Screening a NYC Rentals Real Estate Agent: How to Ensure They're Legitimate

Unfortunately, real estate transactions occur in such rapid time it is hard to build trust before signing key documents.  As a result, people can make bad decisions.  Fortunately, there are resources in place to help protect the consumer... if only consumers fully knew them.  

Here are some of the key concepts you need to be aware of to make your home hunt safe and successful.

• Be aware that if someone other than the landlord is collecting money from you on behalf of a real estate transaction, they likely need to be licensed by the State (DOL) and have to state their affiliated brokerage and license status on all literature (business cards, advertisement, website, etc.)   There should be no question who the person you're dealing with is, how to check their license status and who their sponsoring brokerage is.
• Real Estate agents are supposed to provide you with a disclosure form that informs you who they represent (for example, you or the landlord.)   These should be given to you at "first substantial contact."  This is important, because it effects the way they are required to deal with you.   For example, which interest come first:  filling up the landlord's unoccupied apartment or matching you up with the best unoccupied apartment relative to your needs. 
• Some real estate agents are affiliated with brokerages that are affiliated with local or national real estate boards, and some are members.   This adds an extra layer of dispute resolution.   In my case, I'm a member of a brokerage affiliated with REBNY (The Real Estate Board of New York) and am a dues paying member.   I must adhere to their code of ethics at the expense of fines or losing my membership.  The consequence of losing my membership would include losing access to their RLS, which is a major tool that I use to find apartments and properties for my customers(!)
• Aside from the DOL and REBNY, there are multiple State and Federal Agents which field consumer fraud complaints.   (One is the Attorney General of the State of NYC.)  Be aware of alerts and advisories on their websites.  
• Not are brokerages are alike.   In my case I'm a member of Keller Williams NYC.  Keller Williams NYC is very strict on compliance and regulation, so much to the point that I had 6 hours of compliance training alone during my first month with the firm and there mandatory as well as optional compliance meetings on a regular basis.  This doesn't mean that all KW/KLNYC agents are the same, but it does mean that I work for an agency that takes compliance seriously.

see also:  Realtor, Broker or Real Estate Agent?