Ken's Naperville Real Estate Blog : Beware of the landlord that asks for too much.

Beware of the landlord that asks for too much.

I have been working with a tremendous amount of renters recently.

One gentleman, a nice young man with good income and sterling credit found a home to his liking this last Saturday...

Good location.  Nice neighborhood.  Manageable rent...

"I'll take it!" he proclaimed after viewing the home.

So I wrote up the paperwork and submitted it to the listing agent.

"Oh we already have two other applicants, but email me his application," she said.

Not new to the rental business, I understood.  A recent rental listing of mine was getting 3 to 5 inquiries a day.  The rental business is exploding...

After a few days of consideration, the owner of the home decided to work with my client.  Good news, or so I thought...

Today the listing agent sent me a list of his conditions for rental:

Background check.  Standard in the city the home was located, but if spotty, the landlord would immediately start eviction proceedings.

Two year lease, although the listing asked for 12 months.

An increase in rent for the second year.

Two months security deposit.  Again, the listing asked for one month.

The list went on...

If the conditions were acceptable to my client, I should write up a lease (unusual in that I was representing the renter), and if it looked OK, the landlord would sign.

A bit frustrated for my client, I sent him the landlords list of conditions...

He responded with some choice words, and said we would keep looking if they didn't accept his final offer.

Two year lease is OK.  No increase in rent.  One month security deposit.

I believe he made a wise choice.

The landlord was being difficult early and often.  I was concerned how the relationship between the two would go.

What would the landlord say if my client needed something fixed?

So renters, please...

Beware of the landlord that asks for too much.

Ken

 

Comment balloon 4 commentsKen Tracy • May 30 2012 07:28PM

Comments

Excellent advice, Ken.  In the long run, perhaps this landlord did your renter a favor.  Sounds like your renter should be able to find something better to his liking where the landlord appreciates having a good, capable, solid renter.  This landlord sure wasn't it ...

Glad you are assisting him.  He'll be fine ...

Gene

 

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) over 6 years ago

Ken, both you and your client are wise men.  This landlord needs to think about his criteria!

Posted by Sharon Parisi, Dallas Homes (United Real Estate Dallas ) over 6 years ago
Hi Sharon and Gene. Thanks!
Posted by Ken Tracy, Helping clients buy and sell since 2005 (Keller Williams Realty Infinity) over 6 years ago

Hi Ken, I agree I think he made a good choice and the landlord needs to hire a professional property manager.

Posted by Nancy Laswick, Your REALTOR® For The Valley Of The Sun (United Real Estate) about 6 years ago

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