Q & A with Dottie Herman

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Q1 - What is the process and what are the fees for renting a house in the Hamptons? (broker fee, application, necessary paperwork)

A - Finding the perfect Hamptons rental can be a  difficult process, which is why having a knowledgeable real estate agent to guide you through the process from start to finish is  important. In selecting your agent, make sure you pick someone who understands your needs. Then, together you can outline the details, such as budget, location, property size, and required amenities. The agent will then curate the available listings on the market that meet your criteria and show you the options that he or she feels are the best fit. Once you find a house, a rental agreement will be drawn for you to sign. You are typically required to pay half of the full payment upon signing, and the balance seven days prior to occupancy, as well as a security deposit (the standard is 10%). Unless there are any issues or damages to the property as a result of your occupancy, you will get your security deposit back after your rental term is up.

Generally, the owner of the home will pay the broker a commission of 10%. After a successful and wonderful  rental season, you can call your broker and either decide to buy, or do it all over again the next  time!

If you would like us to help pair you with the right Hamptons rental agent, we would be happy to do so!

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Q2 - Is there a cutoff that landlords look for in scores in renting in the Manhattan market?

A - It's subjective to the individual landlord or property, but a 650 FICO credit score is a good median to use as a guide for what most landlords would consider "OK", or a threshold score.
 
So here's the credit score range (as per "creditscorerange.net"):

• Between 700 and 850 - Very good or excellent credit score
• Between 680 and 699 - Good credit score
• Between 620 and 679 - Average or OK score
• Between 580 and 619 - Low credit score
• Between 500 and 579 - Poor credit score
• Between 300 and 499 - Bad credit score

 
Some landlords may consider extra security or advanced rent as compensation for a lower score. A renter who has a low score can review why at "www.annualcreditreport.com" and address the reasons with the appropriate creditor in order to raise their score.

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Q3 - Hello, I am a freshman in college. If I am interested in working for a real estate company when I graduate, what major/minor would you suggest for me? What does the interviewer look for in an agent? Thank you so much, I hope to be an agent in NYC one day.

A - We applaud you for considering a career in real estate!  Many colleges and universities offer a variety of courses of study and degrees in the field, whether it be in Residential or Commercial Brokerage, Investments, etc. Many different skill sets come into play in becoming a successful agent, including communication, marketing, and technology. Taking courses in these areas will prove helpful, as will acquiring an internship with a successful brokerage firm.

To be an agent, you will need to be licensed. A first step is to check the licensing requirements of the state in which you plan to work, so that you can enroll in a State Approved Course of Study. If you need help in finding a school to take the course in New York, please let us know. We will be glad to give you a list of accredited schools.

Good luck in pursing your passion and let us know your progress.

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Q4 - I would like to rent out my apartment and don't know how to go about it, and/or what it is worth.  What advice would you have for me?

A - First, it is most important for you to verify that your building will permit you to lease or sublet your apartment and, if so, for how long.  If you are able to rent, it is best to familiarize yourself with the Leasing/Sublet Requirements and the paperwork required. If you are not hiring a real estate professional to assist you in the process, you can visit our website at www.Elliman.com  to learn about rents for comparable units currently on the market. If you  decide to hire a real estate professional, we would be most happy to help you select a Rental Specialist in your neighborhood. Keep in mind that, in New York City, the tenant pays the brokerage commission in many cases.

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If you have a real estate question for Dottie, please send it to; Reporters@WorldPropertyChannel.com