I recently completed an application for an apartment that I found using the book. (The Nouveau Native’s No Fee New York 2008) At the end of the application, it said “Brokers Protected” in bold letters. What does that mean?
Most management companies are happy to work with you on your own, but are also happy to work with brokers. If you found the apartment on your own through the book, or the newspaper, or online, or word of mouth, etc the apartment will be a no fee apartment since you weren’t introduced to the property by a broker.
Part of the job of the real estate agent or broker is to find apartments that will fit your needs. This means that in addition to using their own contacts, they too use the book and look through newspapers and online sources. Since broker’s work on commission, the statement at the bottom of the application simply means that the management company will not allow a potential renter to cut the real estate agent out of the deal IF the agent showed the property to you.
It may not surprise you that people that have used the services of a broker often feel cheated that they could have gotten the apartment without having to pay the fee if they had done the legwork themselves. But the reality is, that that is what they are paying the broker to do, all the legwork. It is not uncommon for people to approach the management company after the real estate agent has shown them the property and even after completing applications and attempt to rent the apartment directly, without the broker. This is not a good idea at all. Management companies look at more than just your application and paperwork when making a decision. If you show yourself to be a dishonest person by trying to avoid paying for services for which you have contracted, this sends up serious red flags.
In reality almost all management companies protect brokers, though few of them actually list this on their applications.
Most management companies are happy to work with you on your own, but are also happy to work with brokers. If you found the apartment on your own through the book, or the newspaper, or online, or word of mouth, etc the apartment will be a no fee apartment since you weren’t introduced to the property by a broker.
Part of the job of the real estate agent or broker is to find apartments that will fit your needs. This means that in addition to using their own contacts, they too use the book and look through newspapers and online sources. Since broker’s work on commission, the statement at the bottom of the application simply means that the management company will not allow a potential renter to cut the real estate agent out of the deal IF the agent showed the property to you.
It may not surprise you that people that have used the services of a broker often feel cheated that they could have gotten the apartment without having to pay the fee if they had done the legwork themselves. But the reality is, that that is what they are paying the broker to do, all the legwork. It is not uncommon for people to approach the management company after the real estate agent has shown them the property and even after completing applications and attempt to rent the apartment directly, without the broker. This is not a good idea at all. Management companies look at more than just your application and paperwork when making a decision. If you show yourself to be a dishonest person by trying to avoid paying for services for which you have contracted, this sends up serious red flags.
In reality almost all management companies protect brokers, though few of them actually list this on their applications.
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