Finding A New York Apartment Rental

To say that the apartment rental market in New York City is tight is an understatement. If you want to find an apartment in Manhattan at a reasonable rental fee, you will need to give yourself plenty of time and use every means at your disposal. Manhattan is the center of commerce for the city and having an apartment in close proximity to where you work is a luxury that only a few can afford

However, Manhattan is only one of the five different sections or “boroughs within New York City. The other four are; Brooklyn, Queens, Staten Island and the Bronx. You can find apartment rentals that are lower than in Manhattan, but be aware that the further away you live from Manhattan does not automatically mean a lower rental fee.

Renting an apartment in New York City is a full time activity for many people, there are factors beside money that has to be put into the equation; there are apartment buildings that do not permit pets or who cater to a particular type of renter, i.e., corporate apartments or professional apartments.

There are ways to find an apartment rental without spending money to a middleman, such as a real estate broker or apartment rental service. You can use a variety of these methods together or on their own, the bottom line is getting the apartment you want, for the rent you want to pay, in the area of New York City where you want to live.

If money is a prime consideration when you are looking for an apartment, then steer clear of brokers, apartment rental services or any other paid service. Instead, you can go online and visit craigslist.org and find multiple listings for all types of apartments, usually the rental fees for these apartments are well below the apartments that are listed in the classified section of newspapers.

The classified sections of the major newspapers in New York City are full of apartment listings, but most of them are advertisements placed by a real estate broker or apartment rental service. Hint: look for the ads that say “for rent by owner” or “no agency calls”, which means you will be dealing directly with the landlord.

There are several apartment rental services that do not charge you a fee; they are paid by the apartment owner. Be careful here, there are too many horror stories from apartment seekers being mistreated by unlicensed individuals posing as business agents for non-existent apartments.

Another good way to find an apartment rental in New York City is to visit the neighborhood where you want to live and tour the area. This is a great activity for a weekend; you can get a sense of the atmosphere and find the neighborhood newspapers which usually have an apartment for rent section.

If you absolutely must use a real estate broker, choose one that has an office in the area where you want to live. A note of caution is required dealing with brokers, New York City has several laws that apply to housing, make sure to be prepared for your appointment at the brokers’ office.

Pitfalls to Avoid When Finding No Fee Apartments

It should come as no surprise that finding an apartment that fits your needs in Manhattan is a very tough job. There are literally thousands of choices, yet none of them will fit your fancy. Even worse, if you’re looking for a no fee apartment, your odds of finding the right one just go down from there. It can seem very overwhelming at times, but if you know some secrets from the pros, you can find a good, well priced apartment in no time.

Finding an apartment, particularly a no fee apartment in Manhattan, is so overwhelming that most people use a broker to find one. If you give a broker the location, the type of housing that you want, such as a brownstone, elevator, walk up, or any other specific type, and the fact that you only want to find a no fee apartment, they should be able to find your apartment and set up a showing with the greatest of ease.

The reason they are able to find these no fee apartments in Manhattan, especially find them so quickly, is because they are subscribed to a list that alerts them any time an apartment becomes available in the no fee range. However, many times these brokers can cost upwards of 15% of your annual rent.

There is good news, on the other hand. Because of the market shift, many landlords are willing to pay the broker’s high fees in order to get you in to the apartment and paying rent. You can even specify to the broker that you would like to only search for apartments that have landlord who will pay the broker fee for you.

Don’t rely on Craigslist or Kijiji to find your next apartment. A lot of those listings are just brokers looking for leads to find a person willing to pay their 15% fee, and you will not get access to the actual place to live until you pay them their fee.

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.