Finding a decent no-fee apartment takes time and work. That’s why so many people opt to plunk down 15% of their annual rent to let a broker do most of the work for them. But if you’d like to save a couple grand on broker’s fees, it can be done.
Many renters pay no-fee listing services to help with the leg-work. Here’s how these services work: You pay a fee (either flat or monthly) and get access to their listings of no-fee apartments. Most of them have online listings that you can search. Some services let you detail your specifications (price range, neighborhood, size, etc.) and then email you matching listings as they are posted.
These services can help you save time tracking down no-fee apartments, and the cost is small compared to a broker fee.
There are a lot of these no-fee services out there – you’ve probably seen them in the real estate listings. However, you should proceed with caution. Some of these services have a bad reputation. Many of them have been known to pull a bait-and-switch. They advertise a too-good-to-be-true no-fee apartment in the classifieds. Then, when you call, they tell you to come in and purchase their listings for $50 and up.
Before you pay up, research the companies through the Better Business Bureau or the Housing Forum on Craigslist (search the NYC Housing Forum for the service’s name and you’ll find reviews and opinions from other apartment-hunters).
Some of the better-known services are:
Rent-Direct.com – Rent-Direct boasts a database of over 5000 no-fee buildings, complete with photos. All information is accessible through their website. They even got a positive write-up in the New York Times. Fee is $195 for six months, with a reduced rate of $135 for people with rental budgets of $1000/month and less.
MLX.com – MLX provides both fee and no-fee listings through their online database. Fee is $169 for 60 days. A free guest account lets you access limited information.
HomeFinderNY.com – HomeFinderNY has been around for 14 years and advertises one-on-one personal service with a “rental specialist.” Fee is $163.11 for six months.
