I'll Consider a Rent Reduction....What is your Credit Score?

By
Property Manager with Gibson Management Group, Ltd.

With the local rental market for single family homes getting VERY tight....rental prospects are having to look outside of their housing budget for suitable housing.

We have lots of new apartments and townhouses for rent in our area; however, few single family homes are available because...1) many that would be in the rental pool are now for sale; and 2) people with GREAT CREDIT are more desirable rental prospects than those who have to rent UP to get what they need for their family.

 

Frequently, even before they view the property, rental prospects want to know if the rent is negotiable - I ALWAYS say YE$!  I’ll negotiate UP...A$KING before the property is viewed is a waste of most prospects time so I have decided to ask them their credit score BEFORE saying NO to this negotiating tactic.

 

If they don’t know their credit score, they are probably dealing with an unrealistic expectation of local rental prices because they do not know the area rental market OR they are asking expecting someone to say YE$! without any questions.

 

So far...no one I have asked actually knows their credit score....and that's really sad!

Posted by

Wallace S. Gibson is a Certified Property Manager with over 50 years of property management experience and expertise.  She maintains a specialized property management business in Central Virginia serving Albemarle, Greene, Fluvanna and Louisa counties  

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"...to be a Virginian, either by Birth, Marriage, Adoption, or even on one's Mother's side, is an Introduction to any State in the Union, a Passport to any Foreign Country, and a Benediction from the Almighty God...." Anonymous

 

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Rainmaker
1,910,714
Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

Wallace - I have no idea what my credit score is!  I have never looked it up.  I am never late on payments, and very unemcumbered.

The last time I bought a car (2011) I got the best deal because my score was two less than perfect.  I wondered why it wasn't perfect!

Jun 23, 2014 09:13 AM #1
Rainmaker
1,278,194
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

Knowing one's credit score is important when qualifying for a loan, mortgage or a rental home....rental inquiry I had that prompted this post e-mailed me that her score was 550...very low and it shows poor financial skills which she attributes to student loans which she is probably not paying on with 2 kids....poor judgement is not something I want in a resident.

She has no skin in the game to keep A GOOD credit score so she is not a desirable rental resident.

Jun 23, 2014 09:53 AM #2
Rainmaker
1,910,714
Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

I understand perfectly where you are coming from.  I suppose if I needed to rent a house they would do a credit check on me and I would find out my scores!

Jun 23, 2014 06:43 PM #3
Rainer
1,756,848
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Prospective tenants need to know their credit score Wallace.

Jun 23, 2014 09:13 PM #4
Rainmaker
1,278,194
Wallace S. Gibson, CPM
Gibson Management Group, Ltd. - Charlottesville, VA
LandlordWhisperer

Most don't want to know...if they have looked for a house within the last 2 years, they may know a ball park score; however, they are woefully ignorant of how a poor score can impact their lives and borrowing ability

Jun 23, 2014 09:18 PM #5
Rainmaker
6,213,012
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

It is sad that many consumers are not aware of their credit scores. They did not have a credit awareness class in school and they do do not read the newspapers.

Jun 23, 2014 10:32 PM #6
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Rainmaker
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Wallace S. Gibson, CPM

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