Hi everyone, I'm looking to sign a lease in NYC very soon and I'm currently not using a realtor. I'm hoping someone could help answer the following logistical questions:
- How do you actually pay the broker's fee, security deposit, and first month's rent (money order, wire transfer, personal check, etc.)? Approximately how soon after having an offer accepted do these payments need to be made?
- Do you need to physically bring paper copies of IDs, offer letters, bank statements, etc. when you submit an application or are electronic copies acceptable?
Thanks in advance for any help or guidance!
You need to have same day cashier check ability.
Thanks for the help!
I have heard that broker fees can be first month or 15% of total year rent. I would much rather do first month since it’s much lower than 15% but what decides the distinction?
The broker will tell you. In this market 99% of listings are the full 15% fee, simply because they can easily charge that
1. Cashier's check (where you go to the bank and they guarantee the check) is preferred. You need to be able to pay all three of those upfront, immediately.
2. Electronic copies are preferred
Also, so you're aware, if you are looking at places with a 15% fee, you should go ahead and hire a broker - there won't be any cost to you. If it's a fee unit, you will either pay all of that to the seller's broker, or if you have one as well the two brokers will split it. So there's no additional cost and a broker may be able to help you get into units early in this insane market
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