Can I Go to the Landlord Directly and Avoid Brokers in NYC?
Anyone can find almost anything over the Internet nowadays, and skip the middleman, right? Why can’t I do the same with finding an apartment and go to the landlord directly? Unfortunately, if you think that it would be very easy to find a NYC apartment without a broker by just going to a landlord directly, then you may be in for a bit of surprise.
NOTE: To search for NYC apartments go to frele.com (free service). Or, click for more rental tips
Anyone who has tried searching for an apartment in NYC knows that it can be very challenging and tedious. Brokerage fees are definitely not cheap, but brokers in NYC exist because they provide a real service. In fact, many landlords (and not the renter) even pay the brokerage fees for this reason. Here are the reasons apartment seekers use the services of a broker: https://www.frele.com/learn/apartment-tips/do-i-need-a-rental-broker-to-rent-an-apartment-in-nyc/.
We’re not saying it’s not possible to go to the landlord directly, but you will miss a substantial part of the NYC apartment inventory.
Here are some of the reasons why:
Landlords lack time and resources
Many landlords simply do not have the time or resources to show apartments, evaluate tenants and perform lease signings. This is especially true for small landlords who own one or a few small buildings. Some landlords even have other full-time jobs. They don’t have the time for renters to come to landlords directly. so they need the help of brokers.
In some cases, landlords are simply not physically present to handle the transaction. NYC is one of the greatest real estate markets in the world so investors could be from anywhere. These landlords need a broker to market and show the units, qualify tenants and handle lease signings. For these situations, there is no way renters can go to the landlord directly.
Landlords want privacy
Many landlords prefer anonymity and privacy. They don’t want renters to come to landlords directly. They often prefer to have brokers act as their hands-on coordinator and representative. This “arm-length” type of relationship with the tenant comes in very handy. The last thing landlords often want is to be hounded by their tenants for minor issues like creaky doors, for example.
Some landlords lack experience
Another reason why landlords may not want renters to come to them directly is that they lack the expertise to handle rentals and leases. This is the case for many smaller landlords, like individual condo or coop owners who rent out their apartments . Most of them turn to brokers. Apart from being employed full-time in entirely different industries, as explained above these individual landlords don’t have the time nor resources to adequately deal with condo or co-op boards’ requirements and applications.
Landlords have long standing relationships with many brokers.
Relationships go a long way in real estate, especially in NYC real estate. NYC landlords often have long-standing relationships with particular brokerages. Out of respect for these relationships, many landlords do not have renters contact the landlords directly. In some cases, these brokers have been working with particular landlords for decades. They know exactly how the landlord would like things to be done.
Conclusion on why renters shouldn’t rely on going to landlords directly
Going to a landlord directly and trying to avoid brokers entirely means missing out on a huge chunk of inventory. NYC apartment vacancy rate is traditionally very low so you should seriously consider working with a reputable broker to gain access to as much inventory as possible.
For more NYC rental tips, please go to frele.com/learn.
This article was written by:
Phil Horigan, NYC Real Estate Veteran
Founder, Frēlē, the free and honest NYC rental marketplace
Producer, Phil’s NYC Rental Tips [YouTube Channel]
Blogger: flowfreely.com
Instagram: @philiphorigan
Phil has been a licensed NYC real estate agent since 2004 working for some of the top real estate brokerage firms in the industry. He founded Leasebreak.com in 2013, and Frēlē in 2017. Frēlē and Leasebreak are free and transparent rental marketplaces to search for or post apartments for rent in NYC
Go to frele.com to search for NYC apartments (free service).