Not too long ago, I was in a rental situation where I met two customers working with another agent at a rental apartment in Boston Charlesgate Realty Group had an exclusive listing for.
The property was on the market for a little over 3 weeks and I showed it to the customers and their agent on a Wednesday. They asked me how often the unit was being shown, and I told them the property was being shown nearly everyday. The customers had to be in that building, loved the area, the amenities, valet parking, everything.
But I didn’t hear back from their agent until Saturday…nearly 72 hours later.
Sometime between Wednesday and Saturday, another leasing agent at Charlesgate showed the property, their customer loved it, put in an offer immediately, and was now in line for the apartment. The customers I had shown missed their chance to be in the building they loved by what may have been just a few hours.
I don’t know what the hesitation was from on their part, but most likely it led to some serious rental regret.
I’m sure you want to avoid this situation, but unfortunately given the Boston rental market conditions right now – low inventory, limited turnover and high demand – it happens too often. Here are some things you can do to ready yourself to make a good decision to rent an apartment you love.
1. Be prepared to rent.
If you love an apartment and you have to have it, then submit an offer. Who knows when somebody else may look at the unit and beat you to the punch. Ask yourself if you would be heart broken if the apartment you’re looking at is rented the next day. If your answer is yes, submit an offer!
We know acting fast is important. To act fast you need knowledge and confidence. Be confident in your decision by learning the market in advance. We can help with that:
- Your Boston apartment rental questions. Answered.
- The Boston apartment rental process
- How much can I afford for rent each month?
- What to expect when you’re expecting…to RENT in Boston
- 10 Key takeaways about the Boston rental market (video)
- Top 5 Reasons to use a leasing agent to help you find your next apartment
2. Bounce your options off somebody else.
But do it quickly. When I have a key decision to make, I always find that it helps to discuss it with someone else – a friend, family member, etc. – somebody who is outside the process. Talk to those who have an opinion that you highly value, and make a decision. Just don’t talk to too many people. It’s more about clarifying your own decision by speaking out loud about it than collecting more information. Asking a lot of people may just confuse you more. By the time you want the apartment, the ship may have sailed.
3. Trust your instincts.
Recognize that there are often trade-offs with any apartment and there is not such thing as a “perfect” apartment – even if you’re spending $30,000 a month! But you are the only person who truly knows what you love. If you love an apartment, go with it!
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