Rental Application for Companies

[Niaja Farve]

Hi Bigger Pockets Community, 

I am closing on a property that is currently rented to a company (church group). I am going to offer the ability to continue staying in the property after completing my rental application. However, I wonder how to vet a company verses an individual. Do I have the company complete the application, but request each resident be placed on the application?

Thanks for any clarifications you can provide. 

[Nathan Gesner]

It's almost impossible to vet a company. They don't have credit scores, usually don't have Landlord references, etc.

I personally don't even vet them, but I mitigate my risk through other means:

1. Verify the company is legit and in good standing with the state;

2. They pay a higher rent rate;

3. They pay a double deposit;

4. They pay a mandatory cleaning fee because their employee typically won't clean because they aren't responsible for the bill;

A CEO/CFO/President or some other responsible person puts their application in so we have an individual to pursue if there's a problem. The actual occupant(s) put in applications so we know who occupies the rental in case of emergencies, inspections, maintenance, etc.

I may be forgetting something. Bottom line, our rentals are still cheaper than putting employees in a hotel so companies are almost always happy to pay a premium and follow our requirements.