Get The Best Out of Your NYC Rental Agent

Finding an apartment can be difficult. But in New York City, where time is money and competition for the best or the cheapest apartments is fierce, many people find that having a real estate agent can give them an added advantage.

How can an agent make finding an apartment easier?

-Agents often know about properties before they go on the open market.

-Agents may have exclusive arrangements with owners who never list their apartments publicly.

-Agents generally know an owner’s particular requirements. This will help you avoid seeing and applying for properties where you have little chance of approval.

-Agents have a familiarity that saves you time. Most agents have a good knowledge of the apartments, buildings, maintenance, and management companies and can eliminate options that wouldn’t be a “good fit” for you.

-Agents can help prepare an application package that shows you in the best light. If you have bad credit, need a guarantor, or have special requirements, an agent familiar with the owner can craft an application that meets the owner’s needs from the beginning.

But how do I go about choosing the best agent?

-Word of mouth is always the best way to find a good agent. But you must remember that good agents generally specialize in a particular area or type of property. Think about the person that is providing you with a reference. Did they find an apartment in the same price bracket or neighborhood that you are interested in? The best agent for a loft in SoHo may not be able to provide much assistance to you if you are looking for a walk-up studio on the Upper East Side.

-Call agencies and ask to speak with someone who specializes in your particular needs. Agents work on commission so they won’t want to talk to you for hours, but you should get a good sense that the agent is listening to your needs and has properties in your price range and in the area that you are interested in. Unless you have truly unrealistic expectations about what your finances and credit can get you in your desired areas, agents who continue to tell you about properties that don’t fit your states criteria should be avoided.

-Bigger doesn’t necessarily mean better. Don’t overlook smaller agencies who may work harder for your commission.

-Ask to see the agent’s pocket license card. This will prove that the agent is licensed by the State of New York and provides you with some protections. Don’t meet with anyone who doesn’t have a pocket card.

What can I do to get the best out of my agent?

BE HONEST It is a huge waste of everyone’s time and energies if you aren’t frank with you agent about your income, credit, and apartment price range.

BE AVAILABLE While in theory your agent works for you and therefore should make him or herself available around your schedule, that is simply not reality. Agents have many clients to juggle and have to work around the schedules of current tenants, building viewing regulations, Super availability, and key availability. You also must understand that desirable apartments can be gone within a few hours after coming on the market. While looking for an apartment you must be able to drop everything and go to a viewing in a moments notice.

BE REALISTIC The number of people that arrive in New York City wanting the “Friends” apartment is amazing. First, the apartment is on a set in LA. Second, there is no way that a couple of people working in entry level jobs could ever get approved for, let alone afford, an apartment of that size anywhere in Manhattan. Find out what your money and financial situation can rent in Manhattan and deal with it. Your agent isn’t responsible for your finances or the type of apartment that you can afford. Don’t blame them if your ideal and reality don’t meet.

BE RESPECTFUL Your agent works very, very hard for their commission. They may have hundreds of units to weed through to match you to a few that may fit your finances and requirements best. They have to cultivate relationships with owners and supers. They have to deal with a tremendous amount of competition just to get your application approved. And working strictly on commission, they have to make sure that they find you a match very quickly. To act as if they simply woke up with keys to you perfect apartment in their hand is insulting and completely unrealistic.

THINK LONG TERM Since word of mouth is the best way to find a good agent, make sure that you spread the word if your agent has done a good job for you. If you are like most New Yorkers, you will move again and having someone who you know and trust AND is aware that you have helped them to build their career is a great place to start.

originally posted March 3, 2007