Finding a rental property can be a stressful and overwhelming process. Michigan Luxury Rentals is here to facilitate the process. The following are some items you will need when making an offer on a rental property. Some properties receive multiple applications and having these items ready before hand helps give you a competitive advantage over other renters.
One of the first items you'll need to get started on is a credit report.
Another crucial item is the application. Ask one of our agents and we can send you our standard application before looking at properties. Click the documents tab for our rental application.
Usually we recommend your net income be 2.5-3 times the monthly rent. We will need to see an employment letter, pay stubs, w-2, or tax returns to verify payment of the rent.
We realize many renters have pets. We ask that you provide as much information as possible including but not limited to breed, size, shedding or non-shedding, and any other information. Landlords generally charge a non-refundable pet fee at the time of the lease signing.
Friendly Reminders for Landlords
Make sure you contact your insurance provider to change your policy to rental policy. Make sure to get adequate liability and dwelling coverage. Water or Flood Insurance is usually an extra policy. It covers water damage to the building or anything inside is the property. Most basic dwelling policies will cover broken pipes or water heaters, but the extra flood policy is needed in order to cover floods, rains, sewer backups, water issues from natural disasters, etc.
Make sure your tenant submits a move-in or inventory checklist seven days after the lease starts. This will help with any property condition disputes during the start and the end of the lease.
Friendly Reminders for Tenants
Once you move into a property make sure to fill out a walk through inventory checklist and submit it to the landlord/agent within seven days. You must also transfer gas and electric.
See the list below for local utility companies.
1. DTE Energy
2. Consumers Energy
3. Internet & Phone