Spiking Broker Fees in Williamsburg
One unforeseen outcome of the Manhattanization of Brooklyn: rising broker fees. The Real Deal reports that renters looking to cross the river for the luxury high rise lifestyle of Williamsburg are willing to pay a hefty sum to do so, and not just in rent. “Brokers at some of the higher-end rentals have realized that…
One unforeseen outcome of the Manhattanization of Brooklyn: rising broker fees. The Real Deal reports that renters looking to cross the river for the luxury high rise lifestyle of Williamsburg are willing to pay a hefty sum to do so, and not just in rent. “Brokers at some of the higher-end rentals have realized that they no longer need to settle for a paltry commission of one month’s rent (around 8.3 percent of an apartment’s annual rent),” they say—now they may ask for 10, 12 or even 15 percent of the annual rent to help folks find a slot in a new building. Anybody had to shoulder such fees?
In Williamsburg, Upping Fees to Match Expectations [TRD]
Toll Bros., Williamsburg. Photo by zombotic.
If I owned an apartment building(s) my wife or child or parent or nephew would be the rental agent. Isn’t that how it often works?
If they were smart they would charge 50% in Wmsbrg, I’m sure the reatards would pay it. (yes i know i spelled retard wrong).
the broker i used on court street is a local firm not one of the large chains. now that i think about it, yes they wanted only 12% not 15% like manhattan. When told them one month fee in cash, they agreed without hassle, which was a pleasant suprise. I now recommend their services to my friends, and have brought them other business.
My most recent a move a year ago was 12% brokers in Park Slope. The last place I lived was through the owner so no fee, the place before (roughly 2003) that was in Bushwick was one months rent.
yeah, i don’t think this is news. 12% of annual rent has been totally standard for at least the 6+ years i’ve lived in nyc. every broker i’ve encountered has charged at least that, and it’s always been like “a good deal” cause they’re not charging the 15% you half expect they will. this isn’t remotely unique to williamsburg either.
When I was looking to rent last summer, I was being told 10-12% fees by most brokers (park slope, cobble hill, brooklyn heights areas).
I was fortunate enough to find a place direct from owner and avoided paying thousands of dollars for someone to open a door and lie to me.
I was actually trying to decide between two places — one from a broker and the one I eventually rented. The hefty fee definitely tipped the scales against the broker’s apt.
Standard in Brooklyn Heights/Cobble Hill/Carroll Gardens. Esp with the big firms like Prudential Elliman.
Just moved to Clinton Hill without a broker. In the 6 weeks I spent looking for a place, every broker I spoke with wanted 12% or more.
about 3 years ago, i was using a broker on court street in cobble hill to find me a place in the nabe. i signed an agreement to pay them i think it was 15% annual rent. after i found a place i liked, i told them, i’ll pay you one month fee in cash upfront or no deal. they took it those cheap sluts!