Financially, many landlords are shooting themselves in the foot. The application procedure is normally the first place they do so. Insufficient and inaccurate rental applications cost landlords much needed earnings. Nearly 50 % of the applications I review are either missing out on information or are illegible.
Careless applications speak adversely about the prospects filling them out, however they say much more about the landlord or home manager who accepts them. When a landlord accepts an illegible or incomplete application, he or she is telling the candidate, “”I don’t care.”" Think about what seeds an “”I don’t care”" attitude plants in the applicant’s head.
If the landlord is not serious about the application and the info which may or may not be in it, exactly what else is he lax with? If he is not serious about the application process, is he major about the rent being due on the 1st of the month? If the landlord is less than professional throughout the application process, is he major about the potential tenant taking great care of his rental unit?
The application has numerous crucial purposes, all which depend on it being completed legibly.
Much of the details requested in an application is had to adequately screen the tenant. When I see a careless application, my very first idea is that the landlord is cutting corners in the screening of prospective tenants. By the way, the factor I am called upon to take a look at the application and file is since the landlord is owed cash by the very applicant who submitted a sloppy application. Now, he is relying on me for advice on gathering it. I firmly think there is a direct relationship in between the application/screening procedure and renters who leave the home owing an average of $3,500.
The rental application needs to include an area for at least one emergency situation contact. Completing this area needs to constantly be a requirement. Nobody wants to imagine a circumstance where you need to contact someone in case of an emergency situation, however if you do, you will have the contact info to do so.
The home manager who is eager to lease hardly ever considers the last purpose of the rental application. The info on the application is invaluable in the collection process when the tenant is either kicked out or deserts the lease and the home. In that case, a insufficient or illegible application makes gathering the debt difficult, if not impossible.
Require that your applicants finish the application in its entirety and legibly. Doing so will minimize financial obligation and boost profit.
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