Chicago’s rental brokers would desperately like you to believe that their service is free to renters. It’s often not free, and it’s frequently very costly.
Some landlords offer “free rent” and other discounts only to renters who are not working with an apartment locator / finder / broker. Rent one of their apartments, and you’re paying the broker by losing the discount you would have otherwise received.
A number of major landlords don’t cooperate with brokers. Work with a broker and you won’t be shown some of the best and best-priced apartments along Chicago’s lakefront.
A growing number of large properties pay brokers a flat fee that is less than half of what other properties are paying. Work with a broker, and you’re highly likely to be steered away from those properties.
Some smaller landlords charge higher rent to renters who are represented by a broker to cover the cost of the broker’s commission.
Apartment locators would also like you to believe that they’ll negotiate a better deal for you than you could negotiate on your own. The simple fact is that the brokers have signed agreements with many properties barring them from negotiating rent or lease terms.
If you’re looking for an apartment in Chicago and working with a broker, it’s a major mistake to rely exclusively on the broker. Check YoChicago’s at-a-glance lists and reviews, and other sources, to find your best apartment deal.
As a broker myself, I disagree with the anti-broker tone of this post. I’m very upfront with all my clients about their rental options. I explain the difference between renting from downtown rental buildings vs. privately owned MLS listings and listings on craigslist that may not even be working with brokers. If my client falls in love with a place on craigslist, so be it. I still got to know them and by being 100% open and honest about the market and the different way each type of listing pays out commission, I hope they look to me some day when ready to buy.
Additionally, I think there is a benefit to working with a good broker, especially if you’re not familiar with the rental market in Chicago. My own building pays a flat fee as commission and I take clients here all the time. I would suggest you edit this article to say “be wary of a broker who might be acting shady or doesn’t have time for your needs, but don’t discount them all because there are some great brokers out there willing to guide you through the market open and honestly”.
Sara,
Can you sound more like a clueless broker?
You’re today’s poster child for an arrogant broker who really doesn’t get just how harmful brokers are to many renters.