If you're in the market for a new apartment, you may have heard of apartment locators. Two questions often get asked by prospects when beginning their search with locators. How does the service work and how do apartment locators get paid?
As an expert in the field, I thought it would be valuable to share this video that explains how apartment locators make money, the cost-effectiveness of using their services for apartments, and how they benefit both tenants and landlords.
Locators Service Apartments and Renters
Becasue apartments have a marketing budget, apartment locators can recieve a commssion to assist in acquiring tenants to keep vancy rate down. In Texas, apartment locators are required to be licensed real estate agents. To find renters that need apartments, they use a wide range of lead generation strategies. Once the lead is obtainend, they will prequalify the prospect to a qualified renter. The locator will then match the qualified renter with an apartment that matches the criteria that best fits the renters needs and wants. Now, once the qualified tenants apply, gets approved, and move in, the apartments will use funds from their marketing budget to pay the locator.
All Parties Involved Benefit From Apartment Locators
The services that are provided by apartment locators will actually benefit all parties involved and prior to the locator actually getting paid.
Apartments - They only pay locators after a qualified prospect turns into a paying tenant. This can very easily eliminate the cost of advertising on TV and radio.
Tenant - Locators find the apartments that match their criteria and do not get charged for this service. Rents ar not affected at all.
Locators - Receives a commission for their service once the process is complete.
Process Of How Apartment Locators Get Paid
- 1Apartment locators utilize lead generating mehods to find prospects. The prospect is prequalified.
- 2Locators use an extensive apartment database to locate apartments that will match the prospects wants and needs.
- 3The apartment locator works with the prospects to arrange apartment tours until the prospect decides to make an application.
- 4Prospect makes application and ensures the locator is listed as source of how the apartment was found.
- 5Once the prospect is approved, the locator gathers information needed to invoice the apartments.
- 6The locator invoices the apartments accodingly.
- 7Once apartments, have signed lease, deposits and initial rents the locator is paid accordingly. (Via locators Brokerage)
- 8Usually, the locator continues to follow up with apartments until the commission is received from the Brokerage.
FAQs on How Do Apartment Locators Get Paid
No, apartment locators are paid by the apartment complex from their marketing budget and do not charge tenants for their services.
No, using an apartment locator does not affect the rent or fees charged by the apartment complex. The rents are publicly posted.
No, using an apartment locator does not affect the rent charged by the apartment complex. The rent will not increase. The apartments budget to use locators for their service.
There are no cons to using our locating service. The pros can be numerous such as saving time and money from doing this on their own. We have access to apartments running specials which could save you even more money. Contact us now to sart the process and find your dream apartment.