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How to Design the Best Rental Application Process for Your Property

System - Tuesday, January 11, 2022
Property Management Blog

It's every landlord's nightmare to have a tenant that is disagreeable or that does not treat your property well. So how do you prevent this from being an issue?

One of the methods of doing this is by designing the best rental application process for your property. This will be an important screening tool for finding the perfect tenant. Keep reading to find out more about how you can design your own!

Find Out if They Can Afford the Rent

The first thing for you to consider when designing the rental application process is that you want to find out if they can afford the rent. This means that you will have to request documents such as bank statements, payslips, and credit reports. 

Generally, you want to look for someone who currently has enough in their bank account to cover around 2 or 3 months of rent. The potential tenant in Chicago, Illinois should also have an appropriate stream of income (the more stable this is, the better). 

You can also check out their credit score and examine their credit history. A lower credit score (or a history that involves late repayments) should be a concern for you. 

Go Through Their Rental History

Before settling on a tenant, you would want to go through the applicant's rental history. This will give you an idea of how they interact with their previous landlord or property manager - thus helping you understand how they will act with you. 

For this, it's recommended that you request landlord references.

You can then ask them questions about the renter's behavior. Did they pay their rent on time? Were there any issues throughout the lease period, or were there any complications in the moving out process?

Undergo Background Checks

If you want to be even more thorough, you can go through tenant background checks. These will give you information about any previous bankruptcies that your applicant may have gone through, or if they have a criminal record. 

This step will be important if you want to ensure that the tenant will not misbehave on your property. You will also be able to find out how responsible they are, both in their business and in their general lifestyle. 

Use an Agent

If this process sounds tiring and time-consuming for you, know that it can be! This is why most people may choose to hire an agent. Your agent will be able to perform all the necessary steps and advise you on which applicant will be the best fit for you. 

Finding the Best Tenant Through Your Rental Application Process

The best way to tackle finding a tenant is to have a well-designed rental application process. In order to achieve this, you will want to think about whether your applicant can pay rent, whether they have a good history with their previous landlords, and whether they have any sort of criminal history. 

Contact us for more property management tips.