Preparing a Rental Application? What You Should Have Ready to Submit Before Being Asked
When in the preparation process of submitting a rental application, it is a great idea to submit your application with all supporting documents intact before actually being asked for them. While different applications, property managers, and landlords might request different documents, there are a few that are generally requested, such as proof of income, credit check, and background check. By providing these documents up front you are saving the person (or people) that are reviewing the applications some time in having to contact you and request them, while also setting your application apart from the others.
Credit Check
Much like your proof of income, providing a credit check will provide those that are reviewing your rental application with some insight as to what kind of borrower you are, and how much of a risk they would be taking if they accepted your application. If you know that you do not have the best credit, applying for pretty much any kind of rental or loan can be extremely stressful and frustrating, however, having a less than ideal credit score does not mean that you will not be accepted. If you fall into this situation consider asking someone that you trust to be a guarantor. Now, this is not a conversation to go into lightly being the person is held responsible for any outstanding debts or in this case unpaid rent, but if you know that you are able to fulfill this monthly obligation it might be a conversation worth having. By providing a guarantor you are also demonstrating to those looking at your application that you know about your credit situation, but that both you and the guarantor are confident in your ability to make rent on time.
Proof of Income
If a person or company is renting out a house or apartment, they are doing so for one reason, and one reason only – to make money. They are looking to fill a vacancy, and gain regular income from the rent received. No one wants to have to track down or be fighting with a tenant who cannot pay their rent. Even worse, no one wants to be stuck with a tenant that up and leaves while still owing money. This can lead to court costs, the stress of needing to find another tenant and a whole lot of stress that no one would opt to go through. When you take the first step and provide a copy of your proof of payment with your rental application you are providing those reviewing it with peace of mind in knowing that you do in fact have regular income coming in, and will be able to afford the monthly rent.
Background Check
A background check is not something that is always required with a rental application, and to some this might seem like a step too far. However, providing a background check will set your application apart from the majority of other contenders. A background check will provide the landlord and/or property manager to know if you have been involved in any crimes or criminal activity in the past. This again goes back to no one wanting to have to deal with any extra stress or headaches. Providing a background check is a great idea if you are applying for an apartment or a home in an area with a lot of families and children around specifically.