PropertyManagementMaven: November 2012

The Application Tells a Story. The Credit Report Paints a Picture.

Kudos for being so thorough and being viligant in checking information actually provided by the applicant.  One of the reasons I do not want to take application fees by credit chards or CASH is I want to see the information on their personal check!

The Application Tells a Story.  The Credit Report (and other verifiable info) Paints a Picture.Completing an application

Reviewing recent rental applications served as the catalyst for this post, but this certainly applies to home buyers as well (probably even more so).

I come across a lot of prospective tenants that don't have good credit and many of them inform me of this before they even fill out an application. Even if there credit is not stellar, that does not rule them out as potential tenants.  But what will get a prospective tenant disqualified more than anything are outright, verifiable untruths on the application.

I warn applicants that we do pull credit, but that poor credit does not immediately qualify them.  Here are some clear examples of application untruths:

Question:  How long have you lived at your current address?

Answer:  3 years

Credit Report:  Shows 3 different addresses for the past 2 years

Question:  What is your monthly gross income (I add a note saying "must match paystubs.")

Answer:  $X,000.00

Paystubs (actual):  $X00.00 (hundreds not thousands)

Question: Name of landlord

Answer: John Smith (private owner)

Landlord:  Person who's name is given does not own the house.

I'm just saying that lying on a rental application will only end up disqualifying the applicant.  Not only is the application riddled with untruths, but not their character comes into question.

Here's a tip:  If the truth won't qualify a prospective tenant or home buyer, then neither will an untruth.

The Application Tells a Story.  The Credit Report (and other verifiable info) Paints a Picture. 

 

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Comment balloon 6 commentsWallace S. Gibson, CPM • November 28 2012 05:49AM
The Application Tells a Story. The Credit Report Paints a Picture.
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Kudos for being so thorough and being viligant in checking information actually provided by the applicant. One of the reasons I do not want to take application fees by credit chards or CASH is I want to see the information on their personal check!… more
YES! I have your applications, thank you! Now, SHOW ME YOUR MONEY!
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The floor plan may be the same, be sure to check it out anyway.
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Landlord Holiday Poem by Nancy Neville
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No "I can't get my oven/microwave to work" calls so I am VERY grateful… One holiday down and no phone calls JUST e-mails with applications and requests for showings… WHEW! &… more
Being "Soci@l" - Two and A Half Years into the Journey
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I am not surprised that many agents and PROPERTY MANAGERS don't realize the VALUE of this approach in today's rental market… the definition of SUCCESS has not changed - the road to SUCCESS has changed Being "Soci@l" - Two and A Half… more
Can I get my deposit back if I didn't sign a lease yet?
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I continue to market a property until the lease is signed and the check is deposited. One reasons for getting "move-in monies" by bank or certified funds is to PREVENT the tenant prospect from backing out of the deal. I ALWAYS have a… more