Residential Leasing

Arkansas law requires I disclose even to potential parties which side I represent.   This should be easy but it is not so black and white in a lease transactions.

Click here for a copy of the Statue.

I don't represent the Property Manager/Owner/lessor so I must represent the tenant/lessee, right?   But I don't feel like I do.  I don't apply for you (make an offer), I don't see the lease (contract) and not much of an opportunity to negotiate for you.  Once you apply the Property Manager/Owner will reach out to you not me.    If a approved they will ask you for security deposit even before seeing the lease in most cases.   No room for me to really represent you.    Because of this I consider myself a showing agent, not a Buyer/Lessee Agent.

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Each Property Manager/Owner has their own application process.   Unfortunately, just because you apply with one place and they run your credit (this can be a hard or soft ding on your credit depending on their process) they others usually wont take it.   I have tried a few times.  Each time they took the information from the other company but ended up running their own before approving anyways so no time or money seemed to be saved.    I have no control of the application process, whether they approve you or deny you.  I don't get a call when they have approved you or denied you and they are not allowed to give me any details from the reports they run.   Most Property Managers will allow your application to be moved from one of their properties to another without starting the application all over, with in time limits.   I would love to say that you will only have to apply once but that's not realistic.   I don't benefit from any applications.

1.   Be honest with me and your application.  If you have pets list them, etc.

2.  If you you have an ESA be prepared to provide the documentation.  Might be best to not claim them as ESA and pay for them as pets even with proper documentation.

3.  You are likely competing against other applications.  Understand it is a numbers game and put yourself in the Property Managers/Owners shoes.   You would want your property/investment taken care of just like they do.  They only have the data they collect during the application process, they don't know you.  One caught lie in the process can ruin the whole thing.

4.   Your past does matter.  Having a previous evection will make it harder to find a rental than being a sex offender.

Getting into any property, purchase or lease, requires a basic of financial obligations.    If you were to buy a property you would have to get prequalified/preapproved for a loan before I would show you a house.  Property Managers/Owners will run a background check, credit report and can reach out to previous landlords and employers.  I don't have any say in if you get approved for a place.   Every property manager/owner has their own list of what they look for and what risk they are willing to take.   After doing this for 3 years I have a general idea of what they are looking for.  If you are not willing to self declare to me where you are finicality I will not be showing you any properties.     Each Property Manager/Owner has their own application fee.    Applying for properties can get expensive.

Once approved the Property Manager will reach out to you about details about move in date etc.   They need all this info to draft the lease.    Many companies will want the security deposit before drafting the lease.   This makes me uncomfortable.   I like to know what I am signing before I hand over any money.  Doesn't hurt to ask to see the lease before sending security deposit.   If time is critical for you this might be something you have to comprise on.  Most companies considered the security deposit, pet deposit and first months rent as non-refundable.  All companies I work with (to my knowledge) prorate the first months rent.  Depending on the day of the month many companies will want the prorated rent and first full month rent before move in date.

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I get paid by the Property Mangement company after you've been approved,  moved in and paid at least one full months rent.  I am usually paid a portion of the first month rent, sometimes a flat fee.  My Commission isn't a secret.

We finally get to start looking at properties.    This is where I shine and get to do my thing.   It is helpful if you have a list of wants and needs.   What are the top 3 things in each category?  It is rare to find EVERYTHING on your list but that's my goal.   At some point in the search you might have to comprise.  Lets be smart about the comprise.  This will be your home and you should be content if not happy in your home even if it is a temporary home.

It sucks!   Depending on why you were denied we can keep trying or figure out other options.