Rental Basics in Brooklyn>Question Details

Sarah, Home Buyer in New York, NY

What is the typical broker's fee for a rental apt in Brooklyn?

Asked by Sarah, New York, NY Wed Mar 14, 2012

We are looking to rent an apt and I would like to find out what the fee would be if we go through a broker. Would the fee be different if we the lease is for a year vs a shorter-term rental (ie just for a few months)?

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BEST ANSWER
Just a few months?

There are agencies that can do that for you.

But I have to be honest, you can end up paying more per month than if you rent for the full year.

Consider this: you move in, live there for a few months, and then move out. The owners have prepared the apartment for occupancy (and it is more than just a paint job and a fresh finish on the hardwood floors - there are repairs and upgrades to be taken into account) for you, and need to do the same after you. This can take the apartment off market for several weeks, or even a month. Now they have to do the same after you have left.

Continuous occupancy for a year by you is less expensive for the owner, hence a possible savings in the rent.

Edward Smith
Licensed Real Estate Sales Agent
Exit Realty Top Properties
(917) 837-3621
edwardsmithatexit@gmail.com
0 votes Thank Flag Link Wed Mar 14, 2012
For rentals, 1 Month.

4% for Sales (the brokers work out the split, and you don't need to be concerned about that). And anyhow, you asked about the Commission for Rentals, specifically.

Some people say "No Fee", tell you there is a 2 Month Deposit (1st & Last Month), then pocket the "Last Month" without telling you.

Negotiable? This is how we make our living, and rents are not so high that we can go below 1 Month.
1 vote Thank Flag Link Wed Mar 14, 2012
I'm not sure about month to month rentals, but typically for a one year lease, the fee would be one month's rent. However, stop by my office @ 101 Vanderbilt Street, Brooklyn/Windsor Terrace,RR because we have many NO FEE rental apartments throughout the 5 boros.
0 votes Thank Flag Link Sat Mar 17, 2012
The "typical" broker's fee charged by most larger firms is 12 - 15% for a one year lease. For a shorter term, it's usually one month for up to 6 months and a full fee thereafter. There are agencies that will charge only a one-month fee; however, they may operate only on open listings (i.e., everyone has them) or be non-REBNY members, meaning they do not have access to other firms' exclusive listings. A REBNY-member firm can show you open listings, as well as their own exclusives and this of other REBNY members. Like everything else, you get what you pay for.

This will also depend on the neighborhood in which you're looking - there are very few brokers in the better-known neighborhoods that will quote you anything under a 12% fee,

Good luck with your search.
0 votes Thank Flag Link Thu Mar 15, 2012
One amount of month rent would be common even for a short term lease(i.e. rent).
0 votes Thank Flag Link Wed Mar 14, 2012
Dear Sarah:

All real estate agents are independent contractors and each decides him or herself how much he or she is worth and/or how much of a fee they want to charge the consumer. Real estate agents cannot collude and fix commission rates, that is considered price fixing and is illegal.

I do not think a shorter term would induce an agent to take a lessor fee because they will still be doing the same amount of work. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Wed Mar 14, 2012
Since commissions are always negotiable discuss any fees with your agent beforehand....
0 votes Thank Flag Link Wed Mar 14, 2012
The usual fee is 1/2 for the listing broker and often the same for the other broker.
0 votes Thank Flag Link Wed Mar 14, 2012
I have been charging one month's rent for years, but alot of the Brokerage firms now are charging 10 - 12% of the years rent. I think it's asking too much for someone who is renting, but that's what the times are dictating.
0 votes Thank Flag Link Wed Mar 14, 2012
Equivalent of 1 months rent.

Regards,

Jack Menashe
917.797.0215
http://www.SHERestates.com
0 votes Thank Flag Link Wed Mar 14, 2012
There is no typical, average or set rate. The commission is negotiable. Ask the broker if you can negotiate the fee. Each real estate company is free to set its own fee schedule and to negotiate various rates with individual tenants and landlords. Violations occur when competing firms agree to act together, this is what the US Justice Department calls restraint of trade. There is no set fee, fees are negotiable.
Web Reference: http://www.clovelake.com
0 votes Thank Flag Link Wed Mar 14, 2012
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