THE LEASING PROCESS
THE LEASING PROCESS
Step 1: Making an offer
Many privately owned condos are on the market for rent. Many owners will negotiate their rent price. While we cannot guarantee a certain amount off asking price, we do find that we are able to obtain monthly rents lower than list price for many well-qualified tenants.
I submit all offers via e-mail to the listing agent or owner with the following information:
Move in date
Length of Lease
Security Deposit Amount
Brief Description of Tenant
In some cases, a filled out application must be presented at the time of making an offer, however these are rare and treated on a case-by-case basis.
Step 2: The Application
Who processes the application is up to the owner of the property. Many times the landlord will prefer their Listing Agent Realtor to process the application. In other instances, I am able to process the application through my company.
The typical application consists of the following: Credit Report, Landlord Verification, and Employment verification. Some landlords will ask for a basic background check that can also be run through our office. The average turn around time for an application is 24hrs but can vary depending on holidays, weekends, and which office is running the report.
Applications can be faxed to: 312.506.0222 or e-mailed to Paul@PKBlackburn.com All application fees must be paid prior to running the application. Cash, Check, or Credit Card (over the phone) are accepted.
Step 3: The Lease & Building Information
If the landlord approves the application then a lease is written up. The lease used in almost all cases will the standard Chicago Apartment Lease. Along with the lease will be information sheets that will need to be filled out for the building in which you are moving into. This will mostly consist of contact information; however may also require photocopies of ID.
Step 4: Checks & Scheduling Your Move
At the time of signing the lease checks are exchanged. It is typical to turn over two (2) checks at the time of lease signing. The first is for 1st months rent. The second is for the security deposit, which is typically the amount of 1 months rent.
Once both parties sign the lease and checks are exchanged; a copy of the lease is turned over to the building management/association along with any pertinent paperwork. At this time, you now must schedule your move with the building. Most associations require you to schedule your move at least 1 week in advance, however we encourage you to schedule at least 2 weeks in advance to secure the elevator.
Most buildings charge a Non-Refundable Move In Fee along with a Refundable Elevator Deposit. These fees will vary depending on the buildings, however, typically Move in Fees can range from $150 to $350 and Elevator deposits typically range from $200 to $500.
Keep in mind that all condo associations are run differently and their rules can be very strict. In some instances they may require a brief orientation before your move date. It is imperative that you call the building manager as soon as you receive their information.
In the event the condo association requires Board Approval you can expect a 1 to 2 week waiting time, or longer depending on how the board approves the lease. Some boards will approve leases during their monthly meetings. Other boards will have their management company perform all the necessary screening processes and can sometime complete the approval in under a week.
Problems with your move?
This is what I am here for. If you ever have any problems with any part of your move, whether it is scheduling with the building, filling out paperwork for the building manager, or even changing your move date I am here to help in anyway I can. I do not leave my clients at the signing of the lease. Instead I stay with them for the entire length of the lease. This means if you ever have any questions or concerns, even months down the line, you can always feel free to contact me or my office.