Rentals Craziness – Rental craziness, multiple offers on rentals that Shana Acquisto, real estate broker on the luxury side, and I just happen to be your TNT host here, Mike Acquisto, and let’s review rental craziness right now. So we have multiple offers on them. Now, people are paying up to five hundred dollars a month on a standard lease, more than asking price. And they’re kind of requiring two years to be the minimum wage term now.
So let’s discuss that, Shana. So multiple offers? Yes. It’s not just single family residences. It is now rental. And I’ve heard a lot of chatter about when you submit an application, you know, it costs money. So, you know, a landlord may accept 10 applications. And, you know, if you’re going through this every time and you’re spending fifty dollars, fifty dollars, fifty dollars, I mean, it’s really tough.
So if we have rentals, I think it’s best practice to disclose that and say before we accept your application fee, we’re going to let you know that we’re in multiple applications on this property. Do you want to proceed and give them the choice? Don’t just take it’s 50 bucks. They should not take your you know, landlords should not accept your money without disclosing that, in my opinion.
So this is a topic that I did pick up yesterday from the DFW Mastermind Group that we have to be members of. Shout out to Mark Baglietto for bringing that topic up. I appreciate it. Need to know was also in that meeting as well. Andy Tuttle was in there was a bunch of really good people that are just smart and caring and share a lot of information that can enter in the group as well.
So their founding members, it was it was really nice time to get to spend with them, I guess virtually, but very insightful. Colleen Frost and her husband were on their color. Mrs. Tic-Tac, Mr. and Mrs.. Well, she’s right. I don’t have I don’t have a tick tok account, so I’d have to.
So anyway, it is crazy. So if you have a client putting in an application, help him out a little bit, find out if there’s multiple applications and don’t have them waste tons of money on the application fees. That’s my advice.
And five hundred dollars over per month. And this was a kind of a normal lease in this area. It was two or three thousand dollars on a monthly basis. And then the person was in multiple offers and they had to pay five hundred dollars more and they had to go with a two year lease when they didn’t really want to. And that was what was kind of required of them.
So the landlord did make some extra money. So if you think about two thousand five hundred dollars a month for 12 months as six thousand a year, so they essentially paid twelve thousand dollars over on a monthly basis or on a two year basis to do that. So twelve thousand dollars total and they had to rent it for an extra year to eliminate maybe some expenses, some wear and tear on the property just for the landlord. So it’s a rental market is changing and it’s hot and it’s. OK.