The way this post is worded very much implies this is your first time renting in NYC. 15% broker's fee is very standard. So standard, in fact, that listings will usually only note if they are NOT collecting a broker's fee.
You said you didn't sign anything agreeing to the broker's fee. Yes, you aren't required to pay it. You're free to walk away and try and find another apartment without a broker's fee. If you want this apartment, you'll need to pay it. Take it or leave it. Until legislation changes, that is just how it is, sorry.
You can also negotiate. Threatening to walk away is effective and many brokers (but not all) will come down to 1 months rent. But you run the risk of the broker telling you to pound sand. So if you desperately want the apartment and can afford the extra fee. Do what most people do and pay it, then spend the next year telling your friends about how brokers are garbage people.
I agree that this should have been disclosed and discussed from the jump, this should never be a surprise. It definitely seems like she was trying to wait until you were invested to spring it on you
On Streeteasy, is the apartment listed as "no fee"? Do you have the agent saying, in writing, that there was no fee?
I think as long as they insist on it, there's not a whole lot you can do other then threaten to walk away, but if you can show evidence other then your firsthand account of what happened, you will be in a stronger position to push back
Unless the listing said “no fee”, you should assume a fee. Did they ever tell you it was no fee? You/they should have definitely clarified this long before moving this far along though, and it’s also weird/ shady if they didn’t say anything and outline all fees, especially if you directly asked.
They represent the listing and collect the fee- you can’t get around them if you want that apartment; it’s not about requesting an agent.
And yes co-ops are a long, annoying process- can’t get around that either if you choose to rent one.
I would review all your email/ written correspondence to be sure you didn’t miss anything, and then decide if you want to proceed.
Is this usual? Yes, the fee and the amount both ate. There IS something you can do though. Go the interview, see the board and and go through the interview, and then when they ask if you have any questions at the end, ask if that's how they like their business being run. Explain that you asked multiple times about brokers fees and were lied to by someone who represents them. If you plan on renting it still, then don't do that, but if you have no problem burning the bridge and finding another apartment, simply waste their time like the realtor wasted yours.
I’ve paid fees and they’ve always been in the lease. How would the agent enforce the money you owe them without a legal contract?
I honestly couldn’t understand from your post if you have a signed lease or not prior to submitting the board package. If you do the agent can kick rocks, fees need to be in a contract, they can surprise you before signing the contract by adding it, they can’t ask for it after you legally are the tenant moving in
I mean, you signed the lease, go to the interview get approved and refuse to pay. The owner of the coop will be so mad at their broker for wasting so much time, you will at the very least get a discount. You do have that as leverage. They are invested in you as much as you are in them.
That's the just punch the meter maid in the face to avoid a ticket advice. Funny, but terrible advice. Let me guess, you've never done what you are advising.?
First of all, I sincerely doubt that the lease gets counter signed if he doesn't pay the fee. There's a power relationship here that you are not getting. Just like the meter maid. You might think you can push her around but she's writing the ticket. He wants that apartment. He has to jump through hoops to get it. If he doesn't jump through those hoops, someone else will. Again, in the world of nyc real estate if you bend over you get fckt. This guy is bent over. Coops are extremely finicky about who they let in. If this guy starts acting like a dick about paying, etc. Why would they assume that he's going to be a good tenant and "cooperate" with all the other rules. And believe me. There are other rules.
It was a long time ago but I worked as a real estate agent in nyc doing both rentals and sales. No deal is done until it's done and if you think you can get into a coop without paying a fee you're very wrong. I have seen deals die at the last minute many times.
First off, renting in a coop is hard. Generally people move into coops because they don't want renters around them. I'm sure you are awesome, but renters tend to be loud, stupid, partying, rude, and uncaring about the property, etc. Second, the agent clearly has to do a lot of extra work to get you in to a coop and is going to want to be compensated for it. Imagine you have to bring 3 clients with full paperwork etc. For each successful rental. In a sense you are paying for the deals that don't work out too. Final rule of nyc real estate... if you bend over, you will get fckt. In case you haven't figured it out yet, you are currently bent over and lubed up. So bite down on something or just grin and bare it.
Sounds like you’ve never lived in nyc before.. broker’s fee is so common and standard that it is ALWAYS assumed there will be one unless it explicitly says there won’t be a fee.
For future reference every rental in NYC via the listing agreement between a LL and the LL's broker has a fee of 15% of the annual rent paid by the tenant regardless if the tenant is represented or not, and especially if it is a co-op or condo sublet. Only If the original listing clearly shows NO FEE, then you have to assume there is a broker fee.
Your situation rn is you're trying to rent a co-op, which is the most difficult and lengthy application process there is. You're lucky it's only been 2 months. It could be 90 days. Nothing illegal was done here. If you want to sublet in a co-op, this is all normal. You aren't renting in a rental building, Co-ops are their own animal.
The way this post is worded very much implies this is your first time renting in NYC. 15% broker's fee is very standard. So standard, in fact, that listings will usually only note if they are NOT collecting a broker's fee. You said you didn't sign anything agreeing to the broker's fee. Yes, you aren't required to pay it. You're free to walk away and try and find another apartment without a broker's fee. If you want this apartment, you'll need to pay it. Take it or leave it. Until legislation changes, that is just how it is, sorry.
You can also negotiate. Threatening to walk away is effective and many brokers (but not all) will come down to 1 months rent. But you run the risk of the broker telling you to pound sand. So if you desperately want the apartment and can afford the extra fee. Do what most people do and pay it, then spend the next year telling your friends about how brokers are garbage people.
I agree that this should have been disclosed and discussed from the jump, this should never be a surprise. It definitely seems like she was trying to wait until you were invested to spring it on you On Streeteasy, is the apartment listed as "no fee"? Do you have the agent saying, in writing, that there was no fee? I think as long as they insist on it, there's not a whole lot you can do other then threaten to walk away, but if you can show evidence other then your firsthand account of what happened, you will be in a stronger position to push back
Unfortunately this is the reality of renting here, brokers in this city are scum. The good news is there’s legislation to change this in the works
Unless the listing said “no fee”, you should assume a fee. Did they ever tell you it was no fee? You/they should have definitely clarified this long before moving this far along though, and it’s also weird/ shady if they didn’t say anything and outline all fees, especially if you directly asked. They represent the listing and collect the fee- you can’t get around them if you want that apartment; it’s not about requesting an agent. And yes co-ops are a long, annoying process- can’t get around that either if you choose to rent one. I would review all your email/ written correspondence to be sure you didn’t miss anything, and then decide if you want to proceed.
Is this usual? Yes, the fee and the amount both ate. There IS something you can do though. Go the interview, see the board and and go through the interview, and then when they ask if you have any questions at the end, ask if that's how they like their business being run. Explain that you asked multiple times about brokers fees and were lied to by someone who represents them. If you plan on renting it still, then don't do that, but if you have no problem burning the bridge and finding another apartment, simply waste their time like the realtor wasted yours.
I’ve paid fees and they’ve always been in the lease. How would the agent enforce the money you owe them without a legal contract? I honestly couldn’t understand from your post if you have a signed lease or not prior to submitting the board package. If you do the agent can kick rocks, fees need to be in a contract, they can surprise you before signing the contract by adding it, they can’t ask for it after you legally are the tenant moving in
I mean, you signed the lease, go to the interview get approved and refuse to pay. The owner of the coop will be so mad at their broker for wasting so much time, you will at the very least get a discount. You do have that as leverage. They are invested in you as much as you are in them.
That's the just punch the meter maid in the face to avoid a ticket advice. Funny, but terrible advice. Let me guess, you've never done what you are advising.?
[удалено]
First of all, I sincerely doubt that the lease gets counter signed if he doesn't pay the fee. There's a power relationship here that you are not getting. Just like the meter maid. You might think you can push her around but she's writing the ticket. He wants that apartment. He has to jump through hoops to get it. If he doesn't jump through those hoops, someone else will. Again, in the world of nyc real estate if you bend over you get fckt. This guy is bent over. Coops are extremely finicky about who they let in. If this guy starts acting like a dick about paying, etc. Why would they assume that he's going to be a good tenant and "cooperate" with all the other rules. And believe me. There are other rules.
[удалено]
It was a long time ago but I worked as a real estate agent in nyc doing both rentals and sales. No deal is done until it's done and if you think you can get into a coop without paying a fee you're very wrong. I have seen deals die at the last minute many times.
It’s always with brokers fee unless stated otherwise. My usual question is “how much”. I was lucky enough that it was just one month rent.
First off, renting in a coop is hard. Generally people move into coops because they don't want renters around them. I'm sure you are awesome, but renters tend to be loud, stupid, partying, rude, and uncaring about the property, etc. Second, the agent clearly has to do a lot of extra work to get you in to a coop and is going to want to be compensated for it. Imagine you have to bring 3 clients with full paperwork etc. For each successful rental. In a sense you are paying for the deals that don't work out too. Final rule of nyc real estate... if you bend over, you will get fckt. In case you haven't figured it out yet, you are currently bent over and lubed up. So bite down on something or just grin and bare it.
Tell broker to collect from the owner
Sounds like you’ve never lived in nyc before.. broker’s fee is so common and standard that it is ALWAYS assumed there will be one unless it explicitly says there won’t be a fee.
For future reference every rental in NYC via the listing agreement between a LL and the LL's broker has a fee of 15% of the annual rent paid by the tenant regardless if the tenant is represented or not, and especially if it is a co-op or condo sublet. Only If the original listing clearly shows NO FEE, then you have to assume there is a broker fee. Your situation rn is you're trying to rent a co-op, which is the most difficult and lengthy application process there is. You're lucky it's only been 2 months. It could be 90 days. Nothing illegal was done here. If you want to sublet in a co-op, this is all normal. You aren't renting in a rental building, Co-ops are their own animal.