Rental Application - Missing Anything? Too Much?

[Wenner Nunes]

Hello everyone,

I wanted to get your thoughts on the following rental application for a New Jersey property. This application covered most things - but I'm wondering if there's anything that was left out of if it's asking for too much information (i.e. credit card information / balances). I plan on also doing a credit check / background check after I receive the application back from prospective tenants.

Heres the link: http://www.nj.gov/treasury/dpmc/Assets/Files/Renta...

Also - do you guys usually charge application fees? Does a $25 fee seem sufficient?

Thanks for all the help!

[Thomas S.]

I would also include a statement that any application not fully completed or containing any false information will be rejected.

If you are paying for any credit or criminal checks charge a fee that will cover all your costs.

[Wenner Nunes]

Originally posted by @Thomas S.:

I would also include a statement that any application not fully completed or containing any false information will be rejected.

If you are paying for any credit or criminal checks charge a fee that will cover all your costs.

 Thanks, Thomas. Appreciate the feedback.

So you don't charge a fee on the application itself but rather just the price or the credit/background check?

[Chastity Cortijo]

Hey Wenner!

I'm a VA and I contract for small property management companies and real estate agents in Brooklyn, NY.

When setting up these applications, we do ask about foreclosures/bankruptcies, felonies, reason for breaking a lease. But I also include a line next to each for an explanation. I like to have a heads up from them about it before the interview. [i.e. Sometimes a lease is broken because of a job move. Totally valid and understandable! But a previous, maybe disgruntled, landlord may refer to that differently.]

I don't ask for the balance on their credit cards/loans because all of that is going to come up on the credit check. I rather depend on that, than their fear of not being approved and potentially fudging the numbers.

Also, I ask for more employment history. My clients like to see increase in income and somewhat stable employment.

Lastly, I set up the forms electronically - online forms. :)

Hope I helped a little!

From across the pond,

-Chastity

[Wenner Nunes]

Originally posted by @Chastity Cortijo:

Hey Wenner!

I'm a VA and I contract for small property management companies and real estate agents in Brooklyn, NY.

When setting up these applications, we do ask about foreclosures/bankruptcies, felonies, reason for breaking a lease. But I also include a line next to each for an explanation. I like to have a heads up from them about it before the interview. [i.e. Sometimes a lease is broken because of a job move. Totally valid and understandable! But a previous, maybe disgruntled, landlord may refer to that differently.]

I don't ask for the balance on their credit cards/loans because all of that is going to come up on the credit check. I rather depend on that, than their fear of not being approved and potentially fudging the numbers.

Also, I ask for more employment history. My clients like to see increase in income and somewhat stable employment.

Lastly, I set up the forms electronically - online forms. :)

Hope I helped a little!

From across the pond,

-Chastity

 Thank you for the very thoughtful and informative response Chastity!

What service do you use for your electronic forms?

[Christopher Giannino]

@Wenner Nunes

I would say that this is a pretty standard rental application.  I have heard of landlords including a basic questionnaire with their applications with questions like... How long do you expect to live here? How many vehicles do you own? etc.  It's really up to you though whether you feel like additional questions would help you screen better.

As for the application fees question, I think many landlords just charge the amount it will cost for the credit check.  Although it can be a revenue source, I think many landlords just charge an application fee so this way the potential tenant has enough skin in the game.  A lot of times, I see landlords advertise that the application fee will be applied either to 1st months rent or security deposit.   

[Chastity Cortijo]

@Wenner Nunes 123forms.com works well for most of my clients. They put it up on a tablet if in person, and it not only makes them look 'cool' but less paper, easy to reference, data storage for waiting lists, and you can always print the application if need be.

And echoing @Christopher Giannino We charge whatever the credit check fee is, and apply it to the 1st month's rent if accepted. 

[Jenifer Kynor]

Hi Wenner, 

I would also include the documents you wish for your applicant to attach when returning the application (photo id, pay stub, etc). 

Also, when screening, make sure to always run a full credit check, background check, and eviction report on any applicant above the age of 18. Normally, I've seen this cost closer to $45/person, but very rarely see any hesitation from applicants.