Do I really need to use an agent to rent an apartment?
No, you do not have to directly use an agent to rent an apartment in NYC.
I say "directly" because most apartments are listed by agents on behalf of the landlords, meaning that it is not uncommon to go to website has offer units that are "for rent by the land lord" only to deal with a real estate agent representing the landlord on the other end.
The big question always is: who does that agent represent. You or the landlord? (You can find that out in the agency disclosure form that the agent is supposed to present to at your first substantive contact.)
As an example, let's say a landlord has asked me promote his an apartment. If a tenant responds to a listing I took out on behalf of the landlord and asks me if I can suggest anything better, my job will be to persuade the tenant that they really need THAT particular apartment and there's no finer place on the market. On the other hand, if I represent the tenant my job is to let that tenant know that there's other fish in the sea, and that unit may not be the best place out there for them. (*I'm not saying this always happens, but there is such as thing as "fiduciary duties", and they're described in the agency disclosure that the agent will present to you.)
Here is what the form looks like:
agency disclosure form
So what are some of the benefits of using the right agent?
The main reason is that it means having a professional on your side. You can still search on your own. If the person finds you great deals that you couldn't have found on your own, you win. If they can't bring you deals and save you money even with any fee they may have, you simply move on. Remember, basically speaking an agent's job is to know the market. and know how to work the market better than you.
In the end, generally speaking, there are three types of people agents are especially good for...
In regard to the third point, let's say you're searching for an apartment at a super competitive price range. It isn't uncommon for agents to put in dozens if not 100 or more requests on behalf of clients and get almost no replies.
Does that mean that a person can't do better on their own? Some people do. On the other hand learning by trial and error can be costly. A full lease term is a long amount to of time to endure the consequences of a mistake. (New York leases are difficult to get out of.) Hence, the biggest thing to remember is that asking an agent what they have to show you is free. Either they have something good that meets your needs or they don't. You shouldn't pay to view... You only pay if you decide to take the apartment, your application is approved and the lease goes through. Based on that simple fact, it would seem that contacting an agent is a no brainer. It's simple: either they dish the goods, or you move on. Remember that!
Want to know what goods I have to dish? Feel free to browse this site or contact me any time!
I say "directly" because most apartments are listed by agents on behalf of the landlords, meaning that it is not uncommon to go to website has offer units that are "for rent by the land lord" only to deal with a real estate agent representing the landlord on the other end.
The big question always is: who does that agent represent. You or the landlord? (You can find that out in the agency disclosure form that the agent is supposed to present to at your first substantive contact.)
As an example, let's say a landlord has asked me promote his an apartment. If a tenant responds to a listing I took out on behalf of the landlord and asks me if I can suggest anything better, my job will be to persuade the tenant that they really need THAT particular apartment and there's no finer place on the market. On the other hand, if I represent the tenant my job is to let that tenant know that there's other fish in the sea, and that unit may not be the best place out there for them. (*I'm not saying this always happens, but there is such as thing as "fiduciary duties", and they're described in the agency disclosure that the agent will present to you.)
Here is what the form looks like:
agency disclosure form
So what are some of the benefits of using the right agent?
The main reason is that it means having a professional on your side. You can still search on your own. If the person finds you great deals that you couldn't have found on your own, you win. If they can't bring you deals and save you money even with any fee they may have, you simply move on. Remember, basically speaking an agent's job is to know the market. and know how to work the market better than you.
In the end, generally speaking, there are three types of people agents are especially good for...
- People whose needs don't fit the mold and need extra-special help
- People new to town or who aren't used to the New York's rental system and can benefit by having someone on their side who can get them through the process.
- People who have limited time and really need someone who can handle all the craziness.
In regard to the third point, let's say you're searching for an apartment at a super competitive price range. It isn't uncommon for agents to put in dozens if not 100 or more requests on behalf of clients and get almost no replies.
Does that mean that a person can't do better on their own? Some people do. On the other hand learning by trial and error can be costly. A full lease term is a long amount to of time to endure the consequences of a mistake. (New York leases are difficult to get out of.) Hence, the biggest thing to remember is that asking an agent what they have to show you is free. Either they have something good that meets your needs or they don't. You shouldn't pay to view... You only pay if you decide to take the apartment, your application is approved and the lease goes through. Based on that simple fact, it would seem that contacting an agent is a no brainer. It's simple: either they dish the goods, or you move on. Remember that!
Want to know what goods I have to dish? Feel free to browse this site or contact me any time!
