Tuesday, December 4, 2007

Tis the season of NO FEE rentals!

Amazingly, there are over 268 listings currently on the market which I can rent to you as a "No Fee" rental. For those not in the know, the standard commission here in NYC is 15% of the first year's rent, which is due at lease signing. Many landlords, especially during this traditionally slower time of year for rentals, offer concessions known as OP's (Owner Paid) which equal one month (roughly half of the standard fee) to help brokers and tenants come to an agreement and thus fill vacant units.

More often than not, the units which offer this are not in the premium areas which are in the most demand, so it takes some compromise on all three sides to get the transaction done. The broker has to be willing to forgo roughly half of his standard fee (10% of something beats 100% of nothing!). The tenant has to be willing to see the value in taking a place that may be outside of the box by common standards. Areas such as Washington Heights (WaHi), Jackson Heights (JaHe?) Harlem (Morningside, Hamilton and Suagr Hill as well!), certain areas of Brooklyn (Think outside the hipster areas such as Willie B and Green P) and of course, the Fi-Di area of Manhattan will net you big savings on a broker's fee.

If you are not at all in the higher budget range, these are areas you will need to consider to get the maximium yield for your dollar. At the end of the day, the "no fee' market is the exact same thing as the "fee" based market. The fee is just spread out a different way.

Trust me when I tell you, this is not the NYC of ten years ago where you had to be scared of these areas. Gentrification has spread to the point that the only place without a Starbucks is Two Bridges. I know a lot of you reading this are like "Is that even in Manhattan?"
Look here http://en.wikipedia.org/wiki/Two_Bridges,_Manhattan

Call or send me an email with details regarding your search for a new home.

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