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Russell Williams Real Estate

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Maryana Svid

on 7 September 2013

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Transcript of Russell Williams Real Estate

Real Estate
by Russell Williams
http://russellwilliamsrealestate.com/
facebook.com/RussellWilliams
twitter.com/RW_RealEstate
pinterest.com/rwrealestate

419 Lafayette Street (212) 360-2365
Make NYC Your Home!
Welcome to New York City!
Most populous city in the U.S.
With over 8 million people
3rd most expensive city to rent
6th most expensive to buy
Average price per square foot of $4,100
Subway
Taxis
Buses
Ferry/Water Taxi
Metro North/LLIR
Public Transportation
The Neighborhoods
Home to artists' lofts and galleries, stores, shops, boutiques





One of the oldest neighborhoods in the city, lower-class worker neighborhood, ethnically diverse





One of the most affluent neighborhoods in NYC, highest pricing per square foot in the U.S.vndkj
The Costs
Studio................$3,000
One Bedroom...$3,700
Two Bedroom...$5,400

Best... Roommates!
Questions?
Doorman
Elevator
Health club
Pets
New construction
Outdoor space
Laundry
Garage
Amenities
Types of Housing
Apartments
Condos
Townhouses
Houses
Walk Ups
Shopping Areas
5th Avenue
Soho
Times Square
Herald Square
Union Square
Residential Lease Application
Release of Information Authorization
Copy of government issued photo ID
Evidence of employment/income
Letter of employment, confirmation by employer
Pay stubs, W2 (last 2 years), tax return (last 2 years)
Two most recent bank statements
Deposit (typically 1 month rent)
Application fee
If using a guarantor:
Guarantor Application
Release of Information Authorization
Copy of government issued photo ID
Documentation of income or financial capability to guarantee the lease
Tax return (last 2 years, first 2 pages)
Bank statements (last 2 months)


Renting Process
The Checklist
Include Map
include photos
Renting Process...
Speak to a Russell Williams agent
Prepare appropriate documents to make renting seamless (handout)
Agent will schedule visits to accommodate your needs
Once an apartment is found a rental application is filled out
Credit and background checks are completed
Price and lease terms are negotiated
Documents are signed and funds are exchanged

Renting Process
Commission
Standard fee- 1 month rent split between agent and their company
15% of the annual rent (almost 2 months rent)

Co-Broke
Agent lets agents from other companies try to rent the place and then split the commission 50/50
Listings
Renting Tips
Open Listings
Any agent can rent the apartment to a person as long as the owner of the apartment allows it

Exclusive Listing (Rentals)
When the owner of a rental signs an agreement with an agent that states that he/she has the exclusive right to rent the apartment and collect the fee.

Cope with the high cost of living
Roommates
Lower expectations (when it comes to size for the amount of money)
Raise price point
Landlords want tenants who make an annual salary of at least 40x the monthly rent
Apartments go fast, so act fast
To get an apartment without a job--: pay 25% of lease in advance
Know your credit score
Make a need vs. wants list

Renting Apartment without a Job
New York's Tax System
Using Credit
More Tips..!
Questions?
Questions?
Questions?
Cope with the high cost of living
Make a need vs. wants list
Lower expectations (when it comes to size for the amount of money)
Raise price point
Know your credit score
To get an apartment without a job--: pay 25% of lease in advance
Brokers usually charge 15% of the yearly rent as their fee
Landlords want tenants who make an annual salary of at least 40x the monthly rent
Due to high demand, brokers can fill vacancies immediately
Apartments go fast, so act fast
Descriptions can be deceiving
For co-ops there are usually maintenance costs
Ask for bed bug history
Parking in the city is pricey
Don’t offer information, unless it’s asked of you

NYC second highest apartment building tax, almost at 4%
more than double national average
Puzzling because the higher real estate prices are, the lower property tax rates should be
Other high rent cities have below average tax rate
NYC tax rates on owner-occupied homes are actually some of the lowest among large cities
Tax gets passed through to renters
Good Credit is Essential
Credit is used to determine many things
Rent Payments do not build your credit
rentalkharma.com; helps you report your rent payments to the credit bureaus so that you can get the credit you deserve.
Renting with bad credit
First try to fix your credit (ask us how!)
Write to your credit ageny asking to correct any mistakes on your credit report
Other way... Put down a year's rent
Get a cosigner
Letters of referrance
Lastly no credit is better than bad credit
Sublet - make a deal directly with a tenant, not a landlord. The tenant wants to vacate the apartment prior to the end of his or her lease, so they need someone to move in and take over until the lease ends.

Pay 3 Months Advance
pay 25% of the lease in advance.
Full transcript