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Rental Basics in SoHo : Real Estate Advice

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Activity 2
Wed Jan 16, 2013
Mitchell Hall answered:
Tenant should always notify landlord before any repairs or inspections. Terms and procedures for repair work should be in lease or lease rider.
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Fri Jul 30, 2010
Glenn Minnick answered:
Not necessarily. Many landlords offer incentives such as no-fees to get their properties rented. They either market the property themselves or pay the broker. Buildings that were built for rentals often offer no-fees. In general, Higher-end properties (condos) are owned by individual investors and they hire brokers to handle the marketing and screen potential tenants, so these units usually have brokerage fees.

If there is a fee, try to negotiate. Brokerage fees are negotiable like any commission. Brokerage fees generally range from 10-15% of the first year's rent in NYC.

An experienced Broker will be able to steer you towards listings that offer incentives if you're trying to save a few bucks.

Visit: http://www.elliman.com/gjm The most comprehensive list of rentals/sales listings in the NYC metro area. Our firm handles more than 50% of the rental transactions that occur in the city each year.

Hope this helps!

Glenn Minnick
Senior Vice President
Top 1% Producer Nationwide
Prudential Douglas Elliman
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