So, you have decided that it is time for you to find your own place to crash at night? Then it must be an exciting time for you! Congratulations! With all the thoughts running through your mind right now, you must be growing concerned with what this is going to amount to each month. While the number looks large, there are always ways that you can knock it down if you are creative enough.
The advice that you will read here will be applicable in more places than just when you are looking for a place to call your own.
This is the main piece of advice that will serve you well, not just when saving money with apartments, but in every area of life. With that being said, this is one of the ways that you can educate yourself. Our point in this is to ensure that nothing comes as a surprise in your agreement to rent. This includes asking as many questions you have to the building manager and even reading your agreement before signing it when you decide on an apartment that you can rent.
Along those lines, you could ask those who are already living there and see what their experience has been. How they work with their tenants when they have problems that should be fixed by the owner. If there is any sign that you will be left on your own, then the best way to save money is to not spend it in the first place, then have to go through the hassle trying to find another apartment that is easier to deal with when there are issues.
This is 2019, you have no excuse to not know what the market looks like in general and your specific area. If your area is populated with many different apartments and you are looking for an apartment in a highly-attractive area right downtown, then be prepared for some larger numbers. However, if you are looking during the slow period, then you may be able to negotiate a lower price or an add-on that the apartment doesn’t normally offer.
There is no bad time to make a sale. The manager, if they are good at their job, will want to sell a room to you. Their numbers will look better and they may bend over backwards in some cases to get your business. Always keep the mindset that you are there to fill both of your needs, but be more cognizant of the building manager/owner’s goals when you are negotiating.
Learn the industry so that you can appear knowledgeable. It is less likely for anyone who is trying to sell something to you to take advantage of you when you appear familiar with whatever it is they are trying to sell you. Stay away from terms like, “I’m new to this” or “I don’t know.” And don’t look overly attached to any place. It is easier to take advantage of desperation.
This is why we are advocating for educating yourself, because if you don’t, then your experiences will – and often at a higher price. Hence, it is in your best interest to read your agreement, research with those whom you may know or get to know who live there and be friendly (but knowledgeable) to the building manager/owner. Something as small as just throwing around a few buzzwords can make you look like a real insider and you can bring the price down with your perceived expertise.
Hire It Done
Unknown to many prospective buyers, there are companies that use their strong relationships with apartment owners and leverage those relationships to get the best price for your. They are effectively brokers. For those of you who are suspicious as to why someone would want to get you, the customer of both, the absolute rock-bottom price, it is because it is in your broker’s best interest because they make money when you save money.
The broker will negotiate on your behalf with the apartment owner to obtain the lowest price. If you buy, then they are paid by the apartment for procuring another tenant. That is a win-win-win situation. The company will have the experience in negotiation as well as the relationship well-established for some extra pull when you need a better price. They are also well-versed to working with people without a lot of money to drop on a place to sleep at night.
The Apartment Saver in Dallas, TX is one such example of a company who consistently delivers on better pricing than one can achieve on their own using their extensive list of relationships with apartments.
Be nice, but be smart. Know your way around and know how to relate to whomever you are dealing with. Our final piece of advice is a reiteration of some from a famous real estate mogul that is to not do your dealing with someone who cannot change the price. Especially when you are going to make a purchasing decision that is going to take over 5 figures out of your pocket over the course of a year and is solid advice for every area where you are spending any amount of money.
Once again, congratulations for taking the next big step in your life of finding a place of your own! Have fun and shop smart!