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Why are buildings listing with brokers?

Started by now1225
over 16 years ago
Posts: 67
Member since: Sep 2008
Discussion about
I know this is going to sound horrible and brokers work hard for their money but I’m getting to really dislike them. (No offense Ali) I’m not sure why buildings deal with them. The last couple of weeks I have been looking at apartments. (This goes for buying a place to since we have been looking at buying a condo or co-op and have the same experience just with more zeros at the end of the amount.)... [more]
Response by spinnaker1
over 16 years ago
Posts: 1670
Member since: Jan 2008

Since you seem to be spinning your wheels, here's some advice. As you have noted, the rental broker market is rife with bait and switch tactics.

1. Only respond to adds with REAL addresses.

I would trust this add: http://www.streeteasy.com/nyc/rental/474819-coop-57-west-93rd-street-upper-west-side-new-york

more than I would trust this add: http://www.streeteasy.com/nyc/rental/480776-upper-west-side-upper-west-side-new-york

2. Be realistic with your price point. Don't fool yourself into believing you can get the deal of the century unless you have the time to dedicate to finding it.

3. There are many no-fee options now. NYbits.com is likely one of the best. Avoid the brokers altogether.

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Response by jason10006
over 16 years ago
Posts: 5257
Member since: Jan 2009

Some legitimate companies like Avalon and Rockrose are in fact working with brokers but beware - they will offer EITHER the renter a free month OR the broker a one month commission...SOME cases they will give the broker a one month finders fee AND you a free month, but generally you are going to hurt yourself if you go see a building that is regularly no-fee via a broker. Rockrose etc just need fricking warm bodies in their units is why.

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Response by cliff702
over 16 years ago
Posts: 182
Member since: Apr 2007

It took us exactly two broker experiences to catch on:
#1 - Found a listing near to where we were living and broker agreed to meet us there in 30 minutes.
In that 30 minutes, the landlord raised the rent and and it was no longer a no fee apartment.
#2 - Saw the listing, went to the office at the broker's request, her first words were "That one's already rented" and we got up and left.

In the RoseNYC building where we did rent (The Ellington) the "available" sign was in front, the doorman/concierge gave me the keys to available apartments and I could look at my leisure. But they only give out the keys 9-6 weekdays.

Archstone policy is no appointment needed.

Brodsky has been doing Sunday open houses in its west side buildings. That was OK too and the person showing was a rental office employee, not a commission broker.

We had three pleasant experiences yesterday with brokers in "open houses" in jazzy buildings, but we were looking at specific advertised apartments in each.

Spinnaker gives good advice!

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Response by jmkeenan
over 16 years ago
Posts: 178
Member since: Jan 2009

now1225 -- there have been a number of recent -- i.e. last 5 days threads on no-fee landlords. However, I don't think you will find find a true 2 bedroom that is at $2500 close to a subway in Manhattan below 96th street. 3k maybe, 2500, doubtful. most will be convertible (i.e. temp wall) 2 beds.

Follow Spinnaker's advice!

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Response by cliff702
over 16 years ago
Posts: 182
Member since: Apr 2007

Spinnaker: We like your comment "Be realistic with your price point." Our lease is ending and we think we might put an ad on Craigslist specifying what we want. So I checked last night to see what people might write in their "apartment wanted" ad and we found this one:

$2250 Seeking Luxury 2 bdrm apt (Midtown West)

Professional women seek an upscale 2 bedroom apartment in Midtown West (No Fee).

Must Have's (not negotiable):
-Midtown West
-2 bedroom (one must fit a king size bed)
-Granite kitchen with stainless steel appliances (full stove, dishwasher, fridge, and microwave)
-In-unit washer/dryer
-all utilities included
-Cable/Internet included
-hardwood floors throughout
-living room
-dining room
-marble bathroom
-abundant closet space/walk-in closet
-lots of light

Services needed:
-Concierge
-24 hr. Doorman
-Health club
-Valet
-Off-street parking

Additional features desired (not required)
-extra office room
-pets ok
-exposed brick
-outdoor space (balcony/rooftop deck)

If you have an apartment that fits all or the majority of the features above, please contact us. We are planning to move within 45 days.

Thank you.

I was amused! And imagine the chagrin of the landlord who chose Silestone or Quartz or Corian for his/her kitchen countertops and thereby missed a chance to get these tenants.

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Response by jmkeenan
over 16 years ago
Posts: 178
Member since: Jan 2009

Also, when you search Craigslist, you can put in "No brokers" or "no brokers please" when you search in the no fee section. I found 4 or 5 apartments in Hell's Kitchen that are under 2500/mo for a 2 bedroom (the pictures make these places look legit too).

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Response by StF62
over 16 years ago
Posts: 128
Member since: Jan 2009

Essentially, you can assume anything from Sh*tty Habitats is a lie. Perhaps they have a few good brokers, but I've never met one. The other brokers vary wildly in levels of competence - some truly earn their commission by finding hidden gems; this happens mostly in neighborhoods where they've built up relationships with small landlords, like some parts of brooklyn. Most are lazy and will waste your time. For big buildings that are run by management companies you're much better off going direct. you'll get the incentives yourself, and you'll get straight talk instead of florid exaggerations. (my last rental was from Brodsky, and they were totally straightforward and very competent. Wish they had something in Brooklyn.)
In this economy, rental agents are rapidly becoming less relevant. Unless you find one of the few good ones, you're much better off doing your own search.

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Response by jmkeenan
over 16 years ago
Posts: 178
Member since: Jan 2009

another technique is to google or search CL for the phone number in the ad -- then compare the ads to see if it is a brokers or not.

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Response by jazzmann
over 16 years ago
Posts: 1
Member since: Apr 2009

now1225 - To answer your question, "Why do buildings use them (brokers)?" They don't use them...you do. So the question should be...why do you use them? The buildings/landlords/management companies could care less if you come with a broker, a friend or your mother just as long as their units get rented. I take that back...they may care a little more these days if you show up with a broker because there are more landlords willing to pay broker fees for you. The thing is, these landlords haven't paid much in the past as far as advertising goes so it is almost impossible to find many good no fee apartments. If you want to find no fee apartments on your own you can go to either Nybits.com and search or SkipBrokers.com and have them set appointments at these buildings for you (both free). Either way you are right, if you know where to look then you are better off doing it on your own.

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Response by jason10006
over 16 years ago
Posts: 5257
Member since: Jan 2009

I disagree. REAL 2 bedrooms in Hells Kitchen for $2500? Not yet. But craiglist ads are generally legit if they are BY OWNER, not just "no fee."

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Response by cheerycherry
over 16 years ago
Posts: 2
Member since: Mar 2009

How is West 153rd Street considered Midtown West? I just registered with skipbrokers.com and already I don't have good feeling about this site. Thoughts? Anybody find this site helpful?

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Response by cheerycherry
over 16 years ago
Posts: 2
Member since: Mar 2009

okay, after poking around skipbrokers.com some more, i think this site has potential. however, i'm still seeing apartments in brooklyn, astoria, and upper upper manhattan listed in my manhattan filter. they need to do something about this.

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