A Bullseye point of view in rental app process
What to expect when applying
“You just found the perfect rental home that you have been searching for and are super excited!”
Now what?
It’s time to fill out a rental application! A rental application is a form that landlords and property managers use to request detailed information from potential renters. The information is necessary to determine an applicant’s finances, creditworthiness, and ability to pay rent on time.
When reviewing an application, Bullseye Property Management & Realty will ask ourselves two important questions:
1) Does the applicant pay their bills on time?
2) Does the applicant have sufficient income to pay their rent on time?
Some ways we answer these questions are by conducting a credit report and cross-checking paystubs & bank statements. When applying for a property, you give us permission to check your credit score and do a background check. The credit report provides information on the applicant's payment history, amount owed, length of credit history, new credit, and credit mix, which can give us insight into your financial responsibility. Additionally, reviewing bank statements and paycheck stubs allows our property management team to verify the applicant's income and ensure there are enough funds to pay for rent.
Where can I apply?
The online form can be found on Bullseye Property Management & Realty’s website under the Rental Application’s tab. From here, you will be prompted to choose which property you are applying for and fill out the necessary information on the application form. If you have not scheduled a showing with our leasing coordinator, it is highly recommended that you tour the property before submitting your application to ensure that it meets your needs and expectations.
Three Step Method in the Application Process:
Step 1: Apply and Pay the Application Fee ($50/adult)
Anyone over the age of 18 must submit their own individual application and pay the application fee. The fee must be paid within 1 business day of submitting the application. The fee may be paid online via checking or savings/credit card payment or in our office with certified funds (cashier’s check; money order).
*Please note, by paying your application fee, either electronically or in person, you agree that application fees are non-refundable.
Step 2: Provide All Required Documentation
Our team will not process the application fees or submit screening until the required documents have been received by all parties.
Required Documents Checklist:
Valid Driver’s License or ID
Two most recent paystubs from current employer- in PDF Form (If self-employed- a copy of last two year’s individual tax return with at least one year of income history).
Unemployed applicants must have verifiable income or liquid assets equal to 2.5x the total annual rent. (Verifiable income may be bank accounts, spousal/child support, trust account, social security, unemployment, welfare, grant/loans).
Two most recent bank statements- In PDF Form.
Rental Ledger from current and previous landlord. If you have only had one landlord in the past five years, you only need to provide information pertaining to your current landlord.
Step 3: Processing of the Application
In general, our Bullseye team typically takes 3-5 business days to finish processing the application.
What's the hold up?
Some of the most common hold ups in our processing timeline are:
- Submitting a rental application sight unseen.
- Missing required documentation.
- Not submitting PDF versions of paycheck stubs or bank statements.
- Waiting for other applicants to submit their application.
- Unable to receive rental verifications.
- Waiting for the results of the credit screening and background checks.
To avoid hold-ups in the processing timeline, it’s crucial to have all the required documentation ready before submitting the application. This will help ensure your application is reviewed in a timely manner.
In conclusion, applying for a rental home can be a daunting process, but by following the three steps outlined by Bullseye Property Management & Realty and being prepared with all the required documentation, the process can be smooth and efficient. It's important to remember that the application fee is non-refundable, so make sure you're ready to commit before submitting the fee. Additionally, be aware of common hold-ups in the processing timeline and do your best to avoid them by providing all required documentation in a timely and accurate manner. By taking these steps, you'll increase your chances of being approved for your dream rental home and starting the next chapter of your life in a comfortable and secure environment.