Are you feeling overwhelmed by all the details you need to pay attention to as a landlord? Buying a rental property to lease out is a complex process, and it does not end once you have purchased the home or apartment. Once you own the property, you need to find renters, handle their applications, and monitor the renters throughout their lease.
The rental property application is one of the most essential parts of the entire process. You may be asking yourself, “what is on a rental application form?”
You will find a step-by-step guide to rental property applications in the article below. Read on to find out what you need to put in the application as you are trying to secure a new tenant.
Start by Asking the Renter for Personal Information
When applying for a rental property, prospective tenants should be prepared to provide personal information. This information might include their social security number, a photo ID, income information, and employment information.
Gathering personal information from prospective renters is the first step in the rental property application process. This information will allow the landlord or property management company to perform a background check.
Make Sure the Renter Can Pay the Rent
Once you have done a background check on your renters, the next step in the application process is an income check. Your renter can prove their ability to pay their monthly rent by providing you with paystubs from their employer.
You can ask the renter to provide you with proof of income for the last three months. This will allow you to confirm that the renter can pay rent. As a general rule, the renter should have a monthly income of at least three times the monthly rent price.
Ask the Renter for a Few References
You can ask the renter for personal references or references from previous landlords. These references should provide you, the landlord, with some peace of mind. When you talk to the references, you should ensure that the renter is trustworthy and responsible.
As a landlord, your goal is to make sure the renters take good care of your property and pay rent on time. If your renters ask you how to fill out a rental application with references, tell them they can use old landlords or even an old boss.
You’re Ready to Create a Rental Property Application
Now that you understand all the steps that go into a rental property application, you are ready to create one. You can send this application to prospective renters or put the application on your property’s website or listing.
Some landlords decide that screening renters and reviewing applications is too much work. If you feel that way, you can hire a property management company to handle your applications. Reach out to the property management experts at Florida Long Term Rentals for more information.
