Avoiding a broker fee, which can be up to 15 percent of a year’s rent, is possible by using websites like StreetEasy, Craigslist, and Naked Apartments that allow you to search for no-fee apartments.
Can you negotiate a broker fee?
Yes. Some brokers will negotiate their fees so it’s absolutely worth a shot. Also keep in mind that many brokers are required by their brokerage fee to charge a set fee. If that is the case for the agent you are working with then you will not have much room to negotiate the fee.
Do you have to pay broker fee?
Buried in the memo, the department declared that broker fees, which were not specifically mentioned in the laws, must be collected from landlords unless a tenant hires a broker to find a unit. The fee is usually 15 percent of the annual rent, a substantial payment typically paid by tenants before they can move in.
Why is there a broker fee?
Broker fees are incurred by rental listings where a landlord or property manager has hired a broker to market their listing and choose the best tenant. The market has actually see-sawed back and forth from renters paying, to landlords paying, and then back to renters again.
What is a broker’s fee?
A brokerage fee is a fee charged by a broker to execute transactions or provide specialized services. Brokers charge brokerage fees for services such as purchases, sales, consultations, negotiations, and delivery.