Avoid Red Flags and Get Approved Today!

Don’t let the Red Flags Stop you from renting the home of your dreams

One of the common mistakes renters make is thinking the landlord needs them to rent the unit. This is not true. With so many prospective tenants looking to rent, landlords have the ability to choose between multiple applicants. The information below will allow you to beat out the competition. 

 

Be prepared. Most landlords have similar, if not the same, criteria. If you have this information available and ready for the apartment of your dreams, you can increase your chances of beating out other applicants. Being prepared goes a long way with landlords. A good sign of what type of tenant you are going to be is determined by how prepared you are in the beginning.   

Renting a condo from a private owner is essentially two strangers going into a partnership with each other. Today’s landlords look at more than just your credit report. With so many applicants, landlords rely on other things to determine what type of tenant you will be. 

Were you on time for the appointment?

If you are late for a showing, without a call or text, it sends the impression that you dont respect my time. This leads me to question how well you will pay your rent. Things happen, but it is responsible to be prompt and courteous and communicate in enough time if you are going to be late or need to reschedule. This may seem simple or common sense, but this can also be the deciding factor in a landlord’s decision to have you as a tenant. 

How did you present yourself ?

You want to present yourself as a responsible person. Remember this is the beginning of a partnership between two people that don’t know each other. Do not show up to a showing with an entourage. This gives the impression that more people will be living in the unit. The one thing a landlord doesn’t want is people living in the property that are not on the lease. Only bring decision makers to showings with you. Dress presentable, first impressions are lasting impressions. 

Were your kids well behaved ?

Landlords all always concerned about liability . Even though it is illegal to discriminate against kids, you don’t want to lose the apartment to someone that has better behaved kids. When in a showing, owners are concerned if the kids will destroy the unit. As a parent, you are responsible for your children. If you don’t take control in front of the landlord, the landlord may feel like you wont take control once moved in. In other words, try to avoid allowing the kids to run wild while in the showing. 

How efficient are you in putting together the required information?

Documentation is important. All landlords require just about the same information. I would suggest that you have this information ready prior to viewing a property. Below is a chart of things needed. The more prompt you are, the more responsible you look. When you have all of your documents ready to be provided it demonstrates responsibility.

Did you keep your word?

In the event that you do not have all of your documents in order and you agree to different terms, it is important that you keep those terms. If a landlord or realtor has to chase you for documents, this could be seen as a red flag. If you say you are going to call at a certain time, make sure you do that. If you say you will have the deposit on a certain date, please make sure you provide it on time. I have seen people lose their deposit because they didn’t keep their word. The landlord refused to rent to that person because it was a red flag against the character of the tenant.

How honest are you?

If you have credit or background issues, it is better to state those things up front. The landlord will find out and will not be as understanding if he/she would have known upfront. A realtor is more likely to vouch on your behalf if you state any issues up front than if they are blindsided in the middle of the process.

Below is a chart of what landlords look for. Please view to determine your strength:

Most landlords require a 600+ credit score. Anything under 600 may require an additional security deposit. 90% of the rentals I have done require an additional deposit when credit is below 600. This is a reality and something you should be prepared for.
The standard income requirement is 3 times the rent. If your credit is above 620 landlords will sometimes allow 2.5 times the monthly rent. Example : If rent is $1500, $4500 monthly income is required. If you earn $3000 per month, you should be looking at units for $1000 or under.
Landlords look for stability in employment and rental history. This is crucial if you have a credit score lower than 600. It is good to have rent receipts, or a bank account showing monthly rent payments being withdrawn by the 5th of the month. You will also need good contact information for your employer. You should have been employed for a year or longer at the same job or in the same field.

You will need to prepare the following documents as soon as you decide that you are ready to start looking for an apartment:

  • One month’s worth of paystubs or an offer letter from your employer stating salary
  • A photocopy of your ID. This is best done using a camera phone.
  • Current landlords contact information
  • 1 year of rent receipts or bank statements showing monthly withdrawal for rent (if you don’t have this, don’t worry, we can verify from landlord)
  • Current employer contact information
  • If your credit is below 575 you will need a letter of explanation in a Word Document. This is an explanation of your credit history.

Having these documents prepared and ready to add to the application will greatly increase your chances of being approved and moving one step closer to moving into the home of your dreams.

 

 

 

 

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