How to Review a Rental Application
Firstly, make sure that tenant filled the application completely and it is signed and dated. This is the preliminary stage of the application review, and you are required to go through each and every piece of information, crosscheck it and make sure it is legible and sounds reasonable. If there are any discrepancies in the rental application, the application will become void.
The second step is very significant and comprises of the core part of the rental application review. You will have to confirm and inquire about the corresponding tenant’s previous rental and/or residence history. This is a formal indication that you will have to make a few calls since some states require that you go back at least 5 years. 5 years worth of information is hard to collect if you know that the previous landlords may be hesitant to talk to you. Ask them and assure them that you are, in no shape or form, looking for a recommendation. You are looking for the rent amount and the information that describes how frequently the tenant paid the rent.
The third step requires that you check the tenant’s credit history. This is another important aspect of the rental application review process. It will cost you perhaps between $5 and $15 to obtain a report from a credit reference agency, but the result that obtain means that you can find the problematic tenants and disapprove their application should they not comply with a good credit history. You are not looking for their credit score, which is confidential but you will get the credit rating and summary allowing you to make your decision.
The fourth step is where you confirm the tenant’s financial reports such as bank statements etc. You can alternatively ask the tenant to attach a copy of the deposit slip to make things easier for you.
The final step is where you can talk to the tenant’s employer and if there are any references, be sure to talk to them too. This can just be so that you can judge if the tenant is, on the whole, good person.
Learn more about Tenant Screening here.
When it comes to reviewing a rental application, all of it may seem daunting; you will find it overwhelming because there is so much information that you yourself have to go through before the tenant... More
In case you’re going to establish a new landlord tenant relationship, it is important that you proceed with extreme care. Though it is a good idea to offer your property for rent and make some money,... More
NakedApartments.com did a survey of renters who looked at their website for apartments. Their information is from New York City, but it is interesting to see some of the responses. Most apartment... More
Millennials now make up just under one quarter of the total population of the United States. Compared with previous generations, millennials are much more likely to rent their homes rather than owning... More
Seasonal rental trends may make you concerned about maintaining your overall cash flow and minimizing vacancies. One way to prepare for slower seasons is to look at your property marketing strategies... More
It's frustrating to enter into an off-season if you have properties empty. The end of the year is one of the biggest slow seasons, but any time of the year is fair game for vacancies. Leases end... More
To be a successful property manager, you've got to be able to market those properties under your control to potential tenants in a successful way. If you can't get people inside those... More
The Fair Housing Act was adopted in 1968 to ensure that landlords do not discriminate based on race, color, national origin, religion, sex, familial status, or handicap when renting properties. This... More
With the convenience of technology, securing a new tenant and executing a lease can be as easy as clicking send. While technology can certainly play a role in your landlord experience, some parts of... More