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Russ, Other/Just Looking in State College, PA

HI-I recently bought a single family home in philipsburg pa to use as a rental my question is how do i go

Asked by Russ, State College, PA Wed Jan 2, 2008

about running credit checks on interested renters?Do i go through a real estate office?Do they charge me ,and I charge the prospective tenant. thanks

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YOu can run credit checks yoursel, if you have the tenants signed consent. If you are not a seasoned landlord you may find it wise to use a local Realtor or rental agent to find a tenant. They will not only run the credit check and read it for you, they will advertise the property for rent, interview potential tenants, take applications, show the property for you and check out rental history references of those who show promise. Once a likely tenant is identified, many agents will consult you for a final decision before preparing a lease for the parties to sign, collecting 1st (or 1st and last) month's rent and security deposit, and see the tenant into the property. In exchange for these services, the real estate rental agent typically is paid 1st month's rent. Ask if they will manage the property on an ongoing basis and what that fee will be. In our area 8 -10% is typical. Someone needs to be available to collect the rents (and follow up if the tenant has not paid when expected), answer the tenants' calls that inevitably come in at odd hours. It may be leaky pipes or a broken window, lack of heat or a noisy neighbor. You want someone who can deal with tenants in a firm but caring manner.
Ask around! Who has a good reputation in the area for handling rentals. Ask for references from the agent and interview them to know if you are comfortable with them and the way they work.
Learn all you can so that you are an informed consumer.
Hope that helps.
mim
0 votes Thank Flag Link Thu Feb 28, 2008
You can do all of the process yourself, or you can hire a Realtor to do some or all of the work. Typically, a Realtor would charge you 1 month's rent to secure an acceptable tenant and 6% to 10% per month to manage the property over time.
0 votes Thank Flag Link Wed Jan 2, 2008
Hi Russ, I don't know of any Real Estate companies (besides those with a Property Management Office) that would be able to check someone's credit. Agents normally don't pull up a buyer's credit history - this is normally processed through the lender. A few options may be for you to check in with a Property Management group, but I don't think they will pull the credit for you if you aren't using them as your property manager. There are a few online websites that will allow you to check, but make sure the potential tenant is aware and is allowing you to check their credit.

I've attached a link that might be helpful in answering your question.

Good luck!
0 votes Thank Flag Link Wed Jan 2, 2008
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