8 Truths About NYC Real Estate Brokers: Beware!
Eight important facts and ways to protect yourself.
3. Don’t tell a broker your real price ceiling.
Start low and go higher if you need to. There are apartments that are virtually the same in a whole range of prices. That means that the apartment you just saw that was 1000 square feet with a doorman, open kitchen and bamboo floors for $6500 is also renting in other similar buildings for $4500. The reason you’re seeing the $6500 one is because you told your broker that you’re looking for an apartment between $4000 and $6000. Here’s a classic broker line: “It’d open up so many fantastic apartments that I know you’d love if you just go up in price a bit more.”
…every $100/month more you pay in rent, is at least another $100 in commissions they’re putting in their pocket.
4. There’s always “another offer”.
When a broker tells you that there’s another offer that came in yesterday, 90% of the time they’re lying to create a fake bidding war. Don’t take the bait. Hold strong on your original offer.