Hi, I have been living in the same apartment for the past 2 years. Now my broker has informed me that he has listed the apartment for rent and if I want t stay, I have to pay the same fee as someone else would. How crazy is that. It is also definitely not i the best interest of the landlord as her apartment would be vacant for at least 1-2 weeks during renovations, assuming he can find someone... [more]
Hi,
I have been living in the same apartment for the past 2 years. Now my broker has informed me that he has listed the apartment for rent and if I want t stay, I have to pay the same fee as someone else would. How crazy is that. It is also definitely not i the best interest of the landlord as her apartment would be vacant for at least 1-2 weeks during renovations, assuming he can find someone fast. He is just not willing t give u on his rental fee so he is making me pay a $3500 renewal fee (1.2x month rent).
Is this legal? Should I write to REBNY to report him? I cannot get in touch with the landlord as I always send checks to the broker (and I am always paying on time!). I can however try to find where she lives from the other people in my building who know her...
Thanks for your help.
Best,
[less]
Response by jim_hones10
over 13 years ago
Posts: 3413
Member since: Jan 2010
it isn't a second home.
Ignored comment.
Unhide
Response by huntersburg
over 13 years ago
Posts: 11329
Member since: Nov 2010
vacant lot awaiting development?
Ignored comment.
Unhide
Response by inonada
over 13 years ago
Posts: 7934
Member since: Oct 2008
Go for it, hones.
Ignored comment.
Unhide
Response by alanhart
over 13 years ago
Posts: 12397
Member since: Feb 2007
It's the used car lot that his parents bought him when he was four and they could already tell how he'd turn out.
Ignored comment.
Unhide
Response by columbiacounty
over 13 years ago
Posts: 12708
Member since: Jan 2009
560sec
Ignored comment.
Unhide
Response by romary
over 13 years ago
Posts: 443
Member since: Aug 2008
move the keerist on.
Ignored comment.
Unhide
Response by jim_hones10
over 13 years ago
Posts: 3413
Member since: Jan 2010
The sec is a two door.
Ignored comment.
Unhide
Response by columbiacounty
over 13 years ago
Posts: 12708
Member since: Jan 2009
yes indeed. unless you're running a car service, why would you need more?
i had a 1984 amg modified. fantastic car as long as the pavement was dry and i was going in a straight line.
Ignored comment.
Unhide
Response by jim_hones10
over 13 years ago
Posts: 3413
Member since: Jan 2010
Because i have a child.
Ignored comment.
Unhide
Response by str33teasier
over 13 years ago
Posts: 374
Member since: Feb 2010
> I think in life it is worth knowing which battles to fight and which on'es not to. Unless you have some very strong attachment to this unit, I think it is time to move on. What you have is a bad relationship and even if you 'solve' this one, there will be more to come. This is nothing to do with the broker per say: in this deal the landlord and broker are in tandem and come as a package. It is not for you to know whether the broker is acting in the landlord's best interest - you have no idea what the landlord's circumstances are or the nature of the relationship. Maybe even the broker and landlord are spouses or business partners. There is a reason why the broker manages the unit and very likely the relationship between the landlord and broker/agent is far more important than that between the laandlord and a tenant who has been there only two years.
Take matsui's advice and get the hell out. There are plenty of fish to fry. Unless your apartment is printing Benjies, paying $3500 rent is it, to deal with this hassle is truly insanity.
Ignored comment.
Unhide
Response by str33teasier
over 13 years ago
Posts: 374
Member since: Feb 2010
> There is no way they are splitting it.
There is no way to tell now is there ?
Ignored comment.
Unhide
Response by str33teasier
over 13 years ago
Posts: 374
Member since: Feb 2010
> I think the mistake is that you are seeing the landlord's world the way you see yours - your worlds mmay actually be very different and 7000 USD may not matter as much to the landlord as you think it does.
Ding ding ding, to think the landlord is actually ON YOUR SIDE is a bet I wouldn't take, not in a million year! Go back to Matsui's original post of the "unknown" value placed in the landlord & broker relationship.
Ignored comment.
Unhide
Response by str33teasier
over 13 years ago
Posts: 374
Member since: Feb 2010
> Talk to a lawyer first and then do my best to talk to my landlord directly.
I will be surprise if talking to the landlord does anything but we shall see.
Ignored comment.
Unhide
Response by jason10006
over 13 years ago
Posts: 5257
Member since: Jan 2009
"I will be surprise if talking to the landlord does anything but we shall see."
I think most LL's would be PISSED about it.
Ignored comment.
Unhide
Response by deanc
over 13 years ago
Posts: 407
Member since: Jun 2006
so what was the outcome? what happened?
Ignored comment.
Unhide
Response by somewhereelse
over 13 years ago
Posts: 7435
Member since: Oct 2009
Why not share the broker's name?
Ignored comment.
Unhide
Response by pier45
over 13 years ago
Posts: 379
Member since: May 2009
I get the impression this is an isolated case of a broker abusing their agency over a property.
While the owner is a loser, they probably will never notice or care. The tenant stands to lose the most here.
Unfortunately the only way for a tenant to protect oneself is to never pay a fee thinking that it will enable them to stay past the initial lease term. Some think "oh well it's a $5k fee so if I stay 4 years it's only an extra $104 a month". But you only buy the right to one year, so you should be comparing it to a no-fee apartment costing $416/month more.
Ignored comment.
Unhide
Response by huntersburg
over 13 years ago
Posts: 11329
Member since: Nov 2010
>it's only an extra $104 a month
>you should be comparing it to a no-fee apartment costing $416/month
It's $5000. Why does it have to be compared to anything. $5000. Off of which there is no value whatsoever.
Ignored comment.
Unhide
Response by greasegum
over 13 years ago
Posts: 0
Member since: Aug 2012
I am going through an almost identical situation. The broker wants a $500 renewal fee. He says the owner is requiring all occupants to be on the lease. The worst part is, the broker wants to charge my roommate $1000 or vacate. This has me in a serious bind.
I basically said, look I will pay you a fee for processing the paperwork, but I don't think you are entitled to any "broker's fee" because you haven't since I moved in 2 years ago. We'll see how it all goes down. Anyway, good feeling that I'm not the only person facing this kind of abusive practice. Renters need to back each other up.
Ignored comment.
Unhide
Response by greasegum
over 13 years ago
Posts: 0
Member since: Aug 2012
Part of the issue is that there is allegedly a less than 1% vacancy rate for Manhattan apartments right now, so brokers aren't making fees. Some of the less scrupulous ones are looking for other ways to collect and this is one of them.
Ignored comment.
Unhide
Response by Aaron_Henry
over 13 years ago
Posts: 0
Member since: May 2012
Your best bet is to call the state 518 474 4429 it sounds like profiteering to me.
Ignored comment.
Unhide
Response by ora123
about 10 years ago
Posts: 3
Member since: Sep 2010
is it legal for a broker to charge a processing fee for a lease renewal? It is not a "commission" but it is a processing fee for renewing the lease - it is less than the fee I paid for processing last year when they actually had to run a credit report, review all my documentation, etc, and this year all they have to do is change the dates, add new amount, mail and move on. I think even this is abusive. I paid the broker a huge commission last year (a % of annual rent).
Ignored comment.
Unhide
Response by ora123
about 10 years ago
Posts: 3
Member since: Sep 2010
correction: It is more than the fee I paid last year.
Ignored comment.
Unhide
Response by milenkopekija
about 10 years ago
Posts: 15
Member since: Mar 2011
not sure if its legal , but it is very unethical. I am a broker and I know for a fact that most of my colleagues don't charge it
'/%3e%3c/g%3e%3c/svg%3e)
it isn't a second home.
vacant lot awaiting development?
Go for it, hones.
It's the used car lot that his parents bought him when he was four and they could already tell how he'd turn out.
560sec
move the keerist on.
The sec is a two door.
yes indeed. unless you're running a car service, why would you need more?
i had a 1984 amg modified. fantastic car as long as the pavement was dry and i was going in a straight line.
Because i have a child.
> I think in life it is worth knowing which battles to fight and which on'es not to. Unless you have some very strong attachment to this unit, I think it is time to move on. What you have is a bad relationship and even if you 'solve' this one, there will be more to come. This is nothing to do with the broker per say: in this deal the landlord and broker are in tandem and come as a package. It is not for you to know whether the broker is acting in the landlord's best interest - you have no idea what the landlord's circumstances are or the nature of the relationship. Maybe even the broker and landlord are spouses or business partners. There is a reason why the broker manages the unit and very likely the relationship between the landlord and broker/agent is far more important than that between the laandlord and a tenant who has been there only two years.
Take matsui's advice and get the hell out. There are plenty of fish to fry. Unless your apartment is printing Benjies, paying $3500 rent is it, to deal with this hassle is truly insanity.
> There is no way they are splitting it.
There is no way to tell now is there ?
> I think the mistake is that you are seeing the landlord's world the way you see yours - your worlds mmay actually be very different and 7000 USD may not matter as much to the landlord as you think it does.
Ding ding ding, to think the landlord is actually ON YOUR SIDE is a bet I wouldn't take, not in a million year! Go back to Matsui's original post of the "unknown" value placed in the landlord & broker relationship.
> Talk to a lawyer first and then do my best to talk to my landlord directly.
I will be surprise if talking to the landlord does anything but we shall see.
"I will be surprise if talking to the landlord does anything but we shall see."
I think most LL's would be PISSED about it.
so what was the outcome? what happened?
Why not share the broker's name?
I get the impression this is an isolated case of a broker abusing their agency over a property.
While the owner is a loser, they probably will never notice or care. The tenant stands to lose the most here.
Unfortunately the only way for a tenant to protect oneself is to never pay a fee thinking that it will enable them to stay past the initial lease term. Some think "oh well it's a $5k fee so if I stay 4 years it's only an extra $104 a month". But you only buy the right to one year, so you should be comparing it to a no-fee apartment costing $416/month more.
>it's only an extra $104 a month
>you should be comparing it to a no-fee apartment costing $416/month
It's $5000. Why does it have to be compared to anything. $5000. Off of which there is no value whatsoever.
I am going through an almost identical situation. The broker wants a $500 renewal fee. He says the owner is requiring all occupants to be on the lease. The worst part is, the broker wants to charge my roommate $1000 or vacate. This has me in a serious bind.
I basically said, look I will pay you a fee for processing the paperwork, but I don't think you are entitled to any "broker's fee" because you haven't since I moved in 2 years ago. We'll see how it all goes down. Anyway, good feeling that I'm not the only person facing this kind of abusive practice. Renters need to back each other up.
Part of the issue is that there is allegedly a less than 1% vacancy rate for Manhattan apartments right now, so brokers aren't making fees. Some of the less scrupulous ones are looking for other ways to collect and this is one of them.
Your best bet is to call the state 518 474 4429 it sounds like profiteering to me.
is it legal for a broker to charge a processing fee for a lease renewal? It is not a "commission" but it is a processing fee for renewing the lease - it is less than the fee I paid for processing last year when they actually had to run a credit report, review all my documentation, etc, and this year all they have to do is change the dates, add new amount, mail and move on. I think even this is abusive. I paid the broker a huge commission last year (a % of annual rent).
correction: It is more than the fee I paid last year.
not sure if its legal , but it is very unethical. I am a broker and I know for a fact that most of my colleagues don't charge it