“A landlord seeks a brokerage fee.”

Maybe this is a little bit tangential, but I just heard about a blog that chronicles the ridiculous world of poorly designed broker ads! Keepin’ it Realtor is funny as hell. Thanks, Gawker!

Today I will address questions of timing in an apartment search. The first question is “how long should it take to find a rental apartment?” and the second question is “how many weeks before you want to move should you start looking?” There is no hard and fast answer to either of these questions and they are undoubtedly related and thoroughly intertwined. How long you spend looking for an apartment depends on how picky you are and how realistic you are about the mutability of rental market conditions that may preclude the very existence of your “dream” apartment. After seeing 30 apartments over a series of two months and having them all be insufficient, it might be the case that what you desire does not exist and you will need to adjust your expectations so they are more in line with reality.

A good rule of thumb is to begin casually searching for an apartment 6-8 weeks before you want to move so that you can learn about the current market conditions, understand what is available in your price range and desired neighborhoods and to prevent a desperate time crunch because you only gave yourself 10 days to look. You should spend the first few weekends going on casual “scouting missions” to neighborhoods you are considering and drop by some rental open houses in order to see what your money could get you and if you’re considering using a broker open houses are a good way to meet some brokers in person and see how they conduct business.

Some brokers will not even want to deal with someone who isn’t moving within 2 weeks. Forget those folks, it’s perfectly reasonable to begin your home search a lot earlier than 2 weeks before you want to move. You are finding a home and that’s not something you want to feel pressured to compromise on because of a time constraint. That’s not to say that you won’t be compromising. You will be. An apartment search in NY is very often an exercise in learning how to compromise: maybe that means a farther walk to the train, possibly giving up that dishwasher or laundry in the building or climbing an extra flight of stairs to save a hundred bucks a month. That’s where the time comes in, you should look at enough apartments that you know which compromises are worth making and which are not.

So the answer to these questions is: how long it takes is how long it takes!! Realistically, no longer than 2 months is a general guideline. If you start too soon you may see the perfect apartment and not be in a position to rent it. If you start too late you may have to settle for a unit you don’t really like because you have to move within a week.

Tomorrow: How to rent an apartment in NY: the paperwork problem. What documents should I gather?

Previously: “How to Get the Apartment You Want, Part 1: What Happens When I Use a Broker?”

This week I will be outlining the process of renting an apartment in New York, drawing from my own perspective and experience as a broker. The first question on every renter’s mind is should you use a broker? I am a broker, so I say “hell yeah!” But seriously, I realize that many people don’t want to pay that fee and in reality, it’s a basic question of time and resources. Would you rather spend time or money? Do you even have time to look for an apartment on your own? Do you believe that it is worth paying somebody else to go looking for apartments on your behalf?

And here we get to the main issue many people have when employing the services of a broker. They don’t really understand what the broker’s job should be. A good broker should be 1) working to protect the interests of the landlord by ensuring that tenants are screened properly; and 2) working for the prospective tenant to find the best possible apartment that fits their budget and lifestyle. It’s my belief that many tenants go about their search in the wrong way by calling a dozen brokers whose listings they see on Craigslist, booking a dozen appointments and running around like crazy and still paying a fee at the end. The best thing you can do is interview a few brokers and pick the one that you think will work hard for you, communicate with you, one who knows the market and can understand what you are looking for. Craigslist is not a bad place to start. Click on a few ads and see if you get any kind of sense of whether the broker is honest and hard-working, call them or email them and see if you get a good feeling about them and if so, spend an afternoon or a day looking at apartments with them and if they take you to places you would conceivably be comfortable living then you’ve found yourself a broker you can work with! Now, you have someone looking for an apartment for you all the time. A hard-working broker will see more apartments in a week than you could stand to look at in a lifetime, they know the newest listings, upcoming vacancies and how the building is maintained–and this is where their services are valuable for busy New Yorkers.

Tomorrow: how long should I look for an apartment? What is the best time of year?

As the economy slows, large luxury rental developments are having a more difficult time attracting tenants. In order to remain competitive these buildings are offering a range of perks from covering moving expenses, paying broker’s fees and waiving security deposits to free morning breakfasts and maid services. Some are even offering up to two months free rent!

Read the full NY Times story…