This is the third article in a mini-series on how to find an apartment in Norwalk (or pretty much anywhere for that matter).
In this third article, I will touch base on what a tenant should offer, and the process they can expect once they find a place they like.
I found my next place, now what?
It doesn’t take too long for most tenants to find a place that they like. Of course this depends on the accuracy of the information they give their Realtor explaining their needs and wants prior to meeting.
It isn’t very hard for most renters to see value. The vast majority of renters are looking for pretty much the same thing… They want the most clean and updated rental available in their price range and in an area of town they would consider. They want to get the most for their money, just like everyone else. Any other benefits, like a garage, or specific property features would make one place stand out above the other.
Once a tenant narrows their list of potential properties down to one place, they often ask “what should I offer?” The only accurate answer you can ever give is “it depends.” It really depends on a number of factors, like: When are they looking to move (start a lease)? How strong are their credit scores? How long has the property they like been on the market? Is the property vacant or occupied? What is the typical market price for a unit just like this?
Imagine a tenant trying to come up with all of those answers. They could certainly do it, but it might take them a while to come up with those answers, and who knows how accurate those answers would be.
The good news is that their real estate agent should be able to provide those answers, and in less than a minute. If their real estate agent is familiar with the rental market, they should automatically know what units like this one normally rent for, and they could be able to predict the demand on a unit like this based on the list price. They should also be able to factor in their client’s credit scores to determine how strong of an applicant their client is.
Depending on all of those factors, I have advised clients to offer full price or above full price in order to secure a property for them. I have also advised clients to offer less than full price based on the above factors.
What is the offer process?
It is very easy for your real estate agent to submit your rental offer. Once you find the property you like, you fill out a rental application and your agent runs a credit check. Along with the application and credit report, your agent will include your lease start date and the price you are willing to pay.
The offer is either accepted, rejected, or a counter offer is made. Once both sides have come to an agreement on price and terms, a lease is drawn and executed by both parties.
Your real estate agent should make things easy
Your real estate agent is the grease for the wheels from start to finish. They should make everything quite a bit easier for you.
- They should be able to show you a selection of properties that fit your criteria.
- They should be able to advise you on what type of offer you should make.
- They should be able to negotiate the price and terms of the offer on your behalf.
- They should coordinate the lease signing and checks.
- They should provide you with the utility company and contact info you need.
- They should coordinate the keys for you.
Once in a while they might even help you carry your couch on moving day!
Are you looking for an apartment in Norwalk? Check out: http://norwalkrealestatetodd.com/services/renters
Questions about rentals, or have a specific real estate question? Email Todd by visiting: www.NorwalkRealEstateTodd.com