Tenant Applications: Pro Tips
Today, I want to dive into our tenant application process.
When you're on the path to getting a tenant, it's crucial to evaluate if your application process is overly complicated or too relaxed. Each extreme has its own set of challenges: too restrictive processes deter good tenants, while overly lax ones may allow unqualified applicants through. I'll guide you through our balanced application process today.
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Application Process Overview
Our application process is grounded on specific qualifications you can check out in our dedicated video. These qualifications lay the groundwork for evaluating prospective tenants. Here’s how it works:
1. Three Years of Landlord Information
We require three years of landlord information to identify any inconsistencies. Watch out for unusual entries—claims like "My mom is my landlord" often necessitate extra scrutiny such as double deposits or co-signers.
2. Current and Previous Employer
Verifying the potential tenant’s employment is critical, especially with self-employed applicants. We'll ask for two years of tax returns to ensure transparency in earnings, relying on government-reported figures for accuracy.
3. Emergency Contact
Having an emergency contact upfront is indispensable. In unforeseen circumstances, like property emergencies or worse, it's vital to have someone you can reach out to quickly.
4. Identification
With Houston’s international community, we see all kinds of IDs—driver’s licenses, passports, or EINs. Having the proper identification helps confirm that applicants are who they claim to be.
5. Proof of Income
For those self-employed, pay close attention to tax returns. Fake pay stubs are becoming a more common issue, and we must verify stated incomes diligently to avoid problems.
6. Pet Considerations
National data indicate 80% of tenants have pets. Get their photos to ensure clarity—a declared 10-pound dog shouldn’t turn into a 100-pound surprise later on.
Implementing the Process
All prospective tenants must supply the aforementioned information. They’ll complete their applications using this gathered data online. A gentle reminder that incomplete applications won't be processed sets clear expectations.
Basic tech issues happen, especially with older tenants, so remain accommodating yet firm on requirements. Once submitted, applications go through a third-party screening, such as PetScreening.com, which efficiently handles specialized checks.
Maintaining Fairness and Compliance
Processing applications in a systematic way ensures consistency and fairness. We abide by fair housing regulations meticulously to prevent any legal or ethical issues. Any updates to our process are reflected live on our website, ensuring transparency and accessibility for all interested applicants.
Key Takeaways
Every applicant over 18 must apply, eliminating potential hiding of disqualified individuals. With a robust screening process, we've managed to lease properties in under 30 days while maintaining a less than 1% eviction rate.
Stay flexible, continually evaluate your process, and adapt from lessons learned. Whether you’re handling things yourself or through a property manager, ongoing improvements are vital. Thanks for joining me today. Until next week!
