A must read for landlords! Housing rental process and precautions!

The editor recently brought you a lot of popular science strategies about renting in New York, but this issue is very different! We specially invited Mona, a professional real estate agent from Acre New York, to do a detailed guide for landlords on how to rent houses in New York! Provide detailed answers to the process of renting houses and related questions!

Foreword:

I believe that all landlords in New York have heard that New York is the most protected place in the United States to protect the rights and interests of tenants, and it also attaches great importance to human rights equality. Therefore, landlords in New York are often not very strong compared to domestic situations. Tenant protection laws are restricted, and the rental process is more strict and formal. If you bought a condo in New York and want to rent it out, Mona will explain the process in detail for you!

New York rental process:

01 Find a real estate agent:

Find the right tenant for you through a real estate agent

The purpose of renting out your own house is not only to rent it out, but to find a tenant who both loves your house and is reliable. Therefore, the role of a real estate agent is very important. The agent represents your house, which can save a lot of tedious work. Steps to rent a house, directly connect with potential customers:

1. The broker finds potential suitable clients for you

2. Directly take potential tenants to visit the house and understand the basic information and situation of the tenants

3. Report suitable tenants to the landlord and let you screen. (This will involve the Fair Housing Act, which will be described in detail later)

Looking for a broker to exclusively represent a house requires you to sign an exclusive agency contract (Exclusive Form). The contract will stipulate a time frame. Within this time frame, your broker has the right to act as an agent for the rental of your house. After the rental is successful, the landlord will Agency contracts to pay broker commissions.

The house is handed over to the broker, and all the advertising and transportation costs incurred will be the responsibility of the broker. The landlord will wait to screen the tenants and cooperate with your real estate broker as much as possible.

02  Check tenant credits:

In order to protect the rights of landlords, brokers will ask to check the credit of potential tenants

Generally, the fee for credit inquiry is $20 per person. The broker can directly help inquiries or recommend landlord channels to complete credit verification by themselves.

If the credit is good and the landlord is satisfied with the potential tenant, the next step is to draw up a contract!

03  Draw up a rental agreement

If the landlord has his own lawyer, he can directly draft the lease contract. Of course, a broker can also draft it on his behalf. The contract drawn up by the broker or the landlord’s own lawyer is a formal lease contract that has legal effect and binds the landlord and the visitor.

During the period of contract signing and communication, the broker will also answer questions for the landlord and tenant on the terms and content of the contract step by step to ensure that both parties fully understand the content of the contract.

03  Tenant Application procedure:

When the landlord and the tenant agree on the content and regulations of the lease contract and sign the contract, the tenant needs to go through a series of procedures.

1. The agent who exclusively represents the landlord’s house asks the tenant to apply for your house through the condo board. The tenant needs to complete the condo board, which is all the documents required by the building management department, and pay the application fee and moving deposit.

2. Document types include identity information, income, credit, etc. The fee includes the application fee ranging from 200-1000. Yes, many times, the application fee for condo is very high. The policy of the building is different, and the fee is also much different.

3. At the same time, the tenant is also required to pay a moving deposit of 500-10000 US dollars. After the tenant moves in, if everything is normal, the moving deposit will be returned.

4. What the landlord needs to complete is: the landlord should come forward to ask the building for a rental request and provide the materials to the broker and the tenant who applies.

5. In addition, the application of Condo is longer than the application for rental building, 1-2 weeks is fast, if the tenant must move in before applying for the approval, this can also be explained to the building management department, the general situation is yes occupancy.

Precautions

For landlords, if it is an investment property, a property specially used for renting, it is best for the buyer to understand the application requirements and fees for renting the building, because the application fee for the building is too high and the application materials are too complicated. Potential tenants, this issue should be taken into consideration.

05  Housing Situation:记录

Before the tenant moves in, our agent will usually go to the house to confirm the situation, and will first take a picture of the current situation of the house to give the landlord a clue. If there is serious damage to the home before the tenant checks out, and there are videos and photos as evidence, it is better to deal with the issue of compensation.

06  Entrusted Check-in:

If the landlord is not in New York, or it is inconvenient to help the guests check in, we, as an intermediary, can also be entrusted by the landlord to assist the guests to move in smoothly on the day of check-in.

Epilogue:

The above is the basic process of condo rental in New York. Landlords, if you have any questions or need our help, please contact us.