Tenant Info
Luckily, I can get most tenant groups into a lease with a little salesmanship.
However, more than 75% of inquiries we receive are from prospects that have group credit scores that average under 650.
I can get most of these tenancies placed, but it does take some work.
This is why we don’t run around showing properties before I can get you conditionally approved.
MY JOB IS TO GET YOU CONDITIONAL APPROVAL.
My incentive is the small commission the landlord pays me when I get you placed in your new home. Submitting the questionnaire also allows us to do automated searches in the MLS for you to find properties that match your criteria. This is a key benefit to you. The reality is this: if your group has an average credit score of under 650 it can take 5-20 attempts to get you conditional approval, unless you have a section 8 voucher. I’m just telling you the truth up front. I’m here to help you. You do not pay me. The landlord pays me. And, your lease payment will be the same whether you work with me, or not. I am your advocate. The listing agent for the rental property is the landlord’s advocate. Understand?
Please submit your questionnaire now by clicking the link in red above. Showings usually take at least 24hrs to setup.
If we are making an offer on a single property I suggest you get a current FREE credit report from places like Credit Karma, Nerd Wallet, Experian, etc. Don’t buy anything they are trying to sell. Just send me a screen capture of your current score so we can do a presentation to the landlord. (Since you are asking for your score, this is a “soft” inquiry that will not affect your current score.)
For specific properties, READ the property description and qualifying remarks to see if you qualify. If you don’t qualify for a specific property we can try to find you something else. Generally, if you do not have a blended credit score of at least 650 (the average of all tenants combined) you will need a co-signer. If you are under 650 score often we can get you placed with an increased security deposit. My job is to sell your tenancy to the landlord, understand?
Also, choose my service only if you are within 60 days of changing tenancies. The rental market is fluid, and most properties don’t last on the market long..
Thomas “Tom” Saylor is a managing broker Realtor® licensed in IL & IN. Because of this, on any given day, I have thousands of available rental listings for you to choose from. The landlords pay me. My service to you is FREE.
Your rent payment will be the same, whether you use my services or not.
No one has more available listings than me. Where do I get all this valuable data? I pay for this specialized data. It is not free. I work on commission and the landlord pays me when we get you into a property. I have an incentive to put you into a lease and this involves real work. (Quite often sales work.)
Here’s how this works. The listing agent represents the landlord, and I’m the selling agent. I REPRESENT YOU. I have the ability to show you different properties, usually the listing agent is not setup to do this.
The listing agent is (typically) more interested in placing you in the single property they have listed. Nothing wrong with this, it’s just how things work.
When I show a property, I’ll remind you to bring your flashlight, check for leaks under the sink, check the water pressure, flush the toilets, check the windows and doors, and cycle the air conditioner. Stuff like that. It is rare that you will hear talk like that from most listing agents. I’m the guy who tries to get you concessions on the terms of the rental. The listing agent? Not so much. Their priorities are different. The listing agent does not represent you. Understand?
IF I don’t think I can put you into a lease I will tell you so. Understand? Just tell me the truth about your situation.
I represent YOU.
The Landlord pays both the listing agent and the selling agent - you pay me nothing for the help I give you. This is the way the Multiple Listing Service works.
Want a House?
Not just apartments…We’ve got one of the biggest selections of RENTAL HOMES in Chicagoland and NW Indiana. Remember we’re licensed in both states!
- What type of property do you want to lease? (Single Family Home, Condo, Townhouse, Apartment, etc)
- When do you want to move, and why?
- How many beds and baths?
- What is your combined monthly income?
- What are the credit scores of the people on the lease? (Landlords will usually blend the scores together to get an average.)
- Do you have animals?
- Any smokers or vapers?
- What towns or cities do you want?
- How many square feet do you need?
- Do you have pets?
- Do you want an over 55 community?
- What is your monthly rental budget?
- I’ll need a short narrative describing who you are, what you do for a living, etc. I need to “sell you” to the landlord. This is especially true if the landlord is getting multiple offers to rent. Sometimes I need to negotiate aspects of the lease if you have less than perfect credit, animals, etc. This is why it is good to have an advocate like me.
- Do you need parking? How many cars?
In most cases setting up a new lease requires this kind of cash up front:
2.5-3x the monthly rent
First and Last Month + a refundable Security Deposit usually equal to one month’s rent. Usually the first month’s rent is your “down payment” and then you bring a cashier’s check for the last month’s rent + security deposit at the final walkthrough when you get your keys.
2.5-3X THE MONTHLY RENT IN GROSS INCOME
So a property that rents for $3200/month could require $9600 combined gross income to start a new one year lease. (Usually leases I handle go for 12 months, sometimes 24 months).
Some places require less cash down. Depends on the landlord.
IF YOUR OFFER TO RENT IS ACCEPTED TYPICALLY YOU WILL BE PUTTING YOUR DEPOSIT INTO AN ESCROW SERVICE. (This protects you if your lease will not be starting immediately.) This deposit is typically 1st month's rent. REMEMBER, MY GOAL IS TO HELP YOU GET INTO A HOME YOU WANT. THIS IS WHY I SET YOU UP TO MAKE MULTIPLE RENTAL OFFERS IF NECESSARY. WE ARE USUALLY UNDER A TIME CONSTRAINT. BEING A GOOD TENANT FOR A YEAR PREPARES YOU TO BUY YOUR NEXT PROPERTY. I CAN HELP YOU BUY ALSO.
Yes, I said “offers”. Often we will be making offers on rentals that have been sitting on the market for a while. When I represent you I am your advocate. I want to get you into the best rental we can find for you, that you can afford, where the landlord will accept your offer. I will prepare a complete package for you that we will present to landlords. Your tenant package will provide us with the info we need to give to the landlord for evaluation.
Our goal is to get “conditional approval” to setup your tenancy.
CREDIT BACKGROUND (do you pay on time, credit scores needed depend on the landlord, should be typically above 600, lower credit scores may require tweaking our of our offer a bit, or getting a co-signer)
EVICTION REPORT (basically the landlord is making sure you have never been evicted, if you have been evicted within the last 5 years it can be a deal killer, but if you’ve been solid in the last 3 years and are good in everything else we will approach the landlord with a reasonable explanation.)
PROOF OF INCOME (3 paystubs, 3 bank statements, tax returns, job offer letter—whatever is appropriate for your situation.)
RENTAL APPLICATION (standard application for all parties living at the property over age 18)
DRIVER’S LICENSE (required for all tenants over age 18)
And remember, I have lockbox access in both Illinois & Indiana because I’m a member of the Multiple Listing Services in both states. I can get you right into the properties. VERY FEW BROKERS HAVE THIS KIND OF ACCESS for two states. This saves us time. Note: showings usually require a minimum of 24 hours notice. Usually I like to show you 2 or 3 properties on the same day, maybe 30 mins apart. We work fast and aggressively to get you into a property before someone else beats us to it. We don’t play around. I want you to evaluate the properties carefully before we go show, check the schools, do google street views, check crime stats, neighborhood amenities, etc. If we can’t access the property for some reason we often make an offer “subject to inspection” to tie the property up and give us first dibs on it. Try to have all decision-makers present during showings.
Right now with mortgage rates at their current levels you can rent a property for less of a monthly payment than the mortgage payment on the same property. Understand?
So save your money for your downpayment and when you’re lease is up call me and I’ll put you into a house with a low downpayment. Or, I can do that right now if you have decent credit and maybe 3% closing costs.