nofee vs. fee bait and switch
Started by WestnewbietoNYC
almost 11 years ago
Posts: 1
Member since: Dec 2014
Discussion about
I am new to this fee broker world and so far what I see makes me want to pack my bags and leave NYC. All I want is a place to live! We were shown an no fee apartment and the same night submitted our application. The next day the agent calls us to tell us the landlord switched to pay only half the fee; however, he agreed to continue processing our application and of course charged us application... [more]
I am new to this fee broker world and so far what I see makes me want to pack my bags and leave NYC. All I want is a place to live! We were shown an no fee apartment and the same night submitted our application. The next day the agent calls us to tell us the landlord switched to pay only half the fee; however, he agreed to continue processing our application and of course charged us application fee. Because the whole thing smells fishy to me at this point because no deposit was taken and have a hard time believing he is going eat the fee. So I googled the apartment again and noticed it was relisted by a different broker charging a one month broker fee. When I googled I found the name of the management company of the apartment building and they also own 6 other buildings in the area, but when I tried to call direct then number has been disconnected. This is a large 6 story apartment building so people live there - thoughts to what is going on. Are we out our application fee and just keep looking?? [less]
Yes. Interview a few brokers by phone and stick with one. You should just pay the fee because they will find you an apartment and in the end, it's worth it. Besides, if the owner pay the fee or any part of the fee, he makes up for it by charging a higher rent.
Hammy gave the worst advice, and honestly sounds like a broker, in my 4+ years living in NYC, I've found that they can act like the scum of the earth and wish the entire industry was regulated more closely. In the future, stop by the building and try to chat with one of the residents if you can, it's a big plus if you can get them to give you the number they use for the super or management and call yourself. Most times, if a broker is only charging one month's fee, it could have the potential of being a no-fee building, as 15% or higher is typical with more exclusive listings. I currently live in a no-fee building and see tons of realtors showing the units, unbeknownst to the renters. If you can build good relationships in your neighborhood and get the lay of the land, it will be easier to avoid a broker for your next apartment. I wish you luck.