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OVERVIEW: ( Leasing a house is different from leasing an apartment in the Austin area!) Most apartment owners own apartment complexes, with 100’s or 1,000’s of apartments. They have 100’s or 1,000’s of rent checks coming in each month, so if one or two of the checks don’t come in—it’s not a big deal—the owner still has a large income!
Owners of rental houses, however, are different. Most own one rental home (possibly a few) and are very dependent on that one rent check every month! Usually, the house they’re renting out is their old home, which they have moved out of for one reason or another. They are still paying the mortgage every month and need the rent check to arrive each month so that they can cash it and pay the mortgage. These owners are especially concerned with having the kind of tenants that will pay the rent on time—every month, and who will NOT damage their one income-producing property. Because of this, owners of rental houses are usually a lot more “picky” about the tenants they accept than owners of apartment complexes are.
Qualifying: Typically, your gross monthly salary (before taxes) must be three times the amount of a month’s rent to qualify to lease a property in this area.
TIMING: ©Copyrighted 2009-2011, QTR Site Trademarked (™) (Top) The right time to start looking is NO SOONER than 30 to 45 days before you want to move! (Landlords usually receive only 30 to 45 days notice from tenants.) Homes available today will probably be leased and no longer on the market a month or more from now and landlords do NOT want to hold their properties off the market for you, or anyone else, for more than a week or two! If you want to get an idea of what you might lease at what price--use our "Search DB" feature. However, please do not waste your time (or gas, or an agent's) believing "that its OK to look," when properties will likely be gone way before you're ready to move...
A large number of lease homes are managed by management companies. They are generally CLOSED on weekends, so you (or your agent) cannot get information, submit an application, etc. until Monday. If you plan to be in the area for only a day or two, you may not have enough time to find the right home, submit an application, wait for it to be processed and sign a lease. Please give yourself enough time.
(To SAVE Time) Contact your REALTOR and discuss your criteria BEFORE traveling to Austin. Your REALTOR will then have time to research and select homes that fit your needs and also make appointments so that you will be ready to start looking as soon as you arrive. By calling well in advance of your arival, and reserving their time, you will best be able to optimize both the REALTOR's, and your time!
CREDIT Report: (see "Scores" below) Most owners of rental houses will require a prospective tenant to have somewhat good credit. A few late payments or disputed accounts will probably not make a landlord turn down your application, but a history of bad debts may. Most landlords will look to see if you have paid past utility, phone and cable bills. If these are left unpaid when you move, the landlord may think that you have purposely not paid them—and if you’ll “stiff” these companies, you’ll be likely to “stiff” a landlord, too. If your credit was bad in the past, but you've cleaned it up over the past year or so, even if you’ve had a bankruptcy or foreclosure, many landlords will accept your application. A large number of landlords rely more on reports from past landlords than on your credit report! Oh, and IF an individual uses another's credit / name, etc. to "turn on" utilities, etc, that can foul up the "helper" (backfire) on future credit / rental issues! ©Copyrighted 2009-2011, QTR Site Trademarked (™) (Top) TX property code law allows landlords to reject an applicant if the applicant has poor credit (as shown by the credit report). If rejected for credit reasons, the tenant should be told the general reason for the rejection and the landlord should give the tenant the name and address of the credit reporting company that the landlord received the credit information from. Even IF there is an error on a report, a landlord is NOT required to "wait while the error is fixed" for any applicant. That error, unfortunately, is the applicant's problem!
"CREDIT Score": - Many renters ask, "What is my score?" Actually, many agents don't use a credit "score." Why? A score does not give a detailed "picture." Example: Your "score" is low because of some billing issues, BUT you are an ideal tenant! Should you be rejected? NOT necessarilly! A good score is good, but it may not be the end all... Actually, one could have a "good score," and be a bad tenant! Acceptance depends, on all "criteria" that are used. (Top)
Also, because a "FICO" costs extra, and may not be as useful, many agents may just use the details contained in the report. And there are so-called "FAKO" / Proprietary, scoring systems. They are NOT the same as the "FICO" scoring system. Describing them is beyond our scope!
NSF Checks: ©Copyrighted 2009-2011, QTR Site Trademarked (™) (Top) In Texas: passing NSF Checks is very serious! One can be arrested and spend up to 2 years in the County Jail, and be fined up to $1,000, or both - OR additionally, spend 2 to 10 years in state prison, if there are prior convictions! The Holder (the one OWED a check) may charge the obligor with almost any additional legal processing fees. ( One can imagine how BAD this looks on a credit report! It like "Shooting a Cop!" And today, computers keep track of data for up to 10 Years, NOT 7 Years! (in TEXAS) One also might face the problem of "Which Underpass do we sleep under tonight"...)
RENTAL HISTORY: ©Copyrighted 2009-2011, QTR Site Trademarked (™) (Top)Most landlords will require that past landlords be contacted to see if you have paid your rent on time and kept the property in good condition. Many will not lease to anyone who does not have a good, verifiable past rental history (from landlords other than family members or friends. Some landlords may also require several background checks on prospective tenants. Applicants that do not pass these checks may be rejected. If you have no past rental history, some landlords MAY reject your application, but many will base their acceptance or rejection on your credit report alone.
BROKEN LEASE: ©Copyrighted 2009-2011, QTR Site Trademarked (™) (Top) Many landlords diligently REPORT lease violations, evictions, & eviction filings to National Data Bases! Quigley Team Realty checks these Databases when processing applications for landlords that we represent. While it is possible that you had a bad landlord, and they are "the reason" for Breaking a Lease, one Must be able to PROVE that the landlord was at fault! Another landlord is not likley to just take your word on it! (Best thing to do is, have a court "vacate" / void a lease! Otherwise, you may need to keep "verifiable" records for a LONG time! Then, agents & landlords won't be spendding much time checking on "tedious" records, with little compensation! "Your option? Might be, "Sleeping Under an Underpass!"
LANDLORD REQUIREMENTS: ©Copyrighted 2009-2011, QTR Site Trademarked (™) (Top)Landlords' Requirements may differ (they establish the criteria!!!)
REALTORS must comply with each individual landlord’s requirements (as well as the law) when procuring a tenant for that landlord, and INDIVIDUAL LANDLORDS HAVE DIFFERENT REQUIREMENTS! Those who own the nicest houses (those that are clean, well-maintained, have many upgrades and are located in the most sought-after parts of town) will have more stringent requirements than others. If the home is clean and in good condition, the owner will want to be sure that the tenants who rent it will keep it that way!
How to QUALIFY to lease a home in the Austin area:
Your application for rental may be rejected if you do not “qualify”. In order to qualify to lease a property in the Austin area, a tenant should have a gross monthly income of at least three times the amount of the rent. If there are two or more applicants (roommates), a landlord may require that each applicant individually qualify (each has to have a gross monthly income of three times the rental amount). This is to make sure that if one tenant vacates, the other will be financially able to pay the entire rent. However, some landlords will waive this requirement. And of course, ALL applicants need to be acceptable in Credit, and Background checks, etc
PETS: ©Copyrighted 2009-2011, QTR Site Trademarked (™) (Top) Landlords will also differ on whether or not a pet will be accepted. Most landlords that accept pets will require a pet deposit, in addition to a security deposit, and some will charge additional rent ($10 or $25 or more each month as pet rent). Most landlords that accept pets will do so with conditions, such as: the pet must be below a certain weight; there cannot be more than one (or two, etc.) pets; the pet must be a certain age (not puppies—they are usually not housebroken), neutered, de-clawed, etc. Some landlords will accept dogs—but not cats. Others will accept cats—but not dogs! It is up to the individual landlord. If you have a pet, it is best to check with your agent, to see what the pet requirements are.
Pet deposits, also, will vary with the individual landlord and property (a property with a brand new carpet often requires a higher pet deposit). A larger pet deposit may be required for larger pets—because larger pets can cause more damage (sometimes). For properties owned by the Quigley Team, we charge $300 per pet for pets up to 30 pounds and $10/pound per pet if over 30 pounds. If you lease a Quigley Team-owned property, your pet deposit(s) and security deposit will be put into an interest bearing account. All deposits, along with interest, will be returned to you after you move out IF you have complied with the lease and NOT caused any damages (and the property is left clean). Other landlords may have other requirements.
Something You Should Be Aware Of: ©Copyrighted 2009-2011, QTR Site Trademarked (™) (Top) Only a very small percentage (probably less than 10%) of real estate agents in the Austin area do leasing. Most of these are sales agents who also do leasing. Most agents make their livings by selling homes, not by leasing! This is because there is very little money to be made in leasing.
About leasing commissions: Normally the tenant pays NOTHING. In most leases an agent may make 25% to 50% of the first month’s rent. If the rent is $1,000 and the commission is 25%, it is $250—that is then SPLIT between the agent AND his/her broker. Many times this amount doesn’t even cover the cost of gas—never mind the agent’s time. And quite often, the tenant (that an agent has driven around for two or three days) decides NOT to rent at this time—or finds a lease property on his/her own—leaving the agent with nothing to show for his/her time and effort! No wonder so few agents are in the leasing market! (We require an agency relationship, see below.)
The Quigley Team will (normally) gladly show you any rental properties that they have listed. If you wish to have us drive you around to show you other listings, we require that you sign a Tenants' Representation Agreement, agreeing to lease only through the Quigley Team. Not a previous client? No problem, But... we will ask for a "refundable fee" (yhat we add $50 back to you!), when we receive the commission! We also require that you have the ability to pay all the application / deposit fees without delay!
See>> "What to bring when you come to Austin to search for a new home:"
REPRESENTATION: (Top) Information Click Here >>> LAWS in Texas: "Information About Broker Services" By signing this form, one is ONLY indicating that they have "received the information"... It is NOT an "agreement."
When you find a good agent, who is willing to help you find a lease home, PLEASE be considerate of that agent’s time. OK! How?
1. Be loyal to that agent—work with one agent, exclusively. An agent who knows that you will not go off and find your own rental without him/her will be willing to devote more time and effort to helping you find the right rental home. Sign an agreement with the agent, agreeing to use that agent exclusively!
2. Don’t waste your agent’s time. If there are others in your party, who must view the home before you make a decision (spouse, roommate, etc.), please make an appointment with the agent to show the home to you with everyone present -- at the same time.
3. Be prepared [to make a decision, fill out an application, pay an application fee, and security deposit (in certified funds)] at the time you go looking for a lease home. The home you look at today may be leased later today evening— please do Not "assume" that the property is going to wait for you! If you really want it and it goes away, it is all wasted time, if another applicant leases it tonight and you waited to "think it over"! If you’re not ready to lease, don’t start to look until you ARE ready!
4. If there is anything about you or your fellow tenants that may be of concern to a landlord, level with your agent! Poor credit, lack of a past rental history (or a poor past rental history), a large pet or pets, criminal background, etc. may be reasons you will be rejected by some landlords. Most agents in the leasing business know which landlords will overlook some of these items and which landlords will not. Tell your agent, up front, if any of these items apply to you. Your agent will not waste your time showing you homes whose owners will NOT lease to you; he/she will take you directly to the homes whose owners will overlook the items. If you put in an application to lease a home whose landlord will not accept tenants with certain of the above items, you may not only lose your $35 to $70 (or so) non-refundable application fee, when these items show up on your credit report, but your application deposit (security deposit) funds may be tied up for several days or more, while you wait for the landlord (especially if they're out-of-town) to endorse the certified funds back to you... Plus having the agent ASK around, first will save you some embarassment! You name is not mentioned at first...
5. One final thing…Many of the homes you wish to view may have occupants living in them. Your agent will need to know which homes you wish to visit ahead of time, so that he/she has time to put the list in “driving order” and call to make appointments with the occupants (preferably the day before)... ©Copyrighted 2009-2011, QTR Site Trademarked (™) (Top)
REALTOR® ETIQUETTE: (Top) Most people do not want their homes shown before 10:00 AM Monday through Saturday or before noon on Sunday. Generally, homes are not shown after dark. REALTORS refrain from making phone calls before 9:00 AM or after 9:00 PM--unless the recipient of the call has previously told the REALTOR it is OK to call earlier or later. Also most REALTORS will not make phone calls before noon on Sundays. Please make an appointment with your REALTOR, far enough in advance, so that he, or she, has time to make appointments with the occupants of the homes you wish to see. ©Copyrighted 2009-2011, QTR Site Trademarked (™)
RELOCATON INFO: When moving to Austin (Top)Qualifying: Typically, your gross monthly salary must be three times the amount of a month’s rent for you to qualify to lease a home (or apartment) in this area.
Traffic: The traffic in Austin can be very annoying! If you must commute to and from your Austin-area job during rush hours, you will probably want to find a home that is relatively close to your workplace. If you have “flex-hours”, you will find the commute on Austin area highways to be very pleasant and quick—but NOT during rush hours! If you can commute, you will be able to lease a lot more home for your money! (Homes “close-in” to downtown are older, more expensive and often not in good condition relative to “further out” homes.)
Appliances: Virtually ALL homes come with a range/stove. Some may have built-in microwaves, if not - it is not included. Most newer homes have dishwashers and disposal units. Occasionally a lease house will have a refrigerator - but most will not. - ask your agent to check for you. (Most apartments have a refrigerator; duplexes may or may not!) Occasionally a lease house will have a washer and dryer—but this is usually rare!
SEARCH HOMES: For "Sale or Lease" Database for your next home. (Top)You can get information about almost all actively for sale or lease homes on the Quigley Team website, www.quigleyteam.com. Click on “Search Homes DB ” at the left (or “Search Listings” at the bottom) of the site. Be sure to specify whether you want “lease” or “residential” (sale) homes. This search feature is free for you to use whenever you like--there is no cost and no obligation to you for using it--and we will NOT “capture” your name and e-mail address to “pester” you later. We do NOT like high-pressure salespeople, so we will NOT pressure anyone--we practice Real Estate by the Golden Rule!
What to bring when you come to Austin to search for a new home: When you come to Austin to begin your home search, please bring a photo Id. and enough money (in traveler’s checks, preferably) to cover the cost of application fees and application deposits. Most landlords require a non-refundable application fee of $35 to $70 per application--in certified funds, at a minimum. This fee is for the cost of credit and background checks, as well as the agent's time to verify your employment and contact your past landlords. If your current or past employers or landlords require a fee to release information about you, YOU are responsible for this fee (in addition to the application fee.) If you are from out of state there may be additional charges to check your background ...
A landlord will NOT hold the home off the market for you unless you also put up an application deposit, which later will become (or apply toward) your security deposit. This, also, must be in certified funds. If, for any reason, the landlord rejects your application, the application deposit is refundable to you. See also: Rental History
©Copyrighted 2009-2011, QTR Site Trademarked (™) (Top)
APPLICATION and DEPOSIT: (the "deposit "holds" the property on approval) (Top) Some landlords may be willing to accept a portion of the application deposit now and the rest at move-in. Those that allow this usually require that you have good credit and a good, verifiable past rental history. If you know that yours is NOT good, don’t waste both your time and your agent's asking for incentives from the landlord--your application will be rejected and you will lose your application fee if your credit and references are checked and found to be unacceptable. Save time(and Gas), tell your agent your situation! Oh, and if one is accepted, and the property is removed from the market, and they back out, they May Lose the Deposit! Also, DONT LIE on an application, that is fraud! All of the agents and the LL have been "damaged" by wasting their time, with lies. With the internet, lies show up faster!
LEASE SIGNING: ©Copyrighted 2009-2011, QTR Site Trademarked (™) (Top) If your application is accepted, you will TYPICALLY have 48 hours from the time you are notified to sign a lease. If you do not sign a lease during this time, you may lose your entire application deposit. Most landlords want a full month’s rent on move-in, up front even if you move in at the middle of the month. You will be asked to pay the “short” month’s pro-rated rent on the first of the next month
UTILITIES: ©Copyrighted 2009-2011, QTR Site Trademarked (™) (Top) The utilities and their costs, etc., are usually spelled out in the application package. Most properties require that the tenant pay for the utilities. Some times the landlord may pay for some / all utilities... For a list of most of the utility providers you may go to >>> utilities<<< And, when a tenant is leasing, they are normally NOT allowed to shut utilities off.