Planning to rent a suitable apartment for your need? Have you already started searching for different properties? Most of them can be found on your own or by seeking help of real estate agents. On the other hand, the large apartments are usually directed by different property management companies. The application procedure will be similar in all these cases however, property management companies may go much deeper into your job history and credit to establish your worth, being a tenant. Some of them might be willing to perform criminal background check. Make sure you stay prepared for a personal and financial assessment if you want to take a property on rent by taking help of a property management company. Check out some criterion the property management companies will consider in tenants:
- Application fees
The property management companies usually have application fees for each tenant to subsidize the expense and time of conducting thorough research about potential tenants. The amount is non-refundable even though you are not eligible for tenancy.
- Proof of identity
Most companies will need the license of a valid driver that consists of a photograph and other valid identification like passport, non-resident alien card or Social Security card. They will not hold the originals but create copies for the files.
- Income proof
The property management companies will usually need the proof of your monthly income and verification of the time period for which you have been employed in the present situation. If you are willing to relocate, get the letter ready from your new employer that declares about your present salary and length of contract. You should stay prepared to provide your bank statements and income tax return. Some companies might ask for the list of your monthly expenses and at least 75 percent expenses-to-income, before the taxes, to be the threshold of acceptance.
- Credit score
You will have to give consent for the management company to assess your credit score. If you have low score, then this does not mean you will be denied the tenancy in anyway. Rather, you might be asked to to increase security deposit for providing assurance that you won’t turn out to be a defaulter. If you are aware about your low credit score, inform it to the lender beforehand. The fewer surprises that the company might find, the better it will be for your profile. Besides, unpaid debts, collections, delinquencies and Chapter 13 bankruptcy might be the reason for rejecting your application. If this is your present situation, you can always offer to pay for at least several months' rent up front.
- Seek for referrals
Both personal as well as business references from past landlords are some important additions to the tenant application. Make sure your previous landlord enquires about the regularity of rental payments, the amount you paid earlier and how good a tenant you had been. In case there had been any evictions earlier, then this might disqualify your application.
- Check criminal background
Many companies might ask for a background check on the tenants in order to stay away from wrong candidates at the time of shifting properties, particularly if children are located in the community. Though they cannot differentiate due to age, family status or race, they also have some kind of responsibility for other tenants to keep their premises free from illegal activities and criminal behavior. Your local estate agents in Central London can help you in this regard.
Apart from the ones discussed above, if you are completely new in the rental market and do not have past rental payments for backing up the application form, then you might be asked for a co-signer before they may be willing to rent you the property. The obligations of your co-signer will provide the back-up source in case you become a defaulter in the rental payments. This is considered to be a legal compulsion for the co-signer and must be handled by knowing the responsibility established between the tenant and the co-signer. Thus, the co-signer will be subjected to the same application process as the tenant.
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