They provide zero value to the renter — it’s essentially an issue of supply and demand. There is a lot of demand for NYC apartments and not a lot of supply, so landlords can hand off their listings to a broker to market and show, and say “I’m not going to pay you, collect a fee from the tenant you bring in” and because of the supply and demand people deal with it.
They ultimately provide a lot of value to landlord — paying for marketing, showing the apartment to a bunch of people, answering the NYU student’s parents questions about crime in the neighborhood, making sure that applicants have provided all the right paperwork, etc etc.
The best part is that as a renter, just before you hand over the many thousand dollar check, you sign a piece of paper that says “this person you are paying does not work for you or represent your interests in any way in this transaction.”
They ultimately provide a lot of value to landlord — paying for marketing, showing the apartment to a bunch of people, answering the NYU student’s parents questions about crime in the neighborhood, making sure that applicants have provided all the right paperwork, etc etc.
The best part is that as a renter, just before you hand over the many thousand dollar check, you sign a piece of paper that says “this person you are paying does not work for you or represent your interests in any way in this transaction.”