Non finance related question... currently looking for an apartment in NYC
When a landlord's agent says that they are charging a broker fee that is 15% of a year's rent, do they split this broker fee with my current agent or do I have to pay my agent an additional broker fee on top of the 15% that the landlord's agent is charging?
Im new to this so don't give too much MS lol
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There's only one broker's fee fam
if you are using the broker and the landlord is using their own broker, you will have to pay the broker fee for your broker as well as a broker fee for the landlords broker (unless the landlord decides to cover it)i just went thru the process
This isn’t true (unless you are just saying the 15% is split two ways). If you paid 30% you got ripped off.
yeah i was saying 15% split two ways
I haven’t paid anything yet hahahahaha, just asking here to get an idea on a potential place
Each broker should be making 7.5%. If you don’t have your own agent, negotiate not paying 15%
The 15% gets split two ways. I think you’ll need about 3x monthly rent as start up costs to pay fees and move in.
You could look for no fee apartments, but they typically bake the fees into the rent anyways. You can always negotiate if you don’t have your own broker.
The brokers will split the fee, this is the only right answer. If you don’t have a broker then the full fee goes to the landlords broker.
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