Guide to renting and selling

Whether it's your first time looking or an apartment in New York City or the tenth time you've moved in a decade, finding the perfect New York apartment can be stressful. This guide will prepare you for the fast-paced nature of NYC rentals, giving you to all the information you'll need to find a great place to call home!

The following tips will help focus your NYC apartment search and will maximize your agent's ability to land you a great apartment.

Keep in mind:

• Before you actually start apartment hunting, do your research and get a sense of the market.
• Where would you like to live? Identify your preferred neighborhoods by noting what's important to you and your lifestyle: 
• Do you need to be near public transportation? Or is having available parking more important?
• What are the key elements of your ideal neighborhood?  Examples: stores, recreation opportunities, restaurants, schools, distance to work, etc.
• Is one of your "must haves" a building with elevator or would you be content with a walk-up?
• NYC real estate terms are unique and can seem overwhelming. Familiarize yourself with the various types of buildings and apartments: pre-war or post-war, lofts, brownstones, modern apartments.
• What size of apartment suits you and your budget best -- studio, 1 bedroom, or larger?
• What are some of your non-negotiables: light, space, convenience, on-site facilities like a gym or concierge? 
• What is your target move-in date? Are you prepared to make the necessary payments to secure your apartment? NYC apartments that are available today are likely to be gone next week, or even by the next morning. Your ideal apartment will likely only be secured if you're ready to act quickly; that's why working with New York Realty Solutions is essential.

Given the high demand, relatively low supply, and high cost of rental apartments in the NYC market, landlords and owners tend to require significant amounts of paperwork and proof of financial stability prior to offering a lease for rental. In peak months (May through September), apartments can be rented within hours. If you don’t have your first month’s rent and security deposit immediately available in the form of a cashier’s check, you could lose the apartment. 

To rent, you'll need:

• Letter verifying your employment:
  This should be a letter from your employer, on company letterhead, indicating your start date, length of employment, salary, and any other pertinent information. (Note: Offer letters are usually not acceptable)
• Copies of recent pay stubs.
• Tax returns and W-2 forms from the past 2-3 years.
• 3 recent bank statements or a letter from the bank indicating how long you have held an account there and confirming the status, balance, and history of your accounts.
• Verification of your credit: Most landlords or their agents will perform a routine credit check. You may want to review your credit report in advance to determine whether there are any outstanding balances that would negatively affect your prospects or to prepare yourself to explain outstanding debts. An average or poor score may not necessarily screen you out as a potential tenant; some landlords are willing to accept tenants who can provide a guarantor, or a person who will serve as a co-signer and will accept responsibility if you default on rent payments. Typically, the guarantor is required to provide all the same financial information that you yourself provide. If you believe you may need a guarantor, it is critical to speak with this person first and advise them as to the level of their responsibility. When you are working with a New York Realty Solutions broker, it’s best to warn them in advance about credit issues so they know which landlords to go to that are less hard on people without perfect credit. Some landlords might look the other way with additional security but obviously you need time to get that together.
• Copies of identification (Driver's license or passport) Having this package prepared and organized will impress a prospective landlord and will speak to your organization and commitment as a prospective tenant.

Financial Considerations: New York City apartments are expensive. Landlords are generally looking for a tenant whose annual salary is 45 times his or her monthly rent. This does not necessarily screen you out if you do not meet that income ceiling, but it helps you understand the nature of the NYC real estate market. Be aware that renting a New York City apartment typically requires having a substantial cash reserve to cover initial costs. In addition to the broker fee, these costs may include: security deposit (equivalent to one or more month's rent), first month's rent, and, increasingly, an amount equivalent to the last month's rent. The landlord or agent will typically charge you for the cost of the credit report ($25-100) and may also charge an application fee, which may range from $100 to $400. Be sure to ask whether there is an application fee for the building and determine whether the fee is refundable (most are not). Be sure that you ask up front whether personal checks are accepted (they usually are not) or whether you will need to make these payments in the form of a cashier's check, cash, or another form required by the landlord.

Other Considerations: Yes, the market is fast-paced, and both you and the landlord will want to close quickly on your rental deal. However, it is critical that you take the time to read your lease carefully and have any questions answered. Do not rely upon verbal assurances; any negotiations or changes to the lease should be attached to this primary document as a "lease rider" (or simply, "rider") and should leave no room for doubt in your mind or in that of your landlord. 

New York City is often considered a seller's market, and that's certainly true. The demand for NYC real estate is strong and unwavering. However, sellers can also face particular challenges, as typically the only aspect of the property within their control is the apartment being sold. The neighborhood, condition of the building, and the cleanliness and attractiveness of its surroundings, as well as local amenities, are usually not in the control of the seller, and can either enhance or detract from the buyer's interest. However, the seller has an amazing opportunity to focus the buyer's attention on the apartment itself. Here are some ideas that will help enhance your apartment; it can be challenging for us to see our own home or property objectively or clearly.

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To increase sale rate:

• What are the positive features that draw his or her attention and could be powerful selling points? 
• And more importantly, what are the features that might turn a buyer off? 
• What are little details that you might not notice that could use repair, sprucing up, or removal in order to enhance the profile of your property?
• Move through your property logically.  Start with the outside of the building. Although little outside the apartment is within your control, consider such issues as trash collection, entryway obstructions, condition of stairs and doors, etc. 
• What is the first impression of your building? 
• Is there anything you can do to improve that impression? 
• Is your apartment clearly marked? 
• It will be hard to sell your apartment if the buyer and his or her agent cannot even find it.
• Now consider your apartment itself. Start with the door and entrance. Is the door clean? 
• Do the locks and handle work properly and easily? Are they squeak-free?
• Is the apartment inviting? You may want to consider moving a key object such as an antique or a piece of artwork into the entryway to establish a certain tone for the prospective buyer. 
• Again, consider what impression you'd like to leave on the mind and memory of the buyer.
• Are the walls clean or are they scuffed or blemished? You may want to consider touching up the paint. This will enhance the brightness and sense of cleanliness.
• To the same end, check light fixtures and ensure they are working properly. Are they mounted carefully and are they sturdy? Is the lighting you've selected the most appropriate and attractive for your property? Minor changes to lighting can make major differences in the sale of your property.
• Similarly, clean all windows and mirrors. These enhance the light and also give a sense of cleanliness.
• Examine your floors. Are wood floors scratch-free? Are rugs clean? Are any touch-ups needed?
• Check bathroom and kitchen fixtures and appliances. These are of critical interest to the buyer and can make or break a sale. Are any fixtures leaking? Are all appliances working?
• Scent and sound can have a tremendous positive (or negative!) impact on the potential buyer. You can do a great deal to control these two factors and influence the buyer in your favor. Quiet, calm music sets a peaceful and welcoming tone, while certain scents establish a sense of home. You may want to consider using scents such as lemon, vanilla, or cinnamon, or the use of fresh flowers, to enhance these aspects of your property.

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Once you have made the requisite touch-ups, ask your friend to perform another walk-through and re-evaluate the property. You will likely learn that with very little effort you did a remarkable amount to improve the sale potential for your property! 

Considerations: Yes, the market is fast-paced, and both you and the landlord will want to close quickly on your rental deal. However, it is critical that you take the time to read your lease carefully and have any questions answered. Do not rely upon verbal assurances; any negotiations or changes to the lease should be attached to this primary document as a "lease rider" (or simply, "rider") and should leave no room for doubt in your mind or in that of your landlord.