Rentals: Tenant Side
You found a tenant prospect, now what?
Build synergy. Ask questions. What price range?
TH or Condo? What area? Where do they work?
- Just like a Sale, you need the “Exclusive Right to Represent Tenant” form signed. Landlord is paying your commission, but you represent the tenant and tenant only works with you. After they sign have Paul sign and give copy to your client.
- Go to nat22.com and fill out a case processing sheet on line and hit submit.
- Search for homes on the MLS and email a few possibilities.
- Follow showing instructions and show 2 or 3, never more than 5.
When you decide on a house, you must move fast or you can lose it. (you might even call listing agent to be sure it’s still available.)
What you need to make a rental application:
- A check for one month rent amount, (refundable if not approved) payable to Listing Company.
- Another check (nonrefundable) for each applicant getting a credit check. This is called the processing fee. (PF). Each Brokerage sets their own PF fee amount in listing.
- Make copy of everything, then drive original to listing agent’s office.
Tenant vs. Buyers submissions:
On tenant applications credit check fees are payable to Listing Brokerage and delivered to the listing agent / Brokerage with you keeping a copy of check and application.
On buyer contract Earnest Money deposits: They are payable to National Realty and emailed to listing agent / Brokerage with you keeping a copy of all until ratified. Then fill in case processing sheet and upload contracts from there. Submit EMD to National ASAP!
If approved by landlord, tenant can start planning their move: start packing, utilities put in their name on first date of occupancy etc. The listing agent will deposit the one month check provided earlier by tenant. The lease is prepared by the listing agent and upon signing will require another one month rent amount this time payable to Landlord.
Where is commission amount found? At the bottom of the listing, the commission might be quoted as .25 or 25%. That would mean listing Brokerage receives 75% of one month’s rent and the Tenant side Brokerage would receive 25%.
Where is processing fee amount found? At the bottom of the listing, the PF may reflect the amount as 50 or $50 per applicant qualifying. (payable to listing company – nonrefundable)