Tag: manhattan

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Should I rent or buy an apartment in New York City?

So it’s been a most unusual spring in New York City. The timeline for renters has been turned on its ear. In the past starting a search for a “straight rental” 7 weeks early would have ended in frustration. I used to beg people to search 3.5 weeks before their move date, when they would have the most options and leverage.

Now any good apartment has applications within 48 hours of being listed. Even less sometimes. And on May 6 we are already seeing listings on StreetEasy for JULY!

As a listing agent I don’t think that is the most effective time, you want something to hit the market at at the time the most and best qualified renters are looking, but perhaps I will be singing a different tune soon. I just took an application for an off market listing for July 16.

Buying in Manhattan and inner Brooklyn and Queens is different in so many ways from the rest of the US. But with the rental market almost absurd, more relocation clients are starting to wonder, ‘Should I buy?”

While the rental market is out of control, the sales market still offers some deals. The rest of the US is in a sales frenzy, but a number of factors make Manhattan different.

The market was soft before the pandemic, the pandemic hit harder and longer here, and finally– the investment market here is different than the rest of the country, where investors will offer competitive cash for almost anything and do the deal in warp speed.

A few things to know.

If you are browsing I suggest using a NYC-centric search tool. Line City is good, StreetEasy is popular, you can also use almost any REBNY agency site. Try to avoid Zillow, which is the same data as StreetEasy but can be confusing.

The cheapest deals you see probably have a big asterisk. They are income-restricted, or occupied units with a tenant that is rent regulated, or cash-only.

Then you need to think about co-op versus condos.

If you are looking in the lowest price ranges most apartments will be co-ops not condos. To make this post efficient I linked an article that explains that. Many of the least expensive co-ops may have policies that make them less flexible as an investment property, which is another major difference with NYC. Condos are simpler to qualify for and to rent out, but they tend to be more expensive. Another key factor is the monthly building charges. Those have more to do with the co-ops finances than the size of the apartment or the amenities.

Even with all of that– there are appealing studios in the 300K range…check out this sweet sunny studio. Parents who are buying for an adult child or people wanting a second home in the city should discuss those plans with an agent.

So while buying still requires a down payment and a vision of your future, if you are moving to NYC it may actually be the more sensible and rewarding option.

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NYC 2022: Rental Season Strategies

So “rental season”started early this year. After a winter of low supply/high demand now at least there is inventory. But I would say traffic is a month ahead of 2019. I feel like we are at the end of April not March.

If you are relocating to NYC my number 1 tip.

BE PREPARED BEFORE YOU HUNT

If you are working with a tenants’ agent they may have sent you a list of what most landlords ask for. The best thing you can do is look at the required paperwork, income, and check your credit. Landlords can be choosy, so you want to make your side as polished as possible. If you are representing yourself have everything ready to go. This means guarantors too. Your parents in Peoria, or Plains, or Portland may be surprised at the level of documentation renting an apartment in NYC requires. It’s that not far off from qualifying for a loan.

HAVE YOUR TEAM READY TO GO

So 2 years ago we were doing tons of remote deals. And if you are working with a luxury building, it may be just fine to work remotely with an agent. If you are looking at walkups, or your budget is tight it really pays to have all the tenants at the showing, making a good impression, and being able to decide together. I have had listing agents tell me that a clients physical absence cost them the apartment. Again if you are looking at 5K 1 bedrooms in FiDi it’s probably not that big a deal. But a 2300 1br, the listing agent will probably go with someone they met. Be watered up, wear comfy shoes, get some sleep, don’t be hungover. AND make a nice impression on the listing agent. Say hi, introduce yourself, show you are a pleasant easy person to work with. If you love the apartment ask if they have applications and what will win the lease. Offering a bit over may make sense if you think the apartment is a deal.

BE KIND

It may seem like we have all the power, but trust me, having 100 people request to see an apartment has its own challenges. At an open house I always notice how someone treats the other people there. That kindness and consideration stands out. Also at this point most apartments on the market are OCCUPIED. This means you are in someone’s home. They may only want to show it at certain times. This can be tough when you want to visit a lot of places. Show respect for the tenant and their belongings. Backpacks are the devil if you are a vase.

BE FLEXIBLE

Move dates are a big deal when everything is so busy. It may make things a lot easier to have an overlap between the move out and start dates, or a mover who uses storage. Also if the first of the month falls on a weekend you may have to wait until a weekday to move in. If an apartment is vacant, that landlord wants a lease that starts asap, not a month out. You may need to be less rigid on location, or having a dishwasher, or something. If you are searching online and there is only one apartment that fits your criteria, you are not in good shape. You need to have search parameters that give you multiple options. Don’t get fixated on one listing!

DON’T BE SHY

If you love an apartment let the person showing it know it’s at the top of your list. Let them know why. If you have a pet or pets make sure the building policy is a good fit.

I wish I had a magic wand. I love making people happy. I HATE having to tell people no. I had a dad call me up SCREAMING because his daughter lost out on a place, and I really liked her too. It broke my heart. Yes you may have to adjust your expectations, but I promise if you are qualified and put in the work it will turn out ok.

Happy Hunting!

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Understanding Manhattan Apartment Listings: Open vs Exclusive

So you are coming to NYC to look for an apartment, you may have looked on line, or spoken with me on the phone. If you want to make the process less stressful and confusing, it’s great to know that there are different types of listings, and the application process may feel very different based upon that.

EXCLUSIVE LISTINGS

In most of the country when you want to sell a house you find a realtor.

That listing agent lists the house. Posts ads, puts signs in the yard, hosts open houses.

Most buyers chose to work with a buyer’s agent, who will help them find places, and get them to showings.

Many EXCLUSIVE NYC rental transactions mirror this system.

We sometimes will call the broker on the other side of the deal a co-broker. There is a listing agent and a tenant’s agent, the main difference is we are negotiating a lease not a sales contract.

As a tenant’s agent, I set up your appointments, talk to you about options, help with an application, and do any negotiation on concessions with the listing agent. I like working with listing agents, and that has sort of become my specialty. That listing agent controls the application process, and getting them on your side is a key to getting an apartment lots of people are interested in.

For people who are relocating, it is a big help to have a tenant’s agent. It can be overwhelming to plan 2 days of appointments with listing agents and it is a good idea to see a mix of exclusives and open listings. It also makes the most of your time. I had one client see 12 buildings in a day. I think that is a lot, but we did it.

OPEN LISTINGS

Some landlords chose not to have an exclusive listing agent, and simply allow any agent or perhaps a select group of agents to bring renters to the table.

Other times the landlord will hire a leasing agent who is an employee, and represents the landlords interests.

Those listings are called open listings.

Many, but not all open listings allow agents to advertise their properties, and bring them clients.

My listing page on Corcoran.com features open listings, as does my page on Renthop which is one of the few public platforms to advertise open listings.

Applying for an open listing is a bit different, especially if we are working with a landlord. We don’t always know how many other agents might have someone looking at an apartment, so if you like an open listing, have your application documents ready to go quickly.

So why should you care?

What part of town you choose to live in makes a difference. There are relatively few open listings on the Lower East Side. Open listings exist but do not dominate in the East Village, West Village, or Greenwich Village. On the other hand move uptown to Midtown East or the Upper East Side and there are many appealing open listings.

Almost all condo and co-ops that go up for rent are exclusives, large buildings with lots of rental apartments are generally open listings.

Becoming familiar with open listings and marketing them is an important part of being a NYC rental agent.

Of course I love working as a listing agent too. You get to meet other brokers and a wide variety of clients who sometimes decide to have me help them find a place.

Want someone to break it down in person? Hire a trustworthy agent who has experience with all types of listings! Work with Suzanne by calling 929-429-0240 or email sgoldklang@corcoran.com.

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Fake Ads for New York City Apartments: Bait and Switch

So what is the most frustrating thing about apartment hunting in NYC?

Fake ads!

They give renters unrealistic expectations, and can lead you down a time-wasting rabbit hole.

Very simply, some agents find it more efficient to make up ads for apartments that don’t exist to lure you in. Once they have you baited, it is time for the switch.

As an agent, dealing with other agents fake ads is frankly my least favorite part of the job. We have a database of almost every apartment in NYC, and if I am spending energy trying to figure out the history of a fake ad, that’s time I could have used making calls to find you real options.

Fake ads also start popping up when you are looking for something that is either very rare or does not exist. When you have a tight budget in popular locations, fake ads are all of a sudden everywhere.

People don’t really do fake ads for 6 thousand dollar one bedrooms, because there are plenty of real ones. But 1800 no fee studios in swanky neighborhoods? 2500 two bedrooms with huge living rooms near NYU?

That is when the fakes start popping up.

This is where honest communication between agent and client is key. If you really need a bigger place than your budget allows, discuss more affordable neighborhoods, or perhaps switching from elevators to walk-ups.

Unfortunately instead of making hard decisions about priorities and compromises, some clients jump on the web and start showering you with phony listings. It’s hard to blame them, but it rarely moves things in the right direction. I also like to keep things positive, and having to explain that there are a lot of fake ads, makes me feel like a Bachelor contestant dissing her housemates.

There are websites that are reasonable to use in other cities, but in NYC are fake ad breeding grounds. Realtor.com, Apartments.com, to name a few. I get a big chunk of my business from Rent Hop, but there are also a lot of stale ads there too.

Localize boasts all their ads are honest, last week the featured property in the facebook ad was a 3 bedroom, 2 bath with, stunning arched windows in Tribeca for 3200 dollars. You do the math. People can advertise a magic golden unicorn in the basement, and there is little that can be done.

Some agencies actually instruct new salespeople to never delete an ad, just redirect clients to something else when they call. There is an apartment I rented in January, somebody’s fake ad for it was there months later. I wrote the agent saying please, my clients don’t need people buzzing their door to see their apartment, a month later, it was still there!

Agents will slightly change the number of an address, to try to hide what they are doing. I once got a call from a client at 7 AM, because the EXACT SAME APARTMENT she was applying for was ACROSS THE STREET BUT THIS ONE HAD A LAUNDRY ROOM! Nope, it was a jazzed up fake clone.

If you want to search I like Line City, or ask me to set up a customized drip for you in my two data bases.

The realization that some real estate ads are fake is a hard one, it’s not the better side of our industry, or humanity for that matter.

However it’s one of the most important pitfalls to avoid, especially if you are looking in a competitive category and have limited time in NYC.

#kindnesswins