Broker's fee and cash advances... eek. (Boston: apartments, rent, credit card)

[angela638x]

So my roommate and I just found out we have to leave our apartment by August 31 because our building is being sold. I have a little over $4,000 saved, thankfully, but the area we need to be in is extremely pricey. Because we have such a short amount of time, we have contacted several brokers to help us. While I can pay first, last, and security... I am wondering how much a broker fee will be. I haven't moved in three years so I'm a little out of touch.

If if the fee a month's rent (which is about $2,400) here, I'm screwed. I'm contemplating taking out a cash advance from my Chase credit card because I know, come end of September/early October, I can pay the balance. It's right now that I can't because this is all so unexpected.

Does anybody have any experience with cash advances, or negotiating a fee with a broker? I don't want to make us look bad or like we can't pay by doing so.

[timberline742]

Generally a full fee is one month's rent.

I've known people to negotiate it to a half fee, but not on desirable / in demand apartments.

[angela638x]

Originally Posted by timberline742

Generally a full fee is one month's rent.

I've known people to negotiate it to a half fee, but not on desirable / in demand apartments.

Yeah, I had a feeling. The area is super desirable.

[Dm84]

Some landlords don't ask for last month's rent.

[bigfatdude]

Why do you "need" to be in an area you clearly cannot afford? There's plant of neighborhoods in Boston that are safe and affordable, and you don't have to deal with smug dbags who think they deserve a month worth of rent just for unlocking the door.

[timberline742]

Originally Posted by Dm84

Some landlords don't ask for last month's rent.

Sure, and I've never paid a fee. But I avoid the super desirable areas (they become desirable after I move there, I'm like that ) and rent directly from the owners.

Oh, they (realtors) say it comes out the same... that if I'm not paying a fee it is reflected in a higher rent so the costs are the same at the end. From what I see, they're completely full of it.

[MikePRU]

The fee is most commonly equal to one month of rent. All agent commissions are 100% negotiable, but how far you will get with that depends entirely upon how much leverage you have. Also, as other's have mentioned many landlords request three deposits (ex. first, last, and security) and FYI none can exceed the amount of one month of rent FYI but some landlords do only ask for two deposits even in desirable areas.

Originally Posted by timberline742

Oh, they (realtors) say it comes out the same... that if I'm not paying a fee it is reflected in a higher rent so the costs are the same at the end. From what I see, they're completely full of it.

That sounds like a bunch of BS to me. I thought the system made more sense in the days when landlords paid at least some of the fee. It's pretty rare to see that these days.

[SoFresh99]

As far as I have always been told, it is illegal to ask for more than 3 months rent (combined) upfront. So they can charge you security, first and realtor fee but not security, first, last and fee. In my many years of renting I never had to cough up more than 3 months worth at once.

[yaeger07]

Ditto SoFresh. I had to pay a broker's fee, first and last. but not security.

[Dm84]

Originally Posted by SoFresh99

As far as I have always been told, it is illegal to ask for more than 3 months rent (combined) upfront. So they can charge you security, first and realtor fee but not security, first, last and fee. In my many years of renting I never had to cough up more than 3 months worth at once.

You've been told wrong.