I know the story. You and your friends from freshman and sophomore year are so excited to all live together off campus! You may even be so excited that you begin to look at Zillow, Trulia, Redfin, or Craigslist (just to look at the options). Then it happens. It's time to move out for the summer or come back from summer break, and everything has fallen apart. Now you're back in campus housing with a roommate who kind of smells. Whatever the situation, living off campus may not be as simple as everyone says. To you, it may mean fun parties and your own space, but let me assure you it also means landlords, bills, utilities, cleaning, and higher gas station bills if you are not careful. Oh yeah, no meal plans either, anyone like Ramen? However, I can tell you that if you follow the steps below, you and your best friends can make that off campus housing a real possibility!
1. Sit down with your roommates.
Seriously. You can talk about your perfect dream house every time you see your buddy in the gym, but if you never sit down with a common goal in mind, it will stay a dream. Make it a reality.
2. Get on the same page.
Use the time that you sit down to make sure everyone can agree on a type of property; house, town home, apartment, 2 bed, 3 bed, 4 bed, frat house, or sorority house—whatever it is that will fit everyone’s needs.
3. Set limits.
This means writing down those expectations from step 2. “We will only look at houses with at least 2 bathrooms that cost no more than $1,400 a month and are 10 minutes or less from campus.”
4. Designate your caller.
This is the person who will call the landlord or agent mentioned in the housing ads. There is nothing worse than the confusion of four college kids calling the same person. Having been on both sides of this, chances are they just won’t set up a meeting.
5. Arrange financing.
How are you going pay rent or prove you can pay rent? Landlords will do a pre-screening on you. This will include, credit check, income check, referral check of past housing or employment, and most likely a criminal background check. Whether it is you or you parent paying, you need to get it figured out. Don’t be the person who pulls out last minute.
6. Make sure none of your roommates pull out last minute.
There is nothing worse than finding the perfect property and rushing back to the car to fill out a rental application only to find out that your best friend’s parents only committed to pay $1,000 a month when you are looking at a $1,200 unit. “But we set limits right?” Money is a different matter, and besides studying abroad at the last minute, money preperation may be the largest reason student rentals fall through. I’m very serious when I say, hear or see everyone’s financial proof! Pre-screen your friends! Make them prove they make as much as they say or hear their parent say that they will indeed pay that much. I’ve been there and it sucks, but it's worth it when you don’t get burned.
Bonus Tip: Get a student Realtor/Real Estate Agent (Realtor is the name an agent can use upon joining the National Assoc. of Realtors and then holding themselves to a higher standard of ethics). Seriously! They are looking for work and referrals, and you're the perfect place to start. What’s in it for you? They will protect/guide you through the process. They will be able to show you homes that many are not even getting a chance to see. Why would they want to help you? Realistically, they won’t get paid much for helping you. Remember, you don’t normally pay an agent unless they charge a retainer fee, which some agents may charge for helping you find a rental. Occasionally they do get a payment from your landlord upon you signing a lease. The Realtors big pay off comes the referrals you can give them. For example: when Mom and Dad move to town and need a Realtor, or when you land that big record deal comes after graduation and you want to buy a mansion, you now have a Realtor you can trust. So, seriously, think about using a Realtor.
Frat castle, Barbie dream house, or New York City loft, I hope you find your dream rental in your area!
