What Real Estate Agents Wont Tell You and Don't Want You To Know
I'm a renter and I see the rental application process very differently than what the Agents tell you. The Agents that I have contacted, tell you to go to their website fill out an online application, pay the application fees online… etc. I think we all know since the housing bubble burst, the rental market has skyrocketed, hence monthly rental prices are overinflated due to the demand. It's ridiculous! and then on top of that the application fee is unethical! Why should a renter have to pay for something that the Agent wants? PlUS the property management fee included in the rent? – it doesn't make sense… It would be like me telling the Agent that he has to discount the monthly rent because I'm an outstanding renter! I'm never late on my payments, I don't have any criminal background, etc. The other thing that the Agent doesn't tell you is what your chance of getting the property is - This is like Gambling - it's like rolling the dice that you will get the home you are applying for. Goodbye $150.00 or more of application fees. Do you know how many Agents have the same MLS home for rent? MUCHO - it's a SCAM - Legal yes Ethical NO!!!
I can provide the proof myself. It’s very easy to obtain a credit report and a criminal background investigation, eviction notices etc. I can get that information and give copies to all the homes I apply for. Why should I be forced to pay for something that I may not get anything for? There is no guaranty that I will get the home if I apply. The Agent can tell me anything he or she wants without providing anything to back it up, even if the Agent doesn’t like the way I tie my shoes… Why, because there is very little Anti-Discrimination Laws that protects the rental consumer. I’m sorry but Agents have found a way to make a quick buck from innocent people.
LOL – Every digital research tool is prone to errors and mistakes. What is most disheartening is that the real estate agencies are taking advantage of renters by charging much more than they are paying for these credit reports and making a sizable profit from these application fees i.e. A Real Estate Agent may get 50 (or more) applications for one home i.e. : 50 x $50.00 = $2,500.00 – $1,147.50 (Average tenant screening package) = $1,352.50 to the Real Estate Agency. Then if you multiply this times 50 homes per year = $67,625.00 in money that the Real Estate Agency has made on top of it’s property management fees. It’s a money making scam! The rules are Agency slanted! I hope that the people renting homes will wise up and report these unfair practices that the GREEDY real estate market has imposed.
I’d like to add some other variables to the Renter’s point of view. Every time a personal credit report is requested it lowers their credit score. That’s why Transunion created SmartMove. If a renter creates a Transunion mysmartmove account, which is free for renters, then this account will prevent a renter from having his or her credit score lowered by Agents or Owners requesting his or her credit history. It will also keep your Social Security number private. Besides when I lease or rent a house, I’m not requesting credit am I? So why does the the Agent need my credit report… An eviction report is all that is needed and that is a very inexpensive report to obtain.
- People can have bad credit and still pay their rent every month.
- People can have past criminal records and still pay their rent every month.
- People with a prior eviction could still pay their rent every month.
- Plus, an eviction report is the only report that’s specific to the rental industry.
To me, requesting a Credit Report to Lease a home is just a scam to make extra money for the Agent. The housing market is trying to climb out of a hole and finding it very difficult. What happened to a signed Lease, a handshake, a person’s word? Today everything is based on “Nickel and Dimed” strategy. There are ulterior motives behind this credit report request as well. The Agents are prying into your personal financial history to see if you may be a candidate to buy a home, or to see if they can “up-sell” you into a more expensive rental. I see many low priced rental homes listed but when you call the agent, that home is rented, and of course they have more that are higher priced. My advice is get a Transunion or Experian renter’s account - these are free and don’t require you to give your Social Security number to Agents or owners and if the Agent insists on needing a credit report, ask why, Don’t give your Social Security info to anybody unless they can prove how it will be protected, never put your Social Security number in a risk for compromise. You don’t know who has access to this information. There is just to much identity theft happening today. This information is free advice, copy it share it, put an end to this.