Whereas the first step was more focused on your own internal needs, wants, requirements in the perfect rental property to call home, this step is all about finding the right properties that interest you and then evaluating them to narrow your list. Odds are good that you'll have a shortlist of a few hot contenders for your perfect residence rather than just one pick. You'll have to figure out how your prospects reconcile with your requirements set out in the quest.
This is an important step because there are probably factors here that you may have overlooked, ignored, or haven't even considered in the slightest. Yet these may be deal-breakers once you understand their full ramifications. So how do you KNOW that you found the perfect place to rent? Well, a good start is by looking at some of the following:
Measuring Your Search Results
In Step 1 you determined your needs and developed a better idea of what you felt was necessary for your and others sharing your rental property. But now you have to decide what factors are key and important in your decision-making process. If you have children, your requirements will obviously be different than if you were single. But there's even subtler differences you must be comfortable with. At this point you've probably already made appointments for viewing various rentals and now must try to compare them in a logical manner both against one another and against the needs and wants you determined earlier. This can be an exhausting process especially if you have visited and are considering several rental properties top call home.
Selecting Top Picks
A lot of informational resources geared towards tenants provides lengthy, detailed charts that have you fill in all the various pros and cons, and characteristics and features of each and every rental unit you visit to help you compare one with another. I don't believe in that approach. I think, you can accomplish the same thing fairly quickly by checking off a list of positive criteria for each property you visit and then at a glance examining which has the most "checkmarks". You don't have to fill in any data - at least not yet. Check out my template for rental property evaluation. This is a great if you have 3 or more properties you are considering. If you have less than 3, get back out there and keep searching. You need to visit at least 3-5 MINIMUM to make sure you have a good sense of what future home you will pick.
With the checklist complete, a clear frontrunner should emerge. But if not, you can delve further with a more detailed look at each of the leading contenders for your future rental home. You can also consider the more subtle differences and characteristics of each frontrunner to help you with your assessment. I also personally suggest you "sleep on it". Often a new day brings a fresh perspective that can help improve your clarity in the decision.
The Meet & Greet With The Landlord
You probably have met property managers, agents, current tenants, and of course landlords at each of your viewings in your rental search. However, your meeting with your future landlord takes on a more serious tone when you make your intentions clear that you would like to rent the property unit. A landlord knows that renting a property is a serious responsibility, and is likely assessing and evaluating your potential tenancy just as you are evaluating them as a landlord. It's important to make a positive impression and put your best foot forward as a tenant. Don't dress like a slob. Be ready with references and the security deposit as well as any other requirements previously known. Ask a lot of questions, specifically questions relating to the course of the tenancy not just things pertaining to moving in or of the generic variety. I've compiled a list of useful questions that both demonstrate your keen interest in the unit and your knowledge in hwo the process works. Keep in mind that your landlord will also have questions for you. It's best to answer honestly and always be clear, forward, and honest with your potential future landlord.
Something important to note is that in many areas, there are laws that affect what a landlord can and cannot ask a prospective tenant. Be sure to check out my post about illegal landlord questions.
The Application
Some landlords have full blown multi-page application booklets that must be filled out as a pre-requisite for the potential of renting, while other landlords may have no written application at all, or just a small form to get the last landlord info and references. However, most landlord probably have a 1-2 page application form. Usually the form contains fields for the applicant's name, address, contact info, rental requirements, previous landlord(s) information and locations, Employment data, banking info, car info, emergency contact, and credit check clause. There may be any combination of these fields or additional ones I've not mentioned. But the idea behind the form is to allow the landlord to check on you as a tenant. Do you have stable income? Are you a good tenant? What's your credit score like? and so on. Always try to answer these forms completely and truthfully. Oftentimes a landlord may end up making a decision solely based on the data in the form (or lack thereof).
The Decision
The decision is a joint process. Assuming your application came back with glowing recommendations, a solid credit score, and great prospects, your landlord will likely decide that it is you application that is most worthy. If not, chalk it up to fate and keep looking for that perfect rental and landlord.... they're out there! And while you may have already decided this is the right place to call home for you, you still have an "out" or chance to decline the tenancy as you've not yet signed or agreed to anything long-term. However, if all is a get your checks in hand, deposit ready, and get psyched to sign the papers on a new rental property!
Remember, I'm not a lawyer so please used my info here wisely and ALWAYS seek out independent legal confirmation and/or advice when in doubt.
