Talk: Rentals: Discussing 'Negotiating rent'
 

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41 comments
about 2 weeks ago

Is there advantage to using a broker to find a rental? Is there generally room to negotiate off published rental rates? Thanks!

about 2 weeks ago

hurting

There is an advantage to using a broker especially now where many brokers can show you "NO FEE units!

The owners are paying many broker fees these days, so yes the upside it costs you nothing and you get an educated opinion!

As far as negotiating, brokers are better at what they do best, negotiating deals!

about 2 weeks ago

Fayek is a broker.

nybits.com.

about 2 weeks ago

In my experience you loose your negotiating power if you have a broker. The landlord has to pay the broker these days, and is not willing to do any deals. (Which I understand: he just paid somebody to bring a renter, why now giving money to the renter to convince him to move in?

about 2 weeks ago

stevejhx

Yes Faye is a Broker!

And Brokers are good at negotiating especially when the unit is a NO FEE rental!

about 2 weeks ago

You can either get the broker paid by the owner, or you can get a 1 month free with no broker. Does it cost you anything to have a broker? yes, 1 month free.

about 2 weeks ago

You mean there's no free lunch?

about 2 weeks ago

As an owner who lists my apartments (4-5 story walkups Houston-96th Street) myself on Craigslist StreetEasy and NYbits, I expect competent people are able to find me on their own, and it is better for myself and my tenants for us to find each other directly.

I MUCH rather deal/negotiate, not to mention start a tenant relationship with someone directly, rather than with a 3rd party who is out for their own interests.

Whenever a 3rd party is introduced, there is another mouth to feed. Many people do not realize this is also major advantage of owners who manage their own buildings.

about 2 weeks ago

Any sense as to which of these three sites is the best for "real" no-fee rentals, MAV?

about 2 weeks ago

I am a broker and here are the advantages of using and not using a GOOD broker. There are certain management companies (Pan Am and others) who only rent their apartments through brokers, a good broker who spends lots of time in an area will often know of apartmetns that have not yet hit the market (under construction) that maybe of good value , 301 East 38'th comes to mind-decent doorman one bedroom for $2000. You will not have access to most condo's and co-ops where the inadividual owner is using a broker to represent his property. A good broker will also let you know that even in condos there may be no fee apartments (The Corithian) because the sponsor is paying the broker fee. In addition, landlords will occasionally throw out very short term aggresive incentives if they have high vacancy- a good broker will direct you to those deals. If you choose to do it on your own you can expect to spend 3 to 5 days searching and viewing -with a really good broker 3 to 5 hours. In addition, what the landlord above does not mention is the fact that every management company has different requirenments-does the landlord take multiple applications? If so you could be told by the landlord that the apartment is availible only to find out that you are third in line, does the mangement company require the tenant to have a years rent in the bank? (ie Manhattan Skyline) The short answer is that if you go on your own you will take much more time to see much less property-is it possible to save the month's fee that the landlord is paying the broker, absolutely? But it is just as likely that you will be making that decision on limited information.

about 2 weeks ago

What a crock of shit. Anyone who uses a broker to find an apt to rent is a complete moron - you're throwing away a month of free rent and you have someone negotiating for you whose only interest is to get a deal done rather than get you the lowest rent.

about 2 weeks ago

Topper -if there is no address in the ad-don't respond.

about 2 weeks ago

I am currently working on NO FEE plus two FREE months on a one year lease and FIVE FREE months on 2 yr lease in Downtown Brooklyn......yes these are unprecedented times!

about 2 weeks ago

"Any sense as to which of these three sites is the best for "real" no-fee rentals, MAV?"

I would say that SE is the best, as you can not only clearly search for "NO FEE", but SE will also remove fake/bait-n-switch ads. At least that is what they have told me.
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"In addition, what the landlord above does not mention is the fact that every management company has different requirenments-does the landlord take multiple applications? If so you could be told by the landlord that the apartment is availible only to find out that you are third in line,"

Funny how you think this way, as I think I would know much better if an applicant has been accepted yet than a broker, or more likely a chain of brokers would. I have brokers call me all the time with a client interested in something which has already been rented. With a broker who doesn't know, you will waste your time seeing it and filling out an application when I have already had a lease signing and have taken it off of the market.
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"The short answer is that if you go on your own you will take much more time to see much less property-is it possible to save the month's fee that the landlord is paying the broker, absolutely?"

That may be how you see it (or want people to think), but don't forget about all of that time brokers waste showing people apartments which are not what they have asked to see. Also, contrary to what you want the world to believe, not all landlords are paying broker fees. Some of us still rent out our own apartments at no fee to anyone.... btw, spell check much?

about 2 weeks ago

fayek, i'm sure if an individual found the place on their own, they would get no fee, plus 3 free months on a 1yr lease, and 6 free months on a 2yr lease.

about 2 weeks ago

streakeasy

you are wrong on this particular developement! The FREE rent is the same wether you go it alone or with a broker! The owner pays the FEE on these units!

about 2 weeks ago

Thanks, MAV.

If a landlord pays the fee, do they typically get a lower fee than if the individual pays the fee?

about 2 weeks ago

Interesting. I did a search in my neighborhood. 75% were fee and 25% were no-fee. So going the no-fee route does reduce my universe considerably.

I'm guessing a lot of the no-fee apartments have the fee paid by the landlord. In that case, he will presumably increase his effective price to offset the cost.

Seems to me the key is to find no-fee apartments were you're dealing directly with the landlord. That probably requires a bit more leg work - like where Steve just walked into an apartment building and asked if they had rentals - but it could be well worth it.

about 2 weeks ago

Brokers usually get less of a fee from owners b/c of the volume (renting more than 1 apartment) they provide, and b/c there are always brokers who will do it for less....

Owners usually pay a month fee to brokers when used, not 15% or whatever crazy number it is this year

about 2 weeks ago

You know your stuff, MAV. Thanks!

about 2 weeks ago

Why would anyone pay a two-month fee for a two-year lease? Is there any possibility a theoretical new one-year lease done in a year would rise 8% and thus make the fee worth it to the lessor? Plus the impact of the lack of flexibility a two-year lease gets you into?

about 2 weeks ago

Hey Mav-what should Hunter do if he wants to rent a Pan Am at , Jennifer Towers (they have hundreds of apartments) flex 2 for $2400? What should Hunter do if he wants to rent in a condo or co-op? How is Hunter going to know which apartments are the best values right now and why? How is Hunter going to know which lines in which buildings face which way, which apartments are noisy, which supers are creepy and corrupt, which management companies are negotiating rent and how much? I don't know what types of brokers you are dealing with-but do you really think that I would waste my time bringing people to apartments that don't fit their needs? Every ad I have ever run has the address and actual pictures. I have seen thousands of apartments and gotten hundreds and hundreds of client’s apartments in a couple of hours. (I am actually currently working on a website listing reviews, addresses , price ranges of EVERY rental building in Murray Hill/Kips Bay for FREE).Do you really think that New York landlords have the tenant’s interest foremost in their minds? What about clients whose firms are paying the fees? Do you really think that Rivergate is going to tell every person who calls that they need a years rent in the bank to qualify? As far as being an idiot for using a broker-go ahead, spend 3 or 4 hours a day on the internet chasing down bullshit ads, run up to 58’th get keys and run down town to try and get in when they don’t work, show up for Abington Open Houses only to be told they did not update their website. There is time and then there is money-the vast majority of working professionals recognize that their 3 or 5 days of running around trying to save (maybe) a free month is a fool’s errand, and have long ago formulated a professional working relationship with an honest, knowledgeable broker. Yes if your time is so worth much-knock yourself out, but if you value it-find a great broker and stick with them.

about 2 weeks ago

didn't use a broker and found a great space. not sure what a broker would have added to my search.

about 2 weeks ago

skip broker -- keep free rent for yourself -- neg 1 - 3 moths -- enjoy!

about 2 weeks ago

reprinted -

AVOID BROKERS AND THEIR FEES - GO DIRECTLY TO THE SOURCE OF YOUR RENTAL NEEDS. BROKERS TEND TO TAKE YOU TO SEE THESE NO-FEE APARTMENTS FIRST AS THEY EARN 100% OF YOUR 15% BROKER'S FEE. HUSH...HUSH... THEY WILL NOT TELL YOU IT'S A NO-FEE RENTAL PROPERTY :( NOR WILL THEY REPRESENT THAT PRIOR TO SEEING THE APARTMENT. SO IF YOU NEED TO RENT, CHECK OUT THE RENTAL PROPERTY MANAGEMENT WEBSITES AND CALL THEM FOR UPDATED LISTINGS. SAVE YOURSELF THAT 15% TO BUY YOURSELF NEW FURNITURE OR HAVE A MOVE-IN WELCOME PARTY FOR FRIENDS AND FAMILY. PLUS FREE RENT IS NOW COMMON -- 1 - 2 months!!!

Excellent “BIG-TIME” Manhattan Rental Property Management:

Rose (www rosenyc com)
Related Rentals (www relatedrentals com)
Equity Residental (www eqr com)
Rockrose Management (www rockrosenyc com) [mostly chelsea, village, financial district, downtown condos]
Sky Management (www skymanagement com)
Glenwood Managment (www glenwoodnyc com)
BLDG Management Co. 115 E 92nd St New York, NY 10128 (212) 722-4931
Brodsky Management, Inc (www brodskyorg com)
Maclowe Management (www macklowe com) [condos below 60th street]
Urban Associates – 400 W 59th St # 3, New York, NY (212) 245-1870

about 2 weeks ago

Just to respond to some of the pro Broker people here... This is my first time searching for an apartment in Manhattan. Since my company is covering some of the Broker costs, I decided to reach out to two brokers, along with doing my own searches. I've been pretty detailed in what I'm looking for and the price I want to spend (letting them know that I understand one can't get everything... but, at least one can ask).

So far, I haven't been impressed with the Broker experience. Instead of sticking my preferred prices and areas, I keep receiving e-mails about places that are above what I want to spend, or outside of the area I want to live, or, are the same properties that I found searching StreetEasy. (to be fair, one of the Brokers seems to be learning with feedback, so that, I guess is good.) Hopefully, my expereince and view will change... but, so far this has been my experience with two Brokers (both that have been in the business for a long time).

Another quick gripe. Even if the Broker manages to do everything for you... 15% of yearly rent is crazy! Even at 8% or less.... I mean, come on. That's like 2 weeks or more of salary (before tax) for many people. Do Brokers really perform that worthwhile of a service to justify getting $2,000 - $8,000 out of each client, just for performing a search? I guess, if one has the money, great. But for us that care about our pennies, there really needs to be a better way, or a more "fair" process for both the Broker and Renter.

about 2 weeks ago

Bigapple: Thankfully for you, the world, and Manhattan will always be full of people who need your services, or who get them paid for by employers. Congrats, you have yourself a sub-market. For most people that 15% is a major chunk of their income, and something that is not budgeted in. Most people will see what management companies are negotiable by trying to negotiate with them after they have seen an apartment they like.

I don't deal with any brokers, but that does not stop them from cold calling me with the same old tricks I have been hearing for years, and I hear (horror) stories of renters who started their searches with brokers, just to be lead all around the city wasting their time. You seam to have your niche cut out of people who can easily dispose of thousands of dollars, but you are foolish if you think that is how most people operate.

btw, I have had several people who's firms have been willing to pay a fee rent from me. My new tenants really appreciated taking half of that $, as did I

I wish you luck, there is room for all kinds in this city....

about 2 weeks ago

oh, and you find out which way an apartment is facing by reading an ad and if it does not say, there is usualy an email link or phone number to ask questions.

and all supers are corrupt.

about 2 weeks ago

How about using the good old NY times? I have done searches on streeteasy, where the searches did not bring up all available apts according to the search.

I also think that we have to remember that some owners of rental properties use brokers since they are out of town and can not show properties. I am one myself.

about 2 weeks ago

Hey Mav -we should go out and have a cold beer someday. Luckily, we live in the greatest city in the world and there will always be people looking to save time by using professionals to do the thing that they don't have the time and expertise to do. (Dog walkers anybody?)

about 2 weeks ago

Keeps you working BA2.

about 2 weeks ago

The unfortuante truth is that there is no one online source of all available rentals in Manhattan. The information is mostly outdated,partial, not accurate and static. Until every single owner in Manhattan has live updates daily with all pictures, floorplans, deals, prices and application processes-you have two choices. 1. Do some research online, put on a comfortable pair of shoes and pound the pavement until you find what you want or 2. Find abroker who specializes in the area you want to live in and use their services with the landlord paying the fee often.

PS You should read the book FREE-is google really free?

about 2 weeks ago

Bigapple

My thoughts exactly!

about 2 weeks ago

bigapple: the problem with that is that finding a broker that won't waste your time (e.g. making you pound the pavement along to pick up keys to apartments that don't satisfy the minimum requirements that you stated clearly) is often harder than doing what you describe in 1.

about 2 weeks ago

adding to the list that manhattanfox posted:

www tfcornerstone com (used to be part of rockrose)

about 2 weeks ago

Beam-I completely agree. I would recommend the following to weed out the lousy brokers.

1. Only respond to ads with addresses.
2. Ask them what area they specialize in?
3. Ask them for referral letters.
4. Tell them exactly what you are looking for in terms of price, size, and location, move in dates, building amenities and apartment renovations and ask them for suggestions.
5. Ask your friends if they have used anyone they like.
6. Ask them how long they have been in the business.

Good Luck

about 2 weeks ago

i would like any non broker to get the leasing manager for pan am/manocherian/bldg etc an application on their blackberry right now. i can. and that is why if you are not using a broker you are losing out.

about 2 weeks ago

brokers are not worth it -- i went directly to the sponsor/landlord -- I was shown 10-- units not listed anywhere and given free rent.. SKIP the broker -- there are MANY vacancies -- keep your own money!

i went to bldg I liked -- ask doorman -- do not get suckered by a broker who wants a fee (paid for by either side is still out of your pocket!)

about 2 weeks ago

BA2 --

Why don't we put you to the test. In 5 minutes using SE NYBits, I found 233 listing on SE and 112 on NYBits for Murray Hill Kips Bay -- all NO FEE Apartments.

So, lemme understand you -- you have some kind of untapped pool of rentals that are at a better price than all these listings?

Come on BA2, let's have a post off -- let's see what you can produce and I'll see what I can match. Since you're a Murray Hill expert, let's stick to that hood. Feel free to give us links to your CL ads with full address information.

11 days ago

"i would like any non broker to get the leasing manager for pan am/manocherian/bldg etc an application on their blackberry right now. i can. and that is why if you are not using a broker you are losing out."

So, what' your $ecret? How much do they want per apartment? Seams phishy to me that they would not rent an apartment directly to a qualified renter...

11 days ago

parasites.

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