When searching for a New York City apartment, it’s important to enlist the help of a real estate agent or broker. This industry expert knows the ins and outs of the rental scene and can access off-market listings that you will not find yourself. However, it’s important to note that not all agents have the same specialties, and renters should work with the right expert to unlock additional opportunities.
Tips to Know Before Meeting Your Broker
This post is the second entry in our series on Tips to Know Before Meeting Your Broker in 2014. The series is based on our experiences shadowing several rental brokers in New York in late 2013. We learned a lot about the best – and worst – ways to work with brokers.
Tip #2: Work with the Right Expert
A great broker tirelessly applies his expertise to the thousands of new listings that go up in this city every day. A lousy one just wants to push you into an apartment ASAP and collect a check. But to win at the apartment search, you have to do more than weed through the scammers to find a legitimate broker; you have to find the right expert for you.
Most brokers will gladly help you with any kind of search, but the truth is they aren’t experts on everything—most have specialties. They might work best in particular neighborhoods, price ranges, or setups. (For example, a broker might do most of his business in two-bedrooms in the $3,000-4,000 range). If you’re looking for a budget studio in the East Village, even the most esteemed luxury expert isn’t the right fit for you.
Paying a Broker Fee
Remember that when you work with a real estate agent, you may have to pay their broker fee. This negotiable fee typically ranges from one month’s rent to 15% of the yearly rent. Sometimes, agents can help you find no-fee apartments, where you do not cover the cost of this fee. When you work with the right expert, this cost is worth finding a worthy apartment that you’ll live in for years to come.
We can help you find a great expert!
Our next tip: if you’re going to do it, do it — commit to the process of working with your broker. Want to play spoiler? Go see the whole list of tips!
Editor’s Note: We updated this article to enhance readability.
