All Forum Posts by: Kathryn Daniel

Welcome!  

It looks like a good deal looking strictly at price, but why is it priced so low?  Is there something bigger wrong with it?  Do you know anything about the neighborhood?  I see the property is in St. Louis but it looks like you are in Minneapolis.  

Yeah it could just be an IL thing; otherwise, if the broker license is the only option then my best guess for your state would be that you'd need to get the broker license if you work for a 3rd party management firm.  The leasing license is cheaper and much easier to obtain than the broker license.

It depends on who you work for.  In IL, if you work for the owner of the property, you don't need a license.  If you work for a 3rd party management company, you need at least a leasing license.  Typically your employer will give you 90-120 days or so to complete the classes and pass the exam once they hire you, and they usually reimburse you for the costs incurred in doing so.

I required the pet deposit and security deposit up front in certified funds and rent in exchange for keys (again in certified funds for the first month as that is always the payment that is most likely to bounce) on the first day of the lease. We had the lease signed more than a month in advance. Everything in this situation went smoothly and I believe that having them sign the lease in advance reduces the possibility of a cancellation because the tenants have signed a legal agreement.

Hi Ray,

That's a great question.  At the property I manage all of our apps go through a standard service that does not search for records out of the country.  We've had many people come from out of the county and we still are required to run them through the service, even if they don't have a SSN.  There will be a very limited credit history (or none at all) and nothing in criminal.  It requires us to charge a larger security deposit due to no SSN and lack of credit history.  We also have the resident's visa or some proof that he/she is in the country legally on file once the application is approved.  I have never had an issue with a resident coming from out of the country in the 5 years that I've been doing this.

Great, thank you for the tips John, James & Colin!

I should've specified that! :)  

Since you took care of the issue promptly and had no knowledge of an infestation, and because you paid for the pest control service, I do not see a reason to credit rent.  Is she asking for a credit?  You don't want to get into the habit of issuing credits for every maintenance issue that arises.  The important part is that you respond to them and fix them quickly and effectively.

Fred, in my state the license is only required if you do not work for the owner.  I work for the owner and not a 3rd party management company so I don't NEED the license to do my job.  I think I'm safe there but I will double check the law.