What Is A Broker Fee?

what is a broker fee

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.

Apartments in Chelsea NYC

Chelsea is one of the districts that ruin the stereotype of NYC being a ‘concrete jungle’. It’s a perfect neighborhood for those who appreciate art, delicious food, and want to find a place where they will never get bored.

Art Spaces

Chelsea will satisfy your aesthetic needs, whether you like traditional or contemporary art, photography or sculpture, and even performance. Being one of the most prominent art districts in the world with several hundred galleries, it gives an opportunity to discover new artists and experience new unfamiliar art forms. The Rubin Museum of Art, David Zwirner Gallery, the Joyce Theater, and Taglialatella Galleries are just a few must-visit places in the neighborhood.

High Line

A unique elevated park was built in 2009 in place of an abandoned rail track and has now become an ideal route for leisurely walks 30 feet above the busy tireless city. This modern landscape architecture creation regularly hosts art installations ‒ one more reason for those interested in art to check out this district. Moreover, this spot has breathtaking views on sunsets on the Hudson River.

Chelsea Market

Once a factory where Oreo cookies were produced, over the years Chelsea Market complex has been attracting chefs, bakers, butchers, farmers, fishmongers, cheese-makers, and other food-related professionals. Now it has transformed into a huge food court with so many options that even the pickiest eaters can relish.

Flea Markets

For antique lovers, Chelsea accommodates two of the best flea markets in NYC. At Artists & Fleas, which is located at Chelsea Market, you may find art and design items, vintage clothes and jewelry, and other goods from more than 30 independent designers. 1$ entrance fee to Chelsea Flea Market gets you access to over 100 vendors selling furniture, vintage clothing, and jewelry, artworks, collectibles, and antiques.

Luxury Appartments in Chelsea NYC

Chelsea architecture is a combination of industrial buildings, charming pre-war buildings, and new luxury highrise rentals. The prices for apartments in Chelsea NYC are reasonable, and living here is a bit cheaper than in the neighboring Flatiron or Greenwich Village. The neighborhood is diverse not only in buildings but in its inhabitants as well Chelsea welcomes new residents of different level of income, age, nationality, and lifestyle.

There is plenty of options for those who prefer luxury apartments in new buildings with numerous amenities. A few of the best luxury building are Chelsea Tower, the Caledonia, the Capitol, Chelsea Landmark, EOS, and the Sierra. All of them have a doorman and offer luxury amenities including gym, outdoor space, etc. Most are pet-friendly.

Contact us on our website if you have fallen in love with the neighborhood and are looking for an apartment here 🙂

Looking for studio apartments for rent in NYC $800? These tips may be helpful

Today the dream of moving to NYC is more real than ever. Coming to New York might bring you to the turning point in your career as it is a city of endless opportunities. It is definitely a place for ambitious and aspiring people. However, moving to NYC can be challenging. One of the biggest concerns people who move to New York is whether they will be able to afford living there as prices on the real estate are skyrocketing. We want to share these simple tips on how to look for a cheap apartment in New York and avoid scammers, while looking for studio apartments for rent in NYC $800.

Look for a studio apartment

If you plan to live alone in your new apartment, a studio might be a perfect solution. Usually, studio apartments are up to 600 square feet and are designed to satisfy all your basic needs. A studio is a conjoint area which consists of a kitchen, a sleeping area and a living room area, and a separate bathroom. Some of the studios even have alcoves which include separate areas for a bed.

Find roommates

If a studio apartment for one is out of your price range, look for people to split the rent with. You can search for a two bedroom apartment or rent a cozy convertible one bedroom. One of the many pros of living with a roommate is that you are more likely to get approved for a lease because you will split the required annual income between all the tenants who sign the lease. There are numerous websites and apps which make finding a roommate easier, like https://roomiapp.com/, https://www.diggz.co/ or https://www.spareroom.com

Try your luck and apply for a housing lottery

The Department of Housing Preservation and Development gives an opportunity to apply for affordable housing in the city. You can visit www1.nyc.gov and find a suitable program. Make sure you have the qualifications for this specific program and learn everything about the application requirements, fill in an online application and wait. You can set up notifications which will keep you updated about new programs.

Be cautious while looking for studio apartments for rent in NYC $800

The prices start at $1500 in distant neighborhoods. So finding studio apartments for rent in NYC $800 is practically impossible.  Don’t fall for suspiciously cheap offers, never agree to anything without actually seeing an apartment and without signing a legally verified rental agreement. Remember that there’s no such thing as a free lunch.

Finding an affordable apartment in New York is challenging but not impossible. Stay positive, explore all the available options, and contact Array Property Group if you get overwhelmed with the search. We do not charge our clients any fees, and our experienced team is always happy to help. Good luck!

Experience Luxury No Fee Apartments NYC with Array Property Group

It’s no secret that finding desired home in New York City with no broker’s fee can be tough and time-consuming. An endless variety of options on New York real estate market can be frustrating and overwhelming for a person looking for no fee apartments NYC. Misleading advertisements with irrelevant photos cause unrealistic expectations, waste your time, and in the end do not satisfy your needs. Being transparent, honest and client-oriented is the main principle of Array Property Group.

How Working with Array Property Agent Saves You Money and Time?

One of the most frequently asked questions among people who are looking for a new home is whether they can check out an apartment without a real estate agent. Yes, you can do that. However, it is much easier and faster to entrust a broker with the search. Scheduling a meeting with building managements can be problematic. By the time you have seen all the options and made a decision, the place you’ve set your eye on might not be available any more.

Our agents can arrange a set of scheduled meetings so that you can see up to 10 options in just one day. Once you make a decision, you can sign the application right away. For those who don’t have time or desire to spend a day riding around the town, we offer virtual apartment viewing via FaceTime from the most luxurious buildings in NYC, or just send you videos and photos from the place you are interested in.

While renting an apartment in NYC, broker’s fee can cost you up to 15% of the annual rent, which is almost 2 months of rent. We strongly believe that clients should not pay for research, apartment viewings or any other brokerage. That is why we recommend our clients to choose from no fee apartments. It saves you thousands of dollars, and weeks of searching.

Benefits That We Offer

Array Property Group has a deep knowledge of the market and can show you a wide range of luxury no fee apartments NYC in the most desirable neighborhoods.

Moreover, choosing to work with us will get you a number of perks:

  • car service for your appointment;
  • assistance with the application process;
  • discounts on payments for building amenities or gift cards whenever it is possible

Finding luxury no fee apartments NYC can be simple. All you have to do is name criteria for your new home and choose from a number of available options that match your request. Array Property Group website is user-friendly so that you can fill in the application in no time. One of our agents will provide you with an array of suitable options. 

We are dealing with the most luxurious buildings in NYC. Get your no fee apartments NYC by committing with one of the trusted and reliable real estate solutions.