PROPERTY
TO FEE OR NOT TO FEE
That is the question. Let Ian TD Smith help you negotiate the traffic
IMAGE: NACHO GUEVARA
S
ummertime in The Kitchen can be great, but it can also be another round of broker hell: a shabbily dressed twentysomething suffering through the heat to impersonally lead you on your search for the perfect new place. As you struggle through his hackneyed jokes and poor attempts to assure you he understands what you’re looking for, he finally shows you The One. Replete with the big bedroom, the stainless steel appliances and, of course, that coveted second floor of a walk-up, you’re smitten. Naturally, like the savvy New Yorker you are, you ask the question all renters do: fee or no fee? His response: a stream of chuckles and bewilderment as to why you ask such a silly question. Welcome to the late summer months in NYC real estate. Much like a mid-Sunday afternoon on Ninth Avenue, they are the most heavily trafficked months in terms of rentals in Manhattan. Not only are you battling the heat; you also have to steel yourself for the throngs of students, recent grads, transfers, and families who are looking for a lot of the same things you are. So forgive the poorly trained real estate agent for his laughter. What he meant to say instead was, the summer in general, but August/September specifically, are the months in which you have little to no concessions offered by landlords to agents. This means you definitely ARE paying a fee unless you go direct. Do yourself a huge favor and dismiss the gimmicks of NO FEE apartment rental listings and your aspirations to find something for nothing. Over 85% of all apartments in NYC are rented through agents and s/ he has to be paid by somebody. If you have no choice but to rent this season, here are my tips:
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Be specific – know what you want in an apartment.
2
Have ALL your paperwork ready before looking (read my June article if you need reminding).
3
Ask to only see open listings (not exclusive ones). This gives you more leverage when negotiating the fee.
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Work with someone you trust and can rely on.
Take mid-afternoon showings. Take a long lunch and beat the competition.
6
Be flexible with your move-in date. If the right place comes up before your ideal one, don’t hesitate to take it.
“Welcome to the late summer months in NYC real estate. Much like a midSunday afternoon on Ninth Avenue, they are the most heavily trafficked months in terms of rentals in Manhattan.”
Above: Don’t believe the gimmicks, says straight-talking Ian TD Smith.
The clear alternative to paying a broker’s fee in Manhattan is to go directly to a landlord. However, the likelihood of a management company working with renters is extremely low since this is also their busiest time of year and their staff are typically servicing existing tenants not soliciting new ones. If you are determined to save on the fee, there are some that will work directly with you: 9300 Realty, City and Suburban and Jacobson Properties. If your budget can swing it, don’t forget you can go to one of the shiny new buildings on the far west side. These beauties have amazingly friendly leasing agents who are more than happy to show you their glistening, richly appointed apartments. You won’t pay a broker’s fee at one of these buildings, but you’ll definitely be paying the equivalent. Rents are highly escalated during the busy season in these buildings and if you go, plan on a weekend appointment, and book it on the Monday or Tuesday of that week. Fee or no fee? Good luck finding the best place for you and yours. Ian TD Smith is a licensed real estate broker. Contact him at ian@adomee.com
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