Typically a tenant will find a house they like and submit a 4 page application to the Listing Agent and/or Property Manager.This application is pretty simple by design and as you would imagine it asks a lot of questons and has many blanks that need to be filled out.
Unfortunately I'm getting sloppier and sloppier applications on a more frequent basis.
Here are some examples of poor application submittable by tenants..
1. Not signing the application at all or completely skipping over portions that are necessary for approval.
2. Filling in that you are a nurse at Wal-Mart. Last I check, Wal-Mart doesn't employ nurses. An applicant needs to make sure their job descriptions match up with the correct job and not one from high school or college.
3. Filling income that reads, $38,000 per month when it should be calculated on a monthly basis.
4. Sending over your drivers license in black & white where your face or the information on the DL is not readable.
5. Your current address should be in the PRESENT unless you are staying at a hotel or with a friend, in which case you should notate on the application. Anything else suggests you are homeless.
6. Sending over 1 credit report from one of the reporting agencies instead of from all 3. Some agencies do not report all negative information which means one report may have a much higher score versus another.
Here's some additional advice:
1. I personally have no interest in having a meeting with a perspective tenant prior to them submitting their application. Requesting to do so suggests the tenant is interested in talking their way into the home. This is a huge red flag.
2. Don't ask to spread out your security deposit over six months. The whole reason a security deposit is requested is to ensure we have financial recourse if you breach the lease agreement.
3. Be upfront about your credit worthiness with people. We always find out. Don't say your credit is "okay" when in fact it's very poor.
Common Misconceptions:
1. The Listing Agent/Landlord is looking for a specific score or higher.
2. The Listing Agent/Landlord can't enter the home without having permission once the lease begins.
3. The application fee is refundable if you are denied.
Every state is different and the laws in each state change over time. In Texas, a Landlord or anyone a Landlord directs can enter the property WITHOUT warning, notice or permission. It's in the lease. Most property managers, including myself are looking at the overall worthiness of the applicant, not one specific item. If you have a 590 credit score but have substantial monthly income, relative to the monthly rent, then you may get approved! In contrast, if you have a 700 credit score but wait tables and cannot produce financial records documenting "deposits" you probably won't get approved - on my listings. The application fee is RARELY refundable in our market. This is why it's so critical that you fill your application out correctly. Do it right the first time and be upfront and HONEST about all the details!
The interesting thing about leases is that every owner and every property manager is a little different. Don't beat yourself up if you get denied. Somebody down the street may approve you for a completely different reason!
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