Property Management-Turning Rental Problems into Real Estate Profits

by | Mar 29, 2023

Reviewing the Tenant Application

On the actual rental application, everybody who’s age 18 or over should provide their name, social security number, and telephone number. On this rental application, there’s a lot more detail than the telephone interview form. A rental application is much more robust.

Get the current address and the name of the current landlord, how long they’ve been there, what their rent was, and the amount of utilities. Basically, you want to find out what their monthly outlay was, as well as their reason for leaving. Another question to ask is, “When does your current lease expire?” Ask them if they’ve given notice. That’s a big indicator. Hopefully, they’ve said “yes.” If they say “no,” you should probably find out why.

Find out when they would like to move into your apartment. I also like to find out not just their current landlord (with contact information), but also the prior one. Ask them why they left that place. If the total length of the previous two vacancies is less than two years, have them list their additional addresses. Because remember, a strong indicator of a strong tenant is how long they’ve lived somewhere. The longer they’ve lived somewhere, the better. If they’re jumping around a whole lot, that could be a red flag.

Now here’s something you really need that I do. When it comes to the references, particularly employment references and also current and former landlords, I don’t just take that person’s word for it. I certainly will always call the former landlord. What I’ll ask is, “Hey, can you tell me where this particular applicant lived before they rented your apartment?” Go back another layer deeper. The former landlord should have that information on file. The reason I do this is because, believe it or not, there are unscrupulous landlords out there who often say whatever they think they’ve got to say to get you interested in their current tenant because they want to get rid of that tenant. Take the current landlord’s information with a grain of salt.

Learn more as Gary explains in the video below:



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