Prospective tenants: Use an RE agent and pay 15% or use Craigslist???

Where on the UES? I'm looking to rent a 1br in Manhattan...

I went through a management company and didn't pay a fee...sometimes you can go through an agent and the landlord pays the fee.

Good for you, brainwashedconsumer. Glad to see landlords considering this route. I think 15% is a lot of money.

That said, I think my landlord preferred to use a broker as she did all the leg work. Photos. New York Times web ad. Appointments. Application. Screening for suitability, etc.

For rent by owner can be a win-win. But buyer and renter will probably have to work a bit harder.

Fakeestate, email me on creativesource1@gmail.com for info. So would you use an agent?

Julia - Yes I have heard of that option. But I was thinking of cutting the management company out altogether and marketing and showing the apartment myself as well as doing the credit check myself.
So far the agent shows the apartment out one day a week for a couple hours to other agents and once again on a Sunday to potential tenants. I think I can market the apartment on craigslist and reach a greater audience. What do you think?

what price range is the apartment in?

Why not try craigslist first? The biggest problem will be to cut through all the broker listings, but I think a renter would be thrilled to see your listing.

NYC10022 - I had it marketed for $3000 per month.

Amity95 - Is craigslist the main site people check for apartment rentals? Is that the only alternative if I was going to market and manage it myself?

BWC

I think you're right...when I looked at going thru a realtor all he did was tell me the key was with the doorman...I never met him..he held open houses so I ended up with a management company.

NY Times.

list on streeteasy? also - no fee listings?....

Is streeteasy already doing rentals? I heard they would very soon.

I meant non-broker listed rentals.

I haven't rented in NYC in almost 20 years, but when I did (back then) it was the NY Times. Now it seems that Craigslist would be easier. When we first moved back to NYC a few years ago, we looked at Craigslist and would have loved to have rented through it - but it was filled with broker listings. We almost did rent a place through a broker, but then just decided it was easier to buy a place instead (different broker than the rental broker). Ideally, Craigslist would eliminate all the broker listings, as they add absolutely nothing and definitely detract from the site (and almost make it useless).

Also, send out a mass email to all your friends, acquaintances, colleagues, etc. Chances are, someone on that list knows someone looking for an apartment. A lot still can get done by word-of-mouth, and email speeds that up.

I think The New York Times is a whole lot more professional than Craigslist. You can search by categories and characteristics. Unless Craigslist has changed a lot since I last used it (I did get a couple of sublets a few years ago) I would think that a New York Times listing - in addition to Craigslist - would be well worth the money. To me Craigslist is a bit of a data dump and would be used more by college kids just starting out than more established renters.

I agree with Topper. Definitely put it on Craigs, but also do something "traditional" like the Times. You don't want to miss baby boomers and other folks who may not be as familiar with Craigslist.

I tried to rent an apt on CL and it was rough. There are a lot of crazies out there and you never know what you are going to get. It is also time consuming and then there are people who make appts and don't show up for them. This is all in a day's work for a broker, but when you have your own job and then this on the side, it ends up getting old fast.

I am a landlord and I rent all my apartments onCL "BY OWNER" section by myself

Make an ad on Saturday, and repost it again on Mon or Tues for a Wed or Thurs open house. It takes an hour of your time. You will have multiple applications by the end of the week if you are priced right.

Good luck

(by the time the NYTimes prints your ad, the apt will likely be rented. I would try a week without it first)

I have enlisted the help of an agent but she has sent me a ocntract for me to sign. On signing this, it would mean that if I found a tenant via CLs or any other means (friends referrals), the tenant (or myself) would still have to pay the 15% deposit. I still have not signed it as I'm thinking about it.

How much does a private ad on the NY Times cost to place?

BWC

BCN--

Can't answer on the Times ad cost (should be easily found by calling the number on their website) but I will say you might want to try listing it yourself BEFORE signing anything with the RE agent; once you've signed you're stuck.

And be very careful about what you sign -- some of these contracts actually bind you to giving the exclusive agent a commission if you were to at some point down the road sell the apartment to anyone who viewed it with interest to rent during the broker's exclusive term. So, if your tenant loves the apartment and you eventually decide to sell to him, you're on the hook for a sales commission to the broker

Sorry, BCN ---> BWC

bwc, that is what they will try and get you to sign at first, but as an owner,you have a right to rent it by yourself and not pay them. This is what is called "negotiable".

There is a link right there on the front page of StreetEasy to post your rental? Just below the search box.

I've found every single apartment in NYC through Craigslist By Owner, and it's worked out really well every time. I think it's nice to have that personal connection with them right from the start, and it's even better when you hook up with them through a mutual acquaintance, so definitely as friends to spread the word that you have a property to rent!

er, definitely TELL friends..

I am now seriously thinking of managing it myself. Hassle it is, but most people these days who earn less than $150000 won't wanna pay 15% to an agent. Luckily I haven't signed anything with the agent yet.

BWC

And those who make more also don't want to pay either!

Prospective renters should push back very hard on brokers. Unless there's a broker on both sides, the renter should argue hard for 1 month max, especially if the listing is over $3000 and the renter is qualified. Lower end rentals are more commodity and the ability to negotiate will be harder.

For those prospective renters who are more balsey, and this is the perfect market to be balsey in, PLUS, this is the perfect time of year (now through March), push back even harder and have the owner pay the 1 month broker fee.

"PLUS, this is the perfect time of year (now through March), push back even harder and have the owner pay the 1 month broker fee."

Folks, brokers LOVE to have owners pay the fee. Not sure how you can push back on owners, though...

Oh - I'm a broker, if that's not obvious.

Tina24 - What does it matter to a broker who pays there 15% commision, as long as they get payed?
In these times owners and tenants don't want to pay anything extra if they don't have to. Thats why i am considering dropping my agent and using CL and the NY Times. I think I would get more viewings.

So, BWC, what did you decide to do?