The Broker’s Point of View

This article will focus upon looking at you and the potential buyer from the broker’s point of view. So many articles are written by commercial real estate and how to approach it but is also important to know what it looks like from the other side of the table. The broker has as much riding on the process many times as the investor does.

Let’s start by looking at a listing from a listing broker. When the listing broker brings a buyer to the table and recommends the seller moving forward with that particular buyer, it is because of the recommendation of the broker many times that a seller move forward. If the buyer backs out, the seller is not necessarily unhappy with the buyer but rather with the listing broker because of the recommendation given. It is important for the broker to know what the buyer is like because it is the broker’s reputation that is on the line.

Any time you come to the table as a buyer, the broker is going to do due diligence on you to make sure that you can close the deal. That ultimately is the main key and can be more important than price. The broker is going to check on your past dealings and that you followed through on deals in the past. The broker will then rank potential buyers and will often recommend that the sellers sell to the buyer at the top of his or her list. This is very important for any buyer to know so that you can set yourself up very well. If you worked hard to develop a reputation and the listing broker called around to people you worked with in the past and you come highly recommended, your name will move higher on the listing brokers’ ranking list. That broker will recommend to the seller that you be the one who buys the property because you will follow through.

If you have no brokers you worked with in the past and had not been in commercial real estate very long, you may want to go into a commercial brokerage with a check and a list of your net worth. Showing net worth and proof of funds is very important because you can show the broker that you are able to close. Most instances of buyers failing to go through on the deal occur due to lack of money. If you show the broker that you have the money, you have removed a major obstacle from them recommending you to their seller.

The broker is going to pay attention to see what your reputation is like. Getting the deal closed is important because the broker’s paycheck comes out of the closing. A broker will do what is necessary to make sure to protect his or her feet. Make sure that your brokers are well taken care of and you’ll be happy in the end.

Hopefully this article on the broker’s point of view gives you a better sense of what you can do to say yourself up right in the eyes of the broker. The broker’s reputation is on the line until the transaction is closed so he or she will make sure to set themselves up right in the eyes of the seller.

Renting an Apartment in New York City

Are you looking to rent an apartment in New York City? Or planning to move to New York City soon? If so, this article will tell you what you need to know and where to start. There are ways to make this search easier on you. Let me explain how, read on!

When looking for your apartment, it’s important to consider location, neighborhood, price, space, pets, lighting, convenience and amenities. It’s going to be harder to find an apartment if you do have pets, and especially if you own a large dog.

The average base price for a studio apartment in New York City is above $1,200 a month. As a guideline, expect to pay around 25% of your income towards rent. If you can afford to pay $5,000 a month you’ll be able to see some of the best and most exclusive apartments in Manhattan. If you’re from outside of New York, it’s crucial to know that landlords don’t take out- of-state or personal checks. All landlords will require certified funds. If possible, have a 3 months worth of bank account documents ready before doing an apartment search. You’ll need to prepare the necessary funds before arriving to New York.

Be aware of no-fee apartments. Chances are that you’ll get gouged by price premiums. It may sound contradictory, but apartments with fees do tend to be cheaper in Manhattan than apartments with no fees. The cost is often hidden in the length of the lease. Be warned if you’re looking for a high-rise there could be a height premium charged for every floor.

Initially, you’ll typically need the first month’s rent and a security deposit. If you use a broker, you’ll also need to pay the broker fee. The fee is typically 15% of the first years rent. Since apartments aren’t vacant for long, it’ll be easiest to find an apartment using a broker. A broker will have firsthand knowledge of available apartment rentals and the best locations in Manhattan. There are some premiums to consider as well such as what is known as a “special view” amenity that can be added for 10% more as you go higher up in the building. If you want an unobstructed Central Park view, you may have to pay a premium of up to 50%. And a brand new apartment can have a price premium of 15% to 25% because it has never been lived in.

Having a broker will make it easier to find what you really want. Specifically in Manhattan there are many apartments you can only get using a broker. There are tons of advantages for using a broker such as their ability to get you approved by a difficult landlord, negotiate the best financial terms on your behalf; saving you a lot of money in the long run. Be aware that it’ll be easier to find a rent controlled apartment with a broker than without one.

A rent stabilized apartment limits the amount your rent can be increased on a yearly basis. These apartments can also be easily subleased as long as the terms on the lease are followed. A rent stabilized home is hard to find in New York City since rent controlled apartments were built from 1947-1974. A non-stabilized apartment isn’t subject to any rent guidelines. The rent is based on a free market guideline and is normally influenced by supply and demand. make the task a lot easier. You also know to avoid “no-fee” apartments if you don’t want to pay a lot for amenities and also be prepared to pay the first month rent and any applicable fees. Best of luck to you!

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