There are many types of rental listings in the NYC metro area.  We’ll break down the list into what the financial impact of the listings are:

OP listings are traditionally called “NO-FEE” by real estate professionals because the owner pays a portion of the broker fee to the rental agent representing you.  If an agent or broker shows you an OP apartment, unless the OP is very low, you will normally avoid paying any additional brokerage fees.

NO-FEE to the consumer, generally means that the listings in question are offered by the landlord or management company directly with no brokerage fee.  Traditionally, brokers have access to these “No-Fee” listings and charge an added 12-15% of the year’s lease as a broker fee.  At MLX, we charge $149.00 to supply you with all the NO-FEE listings as opposed to charging 12-15% of the year’s lease.

FEE listings are those for which a broker exclusively represents the owner of the apartment in the lease transaction.  Broker fees for exclusive listings are traditionally 15% of the year’s lease.  At MLX we advise you to consider all apartments.  Broker Exclusive apartments are often better deals than either the NO-FEE or OP listings for a variety of reasons:  1.  The prices are often negotiable.  2.  The owner is not paying overhead to a management company.  3.  The Brokerage fee is not factored into the rent.

The break down of all the rental apartments divided into the three categories is as follows:

OP apartments:  6% of the rental market
No-Fee apartments: 27% of the rental market
Fee apartments: 67% of the rental market

Have questions about the rental market?  Ask LaLa!

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Are you in the market for a NYC condo apartment? Are you looking for something sparkling new, sleek and dynamic?

Consider a NYC Green Home. Featuring all of the amenities of traditional doorman, luxury hi-rises; eco-friendly buildings offer something even more: peace of mind.

Set your mind at ease. Not only will you purchase a home which is built from re-used, recycled, reusable or sustainable products, a home in which the air and water is filtered, and the rainwater reused to keep the grounds beautified, but you will also purchase a house in a micro-market that seems to be weathering the current economic downturn. According to Lydia Depillis’ article in the November 13, 2008 “New York Observer Article” the market for environmentally friendly housing in New York City is “…going strong: Driven by growing demand for eco-friendly living and working space, developers are forging full steam ahead on plans to obtain green certification.”

With many new LEED certified buildings in Manhattan, Queens and Brooklyn, you’ll have a variety of neighborhoods and styles to choose from. Of course, you’ll have to do your due diligence by reviewing the building’s financials and having a lawyer look over your contract before purchasing.

Have questions? Want more information on LEED certified buildings? Would you like a tour of the newest eco-friendly condos? Ask Lala.

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You don’t have the time to do your own thorough search.  You don’t know if you’re getting access to all the listings.  You are dealing with too much back and forth between different agents – who you know all share the same listings.  And negotiating… you don’t even know where to start.  Does paying more up front give you a discount on the rent or purchase price?  If so, does it still give you a discount if you have bad credit?

There are many reasons to hire a real estate professional to help you with your search.  It’s picking the right person to handle all your real estate needs that really matters.

Here are some considerations in finding the right agent or broker:

1. Does your agent have access to all the co-brokered listings?
2. Do they have expertise in the areas you would like to live?
3. Are there other agents in the company that would help manage your search if your agent becomes unavailable?
4. Is your agent punctual in responding?
5. Does your agent seem to understand the market?
6. Does your agent have the support of his/her agency? If this is a less experienced agent, do they have the advice of more experienced agents at their company?
7. Is your agent always reachable?
8. Does the agent you’re working with have the upper hand on technology?

The right agent will show you apartments in your budget and just above your budget to allow for negotiations.  To figure out your budget, they will ask you questions about your income and assets.  If you’re buying there will be additional inquiries into what you have to put down, where money is coming from and what assets you will have after down payment, closing costs and other charges associated with buying a co-op.

It is important to work with the agent you feel comfortable with.  Real estate professionals work on commission, and commission alone.  If you searching for the right agent do so only in the preliminary process.   Due to REBNY rules, all REBNY members share the same listings.  Stick with the agent you have come to know and trust.  Of course, if your agent is not representing your interests, it is always advisable to find a new agent as quickly as possible.

If you have any questions, Ask LaLa!

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