An apartment locator is a professional service that assists you in finding an apartment or home rental. Apartment locators are typically experts in the local rental market, and their primary role is to streamline the apartment search process for tenants. I successfully used an apartment locator to find my rental apartment here in Austin when I was a student at the University of Texas. I have to say that I found them to be very useful. In this article, I will summarize my personal experience with apartment locators, give an overview of how they operate, and what benefits they may have for you in finding a rental.
My Apartment Locator Experience
Some years ago when attending college, I chose to use an apartment locator for my apartment search. I needed an apartment close to campus and obviously within my budget. I was planning to rent a 2 bedroom apartment with my microbiology-studying best friend from high school. That summer, I had agreed with him that I would scout out the best apartments for the next school year. After noticing a local apartment rental agency when driving through the neighborhood, I called them and set an appointment. Over the phone, I had the opportunity to describe my rental needs in detail. I told them my budget, that we needed a place near campus, and that we needed 2 bedrooms and parking, either covered or uncovered. Additionally, we needed laundry facilities somewhere on site. (My roommate and I were on student budgets and we could not afford an apartment with a washer and dryer in the unit.) This conversation/interview gave the apartment locator the information they needed to put together a ‘best-fit’ list of communities for us to tour.
The most memorable (though not the best) of the apartments we visited that day was a unit near the Mueller Airport, about 1.5 miles North of the university campus. We were touring an available 2nd-floor unit when the entire apartment building started to shake. Alarmed and not immediately sure what was going on, I quickly peered out the window to see what might be happening. My field of view turned upward just in time to see the left engine nacelle and massive wing of an Boeing 737 passenger jet overshadowing the window a scant distance above. It felt like the monstrous machine was going to rip the branches off of the mature pecan tree overhanging the courtyard outside. The plane was huge, rumblingly loud, and (notably) directly above the bedroom window of my would-be apartment. The aircraft was so close in fact that I remember being able to see the rivets on the fuselage. The apartment windows rattled in such a way that they gave the impression they might shatter out of their frames. Stunned, I turned around and looked (with one eyebrow raised, questioningly) at my apartment locator and expressed to her my shock that the apartment complex she was recommending was beneath the final approach flight path to our municipal airport. Nonplussed, she opined “After a couple of days you won’t even notice.” That seemed unlikely to me, so I told her that this apartment was a total non-starter and asked her to move on to the next property. Some significant measure of trust was lost in that interaction, I must say. As laughable as her response was, we continued our search and went on to view several more properties. It was 2 stops later that I found the right match for me: a 2 bedroom apartment at the Sandstone II apartment complex on Manor Road, just East of the University of Texas at Austin campus. Afterward, I happily lived at the Sandstone apartments for a total of 2 years, greatly benefiting from its low cost and proximity to campus.
On the day of our appointment, I met my agent at her office and we jumped in her car (a very nice metallic brown Cadillac sedan with a leather and wood interior). I remember being impressed by the car as the woman driving it appeared to only be 4 or 5 years older than I was, and as a poor student, it was notable to see a near-peer individual who had found an apparently remunerative career. In her case, a career in real estate. Little did I know that years later, I too would find a highly rewarding career in the real estate industry, but that is another story. To return to the apartment search, after a short conversation about the communities she had chosen for me, we headed out and visited several apartment rentals until we found ‘The One’ that best fit my needs.
As for the apartment locator, her services and support were very useful. It was incredible to me that everything she did was free for prospective renters such as myself. I would come to discover that her compensation came as an undisclosed amount paid to her from the apartment community where I rented.
Understanding How Apartment Locators Work
- In most states, apartment locators are required to hold a real estate license and to work under the auspices of a broker. The broker is paid for the apartment placement, and they share a pro-rata share of the commission with the agent.
- In the case of NYC, apartment locators have their fee paid to them directly by the renter, which can be a significant expense (by some reports up to 15% of a year’s rent).
- There may be a pre-negotiated agreement between locators and a specific set of local apartment communities, in which case the client searching for a property may not be provided with the full available inventory of options to choose from in the local market. Ask your locator if they are utilizing the full local inventory in their recommendations. This is a good reason for directly searching for an apartment on a site such as ours at www.ApartmentHomeLiving.com.
- Apartment locating services are highly dependent on local and state laws for licensing and details of how business must be conducted. Depending on the location, the fee structure and licensing requirements can vary widely.
- In the apartment locator industry, apartment communities often have an allocated budget for paying locators, from which the finder's fees are paid.
- When signing up with an Apartment locator, they will likely require a written representation agreement before services are provided. This document serves as formal proof of the business relationship between them and the renter so that they can be paid their commission by the property where the lease is signed.
Benefits of Using an Apartment Locator
Apartment locators act as intermediaries between prospective renters and property owners or management companies. They specialize in matching tenants with rental properties that align with their unique criteria, such as location, size, amenities, and budget. Depending on the area and available fees, their services may include on-site tours and drive-around services.
Local Market Knowledge:
Effective apartment locators have a deep understanding of the local real estate market. Good ones stay up-to-date with current rental listings, market trends, and neighborhood information to provide clients with accurate and relevant options. If you are not familiar with a particular area, this kind of support can be very helpful.
Customized Recommendations:
Apartment locators work closely with clients to gather information about their housing needs and preferences. This includes factors like preferred neighborhoods, desired amenities (e.g., pet-friendly, washer/dryer, parking), and budget constraints.
Guidance Through the Rental Process:
Beyond simply providing property options, apartment locators often guide clients through the entire rental process. They may offer insights into negotiating lease terms and understanding the terms of a rental agreement.
Possible Conflict of Interest:
As in any industry where a financial incentive exists, customers may not be provided with a full inventory of available rental options. Some rentals that may be a good fit for a potential renter may not always be provided up front, since not all properties may participate in the apartment locator’s fee-for-placement service arrangement.
Cost and Compensation:
In most cases, apartment locator services are offered to clients free of charge. The locator is compensated by the property owner or management company for referring tenants to their properties.
There are many tools and services these days for helping you to find an apartment. If you choose to utilize an apartment locator for finding your next place to live, it pays to understand the pros and cons, as described above. Even if you use a locator, we encourage you to include research tools such as online search prior to meeting with them. Going online will quickly familiarize you with local apartment inventory, local neighborhoods, and cost comparisons available in the market. If you are pressed for time, starting from scratch, not familiar with an area, or simply prefer ‘hands-on service’ from a human being, apartment locators may be worth considering.
