A rental application form is tremendously valuable to landlords and to prospective tenants because your rental application form can contain all the information you and your tenant needs when it comes to the finer details of the apartments. The more clarity you and your tenant have regarding one another, regarding rental agreements and standards and regarding the rules and regulations of the rental processes the easier it is to eliminate a lot of mistakes and misunderstandings or prevent unhappiness. Your rental application form should contain as much information about your tenants as possible and should also give them the needed information regarding the rental premises.
Physical and contact details regarding the rental premises
You should make the physical address of the rental apartment, building or office clear on the rental application form and you should also supply your tenant with all the contact details that he or she may need in case there might be any questions regarding completing the form.
Tenant personal details
Gather as much personal information from the tenant as possible. You can request your clients contact details and even personal details on the rental application form. A copy of ID or driver’s license is also fantastic for confirming your tenant’s identity. The tenant personal details is also essential for running a background and credit check on your prospective tenants so you can be wary of all the warning signs such regarding completely strange tenants.
Permission for credit check
A credit check can give you valuable information regarding your tenant and help you weed out a lot of tenants who cannot afford rent, who switch between jobs too often or who have a record of bad debt and late payments. If you can do a credit check on all of the prospective tenants you can be much more secure in your property investment by selecting tenants with the best credit record. You should request permission from your prospective tenants to do a credit check on the rental application form.
Permission for a background check
Work history and location history can give you a lot of information about the tenant in question. If your tenant is constantly relocating then it might not be in your best interest to invest in such a tenant because you could end up without any income if your tenant suddenly decides to relocate. People who constantly shift from one job to another are also a bad bet because they could easily suffer to make payments when they are between jobs. Your rental application form should also include permission for a background check so you can be sure to trust your expensive property into the hands of only the best tenants.
Rules and regulations
It is much better to make the rules of your rental apartments, rental homes or rental offices clear right from the start. You should also include all of your rules and regulations for the rental agreement on the rental application form so your tenants will know right from the start what is to be expected from them when it comes to caring for the premises, rules and regulations regarding pets, rules regarding visitors who stay over, rules regarding music and parties and especially the rules regarding inspections and the general care of the rental property and all the objects that is included in the property. When prospective tenants go through all of the terms of the rental application form they will know right from the start that you are serious and strict when it comes to business.
Add a few trick questions
A few general questions on your rental application form such as ‘the reason why the tenant is moving’, ‘how long the tenant plans on renting the premises’ or ‘why the tenant wants to rent out the specific premises’ can help you decide between tenants who might have a greater need for the rental property and it can help you weed out those who are not too serious about the rental property or those who have a lot of other options so you can find the best and most secure tenants possible. It is always much better to invest in long term tenants because you can cut back on a lot of screening costs and you never have to be stuck with expensive mortgages to cover when you are between tenants.
If your rental application form is set up right from the start and includes permissions for background checks and credit checks you will be much more secure when it comes to entrusting your property into the hands of complete strangers.
Published by your friends at VerticalRent