The 5 Steps of Screening Tenants - Page 4

The 5 Steps of Screening Tenants - Page 4

Article Index
The 5 Steps of Screening Tenants
Step 1: First Contact
Step 2: Showing the Property
Step 3: The Application Process
Step 4: The Approval Process
Step 5: The Lease Signing
All Pages

STEP 3: The Application Process

The first thing you need is a quality rental application. Let the applicant know that his or her application will be considered along with others, and you will notify the applicant once a decision is made. Advise the applicant(s) that it is very important to fill out the application as completely as possible. If you (and I recommend you do) run a credit report on the applicant, I suggest you be sure to collect a screening fee. This is a provision in the The LPA Rental Application.

Inform your prospective tenant that the application must be returned as soon as possible to avoid the risk of losing the rental to a competing prospect.

Review and verify the application thoroughly and look for inconsistencies and "red flags". When you are satisfied, you will proceed to approving your new tenant in step 4.