As evidenced by the growing trend of landlords eliminating concessions such as free rent and paying broker’s fees, the rental climate in Manhattan is becoming less of a renter’s market.
According to a recent article in the New York Times, brokers can be a valuable asset as they can save you money with their knowledge of the market and provide access to available apartments you would not be able to find on your own.
Another added bonus of using an agent is having someone on your side protecting you from the various rental scams that you often hear of through Craigslist and other blind ads. As CondoDomain’s top rental agent, I certainly have come across more than a few of these listings. As recent as a month ago, a client of mine began their search on their own and found an apartment on Craigslist. After viewing the apartment and filling out the required paperwork, she signed a lease and paid her first month’s rent and security deposit. Unfortunately, the night she was scheduled to move in, she found a man and his daughter living in her new apartment. It turned out that a previous tenant had made copies of the keys and had made a practice of “renting” the apartment to prospective tenants illegally. Needless to say, she lost all of her money. We were able to find her an apartment within a few days but this was an unfortunate lesson in why using a broker can be extremely beneficial.
Now you are probably asking yourself “how does using CondoDomain save me money?” Industry standard is anywhere from 1 month to 15% of your first year’s rent, depending on the building and/or listing agent. Allocating a 15% fee over the course of a year is a small price to pay for less stress, the assurance that you are renting a legitimate apartment and market knowledge and experience that could save thousands of dollars.
When possible, CondoDomain will charge a flat fee equal to 1 month’s rent. CondoDomain’s first priority is YOU and in this economic client, any savings without sacrificing service will keep you satisfied!
To find out how CondoDomain can help you find your next apartment, please email us at Rentals@CondoDomain.com .
