If you’re looking at apartments for rent, you might want to call a real estate agent. Real estate agents make it their job to know the ins and outs of the housing markets they work in.
Whether you’re buying, renting, or selling a home, you could benefit from working with an agent simply because the agent has market knowledge the average person lacks. An agent is particularly valuable if you’re moving to an unfamiliar neighbourhood and need help finding communities where you might enjoy living.
The agent can also read the lease and make sure your rights as a renter are protected.
You may or may not have to pay an agent fee
In many cases, landlords will pay agents a fee to find a qualified renter. However, some agents require you to pay them a broker fee. Before you work with a real estate agent, make sure you understand how that person will get paid so you aren’t surprised.
In Nairobi city, for example, many renters use a broker because the competition for apartments is so high. It’s common there for brokers to require a fee of one month’s rent or a % of the annual rent.
While most apartment brokers are ethical, some will occasionally ask you, the renter, to pay a fee while they also collect a renting fee from the landlord or property manager. Be careful to discuss the lease and fees with both the landlord and the broker to make sure this doesn’t happen (you don’t want to miss out on the perfect apartment!).
How to find an apartment with the help of a real estate agent
The amount of time it will take you to find a rental depends on several factors, including local market conditions, the specifics of the rental you’re looking for, and your own qualifications as a renter.
A real estate agent can help you sort through the details and find an apartment building with a rent you can cover in a good neighbourhood.
In a rental housing market with plenty of available apartments and homes, it could take just a few days to find a place you like. However, in housing markets with a limited supply of rentals, you could face competition. That’s when having an agent who knows the neighbourhood pays off.
One way to ease the process of finding an apartment is to be fully prepared with everything you need to rent, including the paperwork and enough cash.
Most landlords also want to verify your employment and income. Most rentals require a deposit along with your application.
The more educated you are about your local rental market, and the more prepared you are to present yourself as a qualified tenant, the easier it is to rent an apartment and sign that lease. Remember, finding that first apartment can be tough—but soon you’ll be in a great place with a monthly rent you can afford.