Credit check for rental application....soft hit or hard hit? (Boise: real estate, apartment)
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Haven't rented in over 10 years so it's another world now that we are moving to Boise and have to rent a house(first year until we figure out where we want to settle).
What's the usual procedure? Soft hit or hard hit for rental applications?
Can I take a copy of my hard hit check and give it to other agencies if i apply for multiple properties?
Typically when a property manager pulls your credit, it is a hard pull. If you can get a comprehensive credit report on your end and submit it with your applications, that will help (assuming the credit is good) so that each place doesn't run a new credit report. Even if multiple reports are run, the impact goes away in 60-90 days since it won't show new credit for each pull.
A few tricks that I have learned that are tipping the scale in your favor as a tenant in this strong market are:
provide a copy of your credit report up front highlighting your strong points
provide a cover letter explaining your intent as a tenant (i.e. have owned X homes before so I appreciate taking care of property)
explain reason for needing to move (i.e. job promotion, moving here to retire, moving here to be with kids/grandkids, etc.)
Offer to increase the security deposit showing you intend to take care of the property
offer to prepay X months rent and yet continue to pay monthly so they know you won't be a deadbeat tenant
include photos of your current living conditions so they can see how you take care of your home
We have such a shortage of properties available right now in the Boise area that landlords are extremely picky. It is not uncommon to have 20-50 applications for a vacancy so you need to sell yourself as the best available choice.
Unfortunately, in the Boise area, there is no centralized process to rent a home. You have to deal with a number of property management companies that only tell you about their openings after you fill out their application and in some cases pre-pay an application fee.
Many full time Realtors have great contacts with various property management companies and some do property management themselves. Don't hesitate to contact a real estate agent so they can keep an eye open for upcoming vacancies even before they are advertised.
Many full time Realtors have great contacts with various property management companies and some do property management themselves. Don't hesitate to contact a real estate agent so they can keep an eye open for upcoming vacancies even before they are advertised.
This is what I understood. I have been a homeowner since 1976 and have not rented since and wondered how to even go about finding temporary rental housing until I find the 'home of my dreams' when I relocate upon retirement. I was told that my realtor will find me a temporary place until we find something that I want to purchase. Same arrangement as you allude to. It's a common 'problem' and all the realtors in town work together on this. There is some type of informal 'network' where they post a need and another realtor with an available unit will respond. The ol' "scratch my back and I'll scratch your back" thing.
At least that's how I hope it works. Staying in a hotel could get quite expensive and could lead to one purchasing the less than ideal home because they are pressured to get something.
Yes, it is an extremely informal network. For example, I belong to a group called the Broker's Council of Idaho which includes Realtors, Lenders, Title Company reps, etc., We meet every Tuesday mornings and we discuss our "haves and wants". Other larger brokerages have similar meetings for their office. Also, we keep in touch at Chamber of Commerce meetings, etc. It is all about networking when you work with people's needs for a living.
For me it was a hard pull on my credit report. I do not think it was a big deal when I applied for another mortgage however. They did ask what the pull was for and a rental application was not a big deal, especially as I just moved into the state.
I was looking for a short term rental as well, this was a struggle. Expect that you will pay more for a 3mth lease then you would for a 6mth. My agent did find the place I am in now.
For what it is worth my apartment is the only one I found willing to extend a 3mth lease. Send me a direct message if you are interested, my rental is in Meridian.
To go along with IdahoBroker's excellent post, I will add:
1. Read the application and follow the directions.
We actually have on our application, instructions for the tenant to provide a copy of their own credit report, obtained for free from AnnualCreditReport.com. We do that on purpose so that the application is free for the tenant, AND so it doesn't count as an inquiry at all. The application says TWICE in BOLD letters that the application is not complete if a credit report is not attached, and then further states that if the applicant is unable to obtain the report themselves, they need to bring $15 to our office with photo ID for us to pull it for them. I would say at least 50% of the applications I get just go straight into the "incomplete" pile for not following directions.
If you are an incomplete application, you will never stand a chance.
2. Have a little bit of patience. As IdahoBroker said, landlords are getting a TON of applicants right now. It takes a bit of time to sort through everything, get reference verifications, do background checks, etc. If you are someone who calls 3 times within 24 hours to check on the status, you just went to the bottom of the pile.
Thank you for all the info, we got the house we wanted...also the only one we applied, go figure!!
Now to find movers....I'll start another thread for that.
Congrats! You are very fortunate finding one so easily. Did you do anything special on your end to make your application stand out that others can learn from?
I didn't realize that this area was such a hard market to get into. Last year I had been "gently" hunting for a new rental two months before our lease on our apartment was up and found one that met my criteria perfectly. More room, fully fenced backyard, closer to my husband's work. Put the application in, toured the house, gave them the deposit and started moving in 1.5 months later.
I would like to think we follow common renting standards. Pay on time or a few days early. We have 4X the income to rental amount. Credit scores are high 700s/low 800s. Minimal debt. Reliable income. I've always been able to get my first choice in renting. Have been renting for 12 years now.
We have owned a house in Philadelphia for 10+ years, always paid mortgage on time(never late), i have mid 700s FICO credit score, paid an additional $250 deposit for wife's 630 score.
We paid the deposit, paid first month (prorated) and looks like we'll pay the 2nd month soon and we won't even be there until the end of August.
Thinkgs are kind of dragging on the east coast but we're getting to Boise sooner or later..... hopefully sooner.
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