You know as well as I do that approving tenant applicants is a challenging task to undertake. Choosing a tenant is something you should not rush or take for granted because the consequences are unfavorable. The landlord could end up evicting the renter for having issues with the payment or attitude.

Approving tenant applications will take time, and the applicants should be aware of that. When entertaining potential renters, you should let them know how long the evaluation could take. Nobody wants to sit around and wait for news if they are anticipating approval. You can also tell them the factors affecting how long an application approval can take.

By telling the applicants about this, they can estimate the waiting time because they filled up the documents. You might already know some of them but let me refresh your memory.

Employment history and income

One of the things landlords and agents look for is tenants who are good payers. You will not approve someone if they cannot afford the rent. Choosing an applicant without the appropriate income will result in late or missed payments. We do not want that.

Checking a tenant’s employment history and income should be thorough and will take time. Sometimes you might run into a few setbacks, such as late responses from the employer. Some tenants may give out the wrong contact information, and you would have to wait for the correct ones or look for them yourself.

Background and credit checks

All landlords and agents make it a part of their standard protocol to do background and credit checks. Doing it will give them the essential information they need to assess an applicant. Some landlords even hire agencies to do the checking for them.

Credit and background checks may take a while to finish, especially if there are missing data. You can advise the applicants to ensure they include all the necessary information to avoid delays.

Confirming rental history

If the tenant applicants have rented properties before, you might want to reach out to their past landlords. They can give you additional information about the tenants, such as how they are as renters. They can tell you if the tenants are consistent in paying their rent and if they follow the lease agreement. Contacting previous landlords can also tell you if they evicted the renters and why they evicted them.

For you to be able to do this, the application must contain the correct contact information. You also have to confirm legitimacy because some people may ask someone to pose as a landlord to give false details.

Incomplete information and documents

As much as we want to make the process faster, some tenant applicants fail to give out the needed information on their forms. The applications should be complete and accurate because the wrong details can slow things down. I can say the same for lacking documents. You can’t proceed with the background checks when that happens.

You have to get back to the applicant and wait for them to provide the missing data and documents. And we don’t know how long that’s going to take.

Approving co-signers

Tenants with less-than-stellar results during the credit checks may find it hard to get approved. Sometimes they can ask a family member to become a co-signer or co-applicant. It should be someone with a good credit score and income.

The approval may take a few hours to a day. The tenant applicant would have to wait for it because they need it to get the rental.

You have to remind the tenant applicants to provide their complete details if they want to get approved as soon as possible. If they knew how crucial it is to be accurate, they would have no problem doing their part. They might even lose their chance if they delay.

But if one applicant does not work out, you can look for others. Here’s a tip for you. Sign up for Padleads, post your property listings, and syndicate them to other websites. It’s like a one-stop shop for leasing agents and landlords.