RENTER'S GUIDE

Although your BP Vance real estate agent will have the tools, insight and inventory of properties needed to assist you in finding your new home, it is imperative that you position yourself so that you find what you are looking for in the most time efficient manner possible.

1. Call or Visit Your BP Vance Agent

During this conversation, it is important to convey all of your needs and desires to your agent so they can match you with the appropriate property. Throughout this website exists sections that assist you in narrowing your search including but not limited to: 1) location, 2) price range, 3) type of property, 4) roommates/pets, and 5) time frame. In order to save you time, money and to make sure that you find your dream home, the more you tell your agent, the better the chance your BP Vance agent will be able to show you your next home. Also, question your agent about any concerns you may have about the rental process or the real estate market in general.

2. Have Your BP Vance Agent Show You Apartments

In advance, schedule times to meet with your agent to see apartments. This allows your agent to effectively plan your time together. You will be impressed by your agent's knowledge of the market and the incredible inventory of listings that are helpful in making a determination and facilitating the deal.

3. Collect Documentation Immediately

By having the proper documentation, you will have the ability to rent the property before others who have also applied to rent the property but whom cannot complete the application because of missing documentation. Collect, organize, and obtain the following documentation. Remember that you are selling yourself to the landlord and the landlord’s number one priority is your financial ability to pay your rent.

* Letter of employment and salary verification (include start date if not yet employed or financial statement if you are self employed)
* Bank account numbers and past two statements (checking and savings)
* Names, addresses and phone numbers of previous landlords (proof that you lived at home if this is your first rental)
* Names, addresses and phone numbers of personal and business references (let your references know that they will be called and obtain references in writing if possible)
* Tax returns for at least two years
* Pay stubs and W2 forms
* Expected bonus (verification from employer in writing)
* Additional sources of income with verification
* Driver's license or passport or other photo identification

4. Now That You Have Identified the Property You Wish To Rent

Your BP Vance agent will negotiate the price and lease terms for you. After filling out the rental application (To avoid surprise, your BP Vance agent has sample forms which include what the landlord will be asking for), and providing the necessary documentation, you will be notified whether or not your application has been accepted.

5. Checking Your Credit

Upon acceptance, a credit report is run, and your references are checked. BP Vance highly recommends that you obtain a copy of your credit report in advance to make sure that any errors are corrected.

6. The Signing of the Lease

The lease form is usually a standard form lease (most landlords use one of two standard leases) which is not negotiable. The good news is the very pro-tenant laws of New York City usually supersede any negative provisions and the Housing Courts usually effectively ensure that every tenant will live free of problems with repairs or heat.

Upon signing the lease, you will need to provide, certified funds including the first (or two) month’s rent, security deposit and brokers fee (if applicable). Personal checks are not accepted.

If this is your first time living in New York City, you should establish a New York bank account before you begin your search so you can withdraw funds faster and easier.

7. Financial Considerations

As a guideline, you should expect to pay at least 25-35% of your gross annual salary for rent. To qualify for tenancy, many landlords require that you annually earn 40 times the amount of the monthly rent. Remember to take into consideration outstanding loans and liquid assets. If your salary level and total financial picture does not meet the landlord's requirements, you will need a co-signor, or guarantor, to guarantee the lease. Landlords prefer a family member who lives and owns property in New York, New Jersey or Connecticut. Extensive financial documentation may be required. Prepare your potential guarantor for this possibility in advance.

8. Moving In

Your BP VANCE agent will assist you with settling in comfortably once the lease signing takes place and the move in date established. We will also assist you with our recommendations for moving and cable companies as well as any other items you need.

We look forward to welcoming you to our real estate family of satisfied clients.

Some Advice on Your Credit

1. Maintaining a Good Credit Rating

Even before you have the funds to buy a home, it is important to begin preparing for what may be the biggest investment of your life. A good credit rating is essential and banks actually grade you by giving you a score based on whether or not you have been able to pay your bills and whether you were able to pay them in a timely manner. These credit ratings are more important now than ever before as they are computerized and a borrower may not be able to explain why a blotch or two may exist on the report. Because of the amount of misinformation on a person's credit report, it is important to have said credit checked as soon as you even think about looking for a home to buy. So even without the necessary funds to buy a home, you can take your first steps toward buying your home by paying your bills when they become due.

2. When You Are Unable to Pay On Time

It should be noted that even if you are unable to pay a bill when it is due, many companies will provide you extra time if you contact them and request an extension. Always remember to confirm any extensions of time in writing to avoid any disputes over whether the courtesy such an extension was in fact extended. One phone call can keep alive your dreams of buying a home at the lowest interest rate possible.

3. Removing Bad Credit Remarks

To obtain a loan from a bank at a competitive interest rate, a good credit rating is crucial. The better a credit rating, the more likely a candidate is to obtain a lower cost of the loan. When applying for a loan, banks almost always evaluate your credit rating, giving you a score based on how good your credit is determined by whether or not you have been able to pay your bills and whether you were able to pay them in a timely manner. First, you can obtain a copy of your credit report at no cost or very little cost through the major credit bureaus, via the internet or by telephone at Experian (experian.com, 1-888-524-3666) Equifax (www.equifax.com, 1-800-685-111) or Transunion (tuc.com, 1-800-888-4213). Second, if any mistakes exist, call the company that placed the negative marks to have them removed. Each of the credit bureaus has a form you can fill out, or you may send a certified letter requesting removal. Finally, you may challenge negative remarks through the major credit bureaus and if the company placing the mark does not respond within thirty days said remark must be removed. Remember to start this process as soon as possible as it usually takes at least two months before any removal is achieved.

4. Build Credit Without Opening Numerous Credit Cards

It may be important to show a bank your history of paying bills on time by having a credit card, but you can lower your chances of getting a mortgage if you have too many credit cards. It is a fact the more credit cards you maintain the lower your score with a bank. In addition, the more money you owe to or are able to borrow from the credit card companies, will decrease the amount that you may be able to borrow from a bank.