Below are some simple tips to help make the process go smoother.
When You Should Start Looking For Properties
You usually want to start looking for a rental about a month prior to the date you want to move in.
If you look earlier than that, owners are not going to hold a property empty for you that long waiting for you to move in (Unless you want to pay rent prior to your actually moving in).
If you look later than that, if it’s a property that requires HOA (Homeowners Association) approval, it can take a week to a month for them to process your application and give an approval.
Documents you will need
Every owner is different, but here are the main items…
-Rental Application (which is supplied by your real estate agent)
-Proof of Income (pay stubs, w2′s, tax return, bank statement)
-Credit Check (this is often pulled by real estate agent)
-Background Check (this is often pulled by real estate agent)
-Personal References
-Rental History (if applicable)
-Employment Verification
-Landlord Reference (if currently renting)
Steps Taken In The Renting Process
-Arrange showings of properties with Realtor (just use one Realtor, for the most part all can show the same properties so why waste multiple agents time and have everyone running all over the place when ultimately one will get the deal and you’ll have wasted others time)
-Find a property you like!
-Provide your agent with a deposit (usually equivalent to one month rent), which usually goes into a Broker’s escrow account until your walk thru.
-Sign the Contract To Lease (this is in essence the ‘offer’ — yes, you put in an ‘offer’ that your agent will get to the owner for their consideration to either approve you as a renter or not)
-Submit all the required documents (see above for the common documents wanted) with the Contract To Lease.
-After your agent submits everything, owner will advise if they’ve accepted you as a renter.
-If owner says no (for whatever reason) then you begin the search again with your agent to find another property.
-If owner says yes…then you’ll get the actual lease to sign and move forward.
–IF there is an association (most townhouses, condo’s and gated communities now have homeowners associations) you must submit their application to and wait for their approval prior to moving in. This can take anywhere from a few days to a month usually.
—Upon HOA approval, your agent will arrange a walk thru where you will get the keys to your new rental and supply additional monies required (usually first month rent and last month rent, made out to the landlord in the form of money order or cashiers check).
—At the walk thru you will meet at the property, get keys, turn over monies, make sure everything is in working order and then you’re ready to move in!
–IF it’s a single family home, in a non gated community, chances are you only need the owners approval prior to moving in.
—Upon OWNER approval, your agent will arrange a walk thru where you will get the keys to your new rental and supply additional monies required (usually first month rent and last month rent, made out to the landlord in the form of money order or cashiers check).
—At the walk thru you will meet at the property, get keys, turn over monies, make sure everything is in working order and then you’re ready to move in!
Additional Helpful Tips
Make sure to relay to your real estate agent the criteria for the property you desire.
-How many bedrooms/bathrooms
-If you want a garage
-Type of property (single family house, condo, townhouse)
-If you want a pool
-If you want a fenced yard
-Floor preference (if condo–1st, 2nd, 3rd, etc.)
-Flooring type preferred (carpet, tile, wood, marble, etc.)
-If you have pets NOTE: having pets reduces available properties considerably (very few allow even small-under 20 lb-pets), having LARGE (anything over 20 lbs) pet makes it even harder and if you have any dog on the aggressive breed list (more dogs are on it than most realize) it makes it near impossible (yes even if you say your dog is calm, friendly, doesn’t bite, you have a vet reference, etc… if it’s on the aggressive breed list it’s near impossible. This is mainly due to: homeowner’s insurance liability as well as damage/smell/etc to the property). Additionally many property owners will not allow cats, so don’t assume that because you don’t have a dog that you’ll be able to find pet friendly property easier if you’re a cat owner.
-How many parking spaces you need (many properties do not have driveways or have limited parking-especially in Victoria Park, Las Olas, Downtown Ft Lauderdale areas, parts of Hollywood, Plantation)
-How much closet space you need (mainly if you’re considering Victoria Park, Las Olas, Downtown Ft Lauderdale, Wilton Manors, parts of Hollywood area)…many of the houses are original FL charming quaint homes that do not have walk-in closets, etc.
-How big the bedrooms have to be (again because some homes are original and bedrooms back when they were built weren’t as massive as bedrooms of today)
Questions You Could Be Asked
In addition to the above criteria, here are some questions that you will be asked which will assist your agent in helping you find the ideal rental (if they don’t ask these questions then they’re not prequalifying you which means they could find you a place that you aren’t eligible for and waste your time putting you in a position of not having a place to move into on time). Be upfront and forthright with your agent so they can show you appropriate properties (saving you and your agent time and aggravation):
-Your total monthly household income (this helps determine eligibility for some properties-don’t assume that the old school rule of 3x the monthly rent is what owners want, each owner is different.)
-If you’re relocating, need to know if you have verifiable employment/income locally
-If you have pets (let agent know breed & weight) *see above note regarding pets*
-When you need to move
-Your credit history/background
-Background issues
-If you have funds to move (usually first, last & security or first & 2 months security every owner is different– more owners are requiring first month & two months security to ensure any damage to their property is covered since many times one month rent doesn’t cover the damage, or that if you decide to bail out in the middle of the night breaking the lease that they have the monies you would have been required to pay to get out of lease)
Misc.
-Be realistic! Meaning, be realistic in what your wants in a rental property are in comparison to what your monthly rental budget is. (ie: you won’t find a 4/2 house with a pool with a 3 car garage with fenced in yard with a pool, upgraded appliances, marble floors, spacious rooms for $1600 in Victoria Park)
-Be patient. The rental process is just that a process. Submitting paperwork, waiting for owner approval, then if there’s HOA, waiting for their approval, then moving day.
-Zillow, Truila, Craigslist and other sites. Please understand these sites often contain properties that are already rented, or have false/incorrect information on them. Check with your realtor for an up to date listing of available properties!
-Pricing/Negotiating. When it comes to rental properties there is little room to wheel and deal over the price. (ie: Do NOT go to rent a $3500 home and offer them $2500! It’s NOT going to happen.)
There is room for a little negotiation IF the owner is willing, some are adamant and stand firm to asking price.
Reality is this, owners risk tenants in their property as well as right now there are more renters than there are properties. The cost of renting is in fact going up and owners will get their asking price. If a tenant wants to bargain that also gives the owners the impression that the tenant can’t pay the full rent so they’re less than willing to work with that. So, let’s get the Monty Hall “Let’s Make A Deal” mentality out and get you into a rental property.
With that said though I WILL do all I can to get you the best deal!
With all that said, hopefully you have a better understanding of the rental process and now you can get ready to go see properties with your agent now knowing what to expect.
For rentals in the South Florida area, feel free to call/text Tara Burner at 954-549-3393 visit TaraBurner.net