6 things you need to get that lease!
Let’s face it, buying a house is expensive! That’s why many people choose to rent or lease.
(The difference between renting and leasing often gets confusing, but there are some differences, such as renting is generally month to month and and the terms could change at any time. Leasing is more formal, and long term with a binding contract for both parties, for a fixed amount of time)
Right now, the inventory for both buying and leasing is low, so it’s not surprising that you (or someone you know) is having a hard time finding something suitable.
Currently, I only see 61 lease listings on the MLS in the $1800 - $2800 a month range. (Although not all lease listings are by realtors). So if you’re jumping into this market, you MUST have some advantages over your competition. The most important thing is to keep looking, don’t get discouraged. You WILL find and get that great home, but you need to be prepared to do a little work.
Here are 6 tips you need to the advantage when applying for a lease.
Remember, the owner is taking a risk that you’ll be faithful in your rent and treat their property with respect. Help them out by giving these assurances.
Be proactive. Send the following items along with your lease application.
current credit report for everyone who will be responsible for rent.
Obviously a higher credit score is best, but this will just be one element in your package so don’t worry if your score is average!
2. Bank statements.
The lessor will want to be sure that you will not have a hard time paying rent every month.
3. Employer letters regarding work history and pay stubs from all renters.
4. Renting history including contact information from last two residences.
Glowing reports from past landlords is gold in your package.
5. Get a typical lease application so you’re familiar with what information will be required of you.
I will be happy to send you a lease application. Just ask!
6 . References from people not related to you, the more, the better.
This may seem like a lot, but having these items immediately available will give you a significant edge in the application process, and make things go a lot quicker.
Can you dicker on price? Maybe. If you show up with the aforementioned arsenal of references, you are in a great position for making a deal. Other factors may be how long the property has been vacant ( this may indicate the property is over priced!), or how long the lease will be. This is where you find out how good your negotiating skills are!
Good luck, and I hope you find that special home!
