I am asked this question by almost every client. Your hesitation and skepticism is valid. You should never hand money over to anyone you don’t trust!
HOWEVER:
1) In most cases, an application is not considered complete until it is submitted with a deposit to hold the unit off-market. This deposit then becomes your actual first month’s rent. It is not a fee! This is how you show the landlord you’ve got your finances in order and are prepared to take on the responsibility of your new lease.
2) As is the nature of any deposit, it is simply that: a deposit. If for any reason you are not approved, a legitimate agent/brokerage/landlord is not in the business of keeping your hard earned money (they would not be in business if that were the case). Typically, if you presented your deposit in the form of personal check, this is held in safekeeping until you’re actually approved. Not approved? I’ll hand it back to you!
3) The rental market is highly competitive (especially during warmer months). Even if all your other paperwork has been provided, the first applicant to present a rent check will have their applications processed first. Simple as that. It is in a landlord’s best interest to continue showing a property until everything has been collected.
Make sure you are working with a licensed agent or an agent who is on a permit with a brokerage. Pro tip: agents are required to carry proof of their license at all times. Just ask!
By knowing the market and understanding different management companies policies, I’ll make sure you never miss out on the apartment of your dreams!
xx
Cory
#accordingtocory #A2C
According to Cory 