Finding a home in NYC is tough at the best of times, but right now, it can almost seem impossible. Rents are at a record high, and the housing market is tough right now. While there are resources out there to find apartments on your own, hiring a real estate agent can help the process a lot. Agents are experts at navigating the murky waters of real estate, especially in tumultuous times. Depending on your situation, having an agent in your corner could mean the difference between living the NYC high life or renting out a closet with a microwave in it.
Benefits of Hiring an Agent
Real Estate agents are great at gathering information and forming relationships with property owners. Once you tell an agent what amenities you’re looking for, what your budget is, and what your financial situation looks like (credit score, proof of employment, etc.), they will be able to narrow down your search, so you aren’t just aimlessly looking for homes on the internet. This is especially true if you simply don’t have the time to look for homes on your own. Agents can save you that time you’d otherwise lose, especially if you’re an out-of-towner. Agents can visit homes and neighborhoods for you if you can’t be in the city yourself. Great agents can find you a terrific apartment that will meet your needs.
Additionally, real estate agents usually have a wide network that they can tap into. If you’re on your own, you’ll usually just have to take whatever you find. With an agent, however, they can seek apartments in a much wider range, meaning the variety of apartments you’ll view will be much greater. This network will also be useful for finding buildings with little to no violations, good neighbors, and landlords who can be trusted not to raise rates too high when it comes time to renew your lease. Finding apartments on your own means that investigating these things will be infinitely harder.
Is Hiring a Real Estate Agent Expensive?
Nothing in this life is free, and that includes real estate agents. That said, hiring one has a very good chance of saving you money in the long run. Agents can find the best rental deals around, so you’ll get more bang for your buck. Many agents work, specifically for no-fee apartment buildings, meaning that a broker/ agent fee will be paid by the landlord rather than by you. They are also very well acquainted with the Housing Security and Tenant Protection Act, which means they’ll know a ton of useful info, like how application fees legally have to be waived if you provide the landlord with a background and credit check within the last 30 days.
For agents who represent the renter directly rather than the landlord, there will be an agreed-upon fee that you will have to pay once you get the apartment. The usual rate is usually the equivalent of one month’s rent. A fee of anywhere from 10%-15% of the annual rent is also common. Either way, the fee is worth it for the number of services they will be providing you, especially if they find your dream home.
What Should I Know Before Contacting an Agent?
Real estate agents can make the process of finding a home easier, but there are things you will need to know and have before you contact an agent. First, know your budget. Rent in the city is sky high right now, so having a firm budget will help you avoid properties that you have no hope of affording. Once you know your budget, figure out the amenities you want. Do you need a gym or a pool in your building? Or are you fine with just a laundry room and an elevator? Additionally, you’ll need to know what neighborhoods you want to live in. Some neighborhoods will be more expensive than others, so knowing which ones you want will help your agent find apartments that will meet your goals.
Once you have a budget and a wish list, it’s time to gather your paperwork. When renting a property, landlords usually require proof of employment (or proof you can pay by some other means like a guarantor) and a credit score. Some places even require a reference from a past landlord or roommates. Gathering all of this ahead of time will be very helpful to your agent, as they can use it when negotiating with the landlord of the apartment you want.
Things To Avoid When Selecting an Agent
When selecting an agent, you’ll ideally want someone with a few years of experience, as well as good reviews. Every agent has to have their first commission from someone. However, they will usually have experience from working with other agents who work at their brokerage. What you don’t want is a fresh face trying to go on a solo mission. Experienced agents will have formed relationships with landlords and know the city inside and out.
Additionally, it’s important to seek an agent that works for a brokerage. There are independent agents out there. However, their network may be smaller as compared to an agent who works for a brokerage. This means that you’re less likely to get what you want when you work with an independent agent. Remember, you’re seeking a property that you’ll live in for years. That last thing you want is a bad apartment in a horrible building because the agent you hired didn’t do their due diligence.
Conclusion
It is totally possible to find a home without an agent. If you just want to sublet a room, then you can usually rely on social media for that. However, if you, or a group of you, are seeking an apartment to rent for several years, finding an agent is the right way to go. Their network and expertise will make finding a home incredibly easy and might not even cost you anything extra if you’re getting a no fee apartment. Even if you do have to pay a commission, though, it’ll be worth it for the time and effort you saved. So, to find yourself a great rental in NYC, hire a real estate agent. You’ll be glad you did.
