Placing Qualified Tenants
MAIN Property Management Application Criteria
To all Prospective Tenants:
MAIN Property Management gathers Prospective Tenant (PT) information and formulates an Opinion that is then shared with the Owner or Landlord (L). Much like a bank, MAIN’s Opinion relates to the ability of the PT to complete the terms of their lease, which includes, but not limited to, the PT’s ability to pay the rent in full and on time each month for the duration of the lease. We like to see a score card of 0.
The following are the criterion that formulate the Opinion sent to the L:
- MAIN is an Equal Housing Opportunity Agent
We do not discriminate in placement of tenant or housing offered based on race, color, national origin, religion, sex familial status (families with children under the age f 18 or who are expecting a child), or handicap. You can learn more about the Fair Housing Act here www.justice.gov/crt/housing/title8.php
- Manager Discretion
MAIN reserves the right to exercise “Management Discretion” within the process of pre-screening/showing /leasing units. If a potential tenant otherwise meets the admission criteria, but we are not comfortable leasing to PT due to dialog that we feel PT might not be happy with the unit, or communication that is uncomfortable, confrontational, rude, threatening or otherwise inappropriate, we may exercise Management Discretion as the sold basis for recommending rejection of the PT.
Management Discretion is Scored 0 (no objection) to 5 (rejection).
- Rent to Income Ratio
We like to see a rent to income ratio of less than 33%. This is calculated by Monthly Rent divided by Before Tax Monthly Income. For the income to count, it must pass #4. Income verification, such as paystubs or 1099 statements, may be requested.
Rent to Income Rent<33% Score 0
(of your Gross Income) Rent = > 33% Score 5
- Experian Credit Score
The credit score must be that of the person with the income who is on the lease and will be paying the rent. You are entitled to one free credit report from each of the three national
credit reporting bureaus every year. You can get your free credit report online by visiting www.annualcreditreport.com
FICO Score > 650 Score 0
FICO Score < = 650 Score 5
Q&A Screening and Showing Units
Q: How much does it cost to apply? +
A: The nonrefundable application fee is $50. You will be prompted to pay via credit or debit card on the screen following the application questions. You can also pay with cashier’s check or money order in person.
Q: Can I supply my own credit report? +
A: Sorry No. We need to verify the authenticity by pulling our own report. This insures all applicants are measured by the same criteria.
Q: How much is the security deposit? +
A: The security deposit recommendation is based on the total strength of the Application. It is most common for the security deposit to range from 1.0 to 1.75 times the total monthly rent including pet charges. Some factors considered include: FICO score, number and size of pets, length of current employment, type of employment, length of current and previous residence, credit history and management discretion.
Q: How much are the pet charges? +
A: $50 to $100 per month depending on the number and size of the pets.
Q: I have good credit, my roommate has good income, can we qualify? +
A: Sorry the income and the credit score must be for the same person. In this case each person must apply as an individual, and all “roommates or tenants” must be a signatory on the lease.
Q: Can I have a Guarantor on the lease? +
A: Sorry, No. Each tenant must qualify on their own.
Q: How long is the application process? +
A: Normally, 2 to 3 business days to process your application.
Q: Can you hold off contacting my current employer or current landlord? +
A: Yes, We will not contact these parties if you specifically request us not to, however, this may delay your application process or approval.