What Are The New NYC Rental Laws? [Explained]

If you’re a New Yorker, chances are you’ve heard something about the recent change in NYC Rental Laws. The new rules effect both renters AND landlords – and they are applicable to all residential rental units. What are the new laws? Keep reading about the New York State Housing Stability and Tenant Protection Act of 2019.

• The new law applies to all residential rental units, including rent regulated and free market, co-ops and condo units.

• No deposit or advance can exceed one month’s rent.

• Within 14 days of tenant vacating premises, landlords must return security deposit and if retaining any portion thereof, must provide an itemized statement and reason within the time period.

• Where a tenant vacates a property in violation of terms of lease, the landlord must mitigate damages by renting premises.

• It is unlawful to refuse to rent to a prospective tenant because he/she is or was involved in a prior landlord/tenant summary proceeding.

• Fees charged for credit and background check (“Report”) are limited to its actual cost or $20.00, whichever is less.  Tenant must be given a copy of the Report and actual receipt showing cost.

• If tenant gives the landlord a Report conducted in last 30 days, fees must be waived.

• Eliminates vacancy bonuses.

• Cost of renovations can only be passed on to tenants for 15 years.

• Landlords can only pass on to tenants 2% of the construction cost of Major Capital Improvements (MCI).

• Judges can push back an eviction for up to 1 year to allow a tenant to find suitable living arrangements in the same neighborhood at a similar rent.

• If a landlord uses force to evict a tenant or illegally locks tenant out, the landlord can be charged with a misdemeanor crime of unlawful eviction and charged with a civil penalty of $10,000.00 per violation.

• 51% of tenants in a rent-stabilized apartment must agree to a tenant or co-op conversion.

• Landlords cannot charge a late payment fee higher than $50.00.

• If a landlord plans on raising rent over 5% or not renewing a lease, the tenant must be given at least one month’s notice. 

Now these are just a list of the highlights within the new rules. We highly recommend consulting with an attorney regarding specific details – especially if you feel your landlord is in violation.

Are you looking for a rental in Queens, NY? Click Here to View a List.

Queens Real Estate Agents: 3 things a successful agent will always do that you’re not.

Queens Real Estate Agents: 3 things a successful agent will always do. That you’re not. 

Don’t ruin it for everyone! New York Real Estate Agents suffer from a bad reputation at times because of the actions of a few. Unfortunately, when it comes to the practice of real estate there are many grey lines and rules that are bent for more commission. Here are three things successful agents do that you’re not.

Continuing Education:

So, agents tend to get their license and think they are lawyers, financial advisors, and doctors. This is where the problems come from. When you stop learning and sharpening your skills you start giving illegal and sometimes false advice that does not help or serve your client.

Every successful agent that I know is constantly improving their skill set by reading, attending classes, and networking with the right professionals. Always is learning.

Co-Broke: Many realtors try really hard to sell all their properties themselves. This not only hurts your efforts but makes you “sleazy” in the eyes of your customer. Our job as fiduciary entities is to put our client’s interest above our own.

All the successful realtors I know focus on SALE VOLUME, not just commission. If you focus on adding more value to your clients you will never have to worry about not having a listing. 

Network: Creating a network of agents and other professionals will help you in some many ways. Not only will they provide you with support but will help you build up your referral base. All the success an agent has is in direct correlation with one’s network. You are who you walk with. 

Are you a top producing agent or broker in your area? What are some things you do that you find is lacking in the real estate community?

The 6 must read books for every realtor

The 6 must read books for every realtor

  If you are taking the leap into a career in real estate it will be hard. The New York real estate market is a dog eat dog world and you are a small fish in a big pond. If you are looking for some good reads or audiobooks you are in the top 25%. Most people who get the license don’t do anything with it nor do they make an effort to read 20 pages about their future craft. That’s why 90% fail within the first 2 years. Here are 6 books you will need to read if you want to become the best realtor and become a big fish in your industry.

 The Millionaire Real Estate Agent by Gary Keller

 This book is the foundational book for many realtors and it will teach you the basics. If you didn’t read any other book this one will put you on the right path to success. This book is laying the foundation to your career.

 The Sell By Fredrick Eklund

  If The Millionaire Real Estate Agent is laying the Foundation this book will give you a look into Fredrick Eklund best known for his quirky presence on Million Dollar Listing New York. His book will put your career into perspective from someone who is crushing it. You will learn some tips and tricks from the master himself! I learned a ton from the book and so will you. 

 How to win friends and influence people Dale Carnegie

  This classic book will remind you of the importance of connection and how to build an amazing network and support system. In an industry where everyone is out trying to make a commission Dale Carnegie will remind you to stay humble and appeal to the better part of humanity. Helping your target and identify your ideal client and build a business through referrals and good karma.

 The 4- Hour Work Week By Tim Ferris

 This book was a game changer for me. This book does not touch on real estate at all but it will give you great insight in automating your business and thinking outside the box. This book helped me change my business forever and allowed me to balance my life.

The way of the Wolf: Straight Line Selling By Jordan Belfort

  For those of you who have watched the Wolf of Wall street everyone knows about Jordan Belfort and although he did something’s bad he had amazing skills where it came to dealing with prospecting. His straight line sales system works no matter if you like the guy or not. It will defiantly help you when it comes to conversion.

 Crushing it! By Gary Vaynerchuk

 This book will teach you the way of taking your business to a new level using social media. Turning your own brand into a lifestyle that people want to follow. I am currently using these techniques to help take my business to the next level.