Forum
« 3 x 6 Subway Tile for Sale Park Slope - 353 6th Street »
August 31, 2009
Negotiating Rental Fees
I'm hoping to move forward with a one-bedroom rental in Prospect Heights; broker is asking 12%. how likely is it that we could get him down to one month or 10% - any success stories out there? Is 12-15% still the actual going rate now in Brooklyn, or is it generally negotiable? Thanks!
Comments
i got 10% after a negotiation with Corcoran- good luck!
Posted by: bearn96 at August 31, 2009 2:48 PM
10% with Corcoran is pretty good, I hear that Corcoran just rasied there fees for Brooklyn to 15%!!! Which is ridiculous for Brooklyn, 1 month-12% has been the standard for a long time.
Posted by: IrieMan at August 31, 2009 3:41 PM
When we rented a place two years ago, Citi Habitats wanted 15 percent in Brooklyn and Brown Harris Stevens was 12 percent. We went with BHS. In this market, it never hurts to negotiate.
Posted by: bbbklyn at August 31, 2009 3:58 PM
Sloper, do you mind if I ask where your 1-br is and how much they are asking? Just general cross streets. I'm in a 2-br and wondering about other options in the area.
Posted by: Shoots and Leaves at August 31, 2009 4:06 PM
I think you should be able to get the broker down to 10% pretty easily. I would actually shoot for one months rent (like 8%). However, in this current market, I would think you should be able to find a place with no fee without much problem. I would push for the landlord to pay the fee. I moved this month with no fee. Friend of mine in Williamsburg got a place this month with no fee, and some friends moving here from out of town got a place in park slope with no fee. It is a renter's market!
Posted by: king of the burg at August 31, 2009 4:14 PM
I have walked away before when the broker refused to budge at 12%. Long story short, they chased me down the street after walking out of their office during negotiations. I ended up only paying one month.
Fast forward 4 years to my current apartment and I paid the full 12% they were asking. My wife and I loved the place too much to let it go (garden apt w/ W&D in Cobble Hill).
You can probably negotiate them down to 10%...but be prepared to walk away if you don't get your way. It all depends on what the place is worth to you.
Posted by: mrkknox at August 31, 2009 4:22 PM
have not had luck negotiating the fee in carroll gardens. seems like the main brokers in the area are in tight with the landlords. not renter-friendly.
Posted by: CG_ups at August 31, 2009 4:27 PM
Absolutely you can negotiate the fee! Don't even think about NOT trying. They'll almost always tell you that the fee isn't negotiable. That's BS! I recently hammered the bastards at BHS until they came down from 12% to a one-months fee, plus I got $200 knocked off the rental. It takes a bit of bluff and bluster but you shouldn't be shy about having a go of it. Use whatever leverage you can scrape up. Is the apartment an exclusive? Have you signed anything? Do you have possible backups that you'd be happy with? Be aware that most realtors are lazy sacks of slime that will do and say anything to get you to pay the full fee - but don't let them fool you. They need YOU more than you need THEM, and don't forget that. Be firm and steady. Best of luck.
Posted by: Park_loper at August 31, 2009 4:43 PM
Just got a place by-owner with no fee in Brooklyn Heights (off Craiglist, where there seemed to be a ton of Prospect Heights listings).
Just saw on Craigslist that another established broker active in Cobble Hill, Boerum Hill and Carroll Gardens is saying 'my fee is always negotiable.'
But I do agree with people who say:
a) you have to be willing to walk away if a broker is inflexible; and
b) Carroll Gardens landlords/brokers are in dreamland. There have been stale listings there for MONTHS that won't drop their asking rent or list incentives with reduced broker's fees.
All in all, I'd definitely try to negotiate the fee, at least a little. If you absolutely LOVE the place, though, then you have some soul-searching to do.
Posted by: JKB at August 31, 2009 5:24 PM
When I was looking, one broker said he usually charged 15% but would do 12%.
I ended up going with a place that charged 10%. The apartment was the one I really wanted, and the lower fee was just the icing on the proverbial cake.
Posted by: DitmasSnark at August 31, 2009 6:08 PM
A friend of mine asked a broker if his fee was negotiable on the way to a listing in BH a few months ago. He said "No", followed by "I don't think you're going to like this place. I think you should try someplace else."
She didn't even see it -- walked away. With that attitude, I doubt he's making much in commissions.
Posted by: slopette at August 31, 2009 9:03 PM
Everything in life is negotiable: If a broker has the nerve to ask 15% in Brooklyn,in this economy simply walk away. one month to 12% is the norm.
Posted by: Crownlfc at September 1, 2009 12:58 AM
it all depends on the apt...
offer to pay a 15% fee for 10% reduction in rent.
Posted by: slick at September 1, 2009 3:03 AM
Seriously... 15% is disgusting. As if the rent prices themselves weren't already obscene (caused by the unsustainable multi-million dollar price tags on little buildings).
The only reason 15% can be charged is because we let them. Folks have to suck it up and say no.
Rental agents shouldn't get any more than a month's rent AT BEST. The amount of effort they put into the transaction is usually laughable... and generally unhelpful... and I seldom see how they are an "advocate" for anyone in the transaction (renter or landlord). They just want your money for minimal effort.
As Nancy Reagan says, "Just say no!"
Posted by: tybur6 at September 1, 2009 8:59 AM
There are a lot of apartments that you can go to directly and avoid using a broker. I have moved twice in the last five years and have never used a broker. They're not worth it. Good luck!
Posted by: kelly71 at September 23, 2009 9:18 PM
Post a comment
Please be patient while your comment is published. It may take a moment.