Answers on submitting a rental application:
1. Although you can search for rentals on craigslist etc. that are not on the MLS, they do not pay commission. You could contact the seller and ask if they would pay you a commission such as 25%? If they agree, get it in writing. But I would stick with just MLS listings.
2. If an application is incomplete, it lessens the chances of acceptance and the listing agent may ask for more information.
3. When you submit an application for your tenant, the MLS listing will have the application fee amount. The Security deposit is a separate check in one months rent amount. Both checks are payable to the Listing Brokerage.
4) For out of area tenants cash is not accepted, but a money order is a good substitute. Other options are mailing the check later or asking if there is an online option for out of area applicants. For example, if National Realty is the listing Brokerage, we have an online option at nationalrealty.biz/fee.
4. The application fee and security deposit are both submitted to the listing brokerage office. The application fee will be cashed and non refundable. The security deposit is only deposited to the listing broker’s escrow account if the application is approved, otherwise it is returned to the tenant.
5. A company letterhead is not needed to submit an application. Deliver your application in an envelope labeled with the listing agent’s name, and subject street address. Inside put the application, the 2 checks and your business card. Follow up with an email to the listing agent that you dropped it off and get a confirmation and expected decision time.
This has been another exciting “Training in a Minute“.
Keith.