KSI Realty NYC Renter s Guide

Transcription

1 KSI Realty NYC Renter s Guide Our commitment to you The KSI Realty Quality Service Guarantee is our written commitment assuring the delivery of all the services described below. As your fiduciary tenant s agent, KSI Realty adheres to the following high standards of practice to ensure a quality service experience: Consultation. We will conduct a counseling session to learn about your needs, wants, and goals for the rental process. We will determine what is most important to you, and will make sure that you understand all the required disclosures and agreements. Information. We will provide you with high-quality and proprietary informational guides about the process of renting a home, including a Tenant s Orientation Guide to advise you about various aspects of the transaction. We will also update you regularly with any information about the changing market conditions. Diligence. We will work diligently to help you find your new home, staying on top of changing market conditions, finding new properties as they become available, and taking you on all showings necessary to ensure you are completely satisfied. Communication. We will stay in touch with you regularly through your preferred mode of communication, including sending you regular updates about what is happening in the market, new properties that are becoming available, and ultimately keeping you apprised of the progress of your transaction. Execution. We will endeavor to pay careful attention to every detail to ensure that you have a consistently outstanding client service experience, assisting you throughout your rental transaction.

2 Meet us at the office The key ingredient in your successful NYC rental search is our ability to know our customers. Take advantage of our complimentary one-on-one consultation or video conference where we will identify your needs, give you access to thousands of listings, help you secure the right financing and guarantor if needed, explain you the difference between FEES and NO FEES listings, and allow you to prepare your rental experience by gathering all the required forms to submit your application. It is a transparent and fast process of 10 minutes prior to showing you a list of properties. You are welcome to ask any questions about the particular management company, the building itself, the amenities that are important to you, the surrounding area, and the ease of transport and access to and from your work place. KSI Realty is attentive to your every need which allows us to match the right property rapidly without wasting your time. Our 5 useful tips Express your wants and needs Let your agent know what are the most important variables for your search such as price, location and size. From there, you can discuss other features such as amenities, pet s policy, special requests, etc. Determine your budget Using the following rule: your income should be at least 40 times the monthly rent. Know when to start the search Being ready, willing and able allows you to see the best available inventory no more than 30 days prior. Money speaks Generally Required Documents* A valid government photo ID such as passport, driver s license or NYC ID Your last two paystubs Last two years of tax returns or W2 s/1099 s Last two-month bank statements Letter of employment stating salary, bonuses and/or accountant letter for self-employed Credit report and background checks Landlord reference letter * Please inquire if you are a recipient of rental vouchers or other rental assistance programs. KSI Realty is in compliance with all Fair Housing and ADA programs. Come to the showing with all your paper trails and be able to make a financial commitment immediately when you find your dream home!

3 Manhattan Neighborhoods Inwood Fort George Washington Heights Hamilton Heights Harlem Morningside Heights East Harlem Upper West Side Roosevelt Island Midtown West Hell s Kitchen Midtown East Queens Chelsea Gramercy East Village West Village Soho Tribeca Nolita Lower East Side Little Italy Chinatown Financial District/Wall Street East River Hudson River Upper East Side

4 Lenox Hill 5th Ave. Midtown East St. Patrick s Cathedral Midtown Empire State Building Turtle Bay Chrysler Building Grand Central Station Murray Hill Tudor City 34th St. Kips Bay Medical City 59th St. Beekman place Sutton Place The most convenient and lavish lifestyle you want and desire is right at your doorstep. Follow us to Midtown East where you can enjoy the lifestyle you love in just a second. Known as America s corporate epicenter, tucked among the Upper East side to the North and the Theater District with neon clad and world famous Broadway to the West, Midtown East is where New York s heart beats. An average population of 200,000 by day and about 40,000 by night makes this Manhattan location ideal for a peaceful and quiet time after 6:00pm. While in Midtown East, you are minutes to Grand Central Station. Just hope on a train to be in and out of the city after work or for a weekend gateway. With high-class and premier shopping boutiques, famous department stores, very affordable breakfast and lunch options from quality restaurants, iconic figures such as the Chrysler Building and the Empire State Building, Midtown East has it all! When it comes to housing options, there is no shortage of available rental properties. Midtown East is also one of the best places to buy; which we can help you with too! At KSI Realty, we know Midtown East inside out and we can get you the best units to match your budget and real estate needs. Murray Hill The Midtown East housing market lives up to its hype. Very glamorous apartments that move quickly, especially when it comes to renting, which means interested people have to be aggressive. At KSI Realty, we make sure you are fully prepared so when you find your dream property, you can act quickly. From penthouses to studios and apartments, whether you want a quiet place or love to live close to major subway hubs or would prefer entertainment and nightlife, you are sure to find the perfect match from our extensive portfolio of rental properties. In great neighborhoods, such as Turtle Bay, Sutton Place, Lenox Hill and Murray Hill, we can get you whatever you fancy. Having certified REBNY members and local real estate specialists with years of experience in real estate to guide you with scouting, renting or buying, is your best guarantee. We pride ourselves with utmost professionalism, ethic and dedication to you. Get in touch with us today to call your next Midtown lease home and live in the heart of vibrant New York City.

5 What is the difference between a walk-up and a doorman/full service building? A walk-up is a low rise building where the upper floors are only accessible by stairs, with no elevator. Walk-ups are pretty common to New York City, especially in older, original pre-war buildings. Walk-ups usually offer less amenities to its residents, although many have been fully renovated these past years with beautiful hardwood flooring and exposed brick walls, a true NYC s trademark. Note that there is rarely an on-site living super, a 24-hour concierge or doorman in walk-ups. Some have a laundry room, but most don t. However, generally speaking they tend to be 30% more affordable than doorman units for comparable size. Just ask your KSI Realty leasing specialist! We will find you the best property based on your needs, budget and taste Doorman buildings are usually much more recent. These high-rise construtions offer more exclusive, luxury amenities and services to their residents. Doorman buildings vary in terms of their offerings, but have at least one elevator, a laundry room and a comfortable common area such as a lobby or residents lounge. It is hard to deny the appeal of the added security and convenience of having someone screening visitors or storing your dry cleaning or packages while you are away. Some even feature a fitness corner, a rooftop terrace, a swimming pool, a kids playroom, a pet s spa, a bike storage, or a business center. Contrary to common belief, rental units in doorman buildings are not always more expensive than in walk-ups with incentives. It is not unusual nowadays to see a studio apartment in a trendy Lower East Side or SoHo low rise walk-up leasing for more than a larger one bed unit would in a doorman high rise on the Upper East Side. What is an O.P. and a N.E.R.? Can someone tell me the difference between a fee listing and a no fee listing? O.P. means owner pays and that the landlord or management company pays for part of, or for the entire commission also known as the broker s fee. This doesn t not mean you won t be charged a broker s fee. Just ask your broker about his/her commission structure first. If you see an ad that states no fee listing, it simply means that the landlord or management company doesn t charge a fee if you were to find the unit on your own. The access to and the inventory of no fee listings are not always easy to find; hence the benefit of working with an expert agent who will save you time. Often, the agent who receives partial or full O.P from the landlord or management company may charge you for the pro-rated commission minus the O.P. So, when you see an ad that reads fee listing, ask your broker what you are responsible for. Please note that commissions are not set and should be discussed with your agent. Broker s fees may vary from one unit to another depending on available concessions, incentives and other factors inherent to each situation. We provide you a clear commission agreement for each unit we show you beforehand. Many listings are priced as NER or Net Effective Rent, that is over an 11-month rather than a 12-month time frame. This implies that you are actually getting one month free on your lease at the discretion of the landlord or management company over the course of the lease period. As an example, let s say your monthly rent is $2,000. You are paying $22,000 in rent the first year (exclusive of any additional fees and expenses or 2,000 x 11 months since you are getting one month free), thus you are actually paying $1, a month in net effective rent ($22,000/12 months). No fee listings are great for tenants not expecting to be living more than a year in a unit as the rent renewal would generally increase on the second year to cover for the O.P paid to the agent. Thus, fee listings may be to your advantage if you intend to rent for more than a year. You can budget the broker s fee over the total number of years you intend to stay in your unit. Do let us know your maximum budget inclusive of the broker s fee so we can present you properties within your actual total budget both, for fee and no fee listings. Note: A landlord or management company will usually determine your qualification requirement based on the gross rent, and rarely on the net effective rent. Figure out what you feel comfortable paying on an annual basis and let your agent show you both fee and no fee listings so you can see everything available in the market within your actual budget range.

6 Be prepared and expect the following costs Unless you are the beneficiary of a rental voucher or other similar rental programs, most landlords and management companies look at your credit score (700 is the magic number), and your income to determine your likelihood of being approved. The golden rule in Manhattan is to make times the monthly rent and go through a credit check. If your annual salary does not meet that requirement, then it may be possible to combine salaries of roommates/partners or use a guarantor program such as Insurent that we will recommend you to use. Talk to your expert KSI Realty agent to guide you! Many landlords or management companies will not accept a guarantor that is not residing in the tri-state area or that doesn t typically make more than 80 times the required monthly rent. Keep in mind that each landlord or management company has their own set of guidelines to approve you. Additionally, some condos and co-ops have a board approval process, and they may require the tenant to pay application fees as well as share maintenance fees with the owner, to be paid in advance on an escrow account. Once you meet the requirements for a specific listing, you may apply. Leasing a step by step process from initial search to follow up 1. Contact your preferred KSI Realty agent to discuss your real estate needs. Make sure to establish a realistic annual budget and decide which search criteria are the most important to you. While we start the search process, get your paperwork in order so once you have set your sight on your dream property you can act quickly. We usually recommend starting showings no more than one month to one month and a half before your desired move-in date Your credit score has been checked. Your guarantor and application have been approved. Congratulations! You can now sign and secure the lease. Remember, landlord or management company usually requires an initial payment that covers the first and last month of rent as well as a security deposit. At this stage, you may also pay for any additional agreed expenses and fees. 3. Once we have made a short list of desirable units, areas or buildings, we will schedule showings. Get the keys to your love nest and you are ready to move-in You have found the one! Now fill out and submit the application form and provide all the additional documentation required by the landlord or management company. 7. We want to make sure you are happy as can be in your new home. Don t hesitate to reach out if you need anything else. Follow up is an important part of the leasing process. Thank you for your trust and business. We look forward to assisting you with your next rental or purchase in New York City!