The Rental Application Invitation Process

We have specific procedures in place to process rental applications.  This is done through TenantCloud.  It is our rental and property management platform.  To begin the rental application process, applicants must provide us with a valid e-mail address after they have seen the property.  We will not send the application information to anyone who has not see the property.

Once we receive the applicants’ e-mail address, we will send the TenantCloud application “invitation.”  It is important to note that every person age 18 and older that will be living in the home must submit a separate application. 

The “invitation” e-mail is valid for only three days.  After that, it expires.  We typically do not send out a second applicaiton “invitation” to prospective tenants.

Many times, applicants are working with a licensed real estate agent.  The agent should carefully read the instructions in the MLS listing.  They must send us the applicants’ information (name and e-mail address).  We use that to link the agent to their clients.  This is how the agents get paid any commission they are due if their client is accepted.

It is important for agents to understand the process.  Our homeowners will only consider rental applications submitted through TenantCloud.  Agents need to know that we cannot send the application link to them.  Also, we do not provide them with updates on the application status.  We communicate directly with the applicants.

The TenantCloud application process is very easy.  It’s important for applicants to know that they must use Chrome for the application process.  They must complete the application on a computer.  TenantCloud does not work well with mobile devices.  While submitting the application, all of the required information must be supplied.  An application cannot be submitted until it is fully completed.   Some applicants in the past have provided erroneous, false or misleading information.  Those applications are automatically declined.

Screening Reports Generated

When the rental application is submitted, a screening report will be generated.  Each applicant will pay $45 for the screening report.  This is paid to an independent organization for the screening.  If  an applicant doesn’t consent to the screening, their application will be automatically declined.  The screening report contains a full credit report by the credit reporting agencies.  There is also a criminal background report with information provided by law enforcement agencies.  Finally, it contains an eviction report generated by the Court system.  Under no circumstances will any refunds be issued due to faulty rental application processing or a declined application.  If applicants encounter problems with the application or screening process, they must contact TenantCloud directly.

Once we review the application, we may request more information.  There are specific items we look for when processing the rental applications.  Here’s what applicants need to know:

Our Income Requirement

The most important of thing we want to see is “verifiable” income.  It must be documented and meet the minimum requirement for each home.  This is clearly noted in our marketing and in the MLS listing.  Typically, our homeowners look for applicants who have verifiable income that is at least 3-1/2 times the monthly rent.  For example, we list a home with monthly rent of $1,000.  The minimum pre-tax income that is required would be $3,500 ($42,000 per year).

As part of processing the rental applications, we require at least two pay stubs or earnings statements.  This is how we verify the income reported on the application.  If necessary, we will contact the applicants’ employer for additional information.  For an applicant that is self-employed, they much provide their most recent tax return.

Rental History Review

An applicant’s housing and rental history is also important.  Part of the verification process is a search of the Judiciary information in the public records.  That includes Failure to Pay Rent actions, Evictions, Foreclosures and other legal issues.  The screening also includes a criminal background check.

Credit Report Review

We will review the applicant’s credit report.  We use this to look for bankruptcy filings or other issues that could negatively impact the payment of monthly rent.  We don’t worry much about credit scores.  They are just a number that doesn’t tell us what we need to know.  We are more interested in an applicant’s debt-to-income ratio.  We calculate this using verifiable income and the monthly payments for outstanding debts shown on the credit report.  We also calculate it including the amount of the monthly rent.  The lower the debt-to-income ratios, the better the application looks.  Typically, we want to see a ration of 30% or less.

Additional Information Needed

The application must also include information about any pets owned by the applicant.  Most of our homeowners will allow pets.  There are some restrictions, though.  Those are specific to each homeowner.   As part of the application review process, we will request a photo ID for the applicant and also pictures of all pets.  The applicants must also provide information (names and ages) of everyone else who will be living in the home.  As mentioned earlier, everyone age 18 and older must submit a separate application and will be a party to the lease.

Once we have all of the information we need, we review the entire application.  We then send our recommendation to the homeowner.  They have the final say on whether to accept or decline an application.  The rental application process usually takes between 7 and 10 business days, so applicants and agents need to be patient.