Things to Know Before Negotiating For an NYC Apartment

With the scarcity and the prices of apartments in New York what they are, it’s hardly surprising that rent is sky-high. But times are hard, and every little bit of scrimping and saving counts. If you find that the NYC apartment you’re considering dents your wallet just a little too much, you may just be able to fix that with a little negotiation and a whole lot of people skills.

Should You Negotiate?

Yes, you should negotiate by all means possible. Although rents in the entire New York City area might seem too high and immovable, it’s actually possible for you to negotiate rates with the broker. You won’t lose anything by it, and many brokers are willing to talk about lowering rent or negotiating other fees just to make the deal.

NYC Apartment Negotiation 101

Do your homework before going out to meet the real estate broker. Know the average rent for different areas, for example. It’s going to be a lot easier to negotiate and discuss terms when the broker sees that you know what you’re talking about and that you mean business. The broker has to see that you’re a serious client, and that you’re the kind of person who might just give him or her a deal at the end of the day.

There are two types of listings on the New York real estate market – open and closed listings. An open listing means that several brokers are racing to close the deal for a certain place, while a closed one means that only that broker has the rights to deal that spot. Open listings will be a lot easier for you to negotiate because the broker is in a hurry to close the deal and thus get his or her commission.

In the same vein, you could possibly lower the rent or other fees by giving the broker a sense of urgency. For example, give a figure for the rent that you’re willing to pay, and then offer to get the NYC apartment right then and there if the broker could give you that rate. It’s take-it-or-leave-it-now offers like those that get a lot of New Yorkers their apartments for less than they originally planned.

Factors That Can Affect Negotiation

Brokers look at certain factors that might make one more willing or more reluctant to negotiate terms with you. Your credit rating and financial standing would obviously be the biggest factor. The condition of your finances is directly proportional to your worth as a buyer or tenant. If you happen to have a good credit rating and a healthy sum of money in the bank, consider it an advantage (and don’t forget to point it out).

Having your paperwork ready could also make the broker more amenable to striking a deal. Ready paperwork and supporting documents means that the broker could process the deal quicker and thus get commission sooner. That’s usually motivation enough for brokers to lower rent or other fees for ready and eager NYC Apartments seekers like you.

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Ways to Find Cheap Apartment Rentals

There are many ways to find a cheap apartment. Students, new graduates, or just about anyone who want to save on rent can find apartments with budget friendly rent through the following means.

The most convenient and popular option for many is online apartment finders. Websites such as ApartmentGuide, ApartmentSource, MyNewPlace and Apartments.com lets one choose among apartment listings by the price they want to pay each month. Craigslist is also popular among cheap apartment hunters. Many newspapers already post their classified ads online. Try both national and local newspapers, including foreign-language or ethnic newspapers as well as local magazines.

Try not to limit one’s search to online methods. If you are decided on a neighborhood, searching for cheap apartments is as straightforward as just walking around and looking for “For Rent” signs. This will also work for those not satisfied with their present apartment but still like living in the area.

Never underestimate too the power of word of mouth. Inform family, friends, and co-workers that you are on the lookout for a cheap apartment and they just might have a place to refer. If you like your apartment building but want to have better deal or better apartment unit, talk to doormen, supers, neighbors, and your landlord or check with your management company from time to time if there is an available apartment.

Brokers will save you a lot of time and possibly also get lower rent than you will get than when you negotiate on your own if you are willing to pay their fee. If you already have a neighborhood in mind, get one who is based there. Most brokers have websites so you can also check those for photos of the place

Other methods that can be as effective in finding cheap apartment rentals are the housing office of your organization and community groups.

Selling Your Apartment Complex With the Help of a Broker

Are you an owner of an apartment complex that’s been drained out of its tenants? Is your apartment building ready to be placed on auction for the highest bidder? If you’re already nodding your head in affirmation, then you must be worried about how to do it. Well, selling your apartment complex isn’t a difficult task to do especially when you have a broker. It’s actually the same as selling a certain product-you have to know what it is worth and know how to market it. 

I know someone who struggled with this problem in the past. My friend was an ex-owner of an apartment complex. In the past, her business boomed but because of the crisis with regards to the economy, she found herself tenant-less after a couple of months. It was a shame but the wisest thing to do was to sell the whole property or else she would be facing the issues of how to maintain the whole apartment building. 

In order to do it right and easy, she hired a so-called professional. It cost her money to do it but she was convinced about this. Unfortunately, when she had sold the property, another broker told her that she had sold it for less than what it was worth. Instead of being happy to have had the estate out of her hands, she felt more devastated. Her bad decision caused her at least $100,000. So, if you’re planning to sell your apartment complex, do you want to do it right? 

The best thing to do is not to rely on one broker. Just like going to the doctor, you should get other opinions in order to get the best value for your home. Choosing the best broker can take some time. If you’re curious, you should ask around, make a few calls, anything to make sure you’ll get the money you deserve.  

If you’re thinking of doing everything by yourself, you can but you should still get the advice of a broker. He/she will give you advice on how to conduct your estimation and at the same time, give you suggestions on where to sell your property. All in all, brokers exist in order to put you on the right track.