Rental Applications – Why so much info?

Why do we ask for so much personal information on our rental application?

Atlantic Real Estate Management requires each adult over 18 years of age who is interested in one of our available rentals to submit a separate application. Each applicant must meet the minimum standards for approval. Applicants are required to provide valid identification, proof of income and verifiable rental references.

Why do we ask for all of this information? Think of a rental application as a combination job interview and an application for credit. Each rental property that we manage is privately owned. The homeowners we represent have hired us to manage their properties. We therefore have an obligation to the homeowners to find well qualified tenants to live in these rentals. How do we do that? We use the information you provide us to conduct a criminal background check, a multi-state sex offender search, acquire a current credit report and FICO score. We also verify that your income is sufficient to cover the monthly rent and that you have a history of paying your rent on time.

If approved, we agree to provide you a home and you agree to pay rent in equal monthly installments. Your credit report shows your history of borrowing and repaying. Your FICO score predicts how likely you are to pay your debts. A higher score shows that you are a more reliable borrower and therefore a safer risk for lenders including your landlord. Atlantic Real Estate Management requires a minimum FICO score of 600. This score is in the “Fair” range. If your score falls between 600 and 630 we may require you to pay an additional security deposit or to have a co-signer who will guarantee that the rent will be paid. A score of 670 is “Good” and indicates that you are a reliable borrower. A score of 670 or above will make it more likely loans and other credit applications will be approved.

If you meet all the financial requirements and want stay a step ahead of all the others looking at the same rental there are a few things you can do to make a good impression. When you make an appointment to view the property be sure to provide us with a cell phone number where we can reach you if necessary. Be prompt. Plan to arrive at least a few minutes early and be sure to call if you are unexpectedly delayed or if you need to cancel. No one wants to wait around for someone who doesn’t show up. Think of questions about the property before you arrive so that you can ask them as you walk through the rental. We often show a property to 3 or more people in one afternoon. The first qualified application is usually accepted so don’t wait to fill out the rental application. Complete the online application as soon as you are sure you want to rent the property.

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