cThe rent application is a critical step in the leasing process. The point of the application is to assure you bring a quality resident into your rental and to ensure that the right expectations are established. Besides qualifying the resident, the process should assure a clear understanding between the landlord and resident. To accomplish this, the application process sets in motion capturing information needed for the lease, completing background checks, and credit checks.
To make the process work, the application will collect a variety of information about the applicant including:
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Current and past employer references, Current and past addresses for at least three years, Drivers license information, Social security number (for the credit check), Rental references, If there is more than one renter, applications will be completed for each person, Rental unit specifications, Pets including size and type of animal. Most properties have certain animals that are not permitted. Some properties do not allow pets, Number and ages of any children or other dependents that will be on the property, and Disclosures and acknowledgments.
Normally, some fee is required for the application as well.
The manager then processes the application and confirms the renter's qualification to rent. Often the process requires follow up with the renter to complete the process. Part of the application process should be confirmation of the application fees successful processing. The application process should be almost an interview. If for some reason a resident does not seem to fit your property, there may be options to discourage them from renting. You cannot discriminate, but if you can find policy based documentable issues you can deny the lease. As the manager or leasing agent, your role is to assure you attract and close good residents.
Because of this rent referrals are your first most important step. Good renters should be able to offer good rent references. Don't accept a statement that they paid their rent. Find out if there were issues regarding violation of property policies or other behavioral red flags seek statements to this effect. Denying a lease for legitimate documented reasons is completely valid.
Review the credit check for any signs of issues. Also, keep in mind that some issues may not be problems for you. For example, if a rental prospect turns out to have had a recent foreclosure but there are no other events and all other credit is good, you may be able to waiver a bad result.
The first most important rule of the application process is don't take short cuts. Take your time. Make sure everything is in order and that you have a good solid lease that will prove a reliable source of income.
The Rental Application Process APPLICATION
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