…And what is the success rate of people who join RDNY?
Two good and related questions. Let’s take the second question first.
The success rate for people looking for an apartment in NY is high, but we don’t have exact numbers for you. Since we aren’t holding the hands of most of our clients, we don’t always know when they have found the right rental apartment in New York City. Sometime clients let us know. More times than not, people just go on with their lives and don’t tell us about their success.
But from time to time, we have polled our users and found some interesting information. What we found was that RDNY.com is useful to people on many levels.
Among people who were looking to rent, active users of RDNY.com, and financially qualified, the success rate was over 60%. That’s a very high number. Just ask any real estate agent what percentage of their clients find an apartment with them and the answer is sure to be less than 30%, unless you’re working with a true superstar agent.
Among the 40% who did not rent with our leads, we got feedback that RDNY.com was useful to them in the following ways:
While also working with a broker, the broker had to really work to earn their commission. Since so many of the listings the brokers wanted to show were already on the RDNY.com lists, the brokers had to dig deep to find “needle-in-the-haystack” apartments for their clients.
Other clients who did not rent with us came to the conclusion, after using our listings for a while, that their best course of action was to renew their existing leases. RDNY.com was able to give these clients a full education on the current state of the market place. When comparing new apartments and prices with their existing apartments, many came to the conclusion that they’d be foolish to walk away from their low cost, rent stabilized leases, so instead were willing to spend some money to fix up their existing apartments in stead of moving.
We also found other non-renters who were happy with RDNY.com. For some, they ultimately rented from a friend or relative who was moving out, but at least they felt that it was the right alternative for them, given the other RDNY.com listings they had looked at.
But now, the question, if you don’t rent through RDNY.com, do you get a refund?
The answer is that you do not get a refund just because you did not rent 0ne of our apartments. But… the RDNY.com service is sold with a limited, pro-rated refund policy. Because of rules established by the Apartment Information Vendor Law (AIV) we are limited to keeping $15 per day for each day of usage. After a certain number of days, you will have paid for the entire cost of the service, and so you may continue to use it, at no additional cost, until the end of your service period.
So if you are cancelling your service during the first 7 to 11 days, depending on what you paid for the service, you may be entitle to a partial refund, just because you wish to cancel the service.
But after the first 7 to 11 days of usage (depending on what you paid for the service) there are no refunds made. However, you can generally tell whether this service will be of real value to you within the first 1 to 3 days of using it. So anybody who isn’t happy with the service from the beginning, will have some partial recourse to getting some of their money back.
If you have used our service for all or most of your service period and you still failed to rent an apartment, there are probably other factors that prevented you from renting. Most of those factors are personal to you, and which we have no control over. That is why we do not give refunds at this point.
Some of the factors that can keep you from renting – which are unknown to us are:
- You have bad credit.
- You are a “dead beat” who doesn’t pay your bills on time very often.
- You have insufficient income for the apartment.
- You have had serious landlord-tenant disputes that have gone to court.
- You don’t have a job or documented steady source of income.
- You don’t approach your apartment hunt in a proper “business-like” way.
- You are not organized about your search at all and your disorganization becomes immediately apparent to prospective landlords.
- You are from overseas
In summary, we have a limited, pro-rated refund policy that applies to everyone during the first few days of service. After the limited refund period, there are no refunds. And rest assured, if you are unable to find or rent an apartment through our service, it is because you meet one of the 8 reasons listed above, which are not our responsibility.Most NYC rental apartments require just decent to good credit. You do not need to have perfect credit to rent.