Being a landlord and property manager can be hard. It’s like owning your own little start-up business and you are the CEO, CFO, marketer and HR representative all in one. You have a lot on your plate to say the least.
Owning rentals is a business of its own and should be treated like a business. Many people fail because they don’t have the systems, skill sets or tools in place to properly run the business smoothly. A must-have tool for your rental business is a good tenant application form.
Your application should include all of the information and questions you need to know to make the best decision for selecting a tenant. It creates a fair process that helps evaluate tenant criteria equally based on your application questions.
Complete Guide for Screening and Selecting Tenants
The application is actually just one small part of the tenant screening and selection process. In our own rental business we’ve found out the hard way how important it is to take your time selecting tenants. We got anxious to rent our unit and took the first applicant that applied even though there were some red flags. It can be hard to be patient when you are carrying a property without a tenant and expenses are adding up. But trust me there are times when no tenant is better than a bad tenant. It pays to be patient.
As I was saying, the application is just one part of the tenant screening and selection process. The processing includes multiple steps in which you continue to gather more information about the tenant to determine if they will be a good fit for your property. Below is a brief overview of our process for screening tenants. For a more full description of each step make sure to check out the full post here: Complete Guide to Screening and Selecting Tenants.
- First Communication with Applicant via Property Listing
- Showing the Property
- Collecting Tenant Applications
- Review of Tenant Application
- Review of Contract Terms with Applicant
- Signing of Contract
Get Your Printable Application for Your Rental Property
You can grab a copy of the Rental Property Tenant Application by subscribing below. Not only will you receive the printable tenant application but you’ll have unlimited access to our entire Investment Property Resource Library. Subscribe for a limited time for just $2.99 per month to this growing digital collection of printable templates and tools for buying and managing investment properties.
It’s the perfect low-cost toolkit for anyone looking for a little more guidance to kick-start their passive income potential. No obligation – opt-out of the Investment Property Library at any time.
Subscribe below for the Tenant Application and access to our full Investment Property Resource Library
Some of the printable resources in the Investment Property Resource Library include:
- Sample Inspection and Inventory Record
- Sample Rental Applications
- Rental Business Financial Spreadsheet – Excel Spreadsheet
- Rental Property Cash Flow Worksheet
- Newsletter Updates
Additional resources are added all the time so check back often.
Best of luck being the CEO of your rental property business! For more information and resources to help buy, renovate, or manage your properties check out The Profit Property.
Until Next Time!
