Before I write about The Nouveau Native’s No Fee New York series and how using the guide book can help you to find an apartment without having to pay a brokers fee, I am going to explain how brokers and listing service get the apartments that they market.
Open Listings:
Open listings are the “bread and butter” of most rental offices and online listing services. Management companies and landlords make their available units “open” to anyone. Generally, an update of the management company’s open listings are either forwarded through email or fax to the brokerage or list service OR details of what is available can be found on the landlord’s web site. You will also find these listings in newspapers and online bulletin boards.
The listing manager at a brokerage or listing service will spend a great deal of time each day compiling and updating open listings. They will collect them from any source available, actual management companies and landlords, online bulletin boards, newspapers, even other listing services.
Exclusive Listings:
An exclusive listing is one in which the landlord or management company only allows a single agent, broker, or small group of selected brokers to show their property. Generally this is the case when the landlord has an arrangement with the brokerage to handle the credit and background checks on applicants and may have control over approval as well.
Open Listings:
Open listings are the “bread and butter” of most rental offices and online listing services. Management companies and landlords make their available units “open” to anyone. Generally, an update of the management company’s open listings are either forwarded through email or fax to the brokerage or list service OR details of what is available can be found on the landlord’s web site. You will also find these listings in newspapers and online bulletin boards.
The listing manager at a brokerage or listing service will spend a great deal of time each day compiling and updating open listings. They will collect them from any source available, actual management companies and landlords, online bulletin boards, newspapers, even other listing services.
Exclusive Listings:
An exclusive listing is one in which the landlord or management company only allows a single agent, broker, or small group of selected brokers to show their property. Generally this is the case when the landlord has an arrangement with the brokerage to handle the credit and background checks on applicants and may have control over approval as well.
Because of the nature of the exclusive listing, it is really only germane to brokerage offices. Although you may see headlines on an online service stating that a unit is exclusive if the landlord or management company has an agreement to only list the unit with that particular web site.
Owner Listings:
Owners of small buildings or single units generally take a hands-on approach to renting. This is simply because a small owner is much more vulnerable to financial loss if a bad tenant moves in. While some small owners list their units as open listings and invite everyone and some use the exclusive listings method, a large number prefer to handle the entire production themselves. Owners frequently list in the newspaper, online bulletin board, or with a listing service, so that they can maintain better control, often pre-screening people before they even come to view the property. In this way, owners can weed out people that will not meet their financial requirements without even showing the apartment.
TIPS:
Don’t Be Intimidated: If you are waiting in reception to view a landlord’s property or attending an open house that is an OPEN LISTING, you will often wait along side people that have agents with them, have listing service print outs, our have downloaded the info online. Don’t be intimidated into believing that one group has a better chance of getting the apartment than another. Management companies and landlords look at the application strengths, not how you go to see the unit. If you hear an agent say that you can’t get the apartment unless you see it through him…ignore him. It is an old trick.
Be Ad Aware: Just because an ad says “by owner” doesn’t mean that that is true. Many agents and listing services will claim that an apartment is listed by an owner to entice “no fee” renters to call or email them. Owners can not charge a fee. They can charge an application and credit check fee, but not a broker’s fee or key fee. Many will use this as a bait and switch apartment claiming, “Oh that one was just rented, but I do have this other low fee apartment that is even better….”
Always Ask For More: No matter how you find an apartment, it is always a good idea to ask if they have anything else to show. On many occasions when I was looking for apartments, I asked the owner if he had anything else coming up only to find that what I was looking for was being renovated and would be available in a few weeks. Since most owners don’t list apartments until they are ready to show, I have three times on the past two decades rented lovely, newly renovated apartments that no one else even knew about.
Tomorrow we will get back to our "Options" discussion. Hope that everyone had a great weekend!
1 comment:
I love Craigslist but it does seem that most of what I find is ads for rental agents who are trying to pretend to be owners or list services. Are there any sites that dont allow that?
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