Broker fee is a commission a real estate agent receives for his or her services. Average broker fee varies from 1 month of rent to 15% of the annual rent. The fee is paid either by the tenant or by the landlord.
What for do brokers get the commission?
Though it might seem that one month worth of rent is a lot to get for just showing an apartment, there is much more to working as a real estate broker in NYC. First of all, the real estate broker conducts research for a client, taking into consideration all the criteria, including price, neighborhood, specific preferences about the apartment like a balcony, an alcove in a studio or the possibility to live there with pets. Then, the broker schedules an apartment viewing with the building management as it is not always possible to see the apartment without an appointment. The client may ask for a tour day with the broker to see as many options in one day as possible, which also takes time and resources. For instance, Array Property Group real estate agents cover the costs of taxi drives on the tour and can even provide a virtual tour via video call if the client is not able to be physically present. Finally, brokers provide assistance with all the paperwork concerning signing the lease.
No Broker Fee Apartments in NYC
If you are not willing to pay a broker fee, you can look exclusively for no-fee apartments the broker fee for which are covered by a landlord. This is the type of apartments Array Property Group specializes in. There is a myth that no-fee apartments are easier to find only in very prestigious neighborhoods like Chelsea, Midtown West, NoMad, Flatiron, Midtown East, but APG can help you find a no-fee apartment in more affordable neighborhoods, and even various areas in Brooklyn, and Long Island City.