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I want to work with an agent to help me find a rental in Chicago. Does anyone have a referral for me by chance? You can personal message me. I would be grateful for the recommendations if there is a company/person that you had a positive experience finding rentals. I've reached out to several and I'm not having very good luck so far, no one is answering their phones or calling me back. Thank you!
You're likely going to overpay using a RE Agent for a rental. Their typical fee is 1 months rent. I own and rent a unit and it would NOT qualify for that sort of fee. Rents in Chicago are valued very fairly and as such, there isn't much room to pay that fee unless you significantly overpay.
Whats wrong with finding a unit yourself? Zillow.com, Domu.com, and Apartments.com all have plenty of inventory for you to view.
With all that being said, if you're still stuck on using a RE Agent then I know one but I have no clue if this person is necessarily good or bad at it as I've never used them. They are just a former friend.
You're likely going to overpay using a RE Agent for a rental. Their typical fee is 1 months rent. I own and rent a unit and it would NOT qualify for that sort of fee. Rents in Chicago are valued very fairly and as such, there isn't much room to pay that fee unless you significantly overpay.
Whats wrong with finding a unit yourself? Zillow.com, Domu.com, and Apartments.com all have plenty of inventory for you to view.
With all that being said, if you're still stuck on using a RE Agent then I know one but I have no clue if this person is necessarily good or bad at it as I've never used them. They are just a former friend.
It's hard for me to believe that you are an experienced landlord based on this comment. If you own more than six units, you need a license to practice real estate in order to rent them yourself. I find it difficult to believe that the OP is only interested in looking at offerings from mom-and-pop landlords who often have a habit of executing non-compliant leases. All of those websites will 99% connect you to a licensed leasing agent or real estate broker. The people working for the management companies are leasing agents, brokers, and REALTORs themselves. In order to be listed in the MLS, it has to be listed by a REALTOR. If it is listed by a REALTOR, a REALTOR will be facilitating the transaction.
You're likely going to overpay using a RE Agent for a rental. Their typical fee is 1 months rent.
Typically the owner pays a BA fee to the agent that's helping the renter through the property management company. That fee is usually 1% OF the first months rent or a flat fee much less than the rent. I've never heard of the applicant paying that. If the fee were 1 months rent I imagine more agents would be willing to work with renters. It's a lot of potential leg work for little pay.
Quote:
Originally Posted by Butterflyinprogress
I want to work with an agent to help me find a rental in Chicago. Does anyone have a referral for me by chance? You can personal message me. I would be grateful for the recommendations if there is a company/person that you had a positive experience finding rentals. I've reached out to several and I'm not having very good luck so far, no one is answering their phones or calling me back. Thank you!
It's typical that a property management company puts a listing up and then doesn't answer the phone. They want you to apply online and submit an application with fee. That's how they get their money. I would use other avenues in addition such as Facebook Marketplace and posting "ISO" in local rental group pages.
Typically the owner pays a BA fee to the agent that's helping the renter through the property management company. That fee is usually 1% OF the first months rent or a flat fee much less than the rent. I've never heard of the applicant paying that. If the fee were 1 months rent I imagine more agents would be willing to work with renters. It's a lot of potential leg work for little pay.
It's typical that a property management company puts a listing up and then doesn't answer the phone. They want you to apply online and submit an application with fee. That's how they get their money. I would use other avenues in addition such as Facebook Marketplace and posting "ISO" in local rental group pages.
In the Chicago area, typically, the commission that is split between the landlord's agent and the tenant's agent is equal to one month's rent. It is also usually prorated for lease terms shorter than 12 months.
Whether or not you as a tenant choose to have representation, the commission is still paid to the landlord's agent/property manager. It is a fixed expense before the prospective tenant even comes along, so I don't understand how some people conclude that they can somehow save money by 'not using an agent.' One cannot even enter the property without a licensee anyway per the law. How are you not going to use an agent?
I find that a lot of brokerages, agents, and property managers do not answer the phone because there is a large volume of window shoppers and people engaging multiple brokers. They will usually want to screen the tenant before spending time on them. Illinois is also a procure cause state and if someone is calling up multiple agents, even out of ignorance, it sets the stage for conflict between all parties involved.
I have never seen a property manager that processed its own applications. The app fee is usually sent directly to the service running the credit and background check. It's usually $40-100 per person, from what I've seen. The brokerage that I use uses a third party and delivers the application package to me with the lease proposal. It costs the applicant $75. Some landlords that require an escrow deposit upon application will cover the credit/background check cost at their own expense.
It's hard for me to believe that you are an experienced landlord based on this comment. If you own more than six units, you need a license to practice real estate in order to rent them yourself. I find it difficult to believe that the OP is only interested in looking at offerings from mom-and-pop landlords who often have a habit of executing non-compliant leases. All of those websites will 99% connect you to a licensed leasing agent or real estate broker. The people working for the management companies are leasing agents, brokers, and REALTORs themselves. In order to be listed in the MLS, it has to be listed by a REALTOR. If it is listed by a REALTOR, a REALTOR will be facilitating the transaction.
I took it as the OP wants a realtor to shuttle them around the city and show them units of their choosing (often from the MLS). If that's the case, the realtors fee will have to be paid somehow by the client.
I realize realtors typically run and rent units from larger property management companies, which to me is another reason to avoid those expensive properties. Not sure what I said that makes you so surprised I own a unit and rent it out.
I took it as the OP wants a realtor to shuttle them around the city and show them units of their choosing (often from the MLS). If that's the case, the realtors fee will have to be paid somehow by the client.
I realize realtors typically run and rent units from larger property management companies, which to me is another reason to avoid those expensive properties. Not sure what I said that makes you so surprised I own a unit and rent it out.
There is so much wrong with virtually everything you are saying...In Illinois, the property owner pays their broker, leasing agent, or property manager (property owner's agent) the commission payment—often one month of rent. That commission payment is then split between the tenant's agent and the property owner's agent.
I suppose if there was an owner or manager not offering a commission, and the prospective tenant had signed some sort of representation agreement with an agent, they would have to pay a fee for their agent's services. That is the only scenario that I can think of where something like that would happen. Otherwise, as I previously stated, the commission was already agreed to long before the prospective tenant came along.
You own one unit. You are a "mom-and-pop landlord" and play by a slightly different set of rules than most property owners. Most rentals in Chicago are not owned by someone with only one unit. Owners with multiple non-owner-occupied properties cannot legally show or manage those properties without a real estate license unless they live in the building. It would be practicing real estate without a license—a crime.
I don't think you seem to understand the difference between a REALTOR, broker, leasing agent, or property manager either. One is a professional designation, two are types of licensure, and the other is a job title. Most of the larger property management companies deliberately avoid hiring or interacting with REALTORs because they do not want to be associated with their more complicated code of ethics and the obligations that come with it. Some do not want to pay tenant representatives, but it really depends. A lot of the brokerages in Chicago have bilateral agreements with the larger managers. In order to advertise on the MLS, you have to be a REALTOR, not just a broker or leasing agent. You also have to offer some sort of cooperative compensation to the tenant's agent.
I have realized that advertising on the MLS gets more exposure and brings me higher-quality tenants. That is why my management agreement specifically stipulates that I want my properties advertised on the MLS. Usually, a tenant using an agent has already gone through some sort of pre-screening and is being more deliberate about securing their housing.
Not to mention, being a landlord is a huge liability. Chicago and Illinois require so many different disclosures that I do not know how the average property owner is supposed to even know how to provide a compliant and enforceable lease. Many of the municipalities also require a "landlord license." If your tenant has not received a copy of the ordinance (Chicago Renter's Rights) among myriad other potential items as part of their lease agreement, they have more leverage over you than you can comprehend. You better make sure you are holding their security deposit in the right escrow account, and you better make sure that you pay the tenant the appropriate amount of interest as determined by the City of Chicago. I could go on...
I am still confused as to how you would expect a rental property to also be shown at no cost. This is only something that someone with a very very small portfolio can do under the law. Who is working for free? Your options for avoiding a real estate licensee are very few and far between. The license exists to protect consumers. If you don't understand or appreciate that, I have a bridge to sell you.
There is so much wrong with virtually everything you are saying...In Illinois, the property owner pays their broker, leasing agent, or property manager (property owner's agent) the commission payment—often one month of rent. That commission payment is then split between the tenant's agent and the property owner's agent.
I suppose if there was an owner or manager not offering a commission, and the prospective tenant had signed some sort of representation agreement with an agent, they would have to pay a fee for their agent's services. That is the only scenario that I can think of where something like that would happen. Otherwise, as I previously stated, the commission was already agreed to long before the prospective tenant came along.
You own one unit. You are a "mom-and-pop landlord" and play by a slightly different set of rules than most property owners. Most rentals in Chicago are not owned by someone with only one unit. Owners with multiple non-owner-occupied properties cannot legally show or manage those properties without a real estate license unless they live in the building. It would be practicing real estate without a license—a crime.
I don't think you seem to understand the difference between a REALTOR, broker, leasing agent, or property manager either. One is a professional designation, two are types of licensure, and the other is a job title. Most of the larger property management companies deliberately avoid hiring or interacting with REALTORs because they do not want to be associated with their more complicated code of ethics and the obligations that come with it. Some do not want to pay tenant representatives, but it really depends. A lot of the brokerages in Chicago have bilateral agreements with the larger managers. In order to advertise on the MLS, you have to be a REALTOR, not just a broker or leasing agent. You also have to offer some sort of cooperative compensation to the tenant's agent.
I have realized that advertising on the MLS gets more exposure and brings me higher-quality tenants. That is why my management agreement specifically stipulates that I want my properties advertised on the MLS. Usually, a tenant using an agent has already gone through some sort of pre-screening and is being more deliberate about securing their housing.
Not to mention, being a landlord is a huge liability. Chicago and Illinois require so many different disclosures that I do not know how the average property owner is supposed to even know how to provide a compliant and enforceable lease. Many of the municipalities also require a "landlord license." If your tenant has not received a copy of the ordinance (Chicago Renter's Rights) among myriad other potential items as part of their lease agreement, they have more leverage over you than you can comprehend. You better make sure you are holding their security deposit in the right escrow account, and you better make sure that you pay the tenant the appropriate amount of interest as determined by the City of Chicago. I could go on...
I am still confused as to how you would expect a rental property to also be shown at no cost. This is only something that someone with a very very small portfolio can do under the law. Who is working for free? Your options for avoiding a real estate licensee are very few and far between. The license exists to protect consumers. If you don't understand or appreciate that, I have a bridge to sell you.
The fact you went into a long winded response while not even understanding what I am saying goes to show that your opinion doesn't really matter to me. What I was saying basically is that the OP is hurting themselves by using a realtor because it limits their options of what units they can see. Their realtor is only going to show them listings from the MLS, which is going to carry a commission for the realtors in the price of the rent. She would be better off searching those sites I suggested to find a mom and pop landlord who doesn't price commissions into the cost of the rent, or at least give them access to all potential units. I do understand all of those things as I work in real estate. Clearly you don't get what I am trying to say.
The fact you went into a long winded response while not even understanding what I am saying goes to show that your opinion doesn't really matter to me. What I was saying basically is that the OP is hurting themselves by using a realtor because it limits their options of what units they can see. Their realtor is only going to show them listings from the MLS, which is going to carry a commission for the realtors in the price of the rent. She would be better off searching those sites I suggested to find a mom and pop landlord who doesn't price commissions into the cost of the rent, or at least give them access to all potential units. I do understand all of those things as I work in real estate. Clearly you don't get what I am trying to say.
Again, all wrong. REALTORs are not limited to properties listed on the MLS. I've purchased and rented multiple properties not listed on the MLS utilizing a REALTOR. Many brokerages have exclusive listings that are not advertised in the MLS. It's honestly mind-boggling to me that you say that you work in real estate and do not understand this. The commission is agreed to by the owner and their broker. It has no bearing on the prospective tenant.
Again, all wrong. REALTORs are not limited to properties listed on the MLS. I've purchased and rented multiple properties not listed on the MLS utilizing a REALTOR. Many brokerages have exclusive listings that are not advertised in the MLS. It's honestly mind-boggling to me that you say that you work in real estate and do not understand this. The commission is agreed to by the owner and their broker. It has no bearing on the prospective tenant.
Go back to my quoted reply earlier in the thread.
"I took it as the OP wants a realtor to shuttle them around the city and show them units of their choosing (often from the MLS)."
I never said ALL from the MLS. I never meant to imply that but typically mom and pop won't bother paying a realtor fee. I know I won't. Anyway, I'm done arguing with you about nuances in language that really have no bearing on my point, which is that the OP is screwing themself by using a realtor.
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