Leasing a Home is Challenging in Today’s Market…
Yes, there is a buying and selling frenzy currently in the real estate market. However, did you know there is also a flurry of folks who are searching for the perfect rental property? There are many reasons people are looking for lease homes. The current economy and job situation is one factor. Tougher loan requirements and credit scores are another as well as those who are seeking a temporary place to live because of job or other reasons. Leasing a home gives you all the benefits of owning one without the hassle of repairs or up keep. You can have all the advantages of living in an apartment without the worry of your next-door neighbor falling asleep on the couch with a lit cigarette and burning your apartment down. In addition, with more room for a family than an apartment, leasing seems like a bargain and for many it is.
Homes for lease however can be hard to find. Many owners who would lease are finding it more advantages to sell in the current market. Those that make it onto the market are, snatched up fast, gone within a couple of days. Many folks try to find lease homes on the internet however many discover that the ones they do find have already been leased. The data can be old and unreliable. Add in the fact Realtors usually only make on average 25% of the first month of rent and that is split between the agent and the broker. Some Realtors refuse to work with lease clients. The Realtors who will work with them are usually the new Realtors with little experience and not many clients. This means that some prospective renters can be on their own when searching and unfortunately they do not have access to the MLS making their search that much harder.
My advice to renters is to find a rookie agent and have him/her set you up on the MLS so that you receive lease homes as they appear on the market. Research the homes the best you can. Study the photos, drive by the property, and make sure you are ready to jump on the home if the showing goes well. In Texas, you must have a credit check and complete an application for the lease. The credit check can take a couple of days to process. Every landlord is different and will have different requirements for the lease. What one landlord will reject another may accept. There is a credit check fee and when the lease is signed a deposit typically equaling the monthly rent and if you have pets, additional deposit money is required.
I have read many real estate articles predicting lease properties are the wave of the future. That one day there shall be only a few owners and the rest will lease. This is one prediction I hope and pray does not happen. This would not only hurt the business of real estate but also kill one of America’s most inspiring passions, owning a home. Owning your own slice of land is a cornerstone of the United States. Lease homes are important because they give tenants an opportunity to experience what owning a home is like, while saving up for their very own. The goal for every tenant should be to own a home and if the lease is a stepping-stone to the goal, more power to you – http:www.djlyons-realtor.com/ See ya down the road.