Danielle Purcell, owner and broker of record for Team Laguna, has been doing rentals in Laguna Beach for over 30 years. Her office is a leader in the industry with more rental transactions than any other agent in Laguna Beach. Having been in the industry for over 30 years, Danielle has established strict guidelines for her rental application process. Team Laguna is seeing a shift in the economic climate, with more and more people moving to Laguna Beach from out of the area. Many are highly qualified applicants; however we are also seeing a influx of people applying for rental properties in Laguna Beach that do not meet the basic rental guidelines. As a leader in the industry, Danielle has always put her owners first; not only does she provide highly qualified applicants, but she also gets her owners top dollar for their rental properties.
Laguna Beach is a close knit community, built on trust and long term relationships. As a community service to all other agents and brokersin Laguna Beach and surrounding Beach Cities, Danielle Purcell is sharing her strict qualification guidelines with the community. There are many good people moving into the area. However, there are also people coming in who are defrauding real estate agents and property owners. It is very important when choosing a listing agent that they are experienced in rentals and adhere to strict qualification guidelines such as those implemented by Team Laguna. There are professionals who are getting into properties with the intent to defraud and sue the owners. These potential renters always have a story as to why they have bad credit or do not want their credit reports run. It is very important that you run your own credit report on each and every applicant over the age of 18 who will be living in the property. It is very easy to “doctor” a credit report, you cannot rely on a free credit report provided by the client. In addition, Team Laguna requires three months’ bank statements from every applicant to show their monthly cash flow. It is simply not enough to get a pay stub from a client. The credit report and the banks statements will allow the real estate agent to determine if the client can afford the rental property they are applying for. The rule of thumb is three times the monthly rent as income. Cash reserves are also extremely important in the event that theprimary wage earner becomes unemployed for any period of time. Sufficient cash reserves should be in place to cover the rent in a time of hardship. It is absolutely imperative they you call the previous landlord and verify that the applicants were good tenants and left the previous property in perfect condition. Ask the owner if they would re rent to the tenants in the future. Team Laguna also pulls the property records of the previous address to make sure that the number listed on the application is indeed the owner of the previous rental property. Professionals who intend to defraud owners and agents will often list a friend as the prior landlord. Use your common sense and gut instinct when qualifying a applicant. If the prospective renters come in with a story as to why they do not want their credit run, why you shouldn't contact their previous landlord or if they have current mortgage lates that they did not tell you about, consider this a RED FLAG. Professionals with the intent to defraud a owner have been known to live in a rental for up to 6 months without paying rent.
We are also seeing these people filing lawsuits against the owners and brokers of record involved in these transactions. It is extremely important for all agents and brokers of record to do their due diligence to protect the property owners in our community.
Hope You Found This Information Helpful!
Danielle Purcell Team Laguna Real Estate Owner/Broker 01063725 949-874-1187