STEP 1: FIND PROPERTY
Find properties that fit the client's specifications and that they're willing to proceed. If nothing is currently available, set up an “auto email” through the MLS to keep clients updated and in touch.
STEP 2: BUILD AN OFFER
Once you’ve found property the clients are ready to proceed, have the adults fill an application as directed in the agent remarks of the MLS listing. When the listing doesn’t have directions in the MLS, contact the listing agent for directions. You can also have the clients complete a standard application and send that over to the listing agent. Have the clients send proof of income (depending their credit worthiness, generally 3 months of recent bank statements and/or pay stubs will be sufficient) and get a copy of their credit report(s) to forward to the listing agent as well.
Note: If you want to process credit yourself, sign up at www.youcheckcredit.com or use another service you prefer.
When we have the completed applications and all the supporting docs, send an email to the listing agent with the items attached along with a quick letter detailing the clients and what they're offering to proceed.
Follow up to confirm receipt and acceptance.
STEP 3: Get a signed LEASE AND TRANSFER moneys
Once approved, the listing agent will typically write up and send a lease contract. When received, obtain signatures and gather any moneys required and deliver as requested.
When there is a fully executed contract and moneys have been delivered, your commission payment will be sent when the following has been done:
The transaction documents have been uploaded to the transaction management system and approved.
The listing office has sent a commission check and it has cleared the bank.
We have a W-9 on file from you.
When dealing with tenants, get the applications and supporting documents as soon as they're willing to provide them.
Submit offers to all the properties considered so that clients have backup options as well.
Keep an organized and efficient process.
Don't waste time on clients unprepared.
For bad credit tenants, we should have a landlord reference letter (or landlord contact available) and plan to provide additional monies up front (additional security deposit and/or rent paid up front). A good credit co-signer should also help in most cases.
Offer additional security deposit, rent up front or even above or below list price when the situations call for it.