Purchase Playbook
This guide will seamlessly guide you through the buying process, partnering with one of our trusted, expert real estate salespeople at The Immobilier Group, to ensure an experience that’s not only smoother but also well-organized and stress-free.
What We Do: Our agents help you find available rental units, arrange viewings, and assist in navigating the rental process.
Who They Represent: In New York State, agents can represent landlords, tenants, or both. Our agents will make sure you understand who we represent upfront by providing you with a disclosure form.
1. Understand the Role of the Real Estate Agent
2. Determine Your Budget and Requirements
Set a Budget: Take into account your monthly income and all associated costs (e.g., rent, utilities, security deposit, etc.). Typically, in NYC, landlords require that tenants have a combined annual income of at least 40 times the monthly rent.
Know Your Priorities: Decide on the must-haves for your rental, such as the number of bedrooms, location, amenities, or pet policies. Being clear with your agent will streamline the search process.
3. Sign a Broker Agreement
Tenant-Agent Agreement: If you decide to exclusively work with one agent, you may be asked to sign an agreement. This document should outline the agent’s role, commission structure, and the duration of the agreement.
Commission: In New York, rental agents often charge a broker’s fee, which is typically 1 month's rent or 10-15% of the annual rent.
Listings Based on Your Preferences: Your agent will send you apartment listings that match your budget and preferences.
Neighborhood Research: Make sure you do your own research on the neighborhoods. Walk the area and check for transportation options, noise levels, and local amenities.
4. Receive and Review Listings
Plan Your Viewings: Work with your agent to arrange viewings. Make sure to bring questions about lease terms, utilities, and any extra costs.
Inspect Thoroughly: Check for things like water pressure, heating, lighting, window conditions, and other important apartment features.
5. Schedule Viewings
6. Submit a Rental Application
Gather Documents: You will need to submit a rental application with necessary documents like:
Proof of income (pay stubs or an employment letter)
Tax returns (if self-employed)
Bank statements
Photo ID
References (landlord or professional)
Credit Check: Most landlords require a credit check. Ensure you have a good credit score, as it can impact your ability to secure the apartment.
Leverage Your Agent: We will help negotiate favorable lease terms on your behalf, including rent, lease length, and any special requests such as minor renovations or adjustments.
Understanding Your Lease: Ensure you thoroughly review the lease document, including policies on rent increases, repairs, maintenance, and renewals.
7. Negotiate Lease Terms
Guarantor Requirements: If your income or credit doesn’t meet the landlord’s requirements, you may need a guarantor, typically someone with an income of at least 80 times the rent. We will guide you through this process.
8. Secure a Guarantor (If Necessary)
9. Pay the Security Deposit and Broker's Fee
Security Deposit: In New York State, landlords can require a security deposit of up to one month’s rent for an unfurnished apartment.
Broker's Fee: If applicable, you will need to pay the broker's fee at this stage.
10. Final Walkthrough
Before Moving In: Conduct a final walkthrough of the apartment to ensure it’s in the agreed-upon condition. Document any existing damage with photos and communicate any concerns to your landlord or agent before signing the lease.
11. Sign the Lease
Lease Execution: Once you and the landlord agree on the terms, you’ll sign the lease. Your agent can explain any final details and help with the logistics of signing.
First Month’s Rent: Be prepared to pay the first month’s rent at the time of signing.
Coordinate with Landlord/Building Management: Work with your agent to make sure your move-in date is confirmed and any necessary paperwork for building management (if in a co-op or condo) is completed.
Utilities Setup: Ensure your utilities (electricity, gas, internet) are set up before moving in.