Property Management Blog
It’s not just the home rental process that requires lots of documents. From applying for financial aid to securing a job to obtaining a bank loan, proof of who you are can be requested in many situations.
Keeping up with your personal documents can make these situations happen in an easier, faster manner. Here are some ways to make the application process happen smoothly:
Review your credit report. Don’t wait until someone else requests your credit report to discover a discrepancy. You have the right to obtain a FREE copy of your credit report each year from every credit bureau (Equifax, Experian, Trans Union). To find out more about obtaining your FREE copy visit this website: www.annualcreditreport.com
Keep your employers information updated. It’s surprising how many people don’t know the correct phone number or name of the contact person who can verify their current employment. When your employer moves department locations from one building to another or hires new employees, it’s likely that the contact information has changed. Save time by verifying your HR information before applying.
Keep track of recent paystubs and other evidence of income. Whether you are self-employed or work for a small business or corporation, proof of income is necessary to established whether you have the means to actually pay the rent. Always keep paystubs and 1099s. An “Offer of Employment Letter” can assure a company that you have indeed been hired and will have a particular amount of money at your disposal. Tax returns and bank statements are another way of verifying income.
Hold on to rental or mortgage history records. You’ll be asked for these as proof of where you lived prior to applying for a home. These items also serve to verify your history as a good renter or homeowner. You will be asked to provide the name, address, telephone and fax number, and dates of tenancy for previous landlords for a particular number of years. At Tyson, we request this information no matter what country or state you resided in.
Make sure your ID is current. Obtaining an updated driver’s license or state ID card takes time. When you don’t have a current ID, you can’t apply for a property. Property management companies don’t usually hold an application when other applicants are available and have the proper identifying documents.
Check your criminal history records. To avoid losing your application fee, you’ll want find out what offenses are grounds for denial before you apply. At Tyson, we require each tenant on the lease to have no admissions of guilt or convictions for a list of crimes that include but are not limited to illegal drug possession, violent crimes and assaults, and domestic violence. Multiple offenses of these crimes regardless of timeframe are always grounds for denial.
Always keep copies of your court records and any proof of payment if applicable. Forgotten liens and judgments can keep you from qualifying for a home rental. You’ll need to provide proof that you paid judgments or had a lien released.
Just because you can inquire about qualifying for a loan using a digital loan app doesn’t mean that’s the smartest way to borrow money to buy a home.
Haphazard financial inquiries can cause problems for hopeful homeowners.
If you’ve had money problems, there’s a simple way to gather information about qualifying for a loan with your bank, credit union or mortgage broker.
- Take a recent copy of your credit report or credit score and make a visit to a local mortgage lender or broker. Depending on your credit score, multiple requests for your credit report can bring down your overall score. When you supply the document yourself, the lender doesn’t need to request the document and that saves you from the possibility of your credit score falling into a marginal area.
- Ask the lender about loan options that would benefit your particular situation. They can give you advice about the loan you seek with their institution and your plans for homeownership. You aren’t obligated to apply for the loan right then.
Repeat the process with several more lenders so you get a broad picture of what type of loan you can afford. You can apply at a future date once you’ve done your research and have complete information about the lenders who want to work with you.
Bankrate has a great article that can help you identify issues that may be blocking you from borrowing in today’s market. It’s titled 6 Credit Report Items That Scare Lenders.
Everyone is entitled to one free credit report every 12 months from each of the nationwide credit agencies. You can read more about the Fair Credit Reporting Act on the Federal Trade Commission’s website
Most homeowners know that repairing and updating a home is necessary before putting it on the rental market.
Why? Fresh, clean spaces have visual appeal and can bring in more income.
Here are six must-do updates to apply when you want to receive the best rental price for your property.
- Replace carpets. Carpet typically has a shelf life of seven years in the rental market. Putting new carpet into place can brighten a home and get rid of the musty smell. It’s also an enticing way to get a potential tenant’s attention when listing the home. Who doesn’t want to rent a place with fresh carpet instead of used carpet?
- Update light fixtures. Chandeliers and overhead fixtures from another era can turn people off and replacing them is a simple update. Ask your lighting showroom representative to help you select fixtures more in line with today’s rental market. Consider changing fixtures in the bathroom, kitchen, dining room, and entry for a complete look.
- Add smoke detectors and fire extinguishers. Most states require landlords to provide these, and they provide a clear indication that you care about the safety of the tenant.
- Replace appliances. Again, old or used items aren’t visually enticing and can turn off renters. Opt for a warranty for added insurance against appliance failure.
- Add mini-blinds to all windows. This helps tenants with safety and security issues and adds a clean, finished look to the home. Tenants who damage blinds can be charged to replace them at move out as long as that’s listed in the lease.
- Paint inside and out. It's the most cost-effective way to improve the look of any rental home.
Are there exceptions to these rules? Maybe.
Vintage style homes are appealing to a certain type of renter and maintaining that charm can be important, so you might be able to skip the light fixture updates. However, don’t keep fixtures and appliances that are broken or dangerous to use or you could be liable for accidents and physical harm that the tenant experiences by using them. You’ll still need to paint, maintain floors and window coverings, and add safety items such as smoke detectors and extinguishers.
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- Melissa LaRose