Renting out properties can be a good source of income because rent provides the means for continuous cash flow and requires little cost for hiring staff or management to run it. The one major thing that a landlord has to worry about is the means to protect his rental property. In order for him to achieve that, he needs to make sure that he accepts only the right tenants who will take care of the space like it was his own.
With the help of a Rental Application Form, landlords will be able to properly screen their tenants and assess which applicant has more chances of paying rent on time and has less chances of damaging the property being rented out. Our free Application Forms provide a wide array of options for the type of Rental Application Forms that you need.
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Land-lording is a serious business and you would want to guarantee that your house guests will not be detrimental to it. With the help of our free Application Forms, you will be able to do quick profiling and assessments of your potential candidates in the click of a button.
Screening Potential Candidates
After a tenant has filled out a Rental Application Form, the first step you need to do is to do background and credit checks on the applicant to determine if the candidate has the means to pay his monthly dues and if he meets the specific criteria that you are looking for in a renter.
Background checks typically include the checking of their credit history, looking into criminal records, connecting with their previous landlords and determining if the applicant has issues with late payments, and contacting their supervisors to verify if the applicant has a stable job.
Through verification, background checks, or imposing requirements on your applicants, you will be able to gauge if you can accept their application or not. Do not feel obliged to accept a renter who does not yield positive results after you conduct a background check on them. Accepting questionable tenants can only lead to bigger problems.
The Components of a Qualified Renter
Capacity to Pay
Rental units are there to be rented out; thus, residing in a rental space means that you have to make a payment for it. A landlord needs to guarantee that the applicant has a stable job and has the capacity to pay his monthly dues.
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Credit History Matters
Another way to determine if an applicant is able to pay rent and on time is to check his credit history. A renter who maintains a good record of paying his bills on time is capable of paying his rent and has less chances of making late payments.
Source of Income
An applicant’s monthly salary will help you determine if a renter has more than enough to support himself while paying his monthly rental dues; however, it simply doesn’t stop there. Landlords also have to check on an applicant’s work history to determine if he has a stable job that will last at least the next 6 months so that his rental payments will not be interrupted.
Constructing a Rental Application
Tenant’s Personal Data
Your Rent Application Form should require an applicant to provide his personal details such as his name, date of birth, and contact information.
This part of the form requires an applicant to provide a list of his current and previous employers, the contact information of his current and previous supervisors, his work address, and his salary information. The rule of thumb is to let them indicate their employers or supervisors going back at least 5 years. It is also wise to require a copy of the employee’s payroll slips over the last 6 months.
In some states, it is illegal to check on the criminal record of a tenancy applicant; however, if your state allows you to conduct such a check, be sure to include a clause in the application informing them that a background check and a credit check will be conducted to verify the information they have provided.
Dedicate a portion of your form where the applicant will be required and list down his rental history going back at least 5 years. Include the names, the service address, and contact details of the previous landlord. This information will be necessary for you to check if an applicant has a history of eviction, incurring damage to property, or late payments.
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