Q: I’m considering selling or renting out my loft in SoHo. Why should I consider an exclusive with your company? Doesn’t it behoove me to go with one of the larger companies?

A: The “bigger company equals more exposure for my home” theory is fairly common in Manhattan, but it’s a drastic misconception in the internet era. We have access to the same listings that other Manhattan brokerages do, and provide your home with the same exposure. The difference? Aboveground Realty is an energetic company that puts an incredible premium on personal attention and loyalty. Your listing will never drop from the frontline of our priorities, and we will never be ‘too busy’ to show your home, regardless of the hour.

We’re happy to provide references for our work from satisfied customers of all price ranges. We’re proud of how many people we’ve assisted with their real estate needs, and we hope you’re the next, whether you’re looking to rent or sell! Please email Managing Director Gabriel Leibowitz at gabe@abovegroundrealty.com with any questions, or if you have an apartment you’d like assistance with, and you’ll get a response within the hour. That’s a promise, unless the subway is stuck.

Q: Okay, I’ve found my dream home thanks to an Aboveground Realty agent! What paperwork do I need to secure a rental property?

A: Every landlord has different requirements. For our exclusive loft buildings, we require:

• Your last two tax returns.
• A letter of employment stating salary (including bonuses when applicable) and tenure. If self-employed, a letter from your CPA stating your income & the company’s income for the past three years.
• A completed application, downloadable here.
• $75 in cash or money order per applicant to cover credit & background check. This fee is non-refundable. Note: if you own your own company, a credit check for the company is also required.

Other landlords may ask for extra documentation, such as reference letters from previous landlords or business associates or a copy of your photo ID. We’ll be sure to let you know ahead of time precisely what’s necessary to secure each specific apartment.

Generally, you should make 40-50X the monthly rent and have very good credit. If you’re using a guarantor, all the above paperwork is required for him/her as well, and (s)he should make approximately 80X the monthly rent.

Q: What monies are due at the lease signing?

A: Once you’ve been approved by the landlord, the lease signing is the final step to your new home! All checks must be certified bank checks—personal checks are not accepted. Generally, the checks will be for:

• First months rent. Some landlords will also ask for last month’s rent.
• 1-2 months security deposit. If your income or credit is below the standard the landlord requires, you may be asked to pay extra security to compensate.
• The broker’s fee (15% of the annual rent)

Q: What if I have poor credit, or my income isn’t high enough?

A: First and foremost, it’s imperative to be upfront with your broker about any discrepancies on your credit report. If we know the situation ahead of time, we can attempt to discuss compromises without appearing to be hiding anything.

Some landlords simply refuse to deal with prospective tenants with poor credit, no exceptions. However, most are willing to come to some sort of arrangement. Generally, this arrangement involves extra upfront money, either security or rent. If your income is insufficient, this solution is almost always acceptable as well. The other option is to use a guarantor, a common occurrence in Manhattan (especially amongst students and recent college graduates).

Questions left unanswered? Send Gabriel an email at gabe@abovegroundrealty.com, and he’ll be happy to answer them!