Owning a rental property carries its own weight of advantages and disadvantages. The advantages of being a landlord are few – but they are ultimately powerful. For one, rental spaces provide income and a continuous means of cash flow. However, land-lording may also put you on a tenant risk. Not all tenants have the capability of paying rent or paying rent on time; some of them may also cause wear or damage to your property that it eventually turns into a liability.
Screening your candidates for tenancy is a crucial first-step process before allowing any tenant to rent your leased apartment, house, or condo. An Application Form allows you to obtain pertinent information about your applicants that might help you determine if they can be considered potential renters.
Rental Apartment Application Form
General Apartment Application Form
Basic Apartment Application Form
Apartment Lease Application Form
Apartment Credit Application Form
Screening your applicants can be quite an overwhelming and challenging task. With the use of our sample Application Forms, you will be able to easily print out or download the application template that you need in order to collect information on your potential renter. Below is a step-by-step process on how to properly use your Application Form and be able to effectively weed out your tenant applicants easily.
As previously mentioned, having your potential renter fill out an Application Form should be the initial process of your screening. You can print out a variety of our Application Forms, Apartment Rental Application Forms, or Apartment Application Forms.
Make sure that your Application Forms cover everything you need to know about a tenant. A good Application Form should require an applicant to provide financial information, employment information, and personal information.
A renter’s Application Form must also include a clause that informs and allows the applicant to give consent to any background check, criminal history report, and credit check orders.
Apartment Association Application Form
Apartment Application Form in PDF
Apartment Landlord Application Form
Simple Apartment Rental Application Form
Credit Checks and Background Checks
Credit checks are a landlord’s best bet to finding out if their tenant is capable of paying rent due and paying it on time. Credit checks will allow you to see details about a tenant’s credit history going back to at least 10 years.
When doing credit checks, a landlord should look for a history of late payments, bankruptcy issues, charged-off credit card accounts, or current debts. If an applicant has hefty loans and unpaid balances, it may be an indication that his finances are struggling and he may not be able to keep up with the rent.
On the other hand, doing a background check will let you peer into the applicant’s past such as previous evictions, criminal records, or any public records such as legal battles.
Connect with Previous Landlords and Employers
Connecting with previous landlords and employers allows you to dig a little deeper into the character of your tenant. When contacting a former landlord, check if the tenant has paid all rent and if he does not have any outstanding rental debt. Also try to verify if the renter does not have a history of late payments or incurring major damages to property.
When connecting with the tenant’s employer, verify with them if the tenant is currently employed with them and if he has a steady and reliable source of income for him to pay his rent. Another way to check on this option is to require the applicant to submit a copy of his recent payslip.
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