| The initial rental application you obtain from your tenant
contains information that could become extremely important to you in the future. If you
should ever find yourself in the unfortunate position of having to send a tenant to
collection, your most valuable tool will be their original rental application. You should
always keep a copy of it on file for at least three years. However, if you don't get ALL
the information at the time they are filing it out, you're probably not going to get it at
all. When first applying for a rental, applicants are usually anxious to be approved, and
therefore more motivated to supply you with the information required. Once they move in,
that motivation quickly disappears! Of course, a
completely filled out application puts big smiles on our faces, and assures you a faster
answer. But it also has some big benefits for you. It contains information including
employment supervisors, bank account numbers, personal references and emergency contacts.
Before your applicant walks away, take a minute to scan the application. Make sure every
space is filled in, especially phone numbers. The landlord information lines should NEVER
be left blank. If they live in a family home, they should put down the name of the person
they live with, and their relationship to that person.
Pre-screening the applications you get from your prospective tenants is
an excellent investment of time and trouble now, which could save you dollars and cents
later! |