• F.A.Q.

 

How is Byson Real Estate Company different than traditional brokerages?

We built Byson from the ground up with a technology-driven mindset. By leveraging our proprietary technology, we're able to execute transactions more efficiently than traditional brokerages. Automating manual processes, so we can spend more time focusing on transacting deals and working with our clients.

 

Does Byson service all five boroughs?

As of right now, our agents are currently servicing Manhattan, Queens, Brooklyn, and Long Island. That said, we're always looking for new opportunities and areas to expand our business.

 

Is there a fee to utilize Byson?

Our agents work entirely on commission, but our clientele doesn't always pay our fee. The fee and payment structure is based on the transaction type. For rental transactions, our standard commission fee is equivalent to one month's rent. The individual responsible for paying the fee is contingent upon whether the landlord is offering any incentives. If the landlord is offering an incentive, the charge is paid on your behalf.

 

What time(s) are apartments available to be shown?

Our agents will always do our best to accommodate your schedules, even if it means showing after work hours and on weekends.

 

What if I'm not able to visit New York to view apartments?

That's more than okay! We frequently help clients conduct their search remotely. If that's the case, we'd schedule an introductory call to discuss your apartment criteria and address any questions you may have related to the process. Once conducted, our team will start curating options for your review. This entails visiting each individual unit on your behalf and sharing videos or Facetiming with you during the showing.

 

What should I bring the day of the showing?

Our agents will bring everything you need the day of the showing (i.e., measuring tapes, keys, etc.). Our only ask is that you arrive on-time and let us know should you be running late!

 

When should I start searching for an apartment?

Earlier is always better! It gives you time to prepare for the upcoming move and allows us to start actively monitoring the market for options that match your criteria. To provide you with a more concrete timeline, most clients begin touring apartments 4-8 weeks from their desired move-in date. Working within that timeframe helps you avoid overlapping lease terms and still grants you the flexibility to view multiple apartments without being pressured to make a decision.

 

What is an open listing?

Open listings are widely popular in New York and Chicago. In an open listing, the landlord/owner assumes the responsibility of advertising their rental listings to gain maximum exposure by accepting the help of the broker community, and renter's off the street.

 

What is an exclusive listing?

An exclusive apartment is one in which the landlord/owner has hired a specific broker to rent out and represent their best interests in the transaction for that apartment, effectively setting the fee at 15% of the annual rent for an apartment.

 

What is the difference between a rental building and a co-op/condo?

The difference between rental buildings and co-ops/condos are their ownership structures. With rental buildings, the property is typically owned and managed by one entity and each unit within the property is leased out to generate rental income. Whereas in a cooperative or condominium, each apartment is individually owned by a person/ investor.

 

What is a Guarantor/Co-signer?

A guarantor is a person who agrees to be legally responsible for the apartment and the associated rent payments for the duration of the lease. Should the tenant(s) default on their rent payment, the guarantor will be required to cover any past due balance.

 

What utilities are included within the rent?

In most cases, heat and hot water are included within the rent. Electricity and cable are billed separately and based on your consumption.

 

How long is a standard lease?

Generally speaking, a standard lease term in NYC is 12 or 24 months. That said, it's common for landlords to agree/offer lease terms that align their apartments to the summer timeframe.

 

What are the standard income requirements?

As a rule of thumb, landlords typically require tenant's to meet an income requirement of 40-50 times the monthly rent (combined). For guarantors, this figure increases to 70-80 times the monthly rent.

 

Why do landlords require my personal documentation and what are the standard docs?

Each applicant/guarantor must provide the required documentation when applying to substantiate the information stated on their application. While the docs may vary slightly from landlord to landlord, they generally request the following forms:

 

Three most recent pay stubs

Three most recent bank statements

Copy of your State ID

PY tax return

Letter of employment

 

It's important to note that guarantors are always responsible for the entirety of rent.

 

What is a flex/convertible apartment?

A convertible apartment or "Flex" is a large one/two-bedroom apartment that has a temporary wall placed in the living room to create an additional bedroom.