{"id":16033,"date":"2022-08-17T15:00:00","date_gmt":"2022-08-17T19:00:00","guid":{"rendered":"https:\/\/www.renthop.com\/content-manager\/?p=16033"},"modified":"2023-07-22T11:36:27","modified_gmt":"2023-07-22T15:36:27","slug":"should-you-work-with-a-real-estate-agent","status":"publish","type":"post","link":"https:\/\/www.renthop.com\/blog\/should-you-work-with-a-real-estate-agent\/","title":{"rendered":"Should You Work With a Real Estate Agent"},"content":{"rendered":"\r\n

Finding a New York City apartment<\/a> 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, you can also work with a real estate agent . 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.<\/p>\r\n\r\n\r\n\r\n

Benefits of Hiring an Agent<\/h2>\r\n\r\n\r\n\r\n

Real estate agents are great at gathering information and forming relationships with property owners. Once you tell an agent what amenities you\u2019re looking for, what your budget is, and what your financial situation looks like (credit score<\/a>, proof of employment, etc.), they will be able to narrow down your search, so you aren\u2019t just aimlessly looking for homes on the internet. This is especially true if you simply don\u2019t have the time to look for homes on your own. Agents can save you that time you\u2019d otherwise lose, especially if you\u2019re an out-of-towner. Agents can visit homes and neighborhoods<\/a> for you if you can\u2019t be in the city yourself. Great agents can find you a terrific apartment that will meet your needs.<\/p>\r\n\r\n\r\n\r\n

Additionally, real estate agents usually have a wide network that they can tap into. If you\u2019re on your own, you\u2019ll 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\u2019ll view will be much greater. This network will also be useful for finding buildings with little to no violations, good neighbors<\/a>, and landlords<\/a> 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.<\/p>\r\n\r\n\r\n\r\n

Is Hiring a Real Estate Agent Expensive?<\/h2>\r\n\r\n\r\n\r\n

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\u2019ll get more bang for your buck. Many agents work, specifically for no-fee apartment<\/a> 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<\/a>, which means they\u2019ll 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.<\/p>\r\n\r\n\r\n\r\n

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 broker fee<\/a> 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.<\/p>\r\n

Editor’s Note: The law around collecting a broker fee could change in the summer of 2025.\u00a0<\/em><\/p>\r\n\r\n\r\n\r\n

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