Avoid Paying Multiple Application Fees

In today’s rental market, each landlord has different guidelines that they may use for qualifications.  Many landlords will post their qualifications. However, most prospective tenants do not know what is on their credit report to know if they qualify or not. Many people will use a free credit report to gage their standings. However, most landlords will not accept those because they are not accurate. I have seen free credit report or credit karma report in the upper 600’s but once the application is processed the credit comes back in the low 500’s.

When you apply for an apartment or condo that you love and you pay anywhere from $35-$60 per person to find out that either you do not qualify or that the owner chose a different candidate, you just lost that application fee and have to repeat the process at another property.  This can become very expensive, not to mention discouraging.  The next time around you may become reluctant to submit an application, which may result in someone moving faster than you.

 

How do you avoid the application fee trap ??

The most effective way to avoid this is to work with a Realtor.  Before you go out looking for an apartment, your realtor should have a completed package for you, including credit report, background, eviction report, two most recent pay stubs and a photocopy of your ID.  This is standard information that all landlords will ask for. Most owners will accept a credit report from a Realtor before they will accept one from the free credit report websites.  In some cases, your Realtor may ask for a letter of explanation to go along with your package. With a completed package in hand,  you are ready to search for  the condo that fits your needs. Being prepared will also help you to beat out the competition. This will send a message to the owner that you are serious, while the others scramble to get their documents together. This is the most effective way to rent an apartment and avoid multiple application fees.  When you work with me, I  ask for one application that I can use anywhere. In the event that the property you choose will not accept my application, I will pay the application fee out of my pocket.

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