What to expect when leasing a house

As a licensed Texas REALTOR, I can help tenants find and secure leases to make a house into a home. In almost all instances, the landlord pays my fees - not the tenant. Please call or text 214-862-7212 or email me when you want my help. 

A house lease is different than an apartment lease. However, it’s often a much better experience for tenants.

When the family comes home, they are HOME. It looks like a home, it feels like a home, it has all the benefits of a home and, yes, it has many of the obligations of a home (water, mow, edge and weed the lawn, etc.).

For tenants currently living in apartments, a house or townhouse lease is a good transition before a house purchase. For tenants with large families or large pets, it may be the only option.

It's vital to fill in each blank on the application that I provide. My clients frequently jump over other applicants because we present complete, neat and accurate applications with all the supporting documents. We make it easy for the listing agents to do their jobs, so we benefit. 

Ensure you know what you can afford
There aren't many good reasons to look at properties you can't afford. It isn't a good use of anyone's time, and tenants will probably be disappointed with their choices afterward. 
The rules of thumb are to either:
A) Earn three times the lease price.
B) Divide your annual household income by 40 to determine an affordable monthly rent. Read more about this calculation.

Ensure your credit is good

Get a free, "soft inquiry" credit report to know your credit score. These are available through your bank or outside vendors such as Credit Karma. Frequently, these scores will appear higher than the score pulled for the lease because the soft pulls only use one reporting service. 

The best lease houses will require a score of at least 650 or higher. Good houses will want 620 or higher. The basic entry level is 600 or more. 

To lease a property, your credit score can be slightly lower than 600 if landlords agree to additional deposits or prepaid months. Talk to your REALTOR about these options, and let them know your situation to best help you. 
It's extremely difficult to get any lease properties below 550. Expect to pay several months upfront with a cashier's check. 
To learn more about your credit options, please read Your Credit Score and Options.

What is the process

If you’ve never leased a house or worked with a REALTOR before, you’ll have many questions. I have answers.

1)      Contact DFWmark

2)      I’ll email you a link to the state-mandated Information About Brokerage Services section of DFWmark.com.

3)      Let me know what you want:

a.       How many bedrooms

b.       How many bathrooms

c.       What location (city, school district, neighborhood or even a specific street)

d.       Maximum price (and possibly a minimum price to narrow the options if too many)

e.       Pets or not

f.        There are many other filters, but they reduce options beyond these basics.

4)      Let me know when you want to move.

5)      With this information, I can automate a search for your ideal lease. The default setting is to deliver any new options in your specific request parameters each morning about 6 a.m. via email. If you only want results on specific days of the week, in the afternoons, or any combinations of the two variables, please let me know. I’ll make it happen.

6)      I’ll email a blank application form to you. Please have each adult (over 18 years) fill out an application. Please ensure no lines are left blank. Please do NOT sign the application. Scan or make a cell phone photo of the completed form and send it to markhancockrealty@gmail.com

7)      I’ll input your information into a digital format and return it to you for factual verification. If you approve, we’re almost ready. The landlord will also want the following, so it's most efficient to let me securely store these items:

a.       Scan or photo copy of each applicant’s picture ID.

b.       Scan or photo copy of each applicant’s last two pay stubs.

c.       Photo of any pets that will be on the property.

8)      For our records, I’ll also need:

a.       A digitally-initialed Information About Brokerage Services form required by the State of Texas

b.       A digitally-signed Tenant Representation Agreement - this lets me represent your best interests specifically for real estate transactions
c.       An Affiliated Business Disclosure  - because my brokerage has majority stakes in any related businesses (title, insurance, etc.). 
d.       Intermediary Relationship Notice if both agents work for the same brokerage.

9)      When you locate the ideal property for you, please select up to four additional properties to see as “backup” options.

10)   Call, text or email me to see those select properties.

a.       I will view all options on a map to determine the most logical route.

b.       Calculate the amount of time between stops

c.       Set each stop in 15-minute increments while accounting for travel. Meanwhile, each appointment will be for a 1-hour window (if listing agent allows) to ensure you look long enough at specific, preferred properties of the set.

d.       Contact the schedule service and/or listing agents to get access to the properties. Some properties still have tenants. The landlord may require a 3-hour minimum notice to see a property. Occasionally, they require 24 hours.

11)   See properties

a.       If you only want to see one property, we can meet there.

b.       If you want to see more than two properties, I’d be happy to pick you up in my SUV, or we can meet at a neutral site, and you can ride in my SUV from there. (THIS OPTION IS SUSPENDED DURING COVID19 PANDEMIC)

12)   If you decide a property is ideal for you, let me know. I will

a.       Call the listing agent to ensure the property is available, negotiate any additional benefits for you and explain any extenuating circumstances.

b.       Complete the application form with the landlord’s information.

c.       Send the digital form to all applicants for digital signatures through a secure system.

13)   I will collect all signed and securely-stored documents and submit to the listing agent.

14)   The listing agent will contact you to pay a non-refundable application fee (they average about $50 per applicant). This pays the fees for background and credit checks. 

15)   If approved, the listing agent will provide the lease documents, collect the deposit, pet deposit (deposits are per pet) and first month’s rent (all these funds need to be ready before application). This is often done online, but can also be accomplished with certified checks.

16)   Make arrangements to move. I have several trustworthy movers listed on my DFWreferral blog, if needed.

17)   Get renters insurance for the new address and send proof to landlord, landlord's agent or property manager. Ensure power, gas, water, sewage, trash collection, any phone lines, cable, internet and various other utilities are placed into your name and activated on or before the day you move in (if possible).
         The owner may let you start moving early if these are completed early.

18)   Inspect and photograph any damage that remains in the home, so you won’t be charged for those damages later. 

19)   Move.

20)   Complete and return the damage report to the landlord, landlord's agent or property manager. It MUST be completed and returned WITHIN THE DAYS STATED ON THE LEASE after the move-in date. It MUST be returned to the LOCATION STATED ON THE LEASE - normally an email address.

21)   Change your Texas driver’s license (within 30 days) and vehicle registration (within 90 days) to the new address.

22)   Change billing addresses online or send change of address notices to creditors and other important correspondents. Submit a change of address form to the U.S. Postal Service to ensure your mail is forwarded to your new address.

23)   Enjoy life in your ideal home!