Rental broker fees paid by landlord

In the current rental market, it is not very likely a landlord will pick up any part of the fee. Things are pretty tight inventory-wise, although it has softened a bit since the peak of June & July. If you have some flexibility with a moving date, you might want to sit tight until the late fall-winter (after Thanksgiving through January/February), when the pace of rentals slows considerably and a landlord might be more inclined to pick up half or all of the fee rather than let his or her apartment sit on the market for a few months...

Rents are coming down, very quickly. In my Dumpy Rental they are down 20% from the July peak. In other buildings that I follow on nybits, we are revisiting rents from 7 years ago, and inventories are extremely high.

That said, landlords are now getting greedy and trying to squeeze current renters, hoping that they will pay the increased rent rather than move. But it's not working....

Al_Assad
about 11 hours ago
ignore this person
report abuse I remember when the market was very bad, post 9-11, some broker commissions on rentals were being split, or picked up entirely, by the lessor/landlord. How often does that happen in today's market? We're thinking of renting a 2BR near central park in the $6-7K/month range, but the idea of paying $12K to some numbskull broker isn't very appealling to me. Yes, I know there are "no fee" listings, but the ones we've seen tend to be all-rental bldgs on the Hudson. We're looking to rent a nice condo unit a block or two from Central Park. Those seem to all be broker-fee listings. How likely is it that the LL would pick up half the fee?

"numbskull broker" hey, how many professions can you get paid $12k just for "opening a door"

i'd say everyone else is a numbskull.

stevejhx
1 minute ago
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report abuse Rents are coming down, very quickly. In my Dumpy Rental they are down 20% from the July peak. In other buildings that I follow on nybits, we are revisiting rents from 7 years ago, and inventories are extremely high.

That said, landlords are now getting greedy and trying to squeeze current renters, hoping that they will pay the increased rent rather than move. But it's not working....

Really? Rents are falling quickly?

@Al Assad: I'm interested to hear how you came to that price for a rental. I am suspecting that my place (in exactly that neighborhood) is priced too low and people think there is "something wrong" with it.

I was considering raising the price and then adding "no fee" but was talked out of that by this board. Now I think it is too low for a 2 bed.

You might consider that these days, "no fee" means the rent is raised to cover this extra expense for the landlord.

There are plenty of smaller owners and individual unit owners who will rent their units themselves, so no one has to pay any fees.

You might have to look harder, and obviously you will not be the only one looking , but they are out there...

Maybe though, getting access to some of them is what some __________ broker will do for you for their $$$$/

NO FEE does not always mean its higher rent to make up for it, but that is what EVERY broker wants you to think...

Nybits.com. Great no-fee rentals, professionally managed buildings.

Steve,

I think you're in the Ellington. One bedrooms at about $3500 and two bedrooms at $4500. Correct? That is down 20% from the "July peak?"

Al_Assad, have you considered using the inonada approach? According to inonada, there must be 99 similar apartments to the one you are looking at, and eventually you can get that $6-$7k down to something more attractive by using phrases like this "hey buddy" and "you don't want to get on my shitlist". ... should work like a charm.

needsadvice, you should change your name to "accepts bad advice". i told you to pay the fee so that uour renewal could be based on the hiher number.

@needsadvice: I haven't done a lot of research, so please don't base your pricing decisions on me. I've been out of the rental market for some time. I was just throwing up a number. there are many, many more folks on this board (most of them, actually) who would be a better reference point.

" but the idea of paying $12K to some numbskull broker isn't very appealling to me"

Find a broker who's not a numbskull! lol ;-)

My advice to you is to seek for-fee apts because they are under-priced specifically because of mass aversion to paying a broker fee. I also suggest you go in w/o a broker so that the exclusive broker gets a one-sided fee from you. That will incentivize the broker to push hard on the owner to accept your offer. Somewhere after the initial step in negotiations, request that the broker give you a 12% corporate rate, which should be pretty automatic.

It's all a game of expected outcomes. Will you be there, say, 3 years? Then the fee is 4% of your average rent. Needadvice here would have listed her place no-fee at a 12.5% higher price. Similarly, I'd guess you can do something like $200-400 better on your $6-7K rent by having the exclusive broker push hard on the owner to accept your lower offer.

make sure you take inonada's advice. say shitlist a few times and the broker will capitulate.......actually id rather the tenant be broker represented,split the fee, do less work and move on.

Ionada - thanks.

al-assaad-assassin-

please do not insult real estate brokers-there are "numbskulls" in every profession. thanks.

As Assad: Why don't you try some of the managed buildings in the area. Glenwood in Lincoln Center. The Corner. You might also check with the doorman at The Harrison and let him know you are looking to rent in the building. There are many owners there who rent their apts. Perhaps the doorman will know of someone. There are other buildings. If you don't want to pay a broker, you are going to have to do some work.

And I don't recognize the name realtyholdings being on this board before but I do wish he/she would remove their very ignorant self from this board permanently. jim hones is a known racist troll which is why he is greyed out.

>As Assad: Why don't you try some of the managed buildings in the area. Glenwood in Lincoln Center. The Corner.

Didn't apt23 come to the absolute conclusion 18 months ago that The Corner was a bad building:
http://streeteasy.com/nyc/talk/discussion/18435-the-corner
apt23
about 18 months ago
"This company has zero marketing skills. Makes you wonder how they are going to serve their tenants when they can't even serve their own best interests."

>And I don't recognize the name realtyholdings being on this board before but I do wish he/she would remove their very ignorant self from this board permanently. jim hones is a known racist troll which is why he is greyed out.

w67thstreet greyed out - what is your view on the reason there? Because he's funny?

"remove their very ignorant self from this board permenantly?" so the op can call agents numbskulls, and that is ok,but realtyholdings states there are numbskulls in every professionand he should be banned? you should be banned you intolerant twat.

"I also suggest you go in w/o a broker so that the exclusive broker gets a one-sided fee from you. "

Confirming this point, I recently heard of a situation where the broker essentially sabatoged a deal so as to get a one-sided deal from someone else instead. Less money in the owner's pocket at the end of the day.

Renters should really take advantage of any signs of weekness in this environment. If you see a rental that you like that has a fee and has been on the mkt awhile (and especially if it's getting near the start of the next month) then tell the broker that you want to LL to pay the fee, or at least half of it.

We need to move away from the renter paying these fees. 15%?! 12?! 1 month?! How about $0.00

During the "great recession," I was able to get one month free and even got the broker to rebate some of his commmission to me. That's how desparate the broker was to get the deal done.

Needs advice - I'm looking for UWS 2br no-fee rental near the park. How can I contact you offline?

@FreebirdNYC; It's furnished but I might be willing to consider removing the furniture for a long enough lease. Is that what you're looking for?

no_slogan
about 6 hours ago
ignore this person
report abuse Renters should really take advantage of any signs of weekness in this environment. If you see a rental that you like that has a fee and has been on the mkt awhile (and especially if it's getting near the start of the next month) then tell the broker that you want to LL to pay the fee, or at least half of it.

We need to move away from the renter paying these fees. 15%?! 12?! 1 month?! How about $0.00

During the "great recession," I was able to get one month free and even got the broker to rebate some of his commmission to me. That's how desparate the broker was to get the deal done.

the ironic thing about the market being so bad for sales is that it is increasing demand for rentals all across the board. so no, PIG, you will not be getting a discounted fee very often, especially for good properties. if you don't like it, i hear there are great rental buildings in riverdale.

Prefer unfurnished 12 mth. Whats your email

If you don't want to pay a Brokers fee, then you should look for no fee apartment. You can talk to the listing broker and see if they will negotiate their fee. Many people don't understand that when a broker lists the property, they have a lot of expenses. Advertising, staging, consulting, answering calls and e-mails. They have to be always on call weekday or weekends. If they can't they have to hire assistants. A lot goes to into renting and selling. People resent real estate brokers because they think they don't work for their money.
I did not like real estate brokers but now that I have been in walked a path I understand clearly what they go through.