Credit Application Steps

Handing out application

1) Rental Application

2) Third Party Guaranty if they haven’t rented before (Paying rent to parents doesn’t count) ($10 for credit check (http://www.mrlandlord.com/html/creditfaq.html)…do we want more for just the time to process the application?)

3) Associated Application Fees ($10 for credit check (http://www.mrlandlord.com/html/creditfaq.html)…do we want more for just the time to process the application?)

4) One pay stub

5) Copy of Photo I.D. (Drivers license)

6) An application is needed for each applicant 18 and over so as to not discriminate, even if they are not working or paying any of the rent so that we have a file of them on hand

Before Accepting the Application

1) Check to make sure all pages have been signed

2) Check to make sure there are no pets

3) Must have valid residence history before they can rent, otherwise we need a third party guaranty and the money needed to do the third party guaranty.

4) Check for money necessary to process the application

5) Give them a receipt and keep a copy of the receipt (carbon copy)

6) Check for copy of photo I.D.

7) Check for pay stub

8) Check for SS#, phone number to contact them (a valid number to get directly to them), and an email address



Approving the Application

1) Check sex offender/criminal database

2) Contact each and every previous landlord and ask them the questions for resident history

3) If first time renting:

· Check work to see if they still work there _______ (yes/no)

· How long they’ve worked _______ - ________

· Whether they are having issues that would lead to termination of work _____ (yes/no)

· Verify the amount that they are making each pay period/month $________

4) Run Credit Check (Also for Third Party if necessary)

5) If approved using the “Approved Form”:

· Call and tell them they’ve been approved

· Tell them which unit they will be in

· Find out when they are moving in

· Find out exactly how long they plan on living there so that you can fill it out on the Lease Agreement and the corresponding amount of pro-rated rent that is due the day they move in

· Find out when and what time they will be getting the security deposit to us

· Finally let them know that the longer they wait to get the security deposit to us that the less likely they are to have the apartment as we may rent it out to somebody else if we do not have their security deposit.

Once Application has been received and approved

1) Lease Agreement (Copy goes to tenant)

2) Lead Disclosure-booklet (Copy goes to tenant)

3) Mold Disclosure-booklet (Copy goes to tenant)

4) Move-in Inspection List (Copy goes to tenant)

5) Cable Channel List – leave with them

6) Maintenance Request - leave with them

7) Keys (Mail/Entry – record how many keys are given to them)

8) Have them read the lease agreement or give them a quick run through of everything, including various fees associated with lockouts, late rent, noise complaints that are tended to, and bounced checks

9) Let them know when rent is due and where to send it to