Renter’s Resume Guide
When you apply for a job, you take with you a resume. This detailed document provides all the information that a prospective employer needs to know to make a decision about you. You want the employer to see that you are a good fit for their company. The same is true when renting an apartment or home. You need to show the prospective landlord that you are a good fit for their particular needs.
Once you have checked out the property and you have done some homework on the landlord or property management company, it is now up to you to present a good case of why this company should work with you. It is not an easy process and yet, it is one of the most important things you can do for your rental needs.
In some areas, competition for top of the line and affordable properties is likely to be a big factor in your search. The fact is, most landlords will look at several applications for the unit to determine which prospective tenant is the right fit for them. This is rarely done instantly. For example, if you have scheduled an appointment to see the location, you want to be ready to make a decision on it within a few hours or up to a few days after seeing it. Some properties will not be available for that long!
Still, there is no reason to rush into renting a property. In fact, the first step is to ensure the property fits your needs. The second step is to ensure the company is worth working with. Then, and only then, it is up to you to present yourself in such a way as the rental property manager wants you to live at the facility.
To do this, you will need to present a case for why you are a good fit. There are several things to include here! In this article, we look at the various ways that you can make the property manager think, “What can I do to get this person to sign a lease?”
Renter’s Resume – Application requirements
When you do find a great property, be ready to provide all of the information required to fill out an application. When renting, most companies will require that you provide your personal information so they can do a thorough background check on you. They are looking to verify that you are someone who they would like to have live in their apartment or home.
Specifically, you will need to provide your personal identification information. This includes your legal name, current address and your Social Security Number. This information is then used by the company to accomplish several things:
1.The company needs to ensure you are who you say you are. It is imperative that they have an accurate identification on you so that if there are any problems, they can report them properly. An error in providing authentic information here could result in the cancellation of any contract you do sign, without getting your deposit back.
2.The company may perform a background check on you. Depending on your state’s laws, the company may or may not have to tell you they are doing this before doing so. A background check checks out your criminal background. Some facilities are more lenient on the number and type of convictions you can have to live at their residence. Again, the laws on discrimination of criminal history is based on state laws.
3.The landlord may want to verify your old address. If you lived in another apartment, for example, they may wish to verify any data they can through that company. The laws on what can be told about you are specific to your state as well. Some states allow a landlord to ask questions regarding the type of tenant you were and how well you paid.
Personal identification information is usually verified through more than one form of identification.
The rest of the application will center around details including your past and current circumstances:
•Where do you work? This information is likely to be verified later.
•Who will live in the apartment with you? Their information and identification may need to be verified as well, depending on the specifics of the location.
•Past employers and other references may be requested
Fill out the application thoroughly and neatly. You may ask to take the application home with you, but filling it out on the spot may be better especially if you are hoping to get an apartment or home that is in high demand. Remember that an application is just that: you are applying to rent the location. As such, you are agreeing to be considered for the property knowing that the company does not have to rent it to you. Once you sign a contract, then you can consider yourself to be secured.
Renter’s Resume – References
References are an important part of getting any property, especially if this is your first property. Rental property managers will contact your references in most cases.
These are designed to allow the manager to get a good idea of what type of person you are. They are not interested in renting an apartment to someone who is unorganized, unprofessional, or has trouble staying employed. To the landlord, you are a risk they are taking on. They are financially dependent on keeping the apartment or house in good condition and on the tenant’s making payments on time. Therefore, the more information they can gather about the type of person you are, the more secure they will feel about renting to you.
You should provide at least three references. Good people to use include:
•A family member outside of your immediate family (such as an aunt, uncle or cousin rather than a mother, father or sibling) since they are often a more reliable source.
•A past employer who will give you a favorable review.
•A long time friend, who is older; if you are just 21 and trying to rent an apartment, choose a family friend rather than your 20 year old buddy. This will look more respectable to the company.
Be sure that you alert your references ahead of time to ensure they are okay with allowing this information to be provided about them. You also may want to speak to them about what they may say. For example, you may want to tell your uncle that a property manager may be calling and that you would like him to tell the manager that you are a responsible person.
There is no telling what people will say about you, especially if they are caught off guard. Therefore, be sure you select those who you trust the most!
References may be called, or may not be called. In either case, you need to have them available to place on your application. Therefore, take their names, addresses and their phone numbers with you when filling out the application. Be prepared!
Renter’s Resume – Employers And Income
Another part of your rental resume needs to be your income and employer information. Most rental applications will request this information from you since it allows the company to learn what qualifications you have for actually affordable the property you are renting. Consider it: would any business allow you to buy a place to live without you demonstrating your ability to pay the bills?
Your employment information is gathered on the rental application. You will need to provide information on your current employer, including the employer’s name, manager’s name, the address and contact information for your supervisor. This information helps the employer to contact the company and ask for additional information.
In some areas of the country, your employer will not be allowed to provide many details about your employment. They may be able to state your dates of employment and provide basic feedback on you. In other situations, they can verify income, your position and your work history but only if you have provide written approval for such a request. Of course, if a rental company asks for this information, it is best to provide it to ensure that you are able to qualify for the property.
It is important that the information that you provide with your application is accurate. There is no benefit to lying about how much you make here! Also, most rental managers will ask for several weeks or even up to two months of paycheck stubs to verify the income you are making. You should bring these with you when you are viewing properties and filling out an application. This may help to keep the property manger from having to speak with your employer, too.
Renter’s Resume -What about income? How much do you need to have?
The amount of income you have will factor into the amount of rent payment you can make. Every property management company and landlord is looking for a different number. In short, they want to ensure you have enough income to make the payments you need to make (remember the budget listed in Chapter 1) and still have money left over to pay the rent.
They know that if you do not make enough money you will struggle to make the monthly payments for the property. They will not allow you to rent a property if they do not think you can afford to do so. While this may seem limiting, since you may have a good idea of what you can afford, it is still likely a qualification for moving in.
The amount of money you must make is dependent on various factors. Some property managers will request to see a budget outlining all of your other debts. They may simply want to know what other financial obligations you have. Again, there is no benefit in not being thorough and upfront about this information since it does have to be verified. They can see which loans and debts you have on your credit report, for example.
In addition, you may find that limitations on how much you can pay in rental income is a good thing. If this is your first time renting a house or an apartment, you may be somewhat unfamiliar with the costs associated with the process. This can be difficult for many people to predict. Therefore, see these limitations as a good thing.
Most property managers of larger companies will require that your house payment to income ratio be under 40 percent. It is best if it is under 30 percent, but that may be difficult in some areas. This would leave between 70 and 60 percent of your income to pay other bills other than your rent.
Tip:
If you believe that you have enough income to pay your bills, but your property manager’s ratio is too high, you may wish to work out an actual budget to show to the manager. For example, if you have very few other debts and would like to qualify for a property but you do not have a high income, show them a list of all of your debts. This budget demonstrates your ability to pay.
With all of this information in hand, you can provide your potential landlord with all of the information they need to make decisions about renting to you. You want to assure the property manage that you are a good credit risk and a good tenant. Doing so will help you to get the property you want to own!
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