What Is a Generic Rental Form?
A generic rental form is a basic rental document that allows you to gather information about the people that want to rent your property. Aside from that, this form allows you to conduct a background check to your would-be lessee as well. Nevertheless, a generic rental form is your first line of defense in securing your rental property and business before striking a rental agreement.
How to Make a Generic Rental Form
Having a generic rental form can help you secure your rental property and business by allowing you to know your prospective lessee’s background and information. Plus, it also helps you decide whether to let someone rent your property or not. This form is very helpful whenever you need a rental form at such quick notice, and here are the steps on how to make a generic rental form.
1. Provide Information About the Rental Property
A generic rental form provides you flexibility when it comes to renting some of your property at a short notice. This could apply to anything, whether you’re renting living and commercial spaces, vehicles, and equipment. So it’s important that provide information about your rental property, including where they’re located and how much they’re worth.
2. Know Your Prospective Lessee
Leasing your property to a stranger is very risky, especially in weekly leases. That’s why it’s important to consider knowing your prospective lessee before handing your property to them. Your generic rental form is your first line of defense in securing your rental property and business. So make sure to include asking about your would-be lessee’s personal and contact information in your generic rental form.
3. Ask for Employment Information
Property rental is one way of earning an extra income, and you need to determine if the lessee can pay for the rent. The best way to do that is to ask for their employment information in your generic rental form. This allows you to gauge whether their income would suffice for the rent, and also decide whether to accept their rental application of not.
4. Don’t Forget the Credit Information
The previous step stresses the importance of determining the lessee’s capacity to pay the rent. And, one way to know such a capacity is by knowing their credit history. You can do this by asking for the lessee’s credit information, such as the name of their bank and its account number. Their credit history will tell you much about their habits of paying their debts and rent on time.
5. Ask for an Agreement on a Disclosure
A complete background check will not be possible unless the prospective lessee is aware of that. And it would also derail his plan of renting your property if he doesn’t agree on such, as well. Including a disclosure agreement at the bottom of this form allows the would-be lessee to be aware that a background check will be conducted before he can rent your property. And, it also lets them complete the generic rental form by agreeing to such by signing on it.
Frequently Asked Questions
When do we use a rental form?
A generic rental form is mainly used to collect information and screen rental applicants before allowing them to lease or rent your property. This particular form is also used when you need to rent or lease a piece of extra equipment or vehicle or spare space on short notice.
Why do we need to have a rental form?
Renting your property to someone you don’t know is very risky, and using a generic rental form will help you minimize the risk. A generic rental form gathers information about your would-be lessee, which allows you to check and verify such information. This helps you secure your property from any trouble as well as protect your rental business.
How can we conduct a background check using a rental form?
Conducting a background check allows you to decide whether the applicant is fit to lease or rent your property or not. And a background check wouldn’t be possible without the use of a generic rental form. It is the information inside them that you submit to credit bureaus and screening agencies for you to verify and check the applicant’s history and identity.
Is a rental agreement needed after accepting a rental form?
Yes. A generic rental form is a document that you use to screen prospective lessees before letting the rent your property. A rental agreement, however, outlines the terms and conditions of the lease or rent, which serves as the lessee’s guide in using the rental property during the lease.
Why do we need a disclosure agreement?
A disclosure agreement is needed in a generic rental form as it informs the prospective lessor that a background check is needed for his rental application’s approval. Aside from that, this also informs the prospective lessee that providing false information would cause the revocation of his application. A disclosure agreement will also make them aware of any liabilities that he might incur for any acts of deliberate misrepresentation.
Renting extra stuff can be as risky as it is profitable, as it requires you to entrust your rental property to the lessee for a certain amount of time. That’s why it’s always important to measure and screen the lessee’s trustworthiness before letting them rent your property. A generic rental form allows you to secure your rental property and business by collecting information about your would-be lessee. And if you wish for the same for your business, now is a good time to do so.