Real Estate Agents Rally to Stop Intro 360 at New York City Hall
By Manhattan Real Estate Tracker, June 12, 2024
Real estate agents and brokers came out this morning to City Hall in Downtown Manhattan today to rally against Intro 360 which would require only those who hire a real estate agent to the broker fee. While all commissions are negotiable, typically the broker fee for leasing an apartment is 15 percent of the first year’s rent. New York City is unlike any city in the country, Manhattan Real Estate Tracker strongly opposes Intro 360.
According to the co-sponsor of the measure, City Council member Chi Ossé, renters deposit $10,000 on average for a new home. One major expense he wants to eliminate is the mandatory broker fee. However, landlords will simply raise the rent and in the long run, the renter would have paid more in rent than if they paid a broker fee and received a lower starting rent.
Tenants claim that they had to pay the broker fee even though “they didn’t hire a broker.” When an agent markets an apartment for rent and a potential tenant inquires about it, it was the agent’s experience and knowledge of real estate and marketing that not only secured the exclusive listing but also generated the call. This work has value and in certain cases, the agent should be compensated by the renter.
Links to local online articles regarding today’s rally and Intro 360 from local New York television stations can be found below.
ABC 7 New York NYC Council considers shifting broker fees to landlords – ABC7 New York (abc7ny.com)
Article from the Real Estate Board of New York (REBNY) regarding Intro 360:
1,500 Agents Rally at City Hall to Oppose Broker Fee Bill | Rebny