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Acerone
I hate ants and ugly people.
Member since 3/07 6437 total posts
Name:
Chris
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Must pay broker's fee?
Hello LIF... Long time no post, but I've been really busy with my new website and busy is good 
Anyways, I've been apartment hunting and every time I see a listing on CraigsList that I like it comes with broker fee's so I move on. But I never thought to ask how much are these broker fee's.
Any idea what the fee's are like?
Thanks
Chris
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Posted 12/29/11 2:01 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
AngnShaun
Sisters
Member since 1/10 21015 total posts
Name:
Ang
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Re: Must pay broker's fee?
Ive worked for several property managers and generally the brokers fee is 1 months rent... sometimes its lower but its unlikely.
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| Posted 12/29/11 2:03 PM |
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Domino
Always My Miracle
Member since 9/05 9924 total posts
Name:
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Re: Must pay broker's fee?
It is one month's rent and typically non-negotiable.
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| Posted 12/29/11 2:20 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Must pay broker's fee?
If can be anything between 10-18% of a year's lease. Or one month's rent.
Anything is negotiable. If the unit is sitting long enough, they may be negotiable on the fees. You have to ask.
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| Posted 12/29/11 2:23 PM |
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Pray4Baby2010
<3 Cutest Giants Fan
Member since 10/09 5796 total posts
Name:
MB
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Re: Must pay broker's fee?
well its possible that you could try and get the apartment owner to pay it or even half if they like you and their apartment has been sitting for a while- never hurts to ask! good luck!
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| Posted 12/29/11 2:27 PM |
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Acerone
I hate ants and ugly people.
Member since 3/07 6437 total posts
Name:
Chris
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Re: Must pay broker's fee?
Thank you...
First and last plus broker. So that would be the first month rent X 3.. 
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| Posted 12/29/11 2:36 PM |
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Re: Must pay broker's fee?
Yes, you usually need 3 month's rent up front (i) first month, (ii) one month for security deposit, and (iii) broker's fee. If you have a pet, many landlords require extra security deposit or a pet fee.
In the areas I work - mainly south shore and central Nassau - the broker's fee is typically 1 month's rent. But some other areas of Long Island -- e.g., north shore western Nassau -- tend to charge more (10% to 12% of annual rent).
The broker's fee is typically paid by the tenant on Long Island, but there are some larger building complexes in certain areas that pay the fee for the tenant.
The fee is usually not negotiable -- but I've had situations where the landlord has agreed to take the security deposit in installments to offset the burden of the tenant having to pay the full 3 months upfront. So you may be able to work something like that out -- especially if you are a good "on paper" applicant (good credit, steady income, references).
If you are looking to avoid the broker's fee - Craig's list really is your best bet. A lot of realtors put their listings on Craig's list, but many landlords who aren't using a realtor advertise on there. Also check local papers, like the Pennysavers and Town Criers. But I do think one advantage of using a realtor is that you have a go-between to collect all of your personal info versus handing over your social security #, credit check, etc. to a stranger. When I handle a rental, I treat any prospective tenant's personal info as highly confidential -- I may discuss credit scores and issues with my landlords, but I don't turn over the sensitive documentation to them. It's so important to protect that info in today's identity theft prone world!
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| Posted 12/30/11 10:25 AM |
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MrsS1976
LIF Adolescent
Member since 5/11 534 total posts
Name:
M
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Re: Must pay broker's fee?
(bumping only to fix board layout)
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| Posted 12/30/11 2:13 PM |
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tara73
carseat nerd
Member since 11/09 3669 total posts
Name:
Buttercup
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Re: Must pay broker's fee?
Posted by Acerone
Thank you...
First and last plus broker. So that would be the first month rent X 3..
We didn't use a broker for our LI apartment, and we still had to come up with 3 months (1st and 2 mos security) for our apt.
In most areas of the country, the landlord pays the fee to the broker, but metro NYC is weird and it's put onto the renter. So, of course, all the landlords go through brokers on LI. It's not cost to them and the broker does all the work.
In CT, we didn't pay a broker's fee but used a RE agent. We still needed 3 mos rent (1st and 2 mos security) for all the places we looked at. If they didn't want 2 mos security then they wanted 1st, last months and 1 mo security.
You're damned if you do, damned if you don't. It's insane.
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| Posted 12/30/11 5:51 PM |
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