The Apartment Search: When to Recruit a Real Estate Broker
Corporate relocations are hardly glamorous. Often, employees are told of
their impending transfer during the 11th hour. While companies often help
pay for transfers and some even help employees find their next apartments,
just as many don't -- and that leaves transferring employees in a sea of
worry, particularly when they're headed to cities with which they're
completely unfamiliar. Time is of the essence, so you've got two options in
this scenario: Take the first opportunity that comes along (meaning
mediocre, and probably for a rent higher than what you wanted to pay); or
call a real estate broker. Many renters have never considered going this
route, although many brokers don't even charge you for the privilege of
using their knowledge and their services. And by the way, if any broker
requires that you pay him up front, check his reputation. If he's
well-respected in the business, then it's probably worth the financial
risk. If nobody's heard of him, go elsewhere, and find someone who receives
his commission from the landlords with whom he conducts business.
Leah and Elina Furman, Chicago-based authors of "The Everything After
College Book," advise renters to be prepared before using the services of
any real estate broker. Some suggested tips:
Write down what you consider to be your "must haves" before you meet with
any broker. Include the desired location (make it specific if you can), the
amount of rent you wish to pay within a range, square footage, desired
parking layout, security system, washer or dryer, pets or no pets, and any
other amenity about which you feel adamant. Let the broker do the homework
of finding those properties that match your criteria. Once the broker gets
back to you with a list, ask that he fax you all of those listings, along
with photos when available. Then narrow down your list, so that you'll save
time both for yourself and for your broker.
The Furmans strongly recommend using the services of more than one broker.
See how many listings each broker provides you, and consider to what extent
they respect your desired criteria. For example, some brokers may try to
talk you into paying higher rent for a not-so-wonderful apartment. While
most brokers are extremely helpful and consider their clients' preferences
and budgetary constraints to be sacred, you'd be well-advised to watch out
for the common tactics of the lemons out there. The authors list a few:
- Telling you that other parties are interested in the apartment you're
taking your time to consider. (If this were true, would the broker have
shown you the apartment in the first place?)
- Becoming annoyed if you turn down an apartment, or trying to give you a
guilt trip for wasting their time. Remember that you're simply following
the broker's referrals; if he'd found better options for you, than your
time wouldn't be wasted.
- The sayings "You get what you pay for," or "But it's worth it," don't
really matter if you still can't afford it.
- Here's an interesting tactic: Your broker leads you first to a pricey
apartment far out of your price range. While you dream about such a
lifestyle, you could never afford or even consider such a residence. The
broker then brings you to a much cheaper apartment. Why such disparity
between the two choices? The second apartment leaves you so relieved after
the sticker shock of the first choice that the words "I'll take it" spill
out of your mouth almost by reflex. You sign a lease, and they've got your
business after only two showings. Easy, huh?
Arm yourself with information; it's your best defense. And so is a referral
-- from a friend or co-worker. Do a little comparison shopping, then sit
back and let those brokers do the legwork -- so you can stick to the mindwork
involved in relocating to a new city for a new position.
Written by Courtney Ronan
