If you are planning to rent an apartment, you may have already encountered multiple money-saving deals. One way that landlords help prospective tenants save money is by offering a no-fee apartment rental.
Here is a bit of information about apartment rentals that don't include fees and when you should secure the help of a realtor, regardless of the fee.
What Is a No-fee Apartment Rental?
The fee that is referenced in a no-fee rental is that of the renter's real estate agent. Thus, a no-fee apartment is rented without the assistance of a realtor, or the property's landlord has agreed to cover the real estate fees for the renter.
Frequently, when a renter secures the help of a realtor to locate an apartment that meets their needs, the renter is responsible for paying the real estate professional's commission.
How Much Is the Realtor Fee for Finding the Apartment?
The commission of the real estate agent is often a percentage of a year of rent. The amount typically equates to about an extra month of rent.
Do You Have to Pay the Fee if You Find the Apartment?
If you find the apartment on your own, you don't have to pay a realtor fee since the realtor did not assist with finding the unit. Nevertheless, you must have located the unit without the realtor's assistance and have scheduled the viewing with the landlord on your own. Typically, you can schedule the viewing of an apartment by visiting or calling the leasing office yourself.
When Should You Use a Realtor to Find Your Apartment, Regardless of Who Pays the Fee?
If you have already identified the exact area where you would like your apartment to be located and have a good understanding of the features and details of the neighborhood, you may not need the help of a realtor. However, if you are new to an area or are too busy to thoroughly research available apartments, hiring a real estate professional may be a better option, regardless of who pays the fee.
Comparing apartment units and narrowing your search options can be time-consuming. A real estate professional is often familiar with various neighborhoods and the details of the apartments that are available. They may even have working relationships with certain landlords and property managers. Thus, they may have knowledge of available rentals that are not publicly advertised. They can also advise you of financial requirements that may be associated with the leasing of a particular unit.
Speak with an apartment leasing office for more information about no fee apartment rentals.