* * APARTMENT HUNTING - - NEW YORK CITY 07/2009 * *

The real estate market is taking a nice hammering throwing power to the buyer or renter. I am a renter at the moment and will continue to be so while our budget and income rides a plateau.

NO-FEE means NO-FEE right? Wrong. There are varying fees attached with renting any place and then the non-monetary fees you pay when you are a tenant. (i.e. problems, time waiting to fix something, shoddy renovations, destroyed items, security etc.)

What are these fees before the NO-FEE?

REAL ESTATE BROKERS

Well, if you go through a real estate broker, those fees can be quite shocking. Brokers fee you with application fees (45.00-150.00 per person, mind you.) and a transaction fee of either one month’s rent or 15% of the year.

My wife went to view apartments through a real estate broker and his company with EXCLUSIVE properties and found out how non-exclusive to this broker those apartments were. We were shown the same buildings and same apartments that a colleague in another company showed us a few days earlier. The broker took a hard line and said, “…if you don’t like this, then you won’t like any.” (In regards to a dilapidated, anachronism of a two bedroom on 215th Street, that was in need of a multitude of repairs and an enormous amount TLC.)

Even reputable agencies steer you wrong because they could care less about you and more about the bottom line. You qualify, great! You don’t qualify, well, we’ll rent you a corrugated card board box to be placed in Central Park and has a tres bon view. Oh, and my 15%.

Avoid real estate brokers at all cost(s).

MANAGEMENT COMPANIES

We decided to move to a new apartment with the help of a real estate broker. They ‘found’ us a lovely renovated apartment in the desirable area and fit our specifications.

I looked at the paper work and decided to call the management listed on the sheet.

“Yes, sir. We do have an apartment available at that location. A nice renovated two bedroom for …” The rental price they quoted me had the 15% added into rental price that the real estate broker was charging me.

They play the games too.

Though, if you focus on the buildings in the area and do a little phone work, you might find a decent rental.

LIST SERVICES

We paid for a list, about 200.00 that turned up some leads on apartments. We choose a nice two bedroom from the list and were able to solidify the deal by signing on the dotted line. You simply must do the phone and leg work. (These lists organize management companies and no-fee realty companies so you don’t have to. Most of the information is available, but you’ll need to dig if you don’t have THE LIST.)

However, beware… There are lists out there, one in particular comes to mind sold through a magazine shop in the Chelsea area, that is full of absolute garbage leads. A few calls into the list you’ll wonder why people are yelling at nice little ole you.

NO-FEE

There is a fee, however, it is only a credit / background check and it ranges between 45.00 to 150.00 per person applying. (There may be hidden key fees or other charges after the fog clears from signing on the line.)

Choose your adventure grasshopper; just don’t jump into a lawnmower blade.

ACTUALIZE THIS!