NO FEE APARTMENTS NYC: WHERE TO FIND THEM
Metropolis Apartments is a full service New York Real Estate Brokerage. We offer a wide selection of no fee apartments NYC.
For over 18 years we have offered one of the largest selections of NO FEE APARTMENTS NYC rentals in New York City.
NO FEE APARTMENTS NYC DEFINED
We often hear from our clients, “Don’t show me any no fee buildings.”
Well, every building in New York is technically a no fee building. This is because, by law, landlords cannot charge a broker fee. If a would be tenant can find out about a vacancy, gain access to it, know who to contact to make application, have the application considered and approved by the landlord–then the apartment can be rented as a no fee apartment in NYC .
No Fee Apartments NYC: Find out about a vacancy
Prior to the advent of the internet, it was virtually impossible for renters to find out about vacant apartments. The brokers had all the information. Only a few landlords advertised in the newspapers. Without a connection or a lot of luck there was little chance of finding no fee apartments NYC.
These days a lot of landlords have websites and advertise on line, but not all. There are many landlords who do not want to deal directly with the public to take applications. These properties are listed with brokers, either as open listings or as exclusive listings.
Broker Exclusive Listings
A broker exclusive listing is an apartment listed exclusively with one broker. Most likely a broker fee will be charged and it will probably be the traditional 15% of the yearly rent. This is not a source for no fee apartments NYC.
These are apartments that are listed with no particular broker and therefore are considered to be “open” listings. Open listings might be listed with a short list of brokers or with virtually all brokers. Some of these landlords advertise their properties and therefore can be no fee apartments NYC. This is where it can get tricky as far as the broker fee is concerned.
Some apartment hunters believe that buildings that advertise no fee apartments NYC are necessarily no broker fee.
If a tenant rents an open listing apartment shown by a broker, then that broker will expect to be paid a broker fee. Often the broker fee in this case will be less than the full 15% of the yearly rent.
The fact that the tenant could have known about the apartment and rented from the owner (no fee) does not negate the broker fee.
Most brokers have their clients sign a “Broker Fee Agreement” which states this fact and these agreements are usually upheld in Civil Court.
OP Listings (Owner Paid)
An OP Listing can be either an exclusive or open listing where the landlord pays the broker fee. This is the case when a broker advertises an apartment as a NO FEE APARTMENTS NYC.
The tenant rents through a broker but pays no broker fee.
This is the best of all worlds for everyone (tenant, landlord and broker) as the tenant enjoys the services of the broker for free. The broker earns a commission. The landlord gets a tenant. Everyone wins!
LARGE SELECTION OF NO FEE APARTMENTS NYC
Metropolis Apartments is a full service Real Estate Brokerage in Manhattan with over 18 years of experience throughout New York City. We offer one of the largest selections of No Fee Apartments NYC in New York City.
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