The most important step in renting your property is finding the right tenants for your property. Property management is impossible if the tenants themselves are irresponsible and unreliable. When forming a tenant application it is imperative to gain as much information about the prospective tenant as possible. For this reason, property management tenant applications consist of the following information: Credit check, Criminal check, Eviction history, Rental references and Income verification. We pull credit reports, criminal records, employee verification, previous landlord verification, previous landlord verification if any, copy of current checking and or savings accounts, 401k’s, driver license, social security #’s.
The credit check that property management companies run will provide you with the prospective tenants property management score. After receiving the score an application specialists will be able to further evaluate what that score implies and provide you with the given information.
If any sort of criminal background shows up on the prospective tenant’s check, you will be notified immediately of its presence and the specific charges.
Knowledge of a prospective tenant’s criminal history is essential because it is a huge indicator as to what kind of tenant they are and will be. If any prior eviction history is found you will be notified of not only its presence, but the history, date(s), and number of evictions. However, it is important to note that not all evictions can always be found and tracked.
Property Management companies tenant application requests that all prospective tenants provide the name(s) and number(s) of their landlord(s) from the past two years. After gathering this information the property management companies’ application specialist then contacts the previous landlord(s) to insure that the prospective tenant followed their contract, paid their rent timely, etc.
To guarantee that the prospective tenant will be able to keep up with the monthly rent, property management companies require a proof of income for each tenant. Property management companies recommend that the income be at least three times the monthly rent, but the final say is up to you, the property owner. At the end of the day it is you and you alone who chooses who may rent your property. It is the job of property management companies to provide you with the best information to make your choice and professional advice if asked for.