Apartment hunting can be complicated thanks to real estate-specific jargon. And one such term you’ve likely come across is a no-fee apartment. What does that mean? Well, using a broker to help you find a rental is standard. But, it’s not free. Typically, someone has to pay for their time.
What Is a No-Fee Apartment Listing?
When searching for a place, you will likely come across apartment listings that loudly declare “no-fee!” You will also encounter many listings that don’t. So what’s the difference? In very basic terms, a no-fee apartment is an apartment where the tenant doesn’t pay a commission or broker’s fee. But, like so many things in real estate, there’s more to know.
What Is the Difference Between Broker’s Fees and Commissions?
The terms’ broker’s fee’ and ‘commission’ are interchangeable. It’s the fee a broker earns on completing a transaction in which they match the right person with the right property. A no-fee apartment is typically when the landlord has agreed to pay that fee on behalf of the tenant. A landlord will usually do this in the hope of securing a tenant quickly.
What Is a Broker’s Fee?
In short, renters who use a broker to find an apartment have to pay a broker’s fee. How does it work? If you hire a broker who successfully finds you an apartment, they will earn an agreed-upon commission on the deal.
Do No-Fee Apartments Save Money?
Surface level, it seems fee units would be more expensive to rent than no-fee apartments. But there is some debate as to whether no-fee rentals save renters money — particularly luxury rentals. Many buildings like these are no-fee but cost much more per month because of desirable amenities such as a concierge, gym, and shared outdoor space.
Should You Use an Apt. Broker to Find a Rental?
It’s no secret that the rental market is complicated, with thousands of listings ranging from walkups to high-rises. When you need a place to live, an apartment broker can help you navigate that matrix of madness. But is hiring one worth it? Ashley’s Apartments has answers to all your burning broker questions.
What Is an Apartment Broker?
What exactly is a broker, anyway? A rental broker is a licensed real estate professional who handles the logistics of renting apartments. A broker must pass a state exam and meet certain educational requirements to earn their license. A broker works on your behalf to find you the right place at the right price.
A good rental broker will understand what you are looking for and know which buildings might be a good match for you. They will be able to weed out listings that do not suit your needs. Nobody wants to have renter’s remorse. You should feel great about the place you’re calling home, and working with a broker can help make that a reality. Let Ashley’s Apartments help you find your perfect space today!