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!
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!
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!
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!”
it all depends on the apt…
offer to pay a 15% fee for 10% reduction in rent.
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.
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.
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.
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.
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.
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.