Processing tenant applications is an important task which, if not done properly, can result in a high-risk tenant being placed in your property.
An agent should have a set list of criteria for approving tenants which should be openly advertised and adhered to by all team members. They should have a processing checklist to follow so that no step is missed.
The following should be verified by documentation and written references:
- Identification
- Tenancy Default Database check
- Income
- Stability of employment
- Current rental reference
- Previous rental references
Generally it takes 1-2 business days to process an application because the agent needs to wait for references to come back.