Property Management Blog

Property Management Tenant Application Screening

 

 

Hi, I'm Kianna, a property manager here at Reeder Asset Management a professional property management company. Today, I would like to briefly explain how to apply for one of our rentals, but also how we screen your application once we receive it. For more information feel free to call us at either of our Logan, Brigham City, Ogden or Salt Lake office locations.

The first thing you will need to do is go to our website at www.reederproperties.com Because we pull a credit and background check for our applicants, anyone who is 18 years of age or older that will be residing in the home, will need to submit a separate application. Yes, that includes you married folks too. There is an application fee of $50 per application (video will say $40 the $10 increase is to cover expenses within the screening process).

We screen completed applications first. This means we need all applicants who will be living in the property to apply at the same time. For example, let’s say you’re applying with your spouse. You’ve applied, but your better half hasn’t yet. Then another group comes along, and all parties apply for he same unit, before your spouse applies. We would have to screen the second grouped applicants first and you would get bumped down the list.

Once we have the second grouped applicant’s complete applications we will begin the screening process. Complete applications include: attached documents such as a driver’s license, proof of income i.e. paystubs or offer letter, animal information if a pet friendly property, etc. There are 7 major categories that are property manager's look at closely to approve or deny an applicant.

7 Property Management Application Screening Criteria

  1. Credit Score
  2. Collections
  3. Payment History
  4. Employment Stability
  5. Debt-to-Income Ratio
  6. Rent History
  7. Criminal Background

Our property management team wants to make sure that our tenants have an exceptional credit score that reflects their payment history. If an applicant has 5 or more items in collections, this is grounds for an automatic denial, the same goes for individuals who have a bankruptcy that is less than 5 years old. Eviction case are always denied. It’s crucial that applicants have a 45% or less debt-to-income ratio. For example, if you made $100 monthly and had $50 of debt payments monthly, you would have a 50% debt-to-income ratio. We will verify your income and employment by contacting your employer and verifying paystubs you provide. We also contact previous landlords to confirm you in fact lived there and were excellent tenants.

In review of criminal history, Reeder follows the rules and regulations relating to the Fair Housing Acts. Since each applicant has differing history, only after an application is completed can a determination be made. Generally, persons on any sex offender list will be denied. Persons with convictions relating to distribution and/or manufacture of controlled substances will be denied. All others go through our application process.

Application screening may take 1-3 business days or longer. After we have collected all this information, we will reach out to you letting you know whether you are approved or not. If you have more questions, please call our office at the phone numbers on your screen. Thank you for considering Reeder Asset Management it is our pleasure to serve you.

Posted by: Reeder Asset Management on March 1, 2018