Around Boston these days, word is that the bloated real-estate market is on a diet. for rent signs are increasingly popping up, landlords are lowering prices for units they weren’t able to rent in the September rush, and brokers are offering to take only half a month’s rent as a fee. On Craigslist.org, a community bulletin-board Web site in town, a renter attempting to find someone to take over his pricey $2850 lease for a three-bedroom apartment in Davis Square offered his Saab and a free month’s rent as a bonus for interested parties.

But while renters may herald this adjustment with a sigh of relief, there’s one community that’s a leeeeetle concerned: brokers. Around Boston, it’s a rare real-estate deal that doesn’t have a pricey broker fee attached. And if you don’t relish the thought of tagging on at least an additional thousand dollars on top of first, last, and security deposit, a real-estate broker occupies the same place in your heart as an ambulance-chasing lawyer or a relentless loan shark. You may find an apartment listing yourself, you may do all the work, but then you may also have to dump a month’s rent down the toilet. That’s the Boston market.

Robert Lezine, a real-estate broker for Bay Realty, says he rents around four apartments a week over the course of a normal summer. Since units cost between $1000 and $2000 a month, the agency collects $50,000 to $100,000 in fees from Lezine alone over those three months — pumping up his commission considerably.

" Did you ever see the movie with Michael Douglas? Wall Street? " he asks. Lezine compares the 1987 film to Boston’s racing real-estate market. " But I’m not a millionaire, " he says. In fact, Lezine, 43, is counting his chips — and he’s prepared to leave the high-stakes table: " I’m nervous about not having money, but even if I lost my job I could work in a menial job. " He brainstorms, " I could go be a waiter, a parking valet, go drive a cab, work for UPS for Christmas. " He pauses. " I don’t give a shit ... I’m too old to be nervous. "

At Church Corner Apartments, the snazzily refurbished building at the intersection of Magazine Street and Mass Ave in Central Square, agents are having some trouble unloading their two-bedrooms, which rent for $2400 to $3100. " We’re offering one free month’s rent, " says Richard Earthrowl, the property manager, who says they’ve " seen a traffic fallout. " " It’s something we did in the past couple months to bring in more traffic, " he says. " I’m maybe a little concerned. "

Tim Moore, the rental manager at DeWolfe in Cambridge, says he’s increasingly cautious these days: " If it continues next year, our incomes could be reduced, definitely ... I’m not planning any huge trips. "

Other brokers offer a squeaky sense of false assurance. " Everyone is kind of freaked out about the rental market, " says Shari Moy, the proprietor of Zen Real Estate, in Central Square. " You know, in 1998, my first year, I went all the way through February and couldn’t breathe. It was the dot-com people. I saw five people in my little world bail out in March and April. That’s when it started. I knew this season would be testy. " But even though Zen Real Estate’s Web site has seen hits drop by 88 percent since May, from around 330,000 to 40,000 per month, she insists she won’t take a pay cut. " I do better when it’s like this.... Most of the people in this industry really don’t give a crap. They don’t really want to help you. " She sighs. " At this particular point, people have been talking to brokers over a number of months, " she says, pausing for emphasis, " and I just win hands down! "

Issue Date: October 18 - 25, 2001