Presentation on theme: "Kirsten Ruliffson Program Manager – Real Estate, Rental and Intern Housing."— Presentation transcript:
Kirsten Ruliffson Program Manager – Real Estate, Rental and Intern Housing
Prior to tour o Needs should be defined o Complete needs assessment and discuss with rental agent o Evaluate affordability – 33% of income or less should be allocated to rent. Most properties require income to be at a minimum of 3x monthly rent o Leasing specialist should educate prospective tenant on the market and establish an effective plan Day of tour o Arrive equipped with necessary documents: o Driver’s license o Proof of income/offer letter o Rental history reference contact information o Money for deposit and application fee (separate checks) o Credit references (if needed) o Camera o Come prepared to transact. Be ready to apply on the spot or immediately after tour. Properties are often leased within the first 24 hours after being listed o Prospective tenant may be required to make an additional deposit based on the market, credit score and pets
Apartment Search Schedule tour 60 days prior to move-in date Plan on a full day tour, typically 6-10 properties Preferred employer discounts for application fee and deposit Deposit ranges from $99-$500 Pet deposit Negotiations are not common with the state of the market. May be accepted on a longer lease term or with regards to parking fees
Private Rental Search Schedule tour 30-45 days prior to move-in Plan on a full day tour. Additional showings often needed based on owner/landlord’s schedule Preferred employer discounts not very common Deposit is equal to the monthly rental amount Lease break clause can provide a challenge Verify expectations for maintenance/service requests, lawn/snow care and utilities. Request history on expenses
As the transferee negotiates a lease in the new location, you may want them to attempt to add the following clause to the lease: In the event lessee is transferred, or decides to purchase or build a home during the term of this lease, this lease may be terminated upon (30/60) day written notice to the lessor with no penalty to lessee. Lessee will provide a copy of the employer’s relocation authorization or purchase agreement as verification of a transfer or purchase of a home. The above clause will be important should they have to break their lease early due to a future relocation Due to the tight rental markets across the country, it may be a challenge to get specific properties or landlords to accept this verbiage. If the property does not accept the specific verbiage in the clause above it is common they may allow you to terminate a lease early due to relocation but they will include additional fees.
Keep in your records: Lease or rental agreement Security deposit receipt Move in inspection list Rent receipts (or cancelled checks) Landlord’s address and phone number Emergency contact information for maintenance Additional information about your tenancy
Makes pricing recommendations using statistical data as the foundation for its decisions Uses customized parameter settings to align pricing with the overall business strategy of each community which result in a logical, unemotional approach to pricing Sets optimal new lease and renewal rents daily for each unit type, move-in date, and lease term in both up and down markets. Its automatic system reaction captures opportunities to increase rents or react to declining markets on time with disciplined pricing changes Determines and recommends incremental daily pricing changes, up or down, to prevent dramatic peaks and valleys in pricing. This results in better long-term growth and asset stability Uses market survey information only when availability is high, and traffic and leasing velocity is low. LRO allows you to select your competitors and gives visibility into competitive rent trends