Rental Apartment in Brownstone
Hi, I have an apartment I want to rent in my home. I would prefer to list it with a broker. Any advice or suggestions? Thanks so much.
Hi,
I have an apartment I want to rent in my home. I would prefer to list it with a broker. Any advice or suggestions? Thanks so much.
I absolutely agree as a landlord that your should get a broker. I have a touch as nuts broker (I know, because he broke my balls before showing me my first apt in the neighborhood that was fabulous) – he is great at vetting and found me a tenant who is amazing. Who cares about tenants who don’t like brokers, there are plenty of good ones willing to pay the fee.
I am a new landlord also and have only used brokers to rent out the two apts in my 3-fam. I don’t have the time or inclination to be showing the apt to lots of people, collecting all the paperwork, etc. I also have no interest in splitting the fee with the renters. What I have learned through the process is to tell the broker up front that I will not necessarily take the first person interested in the apartment – often with a few brokers competing within one agency they try to go by first come first served – this doesn’t work as well for the landlord. I’ve found that if there a couple people interested it is best to consider both of them and then accept the one that you’re most comfortable with. In addition, since I live in the building, I’ve made a point of meeting and interviewing anyone who I’m considering renting the apartment to. This reduces the chance of ending up with someone you can’t stand living in your house – even if they look good on paper and in their references. If you tell the broker these things up front there shouldn’t be a problem later on.
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.
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.
We recently rented our 1 bedroom garden apartment in Park Slope within a few hours of showings with people off of craigslist and we’re really pleased with the quality of people we got responses from and are renting too. We recently bought our house and it’s all really immaculately done, when we bought it we were told it was a ‘high end’ rental, but with the rental market the way it is, we’re renting it for almost $200 below the rental price originally quoted. I also agree that the price seems steep for a studio in Park Slope right now, from my research when we priced out the rent on our apartment. You should be able to tell if the price is too high by the feedback of your efforts.
In terms of finding someone qualified or checking their qualifications, find an online service like the ones mentioned that do background and credit checks. They usually have a reasonable fee. The serious applicants that we had had no problem with the $30 fee or whatever to do this. Many of our applicants also came prepared with w-2’s, pay stubs, bank statements, guarantor info if needed etc. You can specify how much and what info you want to assure yourself that you are getting a good tenant.
For us, renting the apartment ourselves was essential because we live on the other two floors and want to feel comfortable with the people. We also share the garden. The broker seems unnecessary both financially and professionally in finding some good renters.
As a LandLord with 21 apts and in the business for the last 10 years, I have had only one tenant put in by a Broker.
That turned out the be bad. What you don’t get is the personal face-to-face of the prospective tenant to see if they really like the apt or is it the rental they really like.
When it comes time to renew the rent and raise the price, it was my experience that there was a problem because the tenant had to pay a “Broker’s Fee” and reminded me of that. Of course, that’s not my problem, but I did feel sorry for them.
After that eviction (which I do myself… it’s very easy and straight forward if you just do a little bit of research), I have always done my screening dilligently and meticulously. Do not take any short cuts!
This is NYC, if you are offering an apt at the Fair Market Rent (or even slightly above), you will get quite a bit of applicants if you are in a half-decent neighborhood or better.
You can see who will be good for you as personality comes in to play (for instance, party animals and large families with young kids will be good for the ground floor but not for the floors above as they will impact the floor below with much higher noise problems). This will help you in the management as you will have less problems and less complaints (especially about Noise, smoking, loitering, etc.).
My management is extremely easy. I take care of it myself and make sure that I understand the potential tenant’s qualifications and personality.
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.
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
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.