Leases | Tenant Side
If you have Clients that are looking to rent a Property or Apartment, follow these steps to ensure a smooth transaction:
The Search: Learn their Property criteria and budget. Searching for lease homes is very similar to searching for properties for sale on the MLS. Searching for apartments requires you either utilizing apartments.com or signing up for smartapartmentdata.com and paying $64 a month. SmartApartmentData is essentially the MLS for just apartments. If you do not plan to do many apartment leases this is probably not worth it for you to do.
The Show: Showing Rental homes is again, very similar to showing properties for sale. Read the MLS showing instructions to see how you can schedule a tour of the property. Most are on ShowingTime or BrokerBay but some may require you to reach out to the listing Agent directly.
Showing Apartments is very different. Some Realtors do accompany their Clients to different apartment tours, but for the most part your job representing a tenant for Apartments is providing them a list of apartments that fit their criteria, and allowing them to see them at their own time with the apartment leasing agent. ENSURE YOUR CLIENT PUTS YOUR NAME DOWN ON ANY APARTMENT APPLICATION or you may not be entitled to a commission.
The Application: Once your Client finds a rental home they would like to proceed with, do the following:
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Communicate with the listing agent that you have a client who wants to apply.
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Find out if they have received other applications. If they have received multiple applications, find out what you can do to make your client's application stand out.
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Does the listing agent have an online application portal or do they require the TAR application form?
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If its an online application portal such as Apartments.com. Zillow Rental manager, Rentspree, etc, send your Client the application link so they can fill it out.
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If TAR application is required, have your clients fill this form out and return it to you ASAP so you can send it to the Listing Agent. There may be an application fee involved when using TAR forms. Educate your Client of this and find out how the application fees are paid.
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The Acceptance:
After the application is accepted, the LISTING AGENT writes the lease and will send it to you to get signed by your Clients. This is your time to review the lease as well and ensure everything is correct.
**IMPORTANT** In between receiving the lease, and sending the lease back signed by your clients, this is a great time to send the Listing Agent the Agreement between Brokers for Residential lease and OnDemand Realty w9.
The Commission:
Once you have a signed lease and Agreement Between Brokers signed, you need to put the transaction into BackAgent for compliance. YOU DO NOT need to send the Listing Agent your CDA on lease transactions. However, you will not be paid until the transaction is submitted and approved on BackAgent.
You will get paid a portion of 1 month's rent per what is listed on the MLS. If the listing says 35% BAC and the rent is $2700, then you would be entitled to $945 (2700x0.35) - OnDemand's $50 lease transaction fee.
Lease commissions are sent directly to the Brokerage, usually within 1-2 weeks after your Tenant moves into the property. Once the commission check is received by the Brokerage, OnDemand Realty will Zelle you the commission if you have Zelle. If you do not have Zelle, lease commission checks will be mailed to the address we have on file.