A quick scan of NYC-real-estate-related headlines this week is enough to make any financially-challenged, apartment-seeking individual consider a relocation (and we’re talking Louisiana, not Long Island City). Just a few days ago it was announced that both the Chelsea Hotel and Cobble Hill will likely be the next victims of the current plague consuming NYC – aka: over-priced condominiums leaving prospective renters in the dark.

Thus, during such dire times, procuring one’s dream apartment (without help from a healthy trust fund) is akin to the quest for the Holy Grail. But, that doesn’t mean the search for the perfect rental is hopeless. Since summer is when most New Yorkers seem to be joining the apartment-hunting bandwagon (despite the fact, that as one broker advised us, during August rents are raised considerably thanks to the influx of student-tenants), we figured, what better moment to get advice from a few seasoned real-estate agents? So, we called two leading brokers, Jared Seligman with Corcoran Realty in Manhattan, and Select Realty in Brooklyn, and enlisted their help as guides to NYC real estate. And we even added our own two cents…

Is there any particular neighborhood you would advise renters on a budget to consider?
Seligman: In Manhattan there really aren’t any deals left, but there are definitely a few places that may be better than others… the Financial District typically has the most amenities for the lowest prices. And you can find a few deals on the outskirts of midtown east and west, and Murray Hill. Inventory is low and the vacancy rate is at an all-time low; it’s absolutely a landlord’s market. So, it’s quite difficult to live in Manhattan if you’re on a budget. Some people are considering Harlem as well as other boroughs… even outside NYC like in Jersey City.
Select: Bushwick and Property along the L and J, M, Z train lines. There have also been new developments at the Jefferson stop on the L train, lofts near the Morgan Avenue stop on the L, and between the DeKalb and the Myrtle/Wyckoff stop on the L. Also, on the J, M, Z between Lorimer Street and Halsey stops.

What’s the best way to avoid going through a broker?
Seligman: When you’re selling there is nothing more valuable than a seasoned broker – they can take you from start to finish. They typically command at least 15% of the price and sell it twice as fast as someone selling by themselves. Renting is entirely different; it’s possible to rent without a real-estate agent but some people find it too time-consuming. Online sources like Craigslist offer no-fee listings.
Select: If you go through a broker, most of the time you get a good deal. When a no-fee apartment is available by an owner it can be more risky, unless you know what you are doing. There are pitfalls with both but a broker should give that extra bit of reassurance.

If you do have to pay a broker’s fee, how much can you negotiate?
Seligman: I never negotiate my commission under any circumstances unless it’s a short-term rental. I have seen certain companies give discounts to students, but I’ve never seen a company reduce it below 12.5%.
Select: Most brokerages charge 12%. Some even 15%. Play hardball on negotiations, but remember that if you want the place you have to meet the requirements. I know a bunch of places that do 10% always unless there’s a 2- or 3-year lease too.

For the lucky few who may be ready to buy, what would you advise?
Seligman: The best advice is to buy when you can afford to buy. If you can afford to purchase it’s the best time to buy because you never know what’s going to happen to the market. And I can assure you NYC is the most stable market.
Select: Money talks. You need to have a good income and credit and a down payment. There are so many bad mortgage deals out there. Be wary and patient. Research the areas; knowledge is power. The market in NYC is always fluctuating but inevitably is always on the rise. Find a good mortgage provider -- a person, not just a big-name company. In this business it’s all about trusting the broker.

What are the three essentials you’d advise any aspiring renter or buyer to keep in mind this summer when choosing an apartment?
Seligman: Speak to an experienced real-estate professional who has dealt with the neighborhoods you want to live in. See as many apartments as possible so you have a hands-on sense of the market. Last, make sure you are completely prepared to rent or purchase before you enter -- have all your paperwork ready. In today’s market a good apartment will sell and rent within moments of hitting the market.
Select: Time is of the essence. Get all your information together. Have your money ready and take a day off work. Be sure of where you want to move. Research the neighborhood and don't listen to people who tell you that the 1st 2 stops in Brooklyn (on the L train) are the only stops to consider. Graham and Grand St. are buzzing too!

If you’re looking to avoid brokers altogether, psychoPEDIA recommends the following:
*Check websites that list no-fee apartments like Craigslist.org, No-Fee-Apartments.com, and Nofeerentals.com.
*Sublets can be a great temporary fix, as they rarely require a broker’s fee.
*Make yourself a neighborhood mainstay – pick a block and frequent it often. Check coffee-shop bulletin boards. Don’t be afraid to knock on people’s doors and ask if they know of any openings in their buildings or their neighbors’.
*Industry newsletters, like Ed2010 (for editorial-related news and job opportunities) include apartment listings so you can find like-minded roommates.
*Become your own broker – get your own license and get unrivalled access to apartment listings in all five boroughs.
*Before even thinking about buying a new place, make sure that your credit rating is good, so you can get a favorable interest rate.

~Alisa Gould-Simon