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Posted by Harry Cho on November 14, 2000 at 17:55:54:

In Reply to: Brokers posted by Ken on November 13, 2000 at 18:33:49:

Well, I'm going to sign the lease hopefully this week. It seems incongruent for brokers to be charging 18% (or more if they want since there isn't a limit) for rent stabilized apartments. I would think it would make sense for the laws to limit the fees charged since it seems like a gaping loophole for landlords to get around the rent stabilization laws. Don't see why there aren't kickbacks occuring all the time between the landlords who give exclusives to brokers.

: 18% is not an unheard of fee. If this is a desireable rent stabilized apartment with a rent substantially below market there are undoubtedly lots of other people interested. Its really doubtful that the broker will lower his/her fee. You pay for something one way or another, I guess. Sorry TenantNet, but this situation shows who really benefits from rent stabilization -- brokers and well-connected tenants, NOT the poor or working class, as some have contended.

: I should add that ideally, the broker works FOR you ... by finding out apartments that suit your needs, negotiating with the landlord on your behalf, and doing whatever it takes to get you in. Lots of real estate brokers out there - find one who you can work with and who will earn his commission.

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• Broker regulation ? Ken 11/15/00 (0)

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: Well, I'm going to sign the lease hopefully this week.  It seems incongruent for brokers to be charging 18% (or more if they want since there isn't a limit) for rent stabilized apartments.  I would think it would make sense for the laws to limit the fees charged since it seems like a gaping loophole for landlords to get around the rent stabilization laws.  Don't see why there aren't kickbacks occuring all the time between the landlords who give exclusives to brokers.

: : 18% is not an unheard of fee.  If this is a desireable rent stabilized apartment with a rent substantially below market there are undoubtedly lots of other people interested.  Its really doubtful that the broker will lower his/her fee.  You pay for something one way or another, I guess.  Sorry TenantNet, but this situation shows who really benefits from rent stabilization -- brokers and well-connected tenants, NOT the poor or working class, as some have contended. 

: : I should add that ideally, the broker works FOR you ... by finding out apartments that suit your needs, negotiating with the landlord on your behalf, and doing whatever it takes to get you in.  Lots of real estate brokers out there - find one who you can work with and who will earn his commission. 


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