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Smart Strategies for Leasing Homes, Condos, Duplexes and Town Homes in a Tight Housing Market
1. House hunting and apartment hunting are two completely different animals and require different approaches. In the apartments there is always another next week. In the house, each of them is unique, and once it is rented out it is gone. This is why preparation is especially important when you need a home. This is especially true in taller or well-located homes.
2. Remember, you cannot open the door to view the place without the presence of a realtor or owner. Thank goodness for the MLS (multiple listing service) to use to find you the perfect home. Select areas of the city where you might want to live, then search the database for available homes in your price range. You should eliminate about 80% of the houses for one reason or another just by doing this. The rest is up to you and your realtors.
3. Unlike apartments, houses will require substantial deposits and do not accept checks or cash. They will want certified funds, (money order, cashier’s check) so you may need to budget. Contrary to popular belief, most homes are owned by people like you and me and not by big investors. They are looking for people who will pay on time and not screw up the place. Can you blame them! On the one hand, they can be picky, but unlike many apartments, they are often realistic in their expectations. Each landlord will have different requirements and, as a general rule, the nicer the place, the more closely they will look at your overall credit score. REALTORS must work with each individual owner’s requirements, as well as in accordance with the law.
4. Very few REALTORS rent, mainly because the commissions are very low and there is much more work when compared to renting apartments or selling houses. So when you find one that specializes in rentals, they are a great tool in your search for a new home Please understand, they are not tour guides. It is very important that you are prepared. Houses rent very quickly, especially beautiful or well-located properties. It gets very competitive there. So when we look at:
1. Ask all parties (lease signatories) of the property at the same time to view.
2. Have your funds ready and be prepared to make a decision.
When should I start looking?
Remember, apartments and houses require different strategies. You should start by researching the different homes available to you online no sooner than 30 days before you want to move. This will give you a feel for what is available in a particular area. BUT there’s no point in asking because, unlike apartments, Landlords won’t hold a house for you for more than a week or so. What you see today will be gone in a month. It is best to seriously consider (physically viewing) places to rent only about two weeks before you intend to move in. Unless specifically stated to pre-lease, landlords usually take the first qualified applicant with the earliest date of movement. That is why you should be prepared with your deposits and you should be ready to make a decision. The vast majority of people prefer to live in a house or duplex than an apartment. That’s what makes it so competitive.
Management companies handle most properties and they are usually closed on weekends. Of course you can watch on weekends, but you may not be able to do anything in terms of applying. Sometimes, that’s a good thing, it gives you some breathing space to think. If you happen to be from out of town, be sure and give yourself plenty of time.
Always have a backup “things happen” agents forget to take the listing off the MLS, it gets unseen rental views, the owner changes their mind about moving. Like I said, it’s not like looking at apartments. Again one more reason preparation is so important.
Yes, my animals
Many people move into a house, so the dog will have a yard. However, many owners do not accept pets in their home. The MLS will usually outline pet policies, and deposits typically run $300 to $500. Sometimes they let you share it. They usually like smaller animals under 25kg or more, but this can vary quite a bit. and because it is so individualized, it can depend on your credit and of course a reliable case from your agent. If you have a pet, it is useless to look at homes that do not accept it. You don’t want to tie up a large chunk of your money and waste a week only to be denied because you didn’t mention your dog.
Why you should use a REALTOR to find your next home.
1. While it’s true that driving around homes for rent or sale can be a national pastime, please understand, many of them are busy. If the garage is closed and the curtains drawn, you may not be able to tell. Peeking in someone’s bedroom window is usually a very bad idea and if they have a big dog… well… I know I wouldn’t want to be on that bus.
2. You can’t open the door, and if you remove the board, then you still turn on,… another agent’s program, (“I’ll be right there, let me get the kids to school and leave this movie at Blockbuster”) It is infinitely easier and definitely smarter to have a dedicated person there and able to open any door today for you.
3. The MLS has almost every rental property in your city. By looking and doing your homework online beforehand and talking to your REALTOR, you can eliminate 80% of the properties that don’t work for you. This will save you hours of mindless driving. and especially eliminate the problem of not knowing where the perfect house for you is located.
The system a realtor uses to find you the perfect home is sound, efficient, and will save you a lot of time, money, and frustration. Plus it’s fun and interesting! However, it requires a lot of work on the part of realtors. Please be considerate of your realtor. They work only on commission.
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