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Renting
RENTAL PROCESS FOR TENANTS
Renting a property in Chicago and its surrounding suburbs can be best summarized as follows:
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Tenant Completes a Search Request
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Telephone Call: An Agent Will Call to Introduce Themselves to the
Client, Clarify As To What the Tenant Is Seeking (If There Are Any
Ambiguities), and Answer Any Questions That He/She May Have
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Agent Searches Based
Upon Specified Criteria
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Tenant Signs an Exclusive
Agency Agreement
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Tenant Identifies Which
Units They Wish to See
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Tenants Completes a Rental Application,
Submits Photo ID, Provides Proof of Income,
& Consents to Credit Check
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Tenant Meets with Agent to
View Selected Properties
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Tenant Identifies the Property
That He/She Wants to Rent
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Useing the Rental Application & Credit Reports, the
Agent Negotiates the Most Favorable Terms Possible
Based Upon the Tenants Needs (Start Date, Price, Etc.)
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Once Accepted, the Tenant Will Meet
With His/Her Agent to Sign A Lease and
All of the Other Accompanying Documents
that the Lanlord and/or Building May Require
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Tenant Provides Checks for the First Month's
Rent, Security Deposit, & Any Building Fees
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Tenant Schedules The Move-In, Sets Up
Any Utilities, & Purchases Renters' Insurance
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Tenant Moves In
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Tenant Lives Happily Ever After
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RENTAL FEES
In Chicago, it is typically the case that a tenant's agent is paid by the Listing Broker, who is in turn paid by the Landlord. What this practically means is that when you are renting in Chicago, you aren't ever paying your agent directly. Not to say that it is "free" to use an agent, but the cost is being borne by someone (the landlord). This is very different from how the process works on the East Coast, for example. In Boston or New York, it is not uncommon for you to write a check for the security deposit, first month's rent, building fees, and also your agent's fees. This is not usually true in Chicago.
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