OP is the acronym for Owner Pay commission.
So No OP means No Owner Pay Commission.
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OP = Owner pays the brokers commission.
NO OP = YOU pay the brokers commission.
What does it all mean when we out it together? You pay first month's rent (maybe even first and last) and a security deposit that is usually equal to a full months rent. Then, you also pay the brokers commission which might be up to 15% of the yearly rent (approximately equal to a month and a half's rent).
Keep in mind we are in the rental season big time and there is little available. Get with a broker, get your paperwork together and get serious. Good luck.
DOM PASCUAL, J.D., ESQ.
ASSOCIATE REAL ESTATE BROKER
"Your Experts in NYC Luxury Apartments & Lofts"
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New York, NY 10010
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It means that the Landlord is willing to compensate the agent or broker a fee for filling their vacancy.
So when you are showed an apartment that is â€œNo Feeâ€ by a licensed Real Estate agent, the landlord is paying their fee.
Licensed RE Agent
Jason Rosenberg Realty