The Benefits of Working With a Rental Broker

Shopping around for a new apartment rental is sort of like shopping for a car: to find the one that meets your needs, you’re almost inevitably going to have to see some duds first. That can take a lot of time though, which isn’t great if you’re also running up against the rapidly approaching end of your current lease. That’s where a rental broker comes in. Working with a broker can speed up the process of finding a suitable rental—all while saving you a ton of time, work, and effort on the back end. Here’s how it works, and why you should consider a rental broker for your next move.

What is a Rental Broker?

A rental broker serves as a go-between for landlords/property management companies and potential renters. Sometimes referred to as apartment brokers or rental agents, they help connect the dots between people who are looking to rent apartments and people who are looking to fill them—and all at usually no cost to the renter.

Important to note is that rental brokers aren’t real estate agents. Instead, they generally work for agencies that are completely dedicated to serving the rental market, which means they’re well-versed in what’s available in any given locality. They get paid by the landlords or management companies themselves in the form of a referral fee, though do double check with any rental broker you work with to ensure you won’t incur a charge.

Aside from getting free assistance finding the right apartment, working with a broker has a number of added perks that can make the rental hunting process easier, faster, and a whole lot less stressful. Here are the big ones.

Perks of Working With a Rental Broker

If you’re unsure yet whether you should work with a broker for your next rental, here are some benefits to consider that might help you make a decision.

They can narrow down your options for you

They can find you apartments you might have otherwise missed

They can assist with short-term rentals

They can help you rent from far away

They can help you rent in a hurry

They’re a great resource in competitive markets

Tips For Finding an Apartment Broker

Sold on working with a rental broker? Your next step is going to be finding one that you work well with. Just like hiring a real estate agent for a home purchase, you’ll want to be sure to find someone who you have an easy time communicating with and who understands exactly what you’re looking for. Following these steps should help.

Get your timing right. Most prospective renters are working on a deadline—i.e. the end of their current lease—and only have a limited amount of time to conduct the rental search. But most landlords aren’t listing apartments for rent too far in advance. You need to make sure that you’re ready to go when the market is most active for your listing period, so contact an agent at least a week before you think you’ll need their services.

Know what you’re looking for. Remember, the more information you can provide your rental broker the easier it will be for them to find you what you want. If you know for example that you’re going to need a furnished apartment or an apartment that allows dogs, mention that early on so that you don’t waste your (or your broker’s) time.

Make sure you can get in touch. Great rentals don’t usually stay on the market for long, so you want to be sure that your broker is on the ball and able to act fast to get you into your dream place. If you find yourself having to wait 24 hours before getting a response to an email or are otherwise unable to connect with your broker in a timely manner, you may want to find someone else.

Be wary of exclusivity agreements. One of the best benefits of working with a broker as a renter is that you don’t have to make any major commitments. While exclusivity agreements may be common in the housing market, signing one for a rental could mean having to forego a good fit that you find through another channel. You don’t want to limit your options, so don’t sign any sort of agreement that makes you promise you won’t be able to secure an apartment through other means.