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Beware. Craigslist postings are now full of bait and switch ads from "management company" scammers who post generic ads for rentals they don't actually have, and they want both deposit and application fee up front in order to even apply for the rentals they do have. Also, scammers from as far away as Nigeria are highjacking for sale ads from the MLS and posting them as rentals, hoping you'll fall for there "You're approved. We need you to wire the 1st months rent...." 2 years ago there was a beautiful little house in Evanston posted on craigslist for rent that I wanted to see. Instead of contacting the craigslist poster, I drove by and saw a for sale sign and called the real estate agent who was shocked that someone had list it for rent on craigslist. The rental market is slim pickings right now; I'm glad I'm not looking now. GL. Best bet is too drive around and look For Rent signs.
Beware. Craigslist postings are now full of bait and switch ads from "management company" scammers who post generic ads for rentals they don't actually have, and they want both deposit and application fee up front in order to even apply for the rentals they do have.
It's pretty easy to click past (or hang up on) anyone who doesn't have what they say they have. It's common practice for a (small) application fee to be charged when applying for an apartment, but it blows my mind that there are people willing to pay a deposit on top of that. Deposits should be paid when you sign the lease. I've never even been asked to pay one before then.
A little off topic... but on the day I saw the apartment that I liked, I paid a non-refundable move-in and application fee to the property management company. I also paid for first month's rent. I also signed the lease that same day but I just realized that the landlord's signature isn't on the lease. Should I be concerned?
I used an awesome broker when I moved to CHI and there was no charge
Maybe I got lucky, but when I moved to CHI last Aug I found a great broker who I see regularly in my bldg with new potential tenants. I needed help long distance finding a place in the W Loop that took a big dog and was near Union Station. We chose to rent sight unseen as he sent great pics, had really good knowledge and hooked us up directly with the apts we were interested in. Done in 2 days. If you need someone good (and free!) leave me a message and I'll hook you up. I just referred a new girl at work to him yesterday and he's already helping her.
Beware. Craigslist postings are now full of bait and switch ads from "management company" scammers who post generic ads for rentals they don't actually have, and they want both deposit and application fee up front in order to even apply for the rentals they do have. Also, scammers from as far away as Nigeria are highjacking for sale ads from the MLS and posting them as rentals, hoping you'll fall for there "You're approved. We need you to wire the 1st months rent...." 2 years ago there was a beautiful little house in Evanston posted on craigslist for rent that I wanted to see. Instead of contacting the craigslist poster, I drove by and saw a for sale sign and called the real estate agent who was shocked that someone had list it for rent on craigslist. The rental market is slim pickings right now; I'm glad I'm not looking now. GL. Best bet is too drive around and look For Rent signs.
Hello everyone. As an apartment broker (I am a real estate broker, not just a leasing agent) I hear this all of the time and was just like you were. Just like every job in life, you have people who are competent and those that are not, and this industry isn't any different.
I feel I should address some of the questions that have been presented in this forum.
1. Why do they take first months rent when we don't even know if we are approved yet?
A. My company, Chicago Apartment Finders, takes the first months rent and takes the property off the market. Now I am sure you have been in the situation where you fill out the application only to have your application either being compared to multiple applications or had other agents say to you, if you really want it you'll have to pay more. Once you put money down the application is sent to the owner and only your application is viewed. Now at certain times the owner may have already rented out their apartment and not told us (that unfortunately does happen) but normally as long as all the paperwork is submitted quickly we have an answer from the owner in less than 48 hours.
2. Keeping money "hostage".
A. If for some reason you are rejected from the property or the property is "Unavailable" simply request your money back. I would not encourage you to use a Credit Card or Debit Card to make payment as it takes quite a bit to post back to your account for some reason. Simply use a check to make your payment and as long as it isn't over the weekend we should have your check (first months rent) back to you within 1 business day. Of course we would like to find you a place, but if for some reason you are not receiving your money back quickly go to the top...go into company and talk to management.
3. Always read what you are signing.
A. I highlight and go through with my clients about the Default Clause and Cancellation Clause with them. If the contract says that you will not get your money back after acceptance if you cancel...you my friend are out of luck, we all are in the laws eyes adults (over 18) and you have to read what you sign.
4. Owners are looking for 3 times the rent to be made to approve of the prospective tenants.
-Cosigners are a great way to circumvent this (especially if you are a student)
5. If it seems to good to be true, then normally it is.
-Some unreal deals on Craigslist and such, but buyer beware. I post my ads up on that medium as well, but just be smart about what you sign for, and "putting down money, doesn't always take it off market (as a client of mine found out last summer)...landlords will take full payment over partial any day of the week.
I have lived in the Lakeview, Roscoe Village area now for the past 7 years and have been where many of you are. If you have any questions don't hesitate to message me. I do work at Chicago Apartment Finders and know some of the frustrations that many of you have gone through. Just remember that YELP is a great tool for people who are ticked off. Everyone has an off day once in a while and also our competitors can go on and place scathing reviews about us, as there isn't any type of moderation with YELP or any other type of "we the people" reviews. I can say that all agents have to pass the state of Illinois exam that includes Fair Housing and Ethics. We do see a TON of properties ( I saw over 300 last summer) and do know the market quite well. I get paid the same commission if I rent you in Ravenswood or Lincoln Park, and realize that everyone has a budget. Just do your homework on the areas you like and if you need our assistance come on in.
Apartment finding services are businesses looking to make money, and leasing agents are paid a commission. Their end goal is to place a client with a landlord. Clients seeking the services of an apartment locator service are doing so to find a place to live in a timely manner. Some people seem to be under the impression that being asked to provide a fee for applying for an apartment and putting down a deposit is being "charged" by the agency. The application fee is required by the rental company to run things like credit or backround checks. Putting money down takes the desired apartment off the market. That deposit or move in fee the client gives the rental agency is applied to their apartment. In the event the client is denied, the deposit/move in fee is returned. The application fee is non refundable, as it was used to run the credit/backround check. Any reputable agency will and should explain these things to a client within the first ten-fifteen minutes of meeting them.
Like Bret the broker says, read everything carefully-and ask questions. Also keep a few things in mind when dealing with apartment agencies:
1. A client sees an ad for a Lincoln Park studio for $850; the client calls and is told the studio is no longer available. This isn't a bait and switch; it's a "someone else saw this amazing deal and got to it before you did". Low priced units in expensive neighborhoods are rare and go quickly Be advised to research the average rents in a neighborhood. Calling to view one bedroom apartments in Lincoln Park with a firm 900.00 dollar a month rent won't result in anything in Lincoln Park; the agent is showing 1200-1400 dollar apartments because that's what's there.
2. Agents offering to show clients various apartments in their rent range when the apartment a client called about is no longer available isn't a bait and switch-it's a golden opportunity. Case in point; I received a call from a prospective client about a two bedroom in Wrigleyville, priced at 1650. It had rented; I offered to take him to show units in the same price range within five to ten minutes walking range of the one that rented. He flat out refused. The apartment he passed on, also at 1650, had bigger living room, a modern kitchen and two big bedrooms. He missed out on a gem ( this place was BEAUTIFUL).
3. Be upfront about what you can do financially. Many agencies represent management companies and private owners alike. A credit score of at least 650 is recommended. Rent should be about 28 percent of your monthly income. For example; if you make 2,500 a month, twenty eight percent of that is 700.00.Some places want as high as thirty five percent. Line up a cosigner, if you require one, BEFORE you begin your search.Be sure you have their email address and phone number to expedite your application process. Working on your own with landlords or private renters leaves a bit more latitude, as does searching in less popular neighborhoods. Check various online sources for credit reports and credit scores before visiting the leasing agency. If you have a low score and can't secure a cosigner? Think carefully about working with a leasing company.
4. Though it may seem like high pressure when the agent is suggesting a client act on something they see, it's not being done out of greed. In real estate leasing, time is truly of the essence. The apartment I'm showing you at two p.m. was shown by a colleague (or a competitor) a few hours earlier. When a client expresses keen interest in a unit, it's an agent's duty to say " Great! Let's start the application process." It happens where someone sees a unit and decides to go home and think about it and calls the next day, only to hear that unit has been rented. Yes, the agent is looking to close the deal to make money, just like the client works for a living to make money. It's one thing if a client is noncommittal and being pressured- then by no means should you sign on to something you don't like. But in the case where the client has seen a great space and wants it? Go for it! Remember, that's why you called the agency; to gain access to places you had no idea existed and to find your fantastic apartment. To put it more succinctly, call the apartment agency with the goal in mind to see 3-5 different (and I do mean different) places and sign on one of them by the end of your appointment. It's a big decision, yes. If you're truly not ready, take a minute. Keep in mind the place you saw today could be gone tomorrow.
Keep leasing agents in mind. They know the neighborhoods and have access to hundreds of listings; they're willing and able to help. It benefits agents to meet with, show around and talk to the wonderful variety of people who live in and move to Chicago. To those of you who have had experience with unprofessional people, don't write off the entire industry. Thanks for your time.
I have been in the situation where I put a deposit down for an apartment and then got rejected by my potential land lady. Getting my money back was discussed beforehand and was entirely unproblematic. YMMV obviously.
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I used an awesome broker when I moved to CHI and there was no charge
