What am I paying you for!? A Renter's Guide to Understanding Broker Fees in NYC
New York City is famous for it's bustling and competitive rental market. Finding the perfect (or simply adequate) apartment can be quite a challenge with so many qualified renters (most of whom move every 1 or 2 years) chasing so little inventory . And let's face it, unless you have a corporate re-location budget, or an executive assistant, you simply can't afford (or refuse) to pay a broker to spend hours searching online and making appointments for you. So why pay a broker fee, when you're doing all the heavy lifting? Our goal is to de-mystify this uniquely NYC phenomenon and help answer that very question for countless renters, hopefullly our future clients :) First, let's understand what Broker Fees are- essentialy the Landlord's COST of leasing a property. This includes PREPARING the listing (cleaning, staging, photography), MARKETING (advertising, showing), and FACILITATING the transaction (Deal Negotiation, Lease Preparation, Building Approvals, Move-in, etc). Since these are Landlord responsibilities, they must pay their Brokers to execute all these tasks, right? Well, That depends mainly on two things: 1. Mr. Market and 2. Pricing 1. Mr. Market, why do you charge such sky high fees? The dynamics of the NYC market fluctuate based on the current environment. Remember COVID, or the 2008 Financial Crisis? During these weak periods of the rental market, it was nearly impossible to demand a fee from tenants, except in some unique situations. Remember after COVID lockdown ended, and EVERYBODY was moving around NYC, upsizing for that home office, and of course ANY OUTDOOR SPACE!? Renters bent over backwards to pay broker fees of 10-20% (sometimes up to 40%!) for any apartment that had a terrace or balcony- and Landlords were back in the good ol' days of never going out of pocket to get their apartments rented! Generally speaking, In a strong rental market, Landlords can pass down the Leasing Cost (or Fee) to incoming tenants who are willing to pay out of pocket in order to secure the apartment over a field of competitive renters. In a weak rental market, the opposite is true- Landlords must attract a larger pool of prospective tenants, and cannot Dis-Incentivise renters that have more options, and less competition; in these cases they pick up the tab themselves, and offer the apartment to the renter with "No Fee". After all, vacancy is the greatest killer of profit for a Landlord. 2. It's all about the $ Let's just say the quiet part out loud: Renters... you are always paying the Landlord's Costs! Sometimes that might be a Broker Fee, but if they forego that requirement, it will be made up in the monthly rent! When Landlords hire us to Rent out their property in NYC, we generally offer them 2 options- and I'm sure you can guess where this is going by now. Listing A - Price $X/month - Pay for our brokerage services - Offer Tenant "No Fee" OR Listing B - Price $Y/month - Don't Pay for our brokerage services - Require Tenant to pay a "Fee" It goes without saying, that The Price (Rent) you will pay for Listing A will be substantially HIGHER than Listing B, but they are the same apartment! There are certain pros and cons for both Landlord and Tenant in each of these Fee Structures, but that is a much longer converstaion that we would be happy to have with our future clients :) The message we want to get across now is Pay attention to the pricing of similar units on the market. When comparing listings online, make sure you are comparing apples to apples, and normalizing the total monthly costs based on the Fee Structure. WHO's ON YOUR TEAM? It is important to know that just because you have paid a broker fee, does not mean that you have a broker representing you. Huh? Real Estate brokers (and agents) are required to disclose who they represent in every transaction. Chances are, unless you have explicitly hired an agent to work on your behalf, you are likley dealing with a broker/agent who represents the Landlord, and their interests in any negotiation, lease that will come as a result of the showing. In most cases (especially Manhattan and North Brooklyn), recognized brokers are part of a Trade Organization called REBNY (Real Estate board of NY) that REQUIRES by its membership, that Listing Agents (Landlord reps) allow tenants to be represented, and share the broker fee with the agent of the incoming tenant. So it is worth talking to another broker (hopefully us :) before going into a lease negotiation, even if you visited the apartment on your own and met the listing agent directly. It is always better to have professional representation in ANY Real Estate Transaction, whether it's a Lease or a Sale. COASTAL PROPERTY ADVISORS Our mission is to provide exceptional service to our clients, customers, or prospects to help them achieve their real estate goals. We are a boutiqe firm, dedicated to our clients' success in all matters pertaining to real estate, with a life-cycle approach to all projects including Sales, Leasing, Managing, or Improving Real Property. We offer our services to clients in NYC, Los Angeles, and South Florida
Discover the Allure of 77755 California Dr, Palm Desert: Your Perfect Mid-Century Oasis
Are you in search of a meticulously remodeled mid-century gem in the heart of the Coachella Valley? Look no further than 77755 California Dr in Palm Desert, California. This exquisite 2-bedroom, 2-bathroom residence is nestled in a prime location, just moments away from the desert's premier dining, shopping, and entertainment destinations. With a listing price of $445,000, this property is an absolute steal for those seeking charm, sophistication, and an ideal setting for entertaining guests.As you step into this inviting home, you'll immediately be captivated by the tastefully designed kitchen adorned with custom cabinetry and stylish stone accents. The seamless flow into the expansive living space creates the perfect atmosphere for hosting gatherings and social events. The entire home has been updated with brand-new fixtures, lighting, and fresh paint, ensuring a seamless move-in experience.Beyond its aesthetic appeal, this residence is thoughtfully designed for practical living. With a covered garage and a convenient laundry room, you'll have all the amenities you need at your fingertips. The dining area effortlessly extends to the inviting outdoor patio, allowing for a perfect blend of indoor-outdoor living. Imagine the endless possibilities in the spacious backyard - an oasis of opportunity awaits. You could add a swimming pool, hot tub, or even an outdoor kitchen to create your very own resort-like setting.One of the many perks of living at 77755 California Dr is the proximity to a clean, safe, and well-appointed park just across the street. This park provides the perfect escape and recreational space for residents, offering a serene environment for outdoor activities. Families will also appreciate the convenience of schools within easy walking distance, making this location ideal for those with children.Situated in the esteemed Palm Desert Country Club, residents of this property have access to an 18-hole double fairway public golf course, providing breathtaking mountain views. The community also offers a clubhouse, which is now conveniently within walking distance. Additionally, a refreshing pool and spa are available to residents, all included for a low HOA fee of only $33 per month.Whether you're searching for a full-time residence, a vacation retreat, or a savvy investment property, 77755 California Dr is a rare find. With the potential to create your own private oasis and the added benefits of the Palm Desert Country Club amenities, this property truly has it all. Don't miss out on this exceptional opportunity - schedule your viewing today and make this captivating property yours!Buyers are encouraged to verify all details independently, such as square footage, room count, parking, and other publicly available information. With its irresistible allure and prime location, 77755 California Dr is waiting to welcome you to your perfect mid-century oasis.
Experience the Charm of Pre-War Living in the Heart of NYC next to Central Park
If you're looking for a charming pre-war condo that's just a stone's throw away from Central Park, then look no further than 44 E 67th St #10D in New York City. This sun-filled, spacious one-bedroom apartment boasts southern facing open city views and a host of features that will make you fall in love with pre-war living.As you enter the apartment, you'll immediately notice the beautiful hardwood floors that flow throughout the living area. The large, sun-drenched living room is perfect for entertaining, and the southern facing open city views provide a stunning backdrop to your daily life in the city. The windowed dining area is perfect for intimate dinner parties or casual meals with friends and family.The windowed kitchen is a chef's dream, with granite countertops and ample cabinet space for all your cooking needs. The windowed marble-tiled bathroom is equally impressive, with Hansgrohe fixtures and Interaktiv accessories, as well as a recessed Nutone medicine cabinet for all your storage needs.The oversized bedroom is the perfect retreat after a long day in the city, with bright south westerly exposures that make it feel like a true oasis. And with double paned thermal windows recently installed, you'll be able to enjoy a peaceful night's sleep without any disturbances from the outside world.Throughout the apartment, you'll find ample closet and cabinet space, so you never have to worry about running out of storage. And if you need more space, there's a storage room on the premises where you can store your extra belongings. The building also features a laundry room and bike storage area for your convenience.The building staff is friendly and competent, so you'll never have to worry about a thing. And if you have a car, convenient garage parking is located right next door. Best of all, pets are allowed, so you can bring your furry friends along for the ride.Living in the heart of NYC has never been easier or more charming than at 44 E 67th St #10D. This pre-war condo is the perfect place to call home, with all the features and amenities you could ever want in a city apartment.So why wait? Schedule a viewing today and experience the charm of pre-war living for yourself!