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Rental Criteria Settings

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Question
Why is rental criteria important? Should I document my rental criteria in my Rent Perfect account?

Answer

Setting Rental Criteria

Having the proper rental criteria allows you to expertly manage your properties. Setting criteria will help you stay compliant with Fair Housing Laws and help keep the application process a business relationship. All investigations will receive a recommendation based on the landlord's rental criteria in the system. The system is set with default criteria that many landlords choose to use; however, we know that many landlords require criteria customized for their own needs. You may change the default criteria for your account by clicking "Rental Criteria" on the home page. Make sure to visit rental criteria for criminal and eviction records and credit score settings. Use the "Additional Criteria" box to document any additional criteria for your property. If criminal records are found landlords should do an individual assessment to assess the risk before making their final decision.

 


Things to consider:

What credit scores are willing to accept? The lower the score the greater the risk of nonpayment.

What conditional credit scores are you willing to consider with extra deposit? Are you willing to accept a cosigner?

What is the lowest credit score you are willing to consider?

Will you rent to someone with a previous eviction? How about criminal records? How many years back? (Remember to do an individual assessment if criminal records are found.)

Do all you can to ensure it is a person you can trust to take care of YOUR investment. Will they cause problems at your property? Are they likely to bring others onto your property that could cause damage or harm? Will they be a reliable, good tenant?

 

Be sure to check out these other helpful articles:

Sending your criteria to your applicants

Credit Score Basics

 Custom Rental Criteria for Properties


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Article Details
Views: 1193 Created on: May 07, 2015
Date updated: Apr 23, 2020
Posted in: FAQ Landlords
Tagged: criteria


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