Tim Trainum Properties
"Delivering a Preferred Experience in Real Estate!"
REALTOR®, VA License #0225235004
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August
10
10
How Do Renters Secure an Exceptional Outcome in Northern Virginia?
Use a Professional Agent / Know the Top 5 Factors that Secures Your Rental Home of Choice
Prospecting for your next rental home can be a challenging and stressful process when working alone. It doesn't have to be difficult. The key is to have access to the right professional. First and foremost, choose to work with an experienced real estate agent who is your advocate and looks out for your best interests. A licensed agent is the only one who can get you access to the estimated 85%+ of homes available for rent. These homes are exclusively listed on the MLS by other cooperating agents compared to the relatively few homes listed directly by owners. The MLS is the source information feed to all public-facing web sites like Zillow, Trulia, etc. It is the most accurate and reliable source of information from which to find your next rental home. Working alone and using Zillow to contact one home at a time is inefficient. The information is incomplete and untimely putting unrepresented tenants way behind the transaction often finding the best homes have already received an application or have been rented to a competing tenant/agent team. Tenants working alone are often faced with settling for a less than great housing outcome. Partnering with an agent is the direct path to your rental home of choice. Even better, working with an agent doesn't cost you anything since the agent is compensated by the owner just like when buying a home.
1. Employment
Applicants need to have stable, reliable employment. Having a job that has not yet begun is perfectly fine as many people are in the process of moving to the area or changing jobs. Owners just like to see the offer letter from a new employer.
2. Income
Applicants need to earn an adequate amount of income. This is typically measured by calculating an income-to-rent ratio to support rent payments. The amount of income usually required is 2.75 to 3.25 annual rent. For example, if rent is $2,000/mo., then $24,000 x 3 is an income requirement of $72,000. The last two pay stubs are usually required to prove income and owners typically limit two incomes to meet requirements. Savings and assets positively impact the ratio.
3. Rental History
Applicants typically will be required to provide a Rent Ledger substantiating rent payments to a previous landlord. It should show rent payments (or mortgage payments) have been paid on-time with no unpaid balance.
4. Credit Score
Owners have mixed views about using credit scores as a prerequisite for application approval. While any owner who sees a credit score in the 700+ range certainly believes this is additional strength, lower scores are not necessarily a reason to reject an application. Many owners understand applicants can often be in the process of building credit to eventually purchase a home.
5. Other Applicant Information
Here is some additional applicant information important to owners that may impact an applicant's qualifications or competitiveness: (i) eviction or foreclosure history, bankruptcy or liens, (ii) pets or no pets, (iii) smoker or non-smoker, (iv) how quickly an applicant can take possession of the home and limit vacancy, and (v) length of lease term, for example, 24 months reduces the owner's vacancy period and lost rent compared to 12 months.
Tenants -
Are you thinking of renting a home? Do you need help from an experienced agent to find your home of choice and get your application approved? Please contact me!
"I highly recommend Tim. He was responsive to my emails and calls. He was attentive during our time together. He was flexible with my schedule and was able to meet when I was available. Tim answered every question I had. He was transparent throughout the entire process and made sure I understood the complete process. He looked out for my best interests. Tim was a great support in my journey as finding rental housing can be stressful." - Kathryn W.
Owners & Landlords -
Are you an investment property owner in need of help from an experienced agent who owns investment property just like you and knows exactly how to secure well-qualified tenants, compress or even eliminate vacancy periods and maximize your rental income? Please contact me!
"It's with much enthusiasm that we share our thoughts about the most knowledgeable and informed real estate agent with whom we have dealt. Over the last 45 years we have bought and sold a combination of 26 houses, condos, and apartment buildings. Tim Trainum is the complete package when it comes to your real estate needs - buying or selling residential and commercial property, including tenant leasing. He thoroughly understands the business and how to deliver exceptional outcomes!" - Dean & Mary Simonds
Tim Trainum Properties
Office: (571) 386-1075 Cell: (703) 568-6750 Email Me
- 43777 Central Station Drive
- Suite 390
- Ashburn, VA 20147
Office: (571) 386-1075 Cell: (703) 568-6750 Email Me
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