Sunday, March 8, 2009

Multiple Offers in this Real Estate Market?

Yes, it is happening - multiple offers are here once again, but the offers are for the opportunity to rent a single family home, not to buy. Do not listen to the "experts" who appear on the Today show telling tenants now is the time for hardball negotiations with landlords. It may be true in some markets, but in other markets the exact opposite is true. Make sure you know your market before you start throwing your weight around.

At Prime Properties our role is to represent the Landlord in these transactions and our legal obligation is to assist in getting them the best possible result from the performance of a rental property. All tenants need to consider there are now many people looking to rent rather then to buy, so when they submit an application to a landlord they need to put their best foot forward at all times. Submit a complete application, and if there is any issue which is deficient you should also submit a letter of explanation. Consider if there could be other offers, so if you have found the home you want to rent, you may want to offer additional security, strong references, or higher rent then the asking price. Offering a price of $10-$20 more then the asking price indicates you are interested in the home and that it is important to you. A landlord would look favorably on a prospective tenant who cares enough for a home to offer a little extra money to be sure they get the home.

Do not offer to provide information which could be used in a legally discriminatory manner. This could place your Realtor in an awkward position and what you may feel is in your favor may actually work against you. The best plan is to stick to the facts as they are requested on your rental application. Please note, lying on your application may make your lease void and you may be evicted, so do not lie! Work with a Realtor and follow their guidance as they are trained in how to best position your application. Also, if you are looking at a rental home represented by a Realtor you have someone involved with an obligation to see all are treated fairly.

Here is the catch, until a lease is signed by all parties we present all applications and offers to the landlord. This is not a secret, it is a license requirement and an ethical obligation as a Realtor. So, 1) make your best offer, 2) be honest and complete all requested information and 3) work with a Realtor!

Kevin Martin
COO/REALTOR
Prime Properties - We do it better!
KMartin@PrimeProp.com
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