Tenant Applications: Pro Tips
Today, I want to share some pro tips about our tenant application process to help ensure your process is neither too strict nor too lax—each of which can bring its own set of challenges.
Finding Balance in the Application Process
When you’re looking for tenants, having a well-balanced application process is crucial. If it’s too strict, good applicants might be discouraged. On the other hand, if it’s too lenient, you could end up with tenants who aren’t the best fit. I’ll walk you through how we strike that balance and share our process.
Getting Started
Setting Qualifications
Before you even start with the application process, be sure to set clear qualifications. We’ve detailed this in a video that lays out exactly what we look for in tenants. This process stems from those qualifications. For more information, you can check everything out at emersonpropertymanagement.com under the applicants' application process.
Crucial Application Process Components
In our application process, I make sure to gather these essential pieces of information from potential tenants:
Landlord Information: I require three years of landlord history. Be wary if family members are listed as landlords—consider asking for a double deposit or a cosigner in those situations.
Employment Verification: I ask for details about current and past employers and require two years of tax returns for those who are self-employed to verify income claims.
Emergency Contacts: It’s vital to get this information right from the start for any unforeseen circumstances.
Identification: I make sure to get valid IDs, such as a driver's license or passport, especially given our diverse international clientele.
Proof of Income: Be cautious of fake pay stubs by requests for verifications through W-2 forms or tax returns if they’re self-employed.
Pet Information: If tenants have pets, I request photos to avoid misrepresentations of pet sizes and types.
Streamlined Online Application System
The application process is entirely online. Tenants are required to submit all necessary documents and information. If an application is incomplete, it won’t be processed, encouraging thoroughness. I also utilize a pet screening service, petscreening.com, for detailed pet profiles.
Once everything is submitted, I review the applications systematically with the help of third-party services. This ensures an unbiased evaluation of each applicant.
Upholding Fair Housing Standards
Processing each application consistently is crucial. Fair housing laws are strict, and violating them can be costly. By documenting the process and using consistent criteria, I ensure all applicants are treated fairly and legally protected.
Final Thoughts
It’s necessary that every adult over 18 in a household completes an application. This way, there’s full transparency and it aligns with our criteria.
Maintaining these practices by learning from past experiences has allowed us to lease properties quickly and maintain a low eviction rate. While we’re continuously improving our process, we believe these strategies are working quite well.
