like board or something else that makes it not easy to rent."

What's an OP? It's a condo, 3 page app, not difficult.

An OP means "Owner Pays" meaning owner pays the fee.
There is no need for you to pay the fee.
Additionally, you should not really take the advice from non real estate individuals post[ng on this site seriously. (Which is sd, cause Ilove Streeteasy!
)
As you can see, there is a lot of hostile, ignorant rants, which is not at all helpful to you.

I am a broker, and I receive 15% fees from the renter. Sometimes in hard to rent neighborhoods like the Upper East Side way over by York in the 90's for example, an OP is helpful in getting the apt rented, but even then it is rare these days.

Hope that helps!

And on another note, PLEASE NO angry, nasty comments from others not in the real estate field. I am sorry you are bitter and so upset but life is short.
Try to not take out your anger and pain on a great site like Streeteasy!

Sorry, I hate typos too, so let me correct:

Additionally, you should not really take the advice from non real estate individuals posting on this site seriously. Which is sad cause I love Streeteasy!

Ok, typos fixed, now correct your grammar.

"And on another note, PLEASE NO angry, nasty comments from others not in the real estate field. I am sorry you are bitter and so upset but life is short.
Try to not take out your anger and pain on a great site like Streeteasy!"

I also find it unfortunate that the crazies inhabit SE. I think if the moderators would block them from posting, this site would have an active community and become a touchstone for the NYC RE industry. The unprofessional posters are holding SE back from becoming a world class (and sellable) website.

I can't explain the SE owners' lack of foresight.

Great advice, Hammy: "ignore your customers".

I think you'd clear more money as no-fee because people have an uneconomic aversion to paying a fee. Personally, I'd take $4000 with fee over $4500 no-fee any day. While most people can do the math of the advantage of the former for longer-than-1-year stays, many start with the assumption that they can do just as good price-wise no-fee or skip for-fee apt on principal.

"I also find it unfortunate that the crazies inhabit SE. I think if the moderators would block them from posting, this site would have an active community and become a touchstone for the NYC RE industry. The unprofessional posters are holding SE back from becoming a world class (and sellable) website.

I can't explain the SE owners' lack of foresight."

Let's just ignore these people. Eventually, they'll give up and move on to another site!

hammy, how many years have you been posting here?

needsadvice, have you rented the apartment yet?

jim_hones10
about 2 weeks ago hammy, how many years have you been posting here?

Has anyone else seen a post from "hammy" in the last two weeks?

@NYCREAgent: No.

@NYCREAgent: Still not rented.

Don't get me started. . .

That's too bad, especially as I am probably moving away from the city soon.

What did you end up asking for it?

NYCREAgent
about 4 hours ago
ignore this person
report abuse That's too bad, especially as I am probably moving away from the city soon.

because you are such a big success.

"That's too bad, especially as I am probably moving away from the city soon."

Why? Finally get sick of the city?

Not at all. Usually, when I hit a certain number, I sublet my apartment and get out of here for a while.

Not written in stone though, so if you'd like to work with me give me a call.

>Not written in stone though, so if you'd like to work with me give me a call.

That's what clients like to hear - commitment!

I was referring to my leaving the city.

4500 no fee higher base from which to jump rent for renewal. list on nybits or streeteasy -- no broker

I found the listing on StreetEasy after I did a reverse phone number search for the number you called me from. It's a nice place.