Nesbitt Realty manages a lot of real estate and that means we list a many rentals. We intentionally list our properties at bargain prices because our landlords want to rent property quickly. We want to rent things as quickly as possible too, but renters (and agents) will sometimes ask us, why does it take so long to process an application?
- Incomplete Application - It's not uncommon for rental applicants (or their agents) to turn in rental applications which are missing basic information. The application cannot be processed until the application is complete. In addition to filling out the entire application, the application must have supporting documentation such as proof of income.
- Verification of Rental History - Nesbitt Realty can pull credit pretty quickly, but we have no control over how long a previous landlord will take to respond. Many landlords will respond quickly to our rental history requests. Some landlords respond very slowly. Some don't respond at all. This can cause a rental application to be delayed for days to a week.
- Landlord Approval - Once we have an application fully processed the landlord reviews the results. Many of our landlords are out-of-state, overseas or in far away and/or secure or dangerous locations. They don't always respond instantly. We especially need landlord approval if the applicant is offering less than the asking-rent.
- Holidays - Landlords, prior landlords and office workers (like the rest of us) take time off during major holidays. It is unlikely that we will get an answer about a rental application on Thanksgiving Day. Major holidays like Thanksgiving, Christmas and 4th of July often involve some travel before or after the holiday. It's difficult to get in touch with previous landlords for verification of rent when they are traveling. It's difficult to get approval from a landlord on a rental application while the landlord is on a beach or airplane.
- Weekends - Most property managers won't pull credit on the weekends or during non-business hours. They won't pull credit because they know that most likely they cannot complete a verification of rental history on a weekend.
- Rush Job - From time to time, we receive applications from people who need housing immediately. Experience has shown us that people who are suddenly homeless are often the riskiest tenants for a landlord. Even when a tenant is coming out of an eviction or foreclosure, there is some notice given. We meet people who need to move by Saturday and they put in an application on Thursday. Sometimes those people are victims of improbable circumstances. Often those people are trying to rush the application process so that the landlord overlooks a problem with the application.
It's important to understand that property managers and landlords aren't standing by like fighter pilots waiting to scramble because a rental application has been turned in. If you desperately need a loan or a mortgage, a bank won't open over the weekend to make that loan. Property managers tend to be more accommodating than banks but they have limits to what they can and will do.
What can a tenant to do make the process go quickly?
- Fill out the application and provide all documentation. - Write "n/a" in blanks that don't apply. Don't assume the person processing the application will understand.
- Let your prior landlord know to expect a call.
- If you really want a particular rental, don't offer less than the asking-price. Don't ask for unusual terms.
- If you really see the value of a particular rental, offer more than the asking price. Even five bucks will get the landlord's attention.
- Holidays and weekends happen. Plan ahead.
- Don't wait until the last minute to start looking. When unexpected circumstances happen you still have time to make a change if you look before the need is urgent.
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