Why use a broker? Still the best way to find an apartment in Manhattan is through a licensed broker, like at BARAK Realty. Brokers generally have all the latest listings and know about them long before they reach the public. A broker can save you precious time and money and can explain everything that you need to know about the market. At most real estate companies, there is one broker who works for you. At BARAK you get the whole team's support for your chosen broker. When to begin my rental search? WWe strongly suggest that you begin your search no earlier than 4 weeks prior to your intended move-in date. If you begin your search too soon, the apartments you saw during your home-finding search will probably not be available. At BARAK Realty, we fully understand your urgency and your need for peace of mind. Therefore we work with you quickly and efficiently to find you your home on time and on budget Fee or No Fee? In a softer rental market, you may find brokers promoting “No Fee” apartments. In order to increase demand, landlords and apartment owners agree to pay whole or part of the broker’s commission, then pass the savings to you. BARAK Realty presently has plenty of “NO FEE” listings available. Keep in mind, however, that we at BARAK encourage you to broaden your search beyond the “NO FEE” listings because they are usually limited in number and aimed at the high end of the market. Remember that a good monthly rental price will defray the cost of any up-front brokerage commissions. Paperwork to prepare? The rental market in New York is almost always tight. Even in a softer market, the good apartments get snatched very quickly. Manhattan landlords can be quite diligent when it comes to qualifying a prospective tenant. As a general rule, landlords require prospective tenants to have an income equal to 40-50 times the monthly rent in annual salary (some landlords allow combined income for couples and/or roommates.) Prospective tenants may be required to submit numerous items to prove financial ability and good credit rating. Here is what landlords usually ask for: Money to prepare? You should also expect to come up with the following funds at the time of lease signing: first month rent plus one month security, and broker’s fee (up to 15% of the annual rent, if applicable.) Please note that funds are due only via certified checks, bank checks, or money orders. Personal checks are not acceptable. Sometimes you may also need $50-$75 to cover the application fees and credit reports, and $150-$500 in move-in fees for renting in certain coops, condos and luxury buildings. Guarantors? Some landlords may request a guarantor if the prospective tenant has poor credit rating, insufficient income or a combination thereof. A guarantor is an individual that can co-sign on the tenant's behalf. A guarantor should have good credit history and should earn enough income to satisfy the lease in case of default. Landlords usually request that the guarantor be living in the tri-state area. Guarantors are usually asked to disclose some financial information and fill out a credit application as part of the approval process. Final word? Pick your broker smartly so you can be helped through this process. We at BARAK know how to prepare and present information in a timely manner so that you qualify as a strong potential tenant. We know how to give you the edge against competition for the most desirable apartments. Looking to rent? We’ll see you home.
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