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The 7 Most Important Parts of the Application Process When Renting a Property

The-7-Most-Important-Parts-of-the-Application-Process-When-Renting-a-Property-1

Most St. Louis property management companies ensures that application for renting a property will go through a process that is standard whether submitted via a hard copy or online via a website in other to determine if the applicant is eligible.

Below are some criteria considered by most property management companies. These criteria are always the same for every applicant.

Application fee

The application fee is a fee for application processing and it is paid with the submission of the application form. Most St. Louis property management companies charge between $20 and $50.

Income

A competent property management company ensures the income of a potential tenant is an income to rent ratio of 3.0, that is the monthly income is more than three times of the monthly rent. The income of an applicant could come from their current employment, pensions, and government payouts such as child support, SSI and assistance agencies. A potential tenant that cannot meet these requirements, will need a guarantor that can meet those requirements. If an applicant is on a payroll income, its best to have a paystub that is current, which will show the income for a whole year, instead of a one-time payroll slip.

Criminal Background.

A competent property service will ensure the application submitted by an applicant contains a good credit reporting service document, that will provide law enforcement records on an applicant for at least 10 years.

Eviction History

Most property management ensures that their application form contains an eviction history page so that they can determine if an applicant has had any eviction in the last 5 to 10 years.

Credit History

It important to a property management company to have a concise summary of the credit background of an applicant. Important items in the credit summary includes different number of positive and negative credit history, current collections, and past due amounts. Debt on medical bills and students loan do not have the same weights as charges from utilities and credit card that are outstanding. A good credit summary will also give a list on civil judgments, bankruptcies, etc.

Rental History

It’s important for an applicant to supply at least two years of residential history. Most property management companies ensure that a written release from a current landlord is supplied if the applicant is breaking a lease.

Applicant’s Age

The age of an applicant should be at least 18 years, and all adults that will occupy the property will be required to complete an application that is separate along with their income verification should be submitted.

Most St. Louis property management companies ensures that their application form consists of items that can disqualify an applicant, such as undisclosed criminal record, eviction by a landlord previously, false information on the application, conviction of certain crimes such as child abuse, current Bankruptcy proceedings, and so on.

These criteria listed is one of the factors used to determine if the potential tenant has a good quality and has the ability to maintain payments of rent dues in a timely manner.

To find additional information about St. Louis Property Management, visit: https://www.stlouispm.com.

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