I wanted to take the time to write this blog post to briefly explain how the pricing and availability system works at apartments. I have had many clients wait just one day too long after finding the perfect, luxury apartment and lost it. Take notes and keep what I am about to explain in mind throughout your apartment search so you don’t make the same mistake.
Apartment Pricing & Availability
How the Pricing System Works:
Properties are on a pricing system called Yeildstar, or similar. You would think the longer a unit sits on the market, the cheaper It will be, right? Wrong!
To create urgency, in order to get perspective tenants to move forward with their decision quicker, the longer you wait to fill out the application to lock in the price you were quoted, the higher the price will get.
Not only will the price be higher, as a result of waiting to take action on the apartment you like, you also risk losing the unit entirely to someone who is quicker than you are.
How to Hold a Unit You Like:
Apartment units are leased on a first come, first serve basis. To hold the unit you like off the market you must turn in your application and pay the application and administration fee. This takes the unit off the market while the leasing agents run your background to check you credit, rental history and criminal. If everything comes back clean, you pay the deposit, if any, and you’re ready to sign the lease to your new apartment!
Being an apartment locator here in Houston, when I try to explain this to a client they usually think I am just trying to rush them so I can get paid faster. This is not the case. My main priority is to keep the clients best interest in mind.
So, when you are out looking for an apartment and you see one that has everything you want and need, jump on it. Otherwise, you’ll be disappointed to find the unit you liked has been leased.
Feel free to text me if you have any questions 832-777-2020 or email me at MarcusLocator@gmail.com