Q: Does this service cost?
A: Nothing at all, for the prospective tenant. Realtors and locators get paid by the owners of the properties they lease, and that commission will not change your rental rate. You risk nothing, and gain everything, by using a qualified realtor/locator.
Q: Should I use a realtor at all in this age of Craigslist?
A: Experience and influence. An experienced realtor knows things you can't imagine even wanting to know about the market, the product, the companies and personalities involved, and the history thereof. He or she knows which units to show first, which ones to avoid altogether, and which management companies are the most reliable about customer service. In many cases, disputes between tenants and property management companies can only be satisfactorily resolved by an influential third party to the transaction such as a realtor. It's a sad fact that landlords fear the wrath of a realtor more than that of their tenants, because if they make a tenant unhappy, they might not renew their lease, while if they make the realtor unhappy, he or she won't bring other tenants by to lease the property. Furthermore, you don't save money by not using a realtor, and unless you're an attorney, there are any number of mistakes you can make in the process of leasing a property that can come back to haunt you. And don't forget, our service is free to you. Again, you've got nothing to lose and everything to gain.
Q: How soon is too soon to look for a place, and how late is too late?
A: In the past, there were great deals to be had for students who waited until late July or early August, since there was almost always an excess of housing and no owner wants to go vacant for a whole school year. That's why there were deals to be had late in the season, panicky owners giving incentives to keep from having a long vacancy. Unfortunately, those days are long since over. In 2006 it became obvious that despite the construction of more than 1,000 new high-dollar multi-bedroom units, availability was so low that management companies were raising rents on unleased units in August, which was completely unheard of in this market. And this year, despite more than a thousand more new high-dollar multi-bedroom units coming on the market again, availability is tighter than ever; we estimate that 2007 leasing is 3 months ahead of 2006 leasing, and nobody knows for sure what next year will be like but with growing enrollment, increasing unwillingness to live on Far West, Riverside or the Cameron Road area, and the influx of nonstudents to the UT and ACC campus areas. It's never too soon to find the best place for your needs, and the longer you wait, the smaller your pool of potential good prospects. Get it out of the way as soon as possible if you're picky, and don't think that waiting around will get you a discount any more.
Q: What does it take to reserve a place I like?
A: Most leasing and management companies require all applications and application fees plus a full deposit to reserve a unit, and almost all of those companies will insist that the lease is completed within 30 days or it goes back on the market. Completing means all tenants signing the lease, paying a full first month's rent, and getting parental guaranty forms filled out, signed and notarized by a parent or legal guardian if the student in question doesn't earn three times their portion of the rent. Application fees range from $35 to $70 depending on the leasing company and whether a parental guaranty is needed, deposits are usually equal to one month's rent (sometimes less, but not often), and parental guaranty forms can be faxed or emailed for your convenience. A good realtor will always walk a client through the legal ramifications of each document as they are filled out and signed, so don't work with anyone who refuses to give full service, explain the process to you and/or your parent(s) or legal guardian if necessary, and walk you through all legal forms in person. Realtors and locators who don't give full service don't deserve your business.
If you have any more questions about leasing a campus property, call (512) 476-1976 to talk to an experienced realtor. You'll be glad you did!
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