First rule for renters: do your homework
So you just don't have an extra million lying around to plunk down on the condo fixer-upper in Los Altos, and the $12,000 rental charmer in Palo Alto is just about $10,000 over your budget. What does it take to find an affordable (or somewhat affordable) home in the San Francisco Bay Area? Is it all just luck? A little. Is it who you know? Sometimes. According to the experts, though, it's mostly work.
Terry Feinberg, vice president of association and industry support at Rentals.com, advises renters to approach a home search as if they are looking for a new job. "The market is so tight and competition for units so fierce that a prospective renter must take every action possible to ensure success in finding a home," Feinberg said.
The first recommendation is do your homework. Research the cities and towns you would like to live in first. Drive the neighborhoods. Read the papers. Check out online listings daily, not weekly. Be prepared to act quickly once you find a property. This is not a market that allows people to take their time in making a decision. If you like it and you know it fits your budget and needs, act on it.
To be able to react, though, it's important to have paperwork done ahead of time. According to Feinberg, many people prepare "rental résumés" before viewing properties. The résumé provides pertinent information a prospective landlord would like to know, such as income, job title and length of time on the job, previous homes rented and landlord references, personal references and personal living traits. Some websites have the application online which can be emailed to the landlord for a prequalification.
"Talking to landlords about renting an apartment or home is just like going on a job interview," adds Feinberg. "It's the renter's responsibility to convince the owner/manager that he or she can do a better job than the other applicants of taking care of the home, so presentation is important. Dress accordingly. If you have an actual appointment, be on time. Have references ready to hand out and fill out the application while you are there or risk losing the home to someone else."
Aggressive job seekers check listings daily on Internet websites such as Monster.com and Talent.com. The rental market websites offer the same type of up-to-the-minute listings. Just using the Sunday paper doesn't cut it anymore. Excite, Yahoo! Classifieds and Rentals.com are updated throughout the day so those actively looking can scan recent postings and act before the advertisement ever hits the newspaper. Grocery store bulletin boards, workplace newsletters and local town papers provide additional opportunities for information.
Use your network of friends, associates, employers and family when looking for a new home. Let everyone know what you want and where you would like to live and tell them to contact you immediately if they see anything that fits your needs. The more eyes you have on the street the better.
Lastly, accept the fact that you may have to make compromises in what you want and be able to make your decision quickly. The "seller's market" mentality applies to the renter's market, as well. There is no shortage of prospects, but there is a shortage of inventory, so if you are actively looking for a home treat your search as if you are looking for a new job. Continuously check listings, make calls, prepare paperwork ahead of time, dress the part, and be prepared to say yes when the opportunity arises.
Information provided in this column is presented by the Silicon Valley Association of Realtors. Send questions regarding any topic that you would like to see addressed in this column to: Your Realtor and You, c/o SILVAR, Palo Alto District, 345 San Antonio Road, Los Altos, CA, 94022; call 650.949.9115; or send email to: ppompei@siliconvalleyrealtors.org.
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