Start your search early…!
The ladies at the office have been bombarded with inquiries about our current inventory. When those making the inquiries are told we’ve already had an “accepted/approved application” you can sometimes hear the dismay in their voices.
This is not something new, because I have written about this before.
The reason we’re having this problem is there has not been a significant increase in the housing supply and with the increased demand because of an improving economy and the creation of more families, it’s kind of hard now, to find the “right place”.
So here’s a couple of tips:
- Before you give notice to your current landlord, start scouting areas you are interested in.
- Get financials together – most management companies are going to want a credit report, copies of your pay check stubs and if you’re self employed we’ll want copies of bank statements and tax returns. It’s almost the same process as buying a home, which by the way is actually cheaper then renting. Get it all together in advance because chances are you’ll not be the only folks applying for the same rental. It’s first come, first served with most management companies.
- Be prepared to move in right away – with multiple applications, most owners will want the tenant who can move in right away versus a tenant that has to give 30 days notice. Don’t be surprised if the Owner/Property manager doesn’t want to hold the new place for 30 days so you can do the required notice you’re moving to the existing Landlord. If you get two weeks, be thankful. Yes, you might be stuck paying rent on two places for a couple of weeks. It’s just the way it is, especially if it’s a nice property.
In the mean time…?
Make it a Great Day…!
Ed Favinger, Broker, 916-203-1260