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Posted by Harry Cho on November 13, 2000 at 18:00:35:

In Reply to: When all else fails, grease the LL's palm... posted by Dawn on November 13, 2000 at 17:41:47:

Yes, I'm only going to pay the broker's fee when I sign the lease. The management company said that they only do rentals through the exclusive broker. The apt is on manhattan and rent stabilized so I don't think the rent can be changed upward any more than has already been done on the potential vacancy lease. I'm trying to find out if I have any negotiating power to reduce the broker's fee once I sign the lease. I haven't seen 18% before - only heard about 1 month's rent or 15% previously.

: My understanding is the only way you would pay the broker's fee is if you get the place and sign the lease -- or am I mistaken? If you don't get the place, why would you be paying the fee? Isn't the broker's fee a finder's fee? In any case, where do you live? or where would you be living? My guess is to call management and see if you can get around the 18% fee -- ask them if they can work with you and you would possibly put in a little extra in the first month's rent to the management company instead of giving it away to the broker's! Maybe if you present it in that desirable reasoning, management will give you a shot -- unless the brokerage is part of the management company and the company will get the 18% regardless. Let us know how it turns out. Good luck.

: : I found a rent stabilized apt thru friends of friends but I can't get the place without going through the broker. I met the tenant who is moving out but had to go see the broker since the management company says they only do rentals thru the broker. I'm resigned to having to pay the broker fee but they are charging 18% and I'm afraid of not getting approved for the apt. if I try to negotiate a lower fee. What is the best strategy?

Follow Ups:

• Brokers Ken 11/13/00 (2)
  • Re: Brokers Harry Cho 11/14/00 (1)
    • Broker regulation ? Ken 11/15/00 (0)

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Comments:
: Yes, I'm only going to pay the broker's fee when I sign the lease.  The management company said that they only do rentals through the exclusive broker.  The apt is on manhattan and rent stabilized so I don't think the rent can be changed upward any more than has already been done on the potential vacancy lease.  I'm trying to find out if I have any negotiating power to reduce the broker's fee once I sign the lease.  I haven't seen 18% before - only heard about 1 month's rent or 15% previously.  

: : My understanding is the only way you would pay the broker's fee is if you get the place and sign the lease -- or am I mistaken? If you don't get the place, why would you be paying the fee?  Isn't the broker's fee a finder's fee?  In any case, where do you live?  or where would you be living?  My guess is to call management and see if you can get around the 18% fee -- ask them if they can work with you and you would possibly put in a little extra in the first month's rent to the management company instead of giving it away to the broker's!  Maybe if you present it in that desirable reasoning, management will give you a shot -- unless the brokerage is part of the management company and the company will get the 18% regardless.  Let us know how it turns out.  Good luck.

: : : I found a rent stabilized apt thru friends of friends but I can't get the place without going through the broker.  I met the tenant who is moving out but had to go see the broker since the management company says they only do rentals thru the broker.  I'm resigned to having to pay the broker fee but they are charging 18% and I'm afraid of not getting approved for the apt. if I try to negotiate a lower fee.  What is the best strategy?


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