Tag Archives: real estate forms

Application to Rent – It’s all in the details

When renting to a tenant or renting to multiple tenants its extremely important to have them fill out a rental application.  Rental application form or application to rent form can sometimes be found at your local stationary store like Staples or Office Depot.  You can also obtain the form from a tenant screening company, find my list here.  Apartment Associations or some may call them landlord associations will also provide the necessary landlord forms.  There are local apartment associations and nationwide associations, you can find my lists for them here.

The Application to Rent is one of the most important pieces of information you can gather from a prospective tenant during the tenant screening process.  Any information they provide assists you with your decision to rent as well as helps you recover lost rent should they skip out (more on this later).

Here is some of the information you should be requesting from your prospective tenant or new renter when they apply for your apartment for rent or home for rent:

  • Tenant full name; include first name, middle name, last name, and any AKA’s
  • Tenant address history; ask for 7-10 years of addresses to assist you in their prior living history
  • Date of Birth; You cannot base your decision to rent on a tenant’s date of birth, however, many tenant screening reports will require this piece of information.  It will also help with the debt collection process should you need to search for them later.  Lastly the tenant’s date of birth also assists should a Jr. vs. Sr. issue ever arise.
  • Social Security Number; This is required to obtain a credit report or tenant screening background report.  The tenant’s social security number can also be used for skip tracing should they leave and owe money.  Many tenant screening companies will also provide Social Security Fraud reports, I recommend you obtain one on your prospective tenant.
  • Phone numbers.  Get their home phone, cell phone, work phone (see below), and any other phone number they will provide.  Why are so many tenant phone numbers needed?  There are 2 main reasons: (1) to let them know you want to rent to them and (2) to chase after them if the tenant leaves owing you money!
  • Work history for 7-10 years.  It’s important to know where your prospective new tenant’s income is coming from.  Do they have a job?  Where is the job?  What is the address of the job?  Their boss’s name?  The phone number to the boss?  The title of their job?  Their previous and current salary?  You want to know all of this information to help in determining if the tenant can afford your rent.  A tenant screening report or tenant background check will provide credit and criminal information as well as insight on their debt/credit,, but their current job should still be verified.  Employment information also will assist in the debt collection process should the tenant skip out owing you money!
  • Banking information is also important.  First you’ll need this information to verify the tenant has the money to pay your rent.  You want to know they can write you a check each month!  (and that it will clear!)  Plus, as I stated with other information above, this will help with the debt collection process.
  • Tenant’s Relatives and Non-Relatives.  This information is helpful for the tenant screening process and the debt collection process.  Relatives will help you confirm the type of person your new tenant is, they will also help you locate the tenant when they leave you owing rent.  Non-relatives are also important because friendships change over years.  Your tenant may list someone that, after moving out, they are no longer friends with.  That person may be more than willing to assist you in your debt collection needs.
  • Additional Occupants in the apartment.  Who else is going to reside in the unit?  What is their name?  What is their social security number and date of birth?  How are they related to your prospective tenant?  Depending on the age of the occupant you may want them to sign the rental lease too.  You should perform a tenant screening background check on every occupant over the age of 18 even if they aren’t signing a lease!
  • Pets.  Do they have any pets?  Do you even want to allow pets?  What kind of pets are they?  Age of pet?  Type of pet?  How big (weight) is the pet?  What’s the name of the pet?  You’d be surprised how often the pet “gets out” and how helpful it can be to know its name.  Or if that dog is parking all night because your tenant is gone and you can yell out to the dog.
  • What type of vehicles does the prospective tenant own or lease?  A tenant screening background check will not always show automobiles.  You should obtain the type of car, color, year, make and model.  Always know whose vehicles are parked on your property.  This includes autos for co-tenants/additional occupants.
  • Ask the hard questions!  Ask the tenant on your rental application form if they have ever been evicted from an apartment or home.  Sure many will lie and you’ll discover an eviction on their tenant screening eviction background check, but others may fear the question and not even apply — saving you time, money, and aggravation.
  • Important:  You must have a signed release from the tenant authorizing you to obtain and investigate information on them such as a tenant screening credit report, criminal background check, eviction records, etc.  The law requires this release, so don’t forget it!
  • Always have the tenant print their name and provide a signature and date.  If the application is more than 1 page, its not a bad idea to have them initial or sign the bottom of each page in the corner.

My apartment association provides rental applications for free.  You can also find landlord forms like the application to rent from some tenant screening companies.  Visit my listings to locate an apartment association by state or visit the American Apartment Owners Association, a nationwide landlord association providing larger discounts than local chapters, for the necessary landlord forms.

Landlords Get Help with Managing Rentals

Many landlords love the income they get from their rentals but hate the business of managing their properties. Meanwhile, other people are interested in becoming a landlord but are concerned that it’s too much work. That’s where Rentometer (a free service to compare rent rates) and its advanced product, RentometerPro (an automated rental management system) are helping ease the work load for landlords.

“We’re essentially acting as an impartial third party for both people [landlord and tenant] to interact in a really convenient way that is up to date with the times,” says Allison Atsiknoudas, CEO of Rentometer.

Atsiknoudas says people who are interested in becoming landlords but also have some fear about the expense and cost of managing a property should note that there are simplified ways to manage your rental. “Now, there are options,” says Atsiknoudas. “It’s only been recently that there have been management solutions for people who own just a few units.” That’s good news for the approximately 90 percent of United States rental owners who each manage only a few rental properties.

“The tool Rentometer itself is a way to compare actual active rental rates for the market in a specific area. One of the things that we focus on is being able to present rent comparables in a very close proximity,” says Atsiknoudas. For tenants, it allows them to compare how their current rent rate compares in their local neighborhood. They enter an address on the website and a free report is instantly generated by Rentometer.com.

“If you’re an owner or a real estate professional and you wanted to find out what you might be charging these days for a vacancy, you enter the unit information and find out,” says Atsiknoudas.

“A majority of our clients are individuals or small partnerships and those folks really own a majority of the rental property in the United States. Most of the people who fall in that category are people who are in an industry other than real estate and they’re just managing some properties on the side—their own properties as long-term or mid-term investments for additional income,” says Atsiknoudas. The Rentometer tool and the rental management service that is provided by the company help landlords manage their properties easier and without all the loads of paperwork that often accompanies rentals. “The one thing that these people have in common is that typically they’re managing small portfolios. … between two and 35 units,” says Atsiknoudas.

She says that most of these properties owner are in situations where they don’t have large staffs (if any) to manage their rentals. So, they seek ways to simplify the process. “We have about 22 units in Northwestern Pennsylvania. The process of managing the rent and collecting the rent checks became pretty cumbersome,” says landlord Matt Angerer.

He uses Rentometer’s services to help manage his properties. “My tenants can now send their rent either directly to the processing facility that RentometerPro owns and operates in Rhode Island and, in turn, they will actually cash the checks and deposit them into my account, or my tenants can pay online via electronic fund transfer or they can pay with a credit card,” explains Angerer. Here are a few other services offered by the company.

Creating rental forms. Rentometer and EZLandlordForms.com provide a way for landlords to use a forms builder to create their own documents for their rental properties. Landlords can find forms such as lease agreements, lease renewals, rental applications and even eviction notices on Rentometer.com.

(Note by Help for Landlords!  The AAOA for any level of membership, provides a 15% discount to EZLandlordforms.com!)

Simplifying rent processing. “We do everything from the monthly invoicing of tenants, (both electronic and snail mail), to the acceptance of rents,” she says. Atsiknoudas emphasizes that the company accepts all forms of payments from credit cards to paper checks.

Automated late reminders. The payments are automatically posted to the landlords accounting ledger and to the tenants account. “Part of our automated system is that if you have late payments, [it] automatically sends out friendly reminders to people to pay their rent,” says Atsiknoudas.

Pricing starts at $7.99 per month for up to five units and increases for additional units with $50 a month buying unlimited access. “We’d like to be able to simplify management on every level,” says Atsiknoudas.

I found this article on Yahoo.  It was by Phoebe Chongchua and dated Fri, Apr 9, 2010
http://realestate.yahoo.com/info/news/landlords-get-help-with-managing-rentals