When it comes to gauging upon the important things that make a property management business successful, one thing that is often left-out is the finding the 'best tenant'!
The real estate industry is very competitive and while for a property managers its normal to get a huge number of applications from tenants who are looking for a rental property, it's still very difficult to pick the best tenant.
So, how can you select a great application and find the best tenant? One of the most important ways to do so is by having a great template for for your tenant application form. Here’s what you need to consider:
The first and foremost thing of a tenant application form is identifying who the tenant is. Ask them their full name ( including the first, middle and the last name). Do ask, if they have ever used any other names when renting a property as this will affect any background checks you conduct. Consider including the following:
- Tenants date of birth
- Government-approved ID card
- Proof of identity documents (100 points)
- Driving licence number
- The relationship that each tenant has with one another if multiple people are applying
You should ask for their contact information in the tenant application form. Make columns for their mobile number or any other contact details. You should also consider asking for an email address or any other contact information if they have it.
Before offering a tenant the property, it is very important to know where they have lived in the past, especially if it was in rental properties. Ask for the addresses and contact details of the previous three properties.
Remember to ask for the complete address including the name of the city, state, post code. Cross-check the information with the previous property managers or agencies to know if they are reliable and good tenants.
Where do they work?
Tenants work history will tell you if the tenant will be able to pay the rent amount in the future or not. Ask your tenants current and previous employers and do ask what the duty of their job is/was. You can also confirm the amount they get paid to ensure if the tenants are being honest on their application and that they will be able to meet rent each month.
Credit history, just like the tenant's job application will give you an idea of tenants ability to pay rent in the future. When asking for tenant's credit history, consider asking for bank statements etc to qualify their application.
Having emergency contacts and references will help you cross-check a tenant's background. References like employers, previous landlords and neighbours are good ways to know more about the kind of tenant you might be engaging.
In the last section, you can ask tenants things like:
- Why they have moved out from the previous rental
- Do they have any criminal background
- If there’s anything the homeowner would like the new renter to know
- Have they ever been in a lawsuit
- How did they get to know about your property and more
Interested in managing tenants online? Visit the Bricks+ Agent app, to find out more or get in touch below!