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]
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.) I have looked at hundreds of apartments with tons of different brokers. I answered probably a hundred ads for 2 bedroom apartments for under 2,500. (I’ll admit I’m asking a lot but that’s what the ads say) Then the brokers contact me and tell me these are really 1 bedrooms. Fine I say and go look at the places. Well turns out none of the places are 1 bedrooms their all studios. Worst part every broker thinks it makes sense to show the most beautiful building way out of my price point first. This results in tainting all the other apartments I see that day. When a broker shows you this perfect building you notice every fault in all the other buildings. You also start thinking maybe I can live in a tiny studio and pay the extra couple of hundred of dollars (that I so can’t afford) even though I need a two bedroom. Then you take a step back from the situation and realize I just waste my day and accomplished nothing. I can’t get that little studio in the over priced perfect building and that’s the only building I remember. I saw ten or fifteen buildings and only remember one. Also the brokers are advertising and saying to you that the rent is 2,300 and 3 months free. Then eventually you find out the rent is 2,550 with 3 months free. Their advertising the net effective rent as the real rent. Also almost every single building I’ve gone to look at with brokers we had to wait 5 to 45 minutes for someone from the building to show us around. If the buildings are going to have people escort the broker and their client around why not just eliminate the broker. Also the buildings that will let the broker just do their thing don’t give keys to different parts of the building. So you’re forced to look through windows to see the lounge or wait for someone to come out of the gym to get inside it. Again sorry to offend all you brokers out there but please why are you wasting my time and since I’m forced to get a babysitter (to view apartments from 11am to 5pm every weekend) my money. Why do buildings use them? The brokers don’t screen in fact they bring people to view your buildings that can’t afford to live in them since they lie in all their postings. Why would these building want all these people who can’t afford to live there wondering around there building? Don’t the tenants get mad that there are a hundred strangers in their building every weekend? [less]
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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.
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.
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!
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!
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.
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).
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.
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.
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.
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."
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?
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.