The Market

How to nab the best deal from an on-site leasing broker

By BrickUnderground  | March 7, 2014 - 11:59AM

In Case You Missed It: Every so often, BrickUnderground digs through the archives to find the best advice our experts have shared through the years. Here are helpful tips from an on-site leasing agent, who spilled her secrets to BrickUnderground.

Large apartment buildings and new development rentals often have leasing agents at the property. Unlike a broker you'd hire, they work for the landlord to unload the building's units. Getting inside their heads can prove invaluable to securing an apartment at a deal of a price.

1. Ask how long a unit has been on the market. If a unit has been vacant for several months, the landlord will be more likely to negotiate the rent. Also, many rental buildings have health club or pool facilities available at an additional charge. See if they’ll throw them in. The worst they can say is no.

2. If you're going to work with your own broker, the best one to use is somoneone who's done a lot of business in the neighborhood and ideally the building(s) you’re interested in. They’ll have relationships with “the on-sites” and may be able to swing you a better deal because they’ll know the right questions to ask.

3. If you come into the on-site office looking for a one-bedroom apartment and there are 10 available, the agent will only tell you about two. Landlords don’t want prospective tenants to know how many vacancies they have because it decreases their bargaining power and undermines your sense of urgency. That’s why it’s important to explain clearly what your apartment priorities are so you see the two units that fit best.

Read the original post, "Confessions of an on-site leasing agent"

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