Short Update for Rental Clients (August 2024) Part One

💡 Did you have a chance to learn about the new rules in place since the 1st of August 2024 – the changes with residential real estate commissions ➡ compensation to be paid for by Buyers/Renters?

Working with an Agent to Secure a Rental Home in Metro Phoenix

Traditionally, and especially without a property management company, you have one landlord, one listing agent, one buyer/renter agent and you (the renter/tenant).

You find it difficult getting into a rental because the listing agent doesn't answer the phone or is expecting you to be represented by your own buyer/renter agent, so you hire a Real Estate Professional like Jason Peterson who is competent, communicative, and friendly and answers the phone + represents you (as a Buyer/Renter Agent) in finding, showing/seeing, and getting into a rental home.

Online applications are typically only used by larger property management companies who often also require the Application for Occupancy form from the Arizona Association of REALTORS® (AAR) depending on their online application process.

To prepare for all cases, I have my clients complete the AAR Application for Occupancy form, which is typically required + send me the required supporting documentation: Driver license (front and back); Earnings Statements/Payslips (3 months), Employment Contract/Offer Letter (new employer e.g., when relocating); Short biography. These forms + my agency disclosure and advisories are all bundled together and submitted to the listing agent via email.

If the property is available and the listing agent / landlord is pleased with the submitted documentation they will have you pay for the application fee (e.g., $55) with a cashier’s check or online method. In the case of a larger property management company, they may have you (also and in addition to the AAR Application for Occupancy form) complete an online application and pay for the application fee (credit / background check) through that same process.

Either way, after they (landlord/property management company) run the credit / background check and respond with their approval to move forward is when the earnest money deposit is submitted (e.g., $500) which will be credited towards the security deposit or first month’s rent – once paid, they’ll establish the AAR Residential Lease Agreement and send to me – your agent – to review and have you then review, initial, and sign, followed by the agreement being signed by the landlord.

After the Residential Lease Agreement and all other advisories, disclosures, and addenda have been signed and executed you’ll organize the move-in costs with a cashier’s check or online method (security deposit less the earnest money deposit already paid, cleaning and pet fees/deposits, administration fee, and the first month’s rent).

A date will be confirmed to handover the move-in costs, receive the keys to the house, and perform the Move-In Condition Checklist with me assisting you.

🎬 Learn more from Part Two 2️⃣

📥 Download "179 Ways REALTORS® Are Worth Every Penny" to learn more.
📥 Download "105 More Ways REALTORS® Are Worth Every Penny" to learn more.
📚 NAR Settlement Practice Changes: New Flow of Compensation Effective August 1, 2024
📑 Real Estate Agency Disclosure and Election (Buyer)
📑 Tenant-Broker Exclusive Employment Agreement
📑 Application For Occupancy
📑 Residential Lease Agreement
📑 Tenant Advisory
📑 Seller Compensation Addendum
📑 Move-In/Move-Out Condition Checklist

📆 Schedule time with me to address any questions and concerns about buying, renting, and selling residential real estate in the Valley of the Sun (Metro Phoenix). 🏠 We'll get you where you need to go! 🚀

☎️ Mobile 602-517-4463
📧 Mail@JasonPetersonRealtor.com
🌐 JasonPetersonRealtor.com