When it comes to seeking out your next apartment, the search can often be incredibly overwhelming. There are a ton of considerations to make and a ton of properties you could potentially look at. Every property has a different price, different amenities, and is located in a different neighborhood. With most of us working and having a variety of other passions, apartment hunting can be daunting, and many of us don’t have the time.
However, you don’t need to do it alone. Hiring a broker can be an excellent way to find your next apartment. These individuals can be lifesavers when it comes to taking the burden off of you and can make you a more attractive tenant at the same time. In fact, some landlords and companies in the major cities might not even be willing to speak with you unless you are working with a broker.
In case you are unfamiliar, a broker is someone who arranges a transaction between the buyer and the seller. In this case (the case of renting an apartment), they will work with you and the landlords of apartments to come to a rental agreement. They are great for when you don’t want to do all the research yourself, or for when you want a broader pool of potential properties to look at.
In addition to that, brokers can also actually save you money. While they will cost you a bit of money as there’s usually (but not always) a broker’s fee, think of this as an investment. These brokers can often find you rentals at a lower price than you could on your own, which means they often basically pay for themselves. They can also help score you an apartment you never thought you’d ever be able to get, and that seems like a pretty worthy investment to use. They can also be accommodating in guiding you through all the required paperwork, which is a huge plus for most people. All in all, you are paying a broker for their experience and knowledge when it comes to real estate and renting, as well as the fact that they will be right beside you throughout the whole process.
So now you know what a broker can offer you, how do you know which broker to go with? In the major cities, there can be hundreds (if not thousands) of different individuals or companies you could go with. However, not all brokers are created equally. Some will be much better suited at finding you a great apartment than others will be, so you want to do your research before selecting a broker..
There are a few things you should look for in a broker. First of all, you want to ensure they are licensed, of course. And instead of just googling the word broker followed by your city and clicking the first option, do some research on which have a good track record and good reviews among those in your community. Also, the fees can vary from broker to broker as there are no laws or rules that determine what they can charge. Of course, the fees will depend on things such as which broker you go with and where you are looking to rent.
The fees are often either one month’s rent or a percentage of your annual rent. Of course, the fee should be decided before you start your search, and make sure you have it in writing. In fact, you should have everything in writing when it comes to dealing with a broker. Make sure both they and you know when and how they will be getting paid.
Despite all the great things that a broker can do for you, it is still possible to find a great apartment without one. This leads many people to believe that having a broker is an unnecessary or is nothing but a waste of money. However, it is still beneficial to have one if you want some help or specialized expertise. If you like the idea of a broker, but merely can’t wrap your head around paying for one, we have some good news for you. There is also the option to use a broker that doesn’t offer a broker’s fee. Well, not exactly. The broker is still paid, but it’s just not you who is paying them. In this case, the landlord will often pay the broker’s fee. This could be for many different reasons such as the landlord wanting tenants quickly or there being something wrong with the apartment or property. While these instances are not as common as the prospective renter paying the broker fee, it’s an option.
So if you have never used a broker when looking for a new apartment, it is something worth looking into. They could help you find the perfect property in the perfect location while using techniques that you wouldn’t have known about if you didn’t hire them. While yes, they will cost you a couple of dollars here and there, think of that more as an investment than an extra expense. If you can spend a few extra bucks to find the perfect apartment or find a great deal you couldn’t have found without them, that is money well spent.
