Can Brokers Charge Fees Nyc. Under the new measure the Department of State says in its memo a landlords agent cannot be compensated by the prospective tenant for bringing about a meeting of the minds Any real estate broker who tries to collect a fee from a tenant can be subject to discipline the department warns. Some no-fee landlords however recognize that youre not paying a broker fee and theyll increase their rent prices.
Of course landlords can still use brokersand given the complicated nature of New York Citys real estate market they probably will. On January 31 2020 the New York Department of State issued guidance holding that a landlords agent may no longer collect a broker fee from a tenant. A broker is a middle person between renters and property owners or landlords.
A broker fee is basically a fee paid to a broker.
Get A Full-Service Experience Without the Full-Service Price. With the average rents in NYC at 3000 for a 1-bedroom apartment youre saving somewhere between 3000 and 6000 in broker fees by finding a no-fee listing. Charging of Fees by Insurance Agents and Brokers Question Presented. Rental broker fees in NYC are notoriously high.
