What are Landlords/Property Managers looking for?
When you begin search for a property to purchase, the common first step is to meet with a Mortgage Company to find out what you will need to qualify for a mortgage. This is a necessary first step as you start your process into home-buying.
While visiting a Mortgage Company may seem like an obvious place to start for home-buying, where should you begin with leasing? Below is a standard list of what most Landlords/Property Managers are looking for in a potential tenant. Use this list as a go to guide as you begin your search!
- Be aware of your credit score. There are several different online venues that offer safe and secure credit checks- when it comes to credit, you don’t want to drive blind. Knowing your credit score BEFORE you begin your search will help you know if there are any unresolved debts or issues that need to be addressed. Even the smallest unpaid debt can linger on a credit report leaving adverse affects. Be prepared for what your Landlord/PM will see when they run your credit, and resolve any issues prior to your screening that can be resolved.
- Establish a savings to cover the costs of securing a space. Here are the standard fees you can expect to pay up front:
- The cost of a credit/background check per tenant
- Security deposit
- 1st Month’s rent (pro-rated for days prior to the 1st of the Month)
- Pet fee or deposit
- Verify your income: rent ratio. This specific amount will vary per Landlord/Property Manager, but a good rule of thumb is 3X net income to rent. For example, if you net $1500/mo, you should be looking for rents around $500/mo.
- Make a general list of what you are looking for. Knowing what you’re looking for before you start your search will save you time and frustration. With the existing highly competitive rental market, you’ll want to know what you’re looking for ahead of time so you can act when you see it. Defining a list of “must-haves” and “bonuses” will ensure you’ve made the right decision when you secure your space.
- Contact Boveri Realty Group 30-45 days prior to your desired move-in date to begin your search! Once you have addressed the list above, you’re ready to secure your space! If possible, limit your search to a time frame of MAX 30-45 days prior to your desired lease start date. Most Landlords/Property Managers will not hold a space longer than 30 days with a security deposit.
Boveri Realty Group
1819 Wyandotte Suite 200
KC, MO 64108
(816) 333-4545
[email protected]