Learn More About Venice Affordable Broker For House Rent and Venice Apartment Broker Cost

So, what’s a broker?

A broker is basically the middleman between a renter and a landlord (or management company—whoever owns the property). If you work with a broker to find your new place, they’ll be the one to show you potential apartments; you’ll tell them what you’re looking for and where, and they’ll show you your options and help you apply. Essentially, their goal is to try to fill up spaces for the landlord and connect them with tenants. Some brokers come with a fee, while others are no-fee.

What Is an Apartment Broker?

What exactly is a broker, anyway? A rental broker is a licensed real estate professional who handles the logistics of renting apartments. In CA state, brokers must pass an exam and meet certain educational requirements to earn their license. A broker works on your behalf to find you the right place at the right price.

 

“A good rental broker will understand what you are looking for and know which buildings might be a good match for you,” says Becki Danchik of Warburg Realty. “They will be able to weed out listings that do not suit your needs. Nobody wants to have renter’s remorse. You should feel great about the place you’re calling home, and working with a broker can help make that a reality.”

 

Brokers vs. Property Management Companies:

For any given rental listing, it’s not always clear who’s behind the tenant-search process. Even walking down the street, you might see “For Rent” signs instructing you to call a broker or contact property managers directly. So, what’s the difference?

Property management companies rent apartments only in their specific buildings. Think of a management rep as a kind of in-house broker — their goal is to find ideal tenants for their property’s apartments.

Brokers, on the other hand, work for the apartment hunter: you. Their job is to find you a suitable apartment, regardless of what building it’s in. Brokers can have access to rentals in various buildings and neighborhoods, so their inventory will be larger. They act as a middleman between renters and landlords.

Brokers are not essential for rental buildings that have in-house leasing offices. But they can be invaluable if you want to cast a wide net with someone who intimately knows a particular area. “Brokers generally have information that would not necessarily be available to the public,” says Ellen Sykes of Warburg Realty. “They often have the inside track on landlords, their practices, and how their leases work.” A broker can also be more aggressive than you might be about asking for rent concessions and adjusting lease terms.

What does an apartment broker do? Are their fees justified?

Apartment brokers work to help landlords get their apartments rented and they assist renters in finding new rentals.

There are many different kinds…

In CA, brokers generally represent both sides of the transaction, so there are brokers who will take rental listings and brokers who represent renters and help renters find places.

In a few other cities, brokers regularly function as “locator services” and represent primarily renters in their search while landlords tend to represent themselves or are represented by an in-house leasing agent who works for the property manager.

In many parts of the U.S., there are few apartment brokers involved in the rental transaction.

As to whether or not their fees are justified - getting an apartment rented or helping renters find their place is hard work, and this does not tend to be a highly compensated profession. Hard to argue that they don’t earn their fees, though their fees sure do seem expensive in the context of already expensive apartments and rental homes!

What should you ask a broker when seeing a specific Manhattan apartment?

Start by asking what the broker's fee will be; in Manhattan, it's typically either a percentage of the first year's rent (10-15% usually), or in some cases a flat fee of saying one month's rent. This is important to know upfront if you're working within a set budget as it can add thousands of dollars to your upfront move-in costs.

 

Secondly ask what the landlord is asking for in rent, and whether or not that is negotiable (in popular neighborhoods in Manhattan it usually isn't). Also ask how much the application fee and security deposit will be, as it varies by the landlord. This will give you an idea of your total move-in costs.

 

Next, it's important to know what the requirements are for being approved to rent the apartment as Manhattan is fairly difficult to be approved in compared to other cities in America. Typically landlords want to see an applicant making 40 times the monthly rent with excellent credit and solid rental history with references.

Some landlords prefer someone who has had a job for a couple of years, to feel confident that your income is steady. They'll need proof of all of these things and if you don't make the cut on your own, or in some cases even if you do, they'll require you to apply with a guarantor. Guarantors are typically required to make 80-100 times the monthly rent and have stellar credit, so hopefully, you have a rich uncle or your parents are pretty well off.

 

Those are the big ones. Obviously, if you have a pet, you'll want to ask about the pet policy; if you want an elevator building or a doorman building or any other apartment or location specifics you'll want to ask about those things too. It's also nice to know where the nearest subway and/or bus stop is located. Renting in NYC can be pretty crazy, so find a broker you feel you can trust. Someone who has been referred to you by a friend who's used them is usually the safest way to go.

Good luck!