Having just read a post on the BADLANDLORDS website where an ex-tenant wants to file a fair housing complaint against their former landlord for providing a bad/inaccurate reference to their new landlord, I am glad I charge departing residents a small fee * equal to my credit check fee * for rental/income verifications.

I require the tenant sign the verification form, bring it to my office with their check and a SASE to where they want it to go.  I complete the paperwork, copy the verification for the tenant file and then mail. 

I don't do verbal/phone or fax verifications and I've actually turned away a federal investigator who wanted to do a security clearance on a former tenant because they could not provide the fee to take 30 min of my time.

 

Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.

LandlordWhisperer

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Post is included in group: Property Management Referrals and References
Post is included in group: Landlord Issues

4 Comments on I'm GLAD I charge for rental/income verifications.....

APR
07
2008
249,448 Points 1 Featured Post Outside Blog

Wallace,

That is a new one.  I will have to think about that.  We charge for written verifications but do not charge for verbal ones.  Our rental application has a clause where the tenant agrees to allow us to release information on their tenancy, so I have not had problems with tenants about releasing the info.  I wonder what my collegues in the area would think about us not releasing info readily.
12:35am • #1
1,022,659 Points 66 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Bob - I started charging a few years ago after I attended a PM conference and found that it was the "norm" in their area.  In NoVa/DC area where there are many govnmt employees, PM/landlords must pay and SUBSCRIBE to a service that will provide employment verification for govnmt employees.  Our VA state legislature actually increased the amount we can charge for tenant credit applications from $20 to $32 to accommodate the need for this subscription.....charging for landlord verifications/written references has been done in multi-unit properties for many years * especially large properties where bookkeeping is not done on the site.

It is not a profit center as the charge barely covers the time involved to complete the form; however, being able to have a copy of the information provided will be invaluable.
6:56am • #2
285,000 Points 1 Featured Post Attended Rain Camp
Geez-how much competition do you have? It seems to me that if you nickel and dime a tenant to death (or in this case $20 or $30 them to death) that if they CAN they will just go elsewhere.
1:11pm • #3
1,022,659 Points 66 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Leslie * residents don't KNOW about the costs unless they want the service....I do have a reference to a  "forms fee" in my Resident Handbook and I doubt $25 will break any of my residents...my homes rent from $1,200 to $4,700 per month.

When I started my PM biz in Central VA 10 years ago, NO PM charged a credit check/application fee....I was the FIRST.  Now EVERY PM charges a fee - most are more than mine.

 
2:11pm • #4

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Wallace S. Gibson CPM *

LandlordWhisperer

Charlottesville, VA

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Gibson Management Group, Ltd.

Office Phone: (434) 825-1933

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