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 to keep everybody in touch.
STEP 2: BUILD AN OFFER
Once you find something the clients are ready and willing to proceed, have all the adults fill an application as directed in the agent remarks of the MLS listing. Many times, transactions won't have directions in the MLS... In that case, have them fill the standard application in your state. Also, have them 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).
Note: If you're wanting to process credit yourself, sign up at www.youcheckcredit.com or use another service you prefer.
Once we have applications and supporting documents, send an email to the listing agent with the documents attached along with a quick letter detailing your clients and what they're willing to offer.
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. In most cases, it will then be your job to obtain signatures, gather any required moneys 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.
- 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.
- Submit offers to all the properties considered so that we have backup options as well.
- Keep an organized and streamlined efficient process.
- Don't waste time on clients unprepared.
- For bad credit tenants, we should have a landlord reference letter (or contact available) and plan to provide additional monies up front (additional security deposit and/or rent paid up front). A good credit co-signer is also an alternative option.
- Offer additional security deposit, rent up front or even offer above or below list price when the situation calls for it.