NY Bits » New York Brokerage Firms
The following is a list of brokerages with listings (current or archived) on our site or with no-fee listings on theirs. Please note this is not a comprehensive directory of NYC brokerage firms.
Renting With Brokers
Typically, brokers in New York get paid by the tenant (the typical commission is 15% of one year's rent). However, in some cases, they get paid by the landlord or management company rather than the tenant and are thus able to offer "no broker fee" listings to renters. The "no-fee" in this description refers to the fact that the tenant is not paying the fees directly.
The advantages of using a broker are many: typically, they are knowledgeable professionals, well-informed not only of the city's neighborhoods, but of individual buildings and landlords. They are almost always able to suggest the right apartment for you and potentially save you money by shortening the time of your search and advising you against applying for apartments you won't be approved for (thus, saving you the application fees, time and frustration). Also, for certain buildings (especially some co-op buildings requiring board approvals), hiring the right broker is practically the only realistic way to get in.
The main disadvantage is cost (as per the explanation above), which is the main reason why so many people have been opting for a "D.I.Y" approach and contacting management companies and landlords directly. That said, in the case of "no broker fee" ("owner pays") apartments, the cost is not borne by the tenant directly. If you decide to get a broker's help in your apartment search, it is important to make sure you understand the compensation agreement.