Keys to Rental Success
Most real estate agents work hard to find their clients the sort of property they seek. Sadly as in so many things, it is stories of bad agents that are so memorable. One should be able to find an agent that will perform the service you ask to your satisfaction. Asks friends and acquaintances if they have had a good experience with a rental broker. These sorts of recommendations can be invaluable in finding a good broker. A question may arise as to whether you should pay a fee for such service.
Rental ads that say “No Fee” usually represent a situation in which the landlord or management company that owns or operates the building is paying a broker an “OP.” This stands for “Owner Pays.” It means they can advertise the unit as a no fee apartment since the agent does not care who pays them to rent the apartment as long as they get the money from somewhere. Agents sometimes advertise “OP” apartments as fee apartments anyway and get two sides of broker’s fee from unsuspecting clients.
If for instance you are looking for a 1 bedroom in the West Village and you see an attractive description of such a unit on Craigslist, check to see if there is an address listed. If there is not, there is a good chance that the broker is advertising an open listing. This means the agent got a list from the management firm for the building and is claiming via the ad that they are the only agent able to show the property. If you wish to avoid paying a fee, you will have to deal with the management company directly.
Getting to Know Management Companies Eliminates Middleman
Getting to know management firms can allow you to deal with them directly. This can put you at the head of the list when it comes to getting an apartment. You will also avoid paying any sort of broker’s fee.
Always make sure you know in advance any fees you will be required to pay to a rental. agent. You can attempt to bargain down the amount of fees, but this will only work in instances where the agent is having difficulties renting the unit out. Such a circumstance should leave you suspicious as to why there are such difficulties.
Some management companies charge an application fee and also a credit check fee. Very few rental apartments are exclusive to their agents. An agent may have an informal partnership with a landlord which allows them access to an apartment, but it stops short of making this an exclusive agreement. Most rental apartments are handled by management companies.
If you have been searching for an apartment for a while, you likely have become very familiar with the apartments in your price range and who is advertising them. Keep track of larger units as well to see where openings are occurring. Keeping track of what is on the market is what brokers do, and you should do likewise to secure the place that you want.