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Jerome Bressert - Find, rent and secure and apartment in 5 easy steps
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To Renting An Apartment In Chicago…
By: Jerome Bressert
Jerome Bressert American Realty Pros
2922 N Clark, Chicago, IL 60657 312-480-0330
www.312Rent.com
Introduction
Chapter 1: How to decide to move?...............................................................Page 2
Chapter 2: When to start looking ?................................................................Page 3
Chapter 3: How to determine your budget?....................................................Page 6
Chapter 4: Use your budget & determine what you can get in a rental.............Page 7
Chapter 5: Where to find apartments & how to schedule appointments? .........Page 9
Showing Sheet Score Card....................................................................................Page 11
Conclusion ?.........................................................................................................Page 13
Q & A? ?..............................................................................................................Page 14
TABLE OF CONTENTS:
5 Easy Steps To Renting an Apartment in Chicago
www.312Rent.com
Jerome Bressert - 312-480-0330 - [email protected]
Jerome Bressert came to Chicago in 1993 as a commodity trader. In 2003, he got involved in real estate as an investor. After the bubble in 2007-08, he took a year off to examine what market would be the next big move. After careful review of the banks and dropping real estate prices, Jerome decided that the rental market was the next big market to master. He joined American Realty Pros in 2009 and quickly climbed to be their #1 agent nearly every month since he started. He quickly learned how to help clients find the best deal. Jerome went the extra mile to find these deals when he designed and built computer systems called Total Access to grab price data instantly each day to find his client’s the best deals. He takes this business to heart and quickly learned the tricks of the trade of how to get the best deals in the Chicago downtown rental market, and today, he is sharing these ideas with you.
About Jerome Bressert
Copyright © Jerome Bressert 2012All Rights Reserved. No part of this eBook may be reproduced without Jerome Bressert’s express consent.
Location # Bedrooms Close to work Granite Counters W/D In Unit Balcony H/W Floors View Doorman Near Transportation Gym Parking Available Business Center Friends Close By
Rental Price $
Look for the “Deals”
It’s always what you GET for what you GIVE UP($)
…for the experience
$1750
$1650
Pick what you want
I have worked with thousands of client requests in helping them find an apartment
for the experience they wanted within their budget. It has given me great insight on
how to help clients get prepared before they try to find a new apartment that they
can offord.
Today, I am going to share this inside story with you .
My passion is helping clients learn how to find these great value added apartments
that they feel good about and can call home for the next 12 to 24 months.
Introduction
// Page 1 Introduction
What really is an apartment?
When you really think about an apartment, they all have the same thing:
a front door
a ceiling
a floor,
a window,
a bathroom,
a kitchen
a bedroom (studio of course do not)…
So… what makes one apartment better to rent over another?
It’s the experience for the price you pay for what you get
compared to others to determine value.
There are 2 types of clients that move:
1. Clients moving here for a job… this is easy, you have to move… let’s roll and get you
a new apartment in the area you want at the price you can afford for that first Chicago
experience.
2. Clients that already are living here… this is the part we will cover in this chapter. Do
you have to move, or do you want to move? As the city becomes more and more
expensive and fewer deals available, the idea of moving becomes more difficult than
before.
Number of possible reasons clients may move if they already live here:
1. Moving in with a roommate, (friends, relationship, etc) Save money!
2. Moving out of a roommate situation to be on their own.
3. The rental price has increased in current place outside your budget.
4. To be closer to work, more convenient.
5. To get out of a bad area to feel safer.
6. To get a better deal offered by the buildings elsewhere. Save Money.
7. Moving for a different Chicago neighborhood for a different experience, tired of the same
place.
8. Moving into a nicer building because they got the raise they wanted.
5 Easy Steps To Renting an Apartment in Chicago
// Page 2 Chapter 1: Why decide to move?
CHAPTER 1: Why Decide To Move?
Basically, my clients move to get a better deal other than they have now, if it’s
price, location, or feeling safer, there is a reason to get a person to pack it up, move, and
unpack. It’s not an easy task, but people in Chicago move and they move a lot.
Getting started too early isn’t always the best answer…
The timing of when to start to looking can be critical on if you find the best deal or not. In
fact, timing is probably 50% of this game strategy. Getting started too early won’t help you
like you might thing it would… but waiting too long can cause you to miss a great place.
I get calls and emails from people all the time and they just got noticed 60 to 90 days before their
current lease expires to sign a new lease or move. I tell them there is almost nothing to show
them. We do not know yet what to show them because nothing has been listed for that time frame
yet. .
Does this sounds familiar?
CHAPTER 2: When to start looking?
// Page 3 Chapter 2: When to start looking?
We Need To Move… When Do I Start Looking?…
“but wait, I just got a notice to move or re-sign my lease and if I don’t, than they are going to re-lease my place out… I need to see places!”
The answer is 35 days or less
The logic behind not having many places to see 60 to 90 days out.
5 Easy Steps To Renting an Apartment in Chicago
All the renters who’s leases are up in 60 days have to first give notice they are not going to
re-sign… Those are the places get listed for rent. This is usually 2 to 3 weeks after they
first received their notice or roughly 35 days from the available date.
I want to be the first one looking to get the best deal…Will this work?
Not exactly, It’s the opposite of buying an airline ticket. When you buy a airfare, the
furthest out you are from the flight day, the least expensive it is to buy. The closer
you are to the flight date, the more expensive it is. With rentals, it’s the opposite, the
further time you are from your move date, the more time the owners have to get their
rental price. Owners can afford to hold on to get their price.
All renters get the same 60 day notices at the
same time. The city is 98% occupied and
there are few, if any, vacancies to show. .. If
there was, the owner would not hold it for 2
to 3 months waiting for a renter to move in
when he has tons of people still wanting to
rent now.
The rental market is 35 days or less 80% of the time
// Page 4 - Chapter 2: When to start looking?
Outline of the time table before you find a place; Most apartments really
don’t even start to show up until the last 35 days or less. I have seen
many places come on board 3 days or less days before it became
available.
60 to 90 days out: Only 5 to 10% available places on the market. The prices are at
their highest point and they have time to rent the place. No
urgency.
45 to 59 days out: 10 to 22% of available apartments on the market. Some good
deals are out there, but the best is yet to come.
35 to 44 days out: Higher prices still, but possible starting to drop, 40 to 55% of
available apartments on the market.
15 to 34 days out: You can start to see price reductions, or more incentives from
owners with up to 70 to 80% of places available on the market.
1 to 14 days out: Drastic price reduction possible on places that have not rented
with 100% of available places on the market by this time.
5 Easy Steps To Renting an Apartment in Chicago
// Page 5 - Chapter 2: When to start looking?
// Page 6
CHAPTER 3: How To Determine Your Budget?
Q. How much apartment can I afford?
A. As a general rule of thumb, Landlords require that you make three times the
amount of rent as gross monthly income. Simple Example: To rent a $1000
apartment; a Landlord will require that you make $3000 per month (before taxes).
$1000 x 3 = $3000. If you do not meet the income requirement you should find
someone to co-sign for the apartment with you
Max Rent = 1/3 of your income
30k per year = $850 a month
40k per year = $1100 a month
50k per year = $1375 a month
60k per year = $1650 a month
70k per year = $1925 a month
80k per year = $2200 a month
90k per year = $2475 a month
100k per year = $2750 a month
110k per year = $3025 a month
120k per year = $3300 a month
CHAPTER 4: Decide What You Want..
It’s now time to figure out what rental experience you want and for what price
you are willing to pay compared to other places on the market.
// Page 7 – Decide what you want
At the beginning of this eBook, I mentioned that every place has the same
thing, a front door, a ceiling, a floor, a window, a kitchen, a bathroom and a
bedroom. So, what makes one apartment the place you want to live verses another
apartment?
It’s really just comes down to the experience you want to have and the price
you are willing to pay compared to others listings on the market.
For example: What is around you when you walk out the door? how close are
you to work? What are the people like? What is the building like? Is it
remolded? Is it old? Is there a doorman? Gym? Pool? and don’t forget, where is
Starbucks?
Check List of what you want:
Write down an expectation of value for what you want.
Example: Start with the location, you may pick the Gold Coast, you know you can save 45 min a
day commuting and that is worth $200 a month to you, so put in $200. Then you pick 1 bed,
that is worth $1300 to you over a studio that you give $1000 value, put in $1300 and last you
want a gym in the building and that is worth $50. Add it up and you are looking for a 1 bed
in the Gold Coast for $1550 a month. This is your expected value for what you want. If you
find an apartment below your value and others, than you found it!
5 Easy Steps To Renting an Apartment in Chicago
Check List Input Answer Input Your Value $
Location: ___________________________________ Value: $_________
Studio/1/2/3 beds ___________________________________ Value: $_________
Parking Cost? ___________________________________ Value: $_________
Allows Dogs: ___________________________________ Value: $_________
Paid Heat & A/C ___________________________________ Value: $_________
Doorman: ___________________________________ Value: $_________
W/D in unit: ___________________________________ Value: $_________
Balcony: ___________________________________ Value: $_________
H/W Floors: ___________________________________ Value: $_________
Granite: ___________________________________ Value: $_________
SS Appliances: ___________________________________ Value: $_________
Gym: ___________________________________ Value: $_________
Business Center: ___________________________________ Value: $_________
View: ___________________________________ Value: $_________
Close to Friends: ___________________________________ Value: $_________
Total Expected Price: $___________
www.312Rent.com
Jerome Bressert - 312-480-0330 - [email protected]
// Page 8 – Decide what you want
// Page 9 – Chapter 5 How to find places? Set up showings
CHAPTER 5: How to find places? Set up showings…
Go to 312rent.com There you will find all of Chicago’s
apartments and MLS (private owners) listings in one place.
These are the exact same places that you see listed every day on
Craigslist or Hotpad type sites, but 312rent.com has it all in one
location and organized to help stream line your search.
Studios
Jr. 1 beds
1 Beds
2 Beds
Go to the site 312rent.com, or click the links below to see apartments and private owner’s listings
You can schedule showing online for the places you like the best.
I found 4 places to view on 312rent.com that match what I want for the price I want to pay…
…“what’s next?”
I will set the appointments for you
I will spread the appointments ½ hour apart and drive you to each one.
I will go over what each building can offer you.
I will help you keep a score for each building so you are clear of the best place
I will answer all your questions about each location
I will help answer questions about the lease.
I will work with the building or private owners on your behalf to get you the “best deal”
At the end of your tour, you will have full awareness of prices, what’s
available so you will be in the position to make an informed decision.
…In other words, I will go to work for you!
5 Easy Steps To Renting an Apartment in Chicago
Schedule showings:
// Page 10 – Chapter 5 How to find places? Set up showings
You can call 312-480-0330 or use the online scheduling
function on each page.
Showing Sheet Keep Score 1-10
Address Score 1 – 10? Comments:
___________________________ __________ ________________________________________
Address Score 1 – 10? Comments:
___________________________ __________ ________________________________________
Address Score 1 – 10? Comments:
___________________________ __________ ________________________________________
Address Score 1 – 10? Comments:
___________________________ __________ ________________________________________
Address Score 1 – 10? Comments:
___________________________ __________ ________________________________________
Address Score 1 – 10? Comments:
___________________________ __________ ________________________________________
Address Score 1 – 10? Comments:
___________________________ __________ ________________________________________
www.312Rent.com
Jerome Bressert - 312-480-0330 - [email protected]
Notes: ________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________ ______________________________________________________________________________
// Page 11 – Chapter 5 How to find places? Set up showings
Take a guess of how many professionally managed apartment
buildings there are in the city from the South Loop up to the Gold
Coast in 2012?
Answer: Around 68
Now add in the privately owned condo buildings with the apartments
buildings;
Answer: 125 to 150
Now take the average number of units in each building, say 350 units,
times 220 (both apartment and condo buildings combined)
Answer :77,000 units.
What does this mean?
Answer: There are only 77,000 units which is not a lot
when you consider that 4,000,000 people live in
Chicago.
Apartment Buildings This list is current as of 2012, By 2015, expect another 15 to 20 new being added.
5 Easy Steps To Renting an Apartment in Chicago
// Page 12 – Chicago Apartments
Conclusion: I appreciate you taking the time to read my eBook. I hope you found it to be useful and
informative.
Let’s conclude the 5 Easy Steps
1. Decide to Move: You have decided to move and given notice or moving
here for a job
2. 45 Days or less from your move date: You are within 45 days or less
from your move date. Ideally 35 days or less.
3. Determined Your Budget: You have determined your budget for a
Studio, 1 Bed, 2 Bed, or 3 Bed roommate situation.
4. Written Down What You Want and Your Expectations: You have
written down what you want in a rental and expectations for price you can
afford.
5. Find Places and Schedule Showing Times: You have used the methods
to find an apartment, you scheduled showings and you are ready to go get
your new place.
Need help? Call me directly and I will go over the current market conditions and availability.
Thanks again & the best of luck…
www.312Rent.com
Jerome Bressert - 312-480-0330
5 Easy Steps To Renting an Apartment in Chicago
// Page 13 - Conclusion
Questions & Answers
How do I start?
By following the first 4 steps, Decide to move, Determine your
Budget, write down what you want and expected price to pay for this
and now, do your research for what you want.
Where do I look?
You can go on Craigslist, Hot Pads, Zillow, BackPage, Apartment
Guild, access the private listings on the MLS through sites like
www.312rent.com or I highly recommend you use a professional
agent.
Is there a fee for using an agent?
There is no fee for using an agent. The buildings and owners pay
them to bring people to their places once the lease is signed. If you
find a good agent, you will save valuable time and effort. They will
take you to the buildings that match your budget and wants. It took
my 3 years to learn all these buildings in Chicago and I am still
learning. You are not expected to know everything in the short 1 to 2
week search.
What is the MLS? And how can it help me?
The MLS stands for Multiple Listing Service. It’s only for agents and
their clients. I have set up a full MLS access page on
http://www.312rent.com/ that you can view at anytime, In addition,
agents can set you up to receive daily emails of any new listings or
price change of a current listing so you can stay on top of your
search.
5 Easy Tips To Renting an Apartment in Chicago
// Page 14 – Q&A Page
How do I find places that match what I can afford?
This is the million dollar question. You can see them listed on the Craigslist for
example, but CL is not regulated and people can post what ever they want. The
MLS is regulated and can be more trusted. Each area has just a limited number of
buildings, If you have a budget of $1300 for a studio, and you want to live in the
Gold Coast, that makes it simple, you will have 5 to 8 buildings and depending on
your move date, only 4 to look at. However, if your budget is 1,000 a month, that
eliminated 95% of all places and you will have 1 or 2 chances at getting a place.
How do I keep up with the price changes?
Like I mentioned above, prices change on a daily basis. You really can’t keep up
with daily prices changes unless you area willing to call each building daily and you
have 3 hours to do this a day. I created a software called Total Access and I
automatically pull in the daily price data each day and offer this information to my
clients for free. Other agents get hot sheets each week and can also give you
some weekly insight. Another way is to get on their web sites and see their
updates.
How do I know I’ve seen every place?
Well this is easy, you have 2 choices in seeing places. One is the professionally
managed buildings and the other is the MLS. A possible 3rd, would be a private
owner not using an agent. Pick an area, there is a limited number of buildings. Go
see what you can get for your budget, find it and the search h is over. I use to tell
clients I cannot create what is not there. It’s difficult because you see so many
buildings, but they are full and it is what it is.
5 Easy Tips To Renting an Apartment in Chicago
// Page 15 – Q&A Page
Do I do this on my own, or get agents to help me?
My answer is using the professional help of an agent. If you find a good one, than
they will research the market quickly for you, send you 2 to 4 ideas and you will
be that much closer to getting a new place and save hundreds of hours.
Will I get a better deal if I do not use an agent?
Nope! There is no price advantage given out of you go with an agent or go by
yourself. In fact, you may end up with a worst deal. Just the other day, I was able
to negotiate a free parking spot for my clients and reduced rent, plus move their
move in date 1 month out. This would not have happened in my opinion if they
did this themselves. Another client wanted a studio for $1150 and I took them
directly to a building that was $1095 and included wifi, cable and heat. This client
would probably never have found this apartment on their own. When you have
an agent that knows the market, you will be much better off than trying to do this
alone. And the service is FREE!
When do I know I found the place to sign a lease?
I tell clients that you will know within 10 seconds of walking in the place that you
want it. I have people tell me as soon as they walked in, knew the price and say
“I will take it”! They did their research, determined value and the apartment meet
their expectations. The choice was easy.
How about if you are on the fence? If you know what you want and have
the right price expectations in mind. I suggest to keep a score card for each place
you see between 1 and 10. Go see the 3 to 4 places in budget, score the
apartment on what is important to you. Will you ever get a 10? In all my years, I
have had 1 client actually give a 10 to a place. Most people score 6 to 9 and 9.5.
anything over an 8 is a good deal, You will typically not find everything you want
at your price. Get close, than it’s a good deal. Example, the kitchen is too small,
the view is not facing the way you wanted, they garage is too far away, there is
not in unit w/d, the bedroom is not large enough, the heat is not included, etc,
etc. It’s always going to be something and that is perfectly normal and expected.
5 Easy Tips To Renting an Apartment in Chicago
// Page 16
Q & A:
Why is there so much pressure from saying yes to a new apartment lease?
I wish I knew the exact answer to this? It may be money, fear of change,
expectations for the price have not been met or any number of personal reasons.
My advice to over come this is get in line with what you want and make certain
your budget meets these expectations before you start looking.
What’s the advantage of renting an apartment from a professionally managed
building verses the MLS private owners.
Maintenance: If you have an issue with the apartments, you will have access to
24 hours service, Private owners may take days or weeks to correct the issue.
Deposits: 97% of apartment buildings do not charge a deposit, Private owners
require 1 month deposits
Amenities: Depending on the buildings, most apartment buildings offer better
amenities to attract renters.
MLS can offer better deals or the ability to negotiate a better deal, Apartments
have set prices.
Foreclosures. There are many examples that the owners stop paying the
mortgage and the condo goes into foreclosure. Useless hassle
Cleanliness of the apartment- When you move into an apartment, the rugs have
been replaces, the walls repainted, the appliances cleaned. Not all owners have
the staff to keep up with the condo.
5 Easy Tips To Renting an Apartment in Chicago
// Page 17 – Q&A Page