New York City is expensive enough, and there are better ways to compensate real-estate agents writes jbarro
Let the landlords pay the brokers. Photo: Nicolas Mccomber/Getty Images Two things are true at once: Rental brokerage fees are shockingly high in New York City and a major burden on people who want a new home; and being a New York rental-brokerage agent is an unglamorous and not especially high-paying job.
What do apartment-brokerage agents do all day? A lot of tenants grumble about brokerage work as “I paid a guy $4,000 to unlock a door”; that’s a bit unfair, as they do a lot of showings that don’t lead to a lease signing, and they provide useful guidance about what apartments to look at.
In most other cities, if there is a broker involved in an apartment-rental transaction, the norm is that the landlord will pay his or her fee. This isn’t just tenant-friendly because it reduces the upfront cost to move into a new home. Because landlords essentially buy brokerage services in bulk, they have more power than tenants to demand low fees.
An enormous corporate landlord like mine is well-positioned to shoulder the cost of leasing and build it into rent like any other expense. I will acknowledge that there are reasons that this practice has not fully flowed to smaller buildings, whose owners may be more concerned about the volatility of rental income and not want to pay leasing costs at the same time they are losing rent due to vacancy.
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