What are the total costs for renting this place?

It’s important to gather and note down all the associated costs with renting the unit. Don’t be afraid to ask about these along with any estimates. Costs such as utilities can vary depending on the unit and the providers that the landlord has decided to choose.

These costs play a large part in whether or not a unit will ultimately be affordable or not.

What is the financial commitment of this rental?

When viewing a rental, having a good understanding of the costs involved in renting your home is something that will be of great benefit. Everything from the deposit, rental amounts, bills and/or fees.

Knowing this information will place you in a better position to rent your home and get your financial affairs in order during the rental process. Additionally, it’s beneficial to understand how state laws can impact your finances when renting, for example; in some states, non-refundable deposits are prohibited.

What does your screening process involve?

There are quite a lot of resources online about what the screening process is when renting, but all landlords are different and they may have their own ways of doing things – so it’s best to ask! Not only will it help you set and manage your own expectations, but it’s also a good way to benchmark and compare requirements in a busy market.

Some of the things you can find out by asking this question can include factors such as a credit report, is it required? If so, is it a hard or soft inquiry?

Will I be able to renew the lease if I want to or switch my payment arrangement?

All landlords are different and some plan well in advance. For some landlords, they may know that they would like to sell their property by a certain date/time which will impact our option to renew your lease.

Asking whether or not your rental will be long-term and if there is any flexibility within your term is a very important question to ask and can save a lot of hassle later down the line.

We have something for everyone here at PropHub, whether you’re a landlord, tenant or someone who’s interested in real estate – take a look at our blog for more content!

The post 4 Questions to Ask When Viewing a Rental appeared first on PropHub.

Get Your Affairs in Order

It’s important to be prepared and have all the documents required to ensure an easy rental application. As a freelancer, you’ll need the standard paperwork required of any applicant and any additional paperwork that will make the case to a prospective landlord that you’ll pay your rent on time for the full duration of the lease.

In terms of standard paperwork, these are the basics:

• 2 years of tax returns
• 3 months of bank statements
• Last two pay stubs
• Copy of your photo ID

It also helps to have some of the following:

• At least two letters of recommendation from clients attesting to your integrity and the merit of your business.
• An official letter from your accountant outlining your projected income for the year.
• All client invoices from the past two years.

Go Through an Agent

Depending on your state and city, competitiveness for housing may vary greatly. It’s important to find the right agent who can accommodate your needs and understand your position as a freelancer. Having a real estate agent walk you through the rental application process can make it a lot easier.

When choosing your agent, ask if they have successfully had freelancing clients approved. It’s important that your agent has a strong network with landlords. An agent in this position will know which landlords are more flexible and on what grounds.

A real estate agent would be able to negotiate some of the following on your behalf:

• Offering to pay an additional security deposit
• Offering to pay additional rent upfront
• Using a guarantor

Use a Guarantor

Whilst we would only recommend this as a last resort, using a guarantor is also a great way to convince landlords that you’re trustworthy. Do note that your guarantor would need to have good credit and also pass affordability assessments. Ensure that you have a healthy and trustworthy relationship with your guarantor, as financial responsibility will fall onto them should you fail to pay your rent.

Have you ever wondered about how to save for a home when you’re renting, see our post here.

To learn more about our services and register, see here!

The post Renting As a Freelancer: How Can I Do It? appeared first on PropHub.

Get Your Score & Report

In order to improve your credit and chances of your rental application being accepted, you need to know what your credit score actually is, so you can start working on it. Contrary to popular belief, less emphasis is placed on the score itself and more on the overall picture of the report. Renting with bad credit may be slightly easier depending on your financial history.

Constantly Review Your Finances

It can be quite daunting to review your finances, especially when you are aware that they aren’t great. Take a look at your finances on a regular basis and consider if you really need all of the outgoings – check subscriptions, bills and debts that need repaying.

Explain Your Personal Situation

Renting with bad credit isn’t impossible, and depending on the landlord, explaining your personal situation may be helpful. Providing proof of a stable income and savings for example, can go a very long way. Putting the landlords mind at ease and letting them know that you can comfortably afford monthly rental payments is paramount.

Consider a Guarantor

This should be a last resort, but if you are really struggling to find a place to rent with bad credit, this may be a good option. If you choose this route, you’ll have to find a cosigner who has a secure income and good credit that they’re willing to put on the line for you in case something happens and you stop making rental payments.

You also need to be certain you will be able to pay rent every month. Missing a payment means your cosigner will be forced to pay it on your behalf.

After fixing your credit, see our previous post about finding your dream rental!

To learn more about our services and register, see here!

The post Renting With Bad Credit: What Are My Options? appeared first on PropHub.

Avoid Cash Collections

Accepting rental payments in cash generally isn’t a good idea. Whilst it may sound good in practicality, cash is harder to keep track of from an accounting and audit perspective, and it also poses high-security risks. All of these risks and issues can be alleviated by establishing a ‘no cash’ policy.

Make the methods of payment very clear in your agreement to ensure that your tenant is aware. If you are in need of digital rent collection, we have a service for that! Avoiding cash is a great way to ensure that you can collect rent on time.

Automate Rental Collection

Having your rental collection on autopilot is the easiest way to ensure that payments are always on time. As humans, we’re quite busy and your tenants may easily forget to pay if they have a lot going on. For this reason, you should ensure that rent is collected automatically, either through recurring bills with their bank or through online software, such as our own!

To avoid any issues, it’s important that their payment details are always up to date.

Allow Transparency & Honesty

If your tenant is late with rental payment, don’t be afraid to enquire and ask why in a friendly manner. As a lot of the time they might be intimidated but have a good reason.

Try to extend your empathy to your tenant, to ensure the best outcome.

To learn more about our services and register, see here!

Read our previous blog post here: How Do I Handle a Burglary at My Rental Property?

The post How to Collect Rent On time appeared first on PropHub.