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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Of the approximately 5000 rental properties available, 40% are available directly from Landlords and Owners, the other 60% are available through brokers only.

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REQUIRED DOCUMENTATION
You can improve your chances of getting the apartment you want by having on hand the following Documentation required by nearly all Landlords.

1. Letter of Employment.
2. Pay Stub.
3. Photo Identification: A valid Driver’s License, Passport, or Student ID.
4. Co-Applicants: also must provide the above documentation.
5. Guarantors: If you do not meet the minimum income requirements (varies from 40 – 50X monthly rent) as required by a particular landlord or have a credit problem, a Guarantor may be required. The Guarantor, or co-signor, is usually a family member who agrees to guarantee the terms and conditions of the lease in case you default. Your Guarantor must earn between 75 and 100 times the monthly rent and have a solid credit history. Many landlords require that the Guarantor live in the tri-state area – New York, New Jersey, or Connecticut. Your Guarantor must provide:
a. A copy of the first two pages of their most recent Federal tax return
b. A completed application form as a Guarantor
c. If Guarantor is self-employed, he must provide a letter from an attorney or accountant verifying his annual income.

THE APPLICATION PROCESS
This will be required for the Application Process
1. Application Form: Includes past employment information, previous addresses and landlord information, credit references and financial assets, including savings and checking account numbers.

2. Credit Check: A credit check will be run for each Applicant and Guarantor, and Guarantor, if applicable.

3. Deposit Money: At the time of submitting your Application, you will need one month’s rent and one month’s security in the form of a bank certified check, traveler’s checks, money order, wire transfer. Landlords will not accept personal checks for the initial rent and security deposit.

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