{"id":6630,"date":"2017-08-07T13:21:24","date_gmt":"2017-08-07T17:21:24","guid":{"rendered":"https:\/\/www.renthop.com\/content-manager\/?p=6630"},"modified":"2023-07-24T13:25:29","modified_gmt":"2023-07-24T17:25:29","slug":"brokers-fee-an-investment-or-just-another-expense","status":"publish","type":"post","link":"https:\/\/www.renthop.com\/blog\/brokers-fee-an-investment-or-just-another-expense\/","title":{"rendered":"Broker Fee \u2013 An Investment or Just Another Expense?"},"content":{"rendered":"

When it comes to seeking out your next New York City apartment<\/a>, the search can often be incredibly overwhelming. There are a ton of considerations to make and a ton of properties you could potentially look at. Every property has a different price, different amenities<\/a>, and is located in a different neighborhood. With most of us working and having a variety of other passions, apartment hunting can be daunting, and many of us don\u2019t have the time. This is where hiring a broker and paying their broker fee may come in handy.\u00a0<\/span><\/p>\n

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Who is a Broker?<\/h2>\n

Hiring a broker or agent<\/a> can be an excellent way to find your next apartment. Agents are lifesavers when it comes to taking the burden off of you. They can make you a more attractive tenant by guiding you through the application process<\/a>. In fact, some landlords and companies in the major cities might not even be willing to speak with you unless you are working with a broker.<\/span><\/p>\n

A broker is someone who arranges a transaction between the buyer and the seller. They will work with you and the landlords of apartments to come to a rental agreement. They are great for when you don\u2019t want to do all the research yourself, or for when you want a broader pool of potential properties to look at.<\/span><\/p>\n

Saving Money with a Broker Fee<\/h3>\n

In addition to that, brokers can also actually save you money. While they will cost you a bit of money as there’s usually (but not always) a broker fee<\/a>, think of this as an investment. The broker fee is an agreed-upon amount that the renter directly pays the broker at the end of the transaction. Typically, the fee ranges from one month’s rent to 15% of the yearly rent, and renters can negotiate this amount.<\/span><\/p>\n

The broker fee is worthy paying if you’re looking for a seasoned professional to guide your process. These agents can find rentals at a lower price than you could on your own, which means they often basically pay for themselves. They can also help score you an apartment you never thought you\u2019d ever be able to get, and that seems like a pretty worthy investment. <\/span><\/p>\n

Brokers can also guide you through all the required paperwork.<\/a> This is a huge advantage for most renters. All in all, you are paying a broker for their experience and knowledge when it comes to real estate and renting, as well as the fact that they will be right beside you throughout the whole process. <\/span><\/p>\n

Learn more:<\/p>\n