Rental Application Process Mistakes You’re Making! | 7 Rental Application Mistakes to Avoid

How’s it going everyone Matt Leighton and
welcome back to another video. Today we’re talking rental application mistakes. In this video, I’m going to give you 7 mistakes
to avoid when you apply for your rental property. This is mostly for applying to condos, townhouses,
and houses that are owned by a private owner but could also be used for applying to apartments. So with that being said, let’s get started. Number one is Negotiating before Applying. When I have a rental listing, I will get so
many calls and emails that say something like – Is the property still available and is the
owner flexible on the rent? Okay what? You haven’t even seen the place but you
want me to ask the owner if they’ll lower the rent? Will you be applying? Do you want to set up a visit? Can we see your application to make sure you
don’t have a credit score of 400? The time to negotiate is when you submit the
application. THere’s nothing wrong with negotiating. In fact, I almost encourage it depending on
the market. But your initial contact with the agent or
the owner should never be asking if the owner will lower the rent. Without an application, you have zero leverage
and you’re wasting everyone’s time. Mistake number two is applying too far out. In Virginia most properties come available
between 45 – 60 days from when the property is available to move-in. Yet I will still constantly get inquiries
from people looking to move 6 months in the future. Sure if you’re purchasing a property, maybe
there’s value there, but if you’re renting, I just can’t do anything for you when your
timeline is that far out. Some people told me that they were disappointed
I wasn’t able to help them. I’m like there’s nothing I can do! An owner won’t hold their condo in Clarendon
for you for 4 months so you can line up your move-in date perfectly. I can’t add value to your search until there
are properties available that are within your time frame. The best time to start looking for a rental
in the Northern Virginia area is 60 days from your move date. And even that is pushing it. If you are looking for a place and your move-in
date is more than 2 months in the future, you are wasting your time. You will be visiting places that will be leased
up by other people who are moving in the next few weeks. Most landlords will only hold their property
for a month so if you apply to a place in early June, they would be looking for an early
July move-in. Be aware of your timeframe so you’re not
out wasting your time. Mistake number three is not knowing your move
in date. If a real estate agent or owner asks you when
your move in date is, you better have an answer. If you say, “oh whenever I have a month-to-month
lease”. That is the wrong answer. You will go to the bottom of the order on
who will get to see the property. And you might say “oh well when I see the
right place, I’ll make a decision”, great that tells me that you’ve seen 50 places
and you still haven’t made a decision. In my experience, those renters that don’t
have the motivation of a firm move-out date are significantly less motivated to move forward
on a rental property. People move because there’s an underlying
motivation. And if you tell me that when I list a competitive
property and have 20 more people to get back to, I’m probably going to show the place
to the person that is mot motivated. So be sure you have a move-in date or a hypothetical
move-in date in mind so that the agent or owner knows you’re serious and not just
someone that enjoys looking at condos on the weekend. Number four on the list of mistakes people
make when applying to rentals is not including their Social Security Number on the application. Look I get it. Everybody is getting hacked. Privacy is a top concern. And you don’t want to give out your info. Cool. Neither do I. But you’re applying to live in a property. Imagine going to lease a car but then telling
the dealership that they can’t check your credit because you don’t want to provide
your Social Security Number. You’re going to get laughed out of the dealership. The owner needs to know your background because
they are making a significant leap of faith. Not providing your SSN will only delay your
application and it could cost you the place if there are multiple applications in on the
property. Mistake number five is not going into detail
on credit issues. Not everyone has perfect credit. I understand. Things happen. You might have a cell phone bill for $20 that
was from 3 years ago that is still showing up on your credit report and that is dragging
down your score. If we don’t know the background story, we’re
just going to tell the owner whatever the credit report says. Like hey, this person has credit problems. But if you say, “hey look I know my credit
looks a little bit dinged up right now, but I just paid off this collection, and this
account is much smaller now,” that back story will help you out significantly. Communication is key guys. If there’s anything that you think might
come up on the report, just tell the agent or the owner and let them know what’s going
on, it can only help you. Mistake number six is not having the first
month of rent ready when you apply. Look, by now all of you know not to rent from
a large apartment company because they will screw you, but what I will say is that they
have really good deals. Things like zero deposit. $500 deposit. No deposit, depending on your credit score. So when you move-in, you’re not paying a
lot of money upfront. This is framing the individual landlords as
pretty aggressive because the norm, this is the normal way of doing it is requiring one
month of rent due with the application. And
the security deposit due at lease signing. So before you move-in, you’re essentially
paying 2 months of rent. Now if you were to tour an apartment complex
and them immediately after, you meet with a landlord or agent to see a condo, you might
think the condo owner is asking for a ridiculous amount upfront. Guys, it’s normal. One month due with the application. Deposit due at lease signing. And some might try to negotiate those amounts
so you pay the deposit in increments instead of all up front. It could work. But if you’re already negotiating on money
before you move-in, the landlord may wonder if you have enough funds to make rent in the
first place, so it’s probably not your best bet. Be sure to have the first month of rent ready
when you look to apply. Mistake number seven is not knowing how many
roommates you have. This is for all you group homes out there. You should probably be working directly with
an owner because a real estate agent won’t be able to provide a lot of value to your search. It ends up being just another intermediary
to go through. So
when you are looking to apply, guys, know how many
people are going to be living there. I know in group homes people are always moving
in and out and trying to live with you one day and completely changing their minds the
next day. But get
your group together, whether it’s 3, 4 or even 5 people. Get everyone on the same page. Don’t waste other people’s time because
your living situating keeps changing. Be sure to know how many roommates you have
before you go out to tour places and before you apply. Oh and don’t even think about trying to
add someone after you apply or after you move-in. You will get caught you sneaky sun of a gun
and you could get evicted. Okay that wraps up seven mistakes renters
make when applying for rental properties. Hope you found the video helpful. If you did, be sure to hit that thumbs up
button. Thank you very much for watching. Until next time, create a productive day. Take care.

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