{"id":3339,"date":"2016-04-28T17:20:21","date_gmt":"2016-04-28T22:20:21","guid":{"rendered":"https:\/\/www.renthop.com\/blog\/?p=3339"},"modified":"2023-07-22T11:37:14","modified_gmt":"2023-07-22T15:37:14","slug":"find-no-fee-listings-in-new-york","status":"publish","type":"post","link":"https:\/\/www.renthop.com\/blog\/find-no-fee-listings-in-new-york\/","title":{"rendered":"Insider Tips for Finding No Fee Listings in New York"},"content":{"rendered":"

The term “No-Fee apartments<\/a>” is extremely confusing to most NYC<\/a> renters. A big source of the misunderstanding stems from two different types of apartments that advertise no broker fee<\/a>. In the first case, a listing posted directly by the landlord generally has no fee. However, this is only if the renter finds the apartment and contacts the landlord without help from a licensed real estate broker. In the second case, a landlord or property manager can offer to pay broker fees on behalf of the renter. This method allows any real estate broker or salesperson to advertise the listing as no fee. We have some insider tips for finding no fee listings in New York City.<\/p>\n

How can an apartment be both no-fee and fee?<\/h2>\n

New NYC renters find this paradox to be one of the most frustrating aspects of the apartment search. An apartment can require a fee or be no-fee, depending on the person showing the unit. A renter who views a unit with the landlord or a site-specific leasing agent may not pay a fee. However, if you have a professional, licensed real estate salesperson assisting you in your search, and this agent shows you the same apartment, you are likely obligated to pay a broker fee. When you work with an agent, you’ll sign documents agreeing to pay their fee.<\/p>\n

Should I always use a landlord instead of a broker?<\/h2>\n

Absolutely not! If the landlord is paying the broker fee, many renters reason that they can show up without the broker and instantly negotiate a lower rent. The thinking is that by doing a direct deal, the landlord is saving a few thousand dollars by not paying the fee, and therefore, some of that savings should be passed on to the renter. In practice, landlords have more loyalty to their broker partners than to any individual renter. Real estate agents bring the landlords new clients all year long, week after week. Intelligent landlords understand they need to keep the brokers happy, and certainly not allow special deals that would alienate the industry. If a building was known to quote lower prices to direct renters than to brokers, then that same building would very quickly not receive much traffic from agents.<\/p>\n

Learn more:<\/p>\n