Rental properties are at a premium right now, and they are going fast. So it can be frustrating for anyone looking for an affordable, clean rental in the area of a city where they want to move. And expensive. Prospects can spend $200 to $400 per person just on application fees. It can get frustrating, fast. So here are some keys to renting a home fast.
Set Aside Time
A lot of property managers don’t show homes over the weekend, so plan to get away during the week. Some homes may be on a lockbox. With a lockbox, you can go to the house or apartment yourself and do a self-showing. Don’t rely on this method. Many homes will need to shown by a relator as well.
Do Some Research
Find a home you like? If possible, find out who the property management company is, and contact them to see if the place you spotted is still available. Properties rent fast, so don’t spend too much time thinking about it. It’s often “1st come, 1st served.”
As soon as a property is rented, the official listing is taken down. But this can take some time to propagate over the web, and some ads could be left behind. If it’s already rented, you won’t waste any more time and money going after it. Most of the listing sites online will have the property management company’s name listed. Talking to the property manager will introduce your interest to them, and you won’t waste any time going after a property you can’t get. The property manager may also have some other suggestions for places.
Be Ready to Act Quickly
-Have your paperwork ready to go, so when you find a place you like, you can apply immediately. Here are some examples.
-Landlord Verification – Are you currently renting? Make sure your current landlord knows you are looking, and will get a Landlord Verification from your prospective landlord. If your current landlord knows to expect this paperwork and has talked to you about it already, it can speed up your application.
-Mortgage Statements – Do you own a home? Have the last 2-3 mortgage payment receipts or statements ready to go.
-Tax Returns and Bank Statements – If you’re self-employed or a contractor, a property manager will want to see your last two tax returns and your bank statements.
-Copies of ID – Make a few copies of your driver’s license or other valid picture ID, and keep them on hand.
-Earnings Statement – College your last 2 to 4 pay stubs, or your proof of income if you’re self-employed.
Application Fees – Almost every property management company will require you fill out an application and pay an application fee. It can get costly, so have the money at hand to get your fees in first. Application Fees in most cases are not refundable, because the company pays the fee to process your application and your background report.
Security Deposit – Most companies do NOT take cash and “usually” require certified funds. For us, our security deposits are $50 less than the posted rent.
First month’s rent – Be ready to put down your first month’s rent up front if required.
Administration Fee – The admin fee to administer the lease and get you into your home is around $300
Preparation and Commitment is the Key
Many times when we post a property, we can get more than 10 interested people in a day. Those that have their paperwork and money ready first are the ones that end up making the house they found online their family home. With preparation and commitment to keep your eye on the market, you’ll be well on your way to putting yourself in a property of your choosing. Remember to communicate with the property management company and to act quickly. These are the keys to renting a home fast.