Landlords may think that a solid lease agreement will get them through any tenant challenges, but it’s more likely to be their rental application that trips them up.
Here are 5 reasons why having a rock-solid rental application helps landlords shore up profits:
1. It’s the only way to discover — before it’s too late — that a rental applicant is a bad risk. Without the information obtained in the application, you could be setting yourself up for a loss.
2. The rental application contains the consent needed to run a background check, so you can access state-of-the art screening tools.
3. Applicants are required to sign and swear that the information they are providing is true, which can help deter fraud.
4. The contact information needed to manage the property day-to-day — and in case of an emergency — is in the rental application.
5. The tenant history found in the rental application is necessary for a collection company to locate a tenant who skips out without paying rent or after causing damage to the property.