My Office tends to do alot of rentals, we are probably one of the best rental firms out there. Granted that is not all we do, but a good chunk of our business comes from rentals. I think one 
of the reasons why we do so many rentals is because:
1.) We have an actual rental department. Some agents only do rentals and they make a good living off of it.
2.) We run credit checks for our landlords and the credit reports not only give a history of the prospective tenant but it includes any judgments, liens, foreclosures as well as fico scores. But, one thing that our landlords really love is that it also includes a multi-state sex offender history.
There have been times that a GOOD prospective tenant does not have excellent credit and sometimes there are reasons why their credit is bad - Divorce, injury, deaths and loss of jobs can and will ruin a good persons credit. So what do we do? Well, if the landlord is not accepting an explanation as to why the credit report took such a dramatic change then they might allow the tenant to use a co-signer.
When using a co-signer be prepared that we will have to also run a credit report on them as well. Along with that, we will need a way to get in contact with them and perhaps allow the landlord to speak with them. Sometimes the landlord will ask for more security and a month or two of rent paid up front.
Also Read:
Christine,
Why is it that the prospective renter pays the realtor fee (usually one months rent)? Isn't the landlord hiring the realtor to find prospective renters?
It seems that renter is burdened with a fee that the landlord should be paying, since the landlord is the party that is being provided the service (credit check of prospective tenant, listing with realtor, ECT...).
I could never really figure this one out?
I recently was looking for an apartment in Whitestone and answered a listing by a local agency. It took the realtor literally 5 minutes to show me the place which I liked.
When it came to discussing the fees associated with the place, I was a little shocked to find that I was expected to pay a first month’s fee to the realtor which was $1500.00.
I mean $1500 dollars for five minutes work and a credit check really seems ridiculous. Ben Brafman, who is probably the best criminal defense lawyer in NYC, does not even charge that on an hourly basis
I would not have a problem paying a few hundred dollars if that’s what it took to process the agreement, but I felt like I was being shook down.
Needless to say, I did not rent the apartment and I will negotiate the hell out of the next realtor if I find something I like.
BTW, I am a landlords dream… I have great credit, a great job, and great references.
Posted by: Prospective Renter | January 23, 2007 at 10:11 PM