Here are some basic questions renters may have in regards to the rental process!!
1. What is the MLS? Realtors use the MLS as a way to notify the general public about thier current listings that are active and available for rent or sale. Realtors pay dues to thier local board in order to have access to the MLS. The MLS system is the best way to market properties as it is available world wide and to anyone with access to the internet.
2. What are normal "move in costs" for a rental? Move in costs may vary from state to state. In Miami, the normal move in costs for a rental is first months rent, last months rent and one months security deposit. So....on a a rental amount of $1000.00 per month, the move in costs would be $3000.00. This does not include any application fees you may have to pay while going thorugh any sort of approval process.
3. Can these move in costs be negotiated? Yes....I can submit any offer on your behalf in an effort to negotiate your deal to your specifications. However, please be aware that most landlords will not be willing (in my experience) to reduce the move in costs as indicated in the MLS listing agreement they have with thier Broker. We can try though!!
4. What are typical costs of application fees? The normal cost for an application fee is $100.00. This is usually paid to the association or managment company who will process the application. It is not consistent though as there are hundreds of buildings here in Miami that us Realtors have to deal with. I will get you the exact amount prior to submitting any offers.
5. On what conditions may my application get denied or rejected? Most assocations will pull criminal and credit. These are the two condtions that may have an effect on your application should something negative be present. If denied, your application fee is non refundable. Please consult with me first in regards to any issues you may have so we can discuss a possible course of action so that we dont burn any application monies. All conversations are confidential and between us.
6. How long is the application process? You will need to give them 7-14 days to process your application. I have had situations where they were done and approved in 7 or less.
7. How much will I need to leave with you as a deposit? Once we have an executed Contract to Lease you will submit to me a deposit equal to your first months rent. All escrow monies will be deposited into my escrow account at Chase bank. You will be provided with a receipt and the contact info to my bank rep should you have any questions.