Rental Apartment in Brownstone

That's a great point, I didn't think of it that way...the apartment is in park slope, and since it is in my home, my concern was getting a 'vetted' candidate

Posted by: LandLady at March 27, 2008 9:35 AM in response to Rental Apartment in Brownstone

That is very helpful, thank you. I hadn't heard of NAIL, as I am a newbie at the landlord game, I will look into it. Paying the fee myself, or splitting it with the tenant may be a great way to go for me and not something I had thought of before.

Posted by: LandLady at March 27, 2008 10:01 AM in response to Rental Apartment in Brownstone

again, excellent point, there's a win/win here that doesn't exist in the housing market... Thanks!

Posted by: LandLady at March 27, 2008 10:29 AM in response to Rental Apartment in Brownstone

The apartment is a newly renovated studio--they'd be the first tenant (more like a junior one bedroom) 500 sq. ft. Private, ground floor entrance, central air, utilities incl. on a park block in north/center slope. $1900 (no fee obviously :-) If they'd be interested, post back and we can work out some kind of contact. Thanks! (no smoking or pets)

Posted by: LandLady at March 27, 2008 12:09 PM in response to Rental Apartment in Brownstone

To the landlord who wrote back, thanks for your thoughtful post, that is the other side of the broker coin.

As for it being too pricey, I think that for what the apartment is, and the included utilities, the price is exactly market based on the research I've done. If I'm wrong, I guess I'll find out pretty soon.

Posted by: LandLady at March 27, 2008 1:14 PM in response to Rental Apartment in Brownstone

Google "Soundsight", they are expensive, but amazingly reliable and they do a great job.

Posted by: LandLady at March 27, 2008 6:07 PM in response to Does anyone know a good person for running cable, telephone and computer wire through a house?

Thank you all so very much for your thoughtful responses on both sides of the broker issue. I learned a lot from the collective wisdom, and I appreciate the time you all took to respond.

Posted by: LandLady at March 27, 2008 6:16 PM in response to Rental Apartment in Brownstone

Thank you all so very much for your thoughtful responses on both sides of the broker issue. I learned a lot from the collective wisdom, and I appreciate the time you all took to respond.

Posted by: LandLady at March 27, 2008 6:17 PM in response to Rental Apartment in Brownstone

I know of a couple people looking for places in Park Slope.

Would there be a way to contact you and find out more details? You might be able to rent it just from this forum!!

Posted by: guest at March 27, 2008 11:04 AM in response to Rental Apartment in Brownstone

The apartment is a newly renovated studio--they'd be the first tenant (more like a junior one bedroom) 500 sq. ft. Private, ground floor entrance, central air, utilities incl. on a park block in north/center slope. $1900 (no fee obviously :-) If they'd be interested, post back and we can work out some kind of contact. Thanks! (no smoking or pets)

Posted by: LandLady at March 27, 2008 12:09 PM in response to Rental Apartment in Brownstone

Thanks. That's a little out of the price range for the people I know. We are all mostly arts professional types.

I also live on a North Slope park block and the rents in our brownstone run around 1400-1700 for 500sf 1 bedrooms.

1900 is a bit steep.

Thanks anyway.

Posted by: guest at March 27, 2008 12:59 PM in response to Rental Apartment in Brownstone

As a landlord, I think a broker is a great deal. Sure, renters don't like them, but so what? Anyway, it's my opinion that you will get a better quality tenant and have a better experience renting your place out using a broker. First, a broker will put the ad out for you, field the phone calls, make the appointments, and deal with the people who do and don't show up. If you work, that right there is a big, big plus. Second, they will act as a sounding board regarding prospective tenants. One tenant wanted to call around and ask for references about me! (Our broker suggested we choose someone else, and we did.) Third, they will vette the tenant for you, which is a bit of an uncomfortable process since you are asking for a lot of personal info from people you don't know. Lastly, and in my opinion most importantly, if someone is going to go to the expense of paying a broker to rent an apartment, they are probably not going to leave early or after just one year, since they've already paid the broker's fee and doing that every year would be silly. We've used Shaye on 7th Ave. in Park Slope twice with great results both times. Never missed a month's rent in 7 years......

Posted by: slopenick at March 27, 2008 1:06 PM in response to Rental Apartment in Brownstone

To the landlord who wrote back, thanks for your thoughtful post, that is the other side of the broker coin.

As for it being too pricey, I think that for what the apartment is, and the included utilities, the price is exactly market based on the research I've done. If I'm wrong, I guess I'll find out pretty soon.

Posted by: LandLady at March 27, 2008 1:14 PM in response to Rental Apartment in Brownstone

1900 for a studio in brooklyn???

i pay that for a newly renovated studio in the west village.

Posted by: guest at March 27, 2008 1:28 PM in response to Rental Apartment in Brownstone

Another landlord here. If you don't have the time and energy or don't want the bother and hassle of showing it yourself, then of course use a broker. Nothing wrong with that route and there is a lot a good broker can do for you. But as much as the broker represents you, his/her ultimate interest is in closing the deal.

I like showing the rental we have myself, especially since I live right upstairs. I like being able to offer it "no fee" and I like watching prospective tenants look at the apartment. You learn a lot from how they look at the place and the kind (and tone) of questions they ask. Everyone puts on a good face when the broker brings them to meet the owner, but watching them look, you get the real deal. Also, IMHO, disptued by brokers, you can get a small premium for being no fee (I figure about half a month's rent divided by 12 added to the monthly rent). You also learn more about the apartmetn, what people like and do not, you get ideas as to how to market it, you get access to those who only look at the no fee ads, and you find out pretty fast whether you priced it right.

Posted by: slopefarm at March 27, 2008 1:59 PM in response to Rental Apartment in Brownstone

as a broker, i would suggest doing what you feel is comfortable.

as a suggestion for a first time landlord and for a building that has a landlord occupancy it is sometimes better to use a broker to maintain that business relationship. people tend to get very personal in the screening process and when the rent is late its sometimes hard to say something because you've made the relationship a little too personal, since you are neighbors etc.

secondly if you are going for something that is a high end rental it is harder to move them on craigslist. it just doesn't attract high end clients. i would suggest the times online.

If you are doing it yourself make sure you are very thorough in your screening process. once you get someone in it is very hard to get them out. ny law protects tenants and not so much landlords. make sure not only to do credit checks but do a housing check! make sure your future tenant hasn't already been to housing court. this will not be reflected in a normal credit report. make sure to get pay stubs, references, bank accounts etc.

also to note on what some of the other comments- you don't have to necessarily pay a broker. usually the tenants do that.

i hope that helps you make a decision.
and if you want you can email with any further questions.
i am being brave here and posting my email address: Victoria@realtycollective.com
i am not trying to get the listing or anything, just trying to be helpful.

Posted by: guest at March 27, 2008 3:28 PM in response to Rental Apartment in Brownstone

oh and i agree with the other comments that $1900 seems a little steep for a studio in north slope. how many sqf are we talking?
_-victoria

Posted by: guest at March 27, 2008 3:31 PM in response to Rental Apartment in Brownstone

I have never used a broker when renting out apartments in house I live in.
Because meeting and screening tenant myself - get better idea if that is type of person I want living so close - and answering to.
Broker may find someone financially qualified - but only with face to face chat can you make better guess if will be type of tenant that call for you to change light bulb and doesn't bother sorting trash from recyclables and expects every repair to be done yesterday with absolutely no inconvenience to them.

Posted by: guest at March 27, 2008 4:27 PM in response to Rental Apartment in Brownstone