Chicago Studio Apartments – Find Yours For Free! – This Free Information Will Help You

Are you looking for an apartment in Chicago? Do you want the process to be easy? Of course you do, so that is why this free information can help!

1.) Introduction

Do not get overwhelmed by the amount of apartments that are available. We can help you in this free article to find the best apartment for your needs. The best part is that this information is free. – Moreover, when you put this information to use, you will also find that the best apartments available in the city will be available to you for free! – Do not just go with what you find in an online listing, use a broker instead – They will show you more than what you could hope for with the online sites. They will do all the work and you get to show up to the appointment to find the best available apartments for FREE. – This process should not cost you a cent!

2.) Finding The Best Apartment For Your Needs In Chicagoland (For Free!)

Many people are students of some kind in downtown Chicago. Northwestern Memorial Hospital is close by as well as many Northwestern affiliated schools, like the Law School, for example. Perhaps you want to live by Navy Pier too. If you go to school downtown, or you work near by it is a very good idea to work with a broker who specializes in the area. – Many apartment finding services can provide you with an awesome apartment with no out of pocket expense for their service! – You should consider working with a broker.

3.) Why Consider Working With A Broker?

Some of the best deals are not found on free websites. We will not name those sites here, but what we will tell you is that the MLS provides brokers with the best possible way to find a great deal in the city. You will no longer have to find your way through a ton of different ads and get frustrated looking at apartments all the time coming up with only average results.

4.) Do Not Waste Your Time or Money

When it comes to finding an apartment, whether it is a studio or one bedroom (or greater) do not waste your time and money. Schools in the downtown area and business all have housing near by but it is not always easy to get the place you need just by looking online by yourself. Let a broker do all the work and you will end up being the one to enjoy the benefits of living so close to your school or business.

The Differences Between Fee Apartments and No Fee Apartments

Fee vs. No Fee Explanation

For starters one must understand that the overwhelming majority of apartments that are available at any given time in Manhattan are FEE apartments. What this means is that if you use a broker to find your new apartment, the broker must be compensated for their work. They must charge their client a fee; this fee is normally 15% of one year’s rent (for a $2,500 apartment a 15% Fee would be $4,500). In most markets in the country, this fee does not exist, instead agents are paid by the apartment owner to find a qualified tenant; New York City is an anomaly in this sense.

Being a broker, I know that, yes, there are clients for whom it makes sense to pay a fee (due to time constraints, among other things), as well as agents who have worked diligently and responsibly for their clients and deserve a 15% fee. That being said, while working as a broker, I have often found apartments for my clients in 10 minuets for which they end up applying and renting. For this I am paid a 15% fee, totaling in the thousands of dollars. Is it fair to charge a client a rate of $3,000 an hour, if the end result is the client has a new apartment with which they are happy? That is for you to decide

There are two ways to go about avoiding paying a fee.

One way is for you, the potential tenant, to rent an apartment directly through an owner. The other is if an owner offers brokers an OP (owner payment) for an apartment, thereby compensating the broker so they do not need to charge the tenant.

An OP is normally equal to one months rent, or 8.33 % of a year’s rent. Again, the reason an OP can mean no fee to the tenant is because the broker is being compensated for their work by the owner, not by you.

The owner offering an OP to the broker allows the broker to advertise the apartment as “No Fee” but in reality the tenant doesn’t necessarily get a better deal. The owner, losing a month of rent to the broker will increase the rent during the other months to compensate this loss.

To explain this better I will use 2 apartments for rent as an example. Apartment A and apartment B are in the same building with the same size, same view, same amenities. The difference, apartment A is being advertised as a no fee apartment for $2,000 because the owner is paying an OP. While apartment B is being advertised as a fee apartment for $1,835. Over a 12 month lease both apartments will cost you $22,000 – no matter which you choose once factoring in the fee you have to pay a broker on apartment B.

With that said, the general public will be more interested in Apartment A because they do not have to pay the fee themselves.

Selling Your Apartment Complex With the Help of a Broker

Are you an owner of an apartment complex that’s been drained out of its tenants? Is your apartment building ready to be placed on auction for the highest bidder? If you’re already nodding your head in affirmation, then you must be worried about how to do it. Well, selling your apartment complex isn’t a difficult task to do especially when you have a broker. It’s actually the same as selling a certain product-you have to know what it is worth and know how to market it. 

I know someone who struggled with this problem in the past. My friend was an ex-owner of an apartment complex. In the past, her business boomed but because of the crisis with regards to the economy, she found herself tenant-less after a couple of months. It was a shame but the wisest thing to do was to sell the whole property or else she would be facing the issues of how to maintain the whole apartment building. 

In order to do it right and easy, she hired a so-called professional. It cost her money to do it but she was convinced about this. Unfortunately, when she had sold the property, another broker told her that she had sold it for less than what it was worth. Instead of being happy to have had the estate out of her hands, she felt more devastated. Her bad decision caused her at least $100,000. So, if you’re planning to sell your apartment complex, do you want to do it right? 

The best thing to do is not to rely on one broker. Just like going to the doctor, you should get other opinions in order to get the best value for your home. Choosing the best broker can take some time. If you’re curious, you should ask around, make a few calls, anything to make sure you’ll get the money you deserve.  

If you’re thinking of doing everything by yourself, you can but you should still get the advice of a broker. He/she will give you advice on how to conduct your estimation and at the same time, give you suggestions on where to sell your property. All in all, brokers exist in order to put you on the right track.