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All you need to know about Rental Application, by Adriana Montes.
All you need to know about Rental Application
By Adriana Montes
The real estate market is one of the highly competitive markets to invest in. In it, there are ‘sub-sects’ and one of these is the rental market that is continually becoming competitive and expensive all at the same time, and therefore, you need to show that you have all that it takes to make the perfect candidate, you want your application to be approved. I have been a real estate agent for more than ten years, and I have prepared these five tips to help your rental application go through.
When it comes to the rental application process, the first and perhaps most crucial step is to finally decide to settle into a new home finally. It means you are going for something you want, getting out of your comfort zone, and taking an initiative to change. However, the rental application process is not all that merry, and application rejection can happen. Rental application rejection can happen for several reasons. It could be as a result of your credit history or even lack of references, or perhaps like most of the first-time renters, you lack experience in rental applications. Whatever the reason, consider the following tips before submitting your next apartment application.
BE ORGANIZED
One of the best ways to impress your landlord and to also ensure that the application process goes smoothly is the be as organized as possible. Beforehand, find out the documents that are required to complete your application. For a standard rental application, the main documents that you are required to have will usually include the last two years of your tax returns, a copy of your credit report, proof of employment, a copy of your bank statement, and a letter from your previous landlord. Nonetheless, these requirements will vary from state to state, and therefore it is essential first to find out all the documents you are required to have.
GO ABOVE AND BEYOND IT SHOWS YOU ARE SERIOUS
Landlords are comfortable with tenants who will pay them their rent on time and have a reliable source of income; however, not many will give them more than their basic expectations. You have to be the exception. If a landlord asks you for a one-year lease, go above and beyond, and consider signing for a year and a half or even two years. This will show the landlord that you are very serious about the apartment and plan on staying there for a while if they choose you.
If you can pay a few months of rent upfront, do that too. Most landlords appreciate when they do not have to worry about collecting rent from their tenants. That, combined with the promise of staying in their apartment for more than a year, the landlord will be much more inclined to offer you the apartment.
COMMUNICATION IS KEY
Throughout the rental application process, you should always try to keep the conversation live with your potential landlord. Additionally, you should also keep in touch with your real estate agent. If you need extra time to do something with regards to the application, let them know. Your real estate agent and your landlord will be inclined to give a tenant who is in close
BE HONEST IN YOUR APPLICATION
Most people tend to be dishonest in their application, especially when it comes to their history. Telling the truth is a wise decision. For instance, if your credit is in bad shape, or if you left the other apartment on bad terms, come clean and explain the circumstances. There is a good chance that your apartment manager or landlord has seen it all. It won’t do you any good to lie.
If you are having trouble in your application, it may be best to seek out the counsel of your real estate agent. Therefore, to help streamline the process, always keep your agent in close communication.
SHOW THAT YOU ARE AN AGREEABLE RENTER
Usually, landlords will want to see from the previous landlord what kind of a renter you are. Did you abide by the pet policies? Were you stubborn? All these questions will be answered in a letter from your former landlord. And while it is not typically required, you may want to attach it, which will help in your application.
