How to Handle Rental Applications

System - Friday, July 1, 2022
Property Management Blog

If you are a passive income investor who hopes to find the best possible tenant must understand that rental applications represent an important piece of the screening process. Just as eyes are the window to the soul, the tenant’s rental application is the window into his rental history. Therefore, you must take time to go over the rental applications and identify the best possible tenant. With that in mind, there is not a single landlord or tenant who would not benefit from an understanding of rental applications and their impact on future leases. 

Finding a great tenant is no easy feat, it goes from problematic neighbors to job hoppers, sometimes you feel safer having an empty property than the wrong tenant. If you are a new landlord and have not got a property manager then the task can seem daunting. Therefore, you must get an Orlando Rental property management company to guide you. Keep reading and you will find a rental application process guide that will walk you through every step from pre-screening to approval.

Rental Application Process

When you have shown the property to potential tenants you need a rental application to figure out whether or not you want them living on your property. Rental applications allow you to collect their employment history, income, credit report, criminal records, and references.

Verify Tenant’s Background

Selecting a tenant for your rental property requires effective processing of the applications to ensure their suitability for the unit. Processing a rental application means ensuring the information the tenant listed on the application is factual and verifiable. Hence, you must verify the potential tenant has signed a document that allows you to check their credit, background, and references. 

You must also make copies of your tenant’s identification and social security card. Ask them for information on their ID for further verification, such as background checks. Check their credit, residential history, criminal background, and check credit reports. Conducting a background and credit check can ultimately be the determining factor in whether or not you will rent him the unit.

Also Read: How to Attract Long Term Tenants

Verify Employment History

You must verify the prospective tenant’s employment history. Employment history is an important component when it comes to processing a rental application to ensure whether the tenant can pay the rent or not. You can use their paycheck stubs as verification of income and contact their employer directly to verify they are currently employed there.  

As a landlord, finding a good tenant is like a dream key to success. A bad tenant can bring your property’s value down and your stress level up. Therefore, thoroughly examine the history of the renter for any negative occurrences.

Verify Rental History

Verify the rental history of the tenant. In the rental application, the tenant must have mentioned the list of previous locations they rented with a number to the landlord. You can contact the previous landlord to question them regarding the timeliness of rental payments as well as their conduct while staying on the premises. Several Orlando Rental property management companies offer services that check for prior evictions and rental issues. 

Conclusion

It is great news if you find a rental application for an individual who pays on time, takes care of the property, and rarely needs assistance in maintenance. The rental application process helps you to find the best, otherwise, you can also end up with a tenant who constantly causes problems for neighbors, damages the property, and rarely pays in time. If you think all that sounds like hard work, then you can hire a rental property manager for an efficient rental application process and avoid ending up with problematic tenants.