Finding the right apartment to rent in any of New York City’s five boroughs can induce stress, anxiety and an overall feeling of hopelessness. The availability of apartment listings on the web through sites such as Craigslist and Street Easy seek to make the shopping experience easier, more convenient, and personalized by giving consumers access to hundreds of rentals in the luxury of their own home. However, when it comes to viewing what you hope will be a dream apartment, it is rare that individuals can avoid the obstacle of dealing with a New York City pest, real estate brokers.
Brokers in New York City collect a commission of 10-15 percent of an apartment’s first years rent. When an apartment does not have a broker’s fee, it means the owner of the apartment building is willing to pay the fee to have the apartment rented. Brokers are tricky and a no fee apartment advertised on a site like craigslist by a broker or real estate company can turn out to have unexpected fees that make a smart shopper feel as if they were scammed.
A new law was passed requiring brokers, starting in January to disclose to apartment buyers and sellers exactly who they represent in transactions, providing a detailed outline of their relationship. Will the law provide substantial information to prevent potential buyers and renters from avoiding unnecessary fees and unsatisfactory service?
Some things in New York never change and perhaps that is the case for the uncompromising, money-hungry brokers populating the city. When working with an inflexible broker, always refer to New York City’s rental guide to find out about rights and how to file complaints.