What documentation is needed to sign a lease?

[austin-steve]

Originally Posted by Cloveygrl

It required far more effort on my part and more verification than it should. For example, pay stubs should validate employment. Why do you then have to get a form signed off by your employers validating employment and pay? Of course this in itself required a lot of phone calls back and forth to even figure out how this could be done since it required formal processes and pre-authorization by me. Then I had to explain things like why does your global multinational corporation have 800 addresses and none of them match what you put on the application. Then my landlord could not print and fax the "official" form verifying my history and wanted to do it over the phone...took another few days of me trying to figure out options. I also (while I suppose I can understand) did not appreciate the fact the deposit had to be paid in certified funds which means they are sitting on cash before they even decide if you are worthy. I have never ever ever put this kind of effort into renting - it really was more like buying. I understand the market dictates how picky people can be and a Realtor is acting on behalf of someone else so they can't exactly be flexible but that still does not mean I have to like it and I actually cried at one point (which to me seems like things are just a bit out of control).

Renting in Chicago goes something like letting someone know you are interested. Authorizing them to do a background check/credit check which means they call your landlord (maybe), pull a credit check, and ask for paystubs (maybe). If you aren't absolutely terrible then you are approved. Then you sign a lease and pay first months rent and deposit. I have also rented in Seattle, Portland and Milwaukee with the same sort of process which was nowhere near as intense.

As background, I am a highly successful professional female who has been renting the same residence for the last 9 years. The only "horrible" thing about me is the fact I have 2 dogs (which was in this instance an absolute non-issue nor did it make the application process more difficult).

PS Be kind Steve

I'm sorry the process made you cry. Sounds a bit more detailed than what I do. Usually I only have applicants cry after they are declined or lose out to multiple applications.

Once I have a paystub, I just verify that the applicant still works there, which I can do with a phone call or even the "dial by name" directory.

We need a copy/scan of the ID because people don't always list their names correctly on applications. "Joe Smith" turns out to be "John Joseph Smith, II", which affects the background checks. So we can't rely on what people write down and need official ID.

The credit/criminal/eviction/etc search is done online in minutes through a service I use.

Certified deposit funds are required (and have been by almost every property manager in Austin for the 22+ years I've been leasing rentals) because, without a serious commitment by the applicant, then lookers would apply to multiple properties, creating chaos. That's also why application fees have increased, so that applicants have "skin in the game" along with the application.

The good news, especially if you rented a multi-unit dwelling, is that you know your PM is strict about who your neighbors will be. If you leased a house, it doesn't matter.

Also, if you eventually buy a home in Austin and then later get transferred away and hire a property manager, you'll want them to be very careful about the screening process as they were with you, so you are correct in your understanding that the fiduciary duty is owed to the owner of the property, even if an applicant finds it inconvenient or overkill.

Welcome to Austin!! Hyde Park is a great, quirky area of all types of people, and super convenient.

Steve

[Cardiff Giant]

Originally Posted by austin-steve

Certified deposit funds are required (and have been by almost every property manager in Austin for the 22+ years I've been leasing rentals) because, without a serious commitment by the applicant, then lookers would apply to multiple properties, creating chaos. That's also why application fees have increased, so that applicants have "skin in the game" along with the application.

Oh yeah, I forgot to mention the check

[mayfair44]

Originally Posted by Cloveygrl

It required far more effort on my part and more verification than it should. For example, pay stubs should validate employment. Why do you then have to get a form signed off by your employers validating employment and pay? Of course this in itself required a lot of phone calls back and forth to even figure out how this could be done since it required formal processes and pre-authorization by me. Then I had to explain things like why does your global multinational corporation have 800 addresses and none of them match what you put on the application. Then my landlord could not print and fax the "official" form verifying my history and wanted to do it over the phone...took another few days of me trying to figure out options. I also (while I suppose I can understand) did not appreciate the fact the deposit had to be paid in certified funds which means they are sitting on cash before they even decide if you are worthy. I have never ever ever put this kind of effort into renting - it really was more like buying. I understand the market dictates how picky people can be and a Realtor is acting on behalf of someone else so they can't exactly be flexible but that still does not mean I have to like it and I actually cried at one point (which to me seems like things are just a bit out of control).

Renting in Chicago goes something like letting someone know you are interested. Authorizing them to do a background check/credit check which means they call your landlord (maybe), pull a credit check, and ask for paystubs (maybe). If you aren't absolutely terrible then you are approved. Then you sign a lease and pay first months rent and deposit. I have also rented in Seattle, Portland and Milwaukee with the same sort of process which was nowhere near as intense.

As background, I am a highly successful professional female who has been renting the same residence for the last 9 years. The only "horrible" thing about me is the fact I have 2 dogs (which was in this instance an absolute non-issue nor did it make the application process more difficult).

PS Be kind Steve

Congrats and welcome to Austin! At least it's over and you've found a place. HP is a brutal area to shop this time of year, especially if you are new. Starting now, take advantage of those dog walks and get to know your neighbors and canvas the rental properties. Later, if you choose to move and stay nearby, the process should be easier. Many of the gems around here are hidden (garage apts), and never advertise- demand is always high. In correlation with the university, May through August are usually the busiest times for move in/out. Word of mouth and personal referrals are huge and at least take you out of the anonymous pool.

https://www.hancockna.org/www/index.php?q=node
hancockneighborhoodassociation : Hancock Neighborhood Association

[Cloveygrl]

Originally Posted by austin-steve

I'm sorry the process made you cry. Sounds a bit more detailed than what I do. Usually I only have applicants cry after they are declined or lose out to multiple applications.

Steve

I can't even imagine being declined multiple times and I can't imagine how most people can get a place to live when I feel like I barely scraped by the process. Although, I did a lot of research so I knew the areas I wanted were going to be very competitive. It does make me feel better about the possibility of buying a house in the future though. One day I will be crushing renters dreams too!

[austin-steve]

Originally Posted by Cloveygrl

I can't even imagine being declined multiple times and I can't imagine how most people can get a place to live when I feel like I barely scraped by the process. Although, I did a lot of research so I knew the areas I wanted were going to be very competitive. It does make me feel better about the possibility of buying a house in the future though. One day I will be crushing renters dreams too!

Well, the markets go through cycles too. After the tech bust in the early 2000s in Austin, our rental market cratered. Rents fell 25% to 40%. If you could fog a mirror, many landlords wold be glad to take you. Now it's the reverse. The market is tight, standards toughen. It's the "can you jump through these rings of fire and beat everyone else to that good listing" kind of market.

So, yes, with two "medium" size dogs in a competitive central Austin area, and avoiding a multiple application situation, you actually did better than many. It's brutal out there, so rejoice at your success! You cleared the high bar!

Steve