How to Review a Rental Application

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 may be approved to reside in the rental space. Rental applications have gotten a little lengthy, but the basic concept is still the same, and if you stick to some of the basic points, you will be as right as rain. The rental application has a few steps to it just like any other process and for it to be in effect, one has to follow them. Thereby, if you successfully want to get the tenant approved, read through the following steps.

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.
Posted on Jul 16, 2012


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