Property Management: Criteria for Renting a Home

There are several categories that are used to determine an acceptable tenant for a property. The review and selection process is NOT a first come first served basis. Each applicant and all individuals over 18 years of age are required to meet ALL criteria individually.

Income Verification:
Each applicant’s income must be greater than or equal to 3 times the monthly rent rate. Non-married, non-registered domestic partners and roommates must meet the income, credit and all other requirements INDIVIDUALLY and pay separate security and other deposits.

Applicants who have experienced mortgage or medical related credit issues, or exceed a 50% debt to income ratio (including rent), MAY be considered with an additional deposit.

Also considered: debt obligations, length of employment, job stability and years in your field of work. A copy of paystubs/LES is required. Self-Employed must provide 2 years Income Tax Returns.

Credit History:
Items reviewed for each applicant and all individuals over 18 years of age are:

⦁ Credit Score 650+

⦁ Payment history. Collections on utilities, cell phones, etc. are a RED flag depending on the length of time since the event and status of current accounts

⦁ Bankruptcy/Short Sale/Foreclosure-length of time since the event and status of accounts after that time are reviewed

Criminal History:
The following may result in automatic denial to the extent allowed by law:

⦁ Judgments/Unlawful Detainers/Criminal Records and Civil Matters for the past 7 years-any of these are an automatic disqualification depending on the length of time since the event
⦁ Any criminal activity of the physical or violent nature
⦁ Any criminal activity including selling or possession with intent to sell drugs
⦁ Any registered sex offender

Additional Reasons for Denial:
⦁ An undisclosed previous rental address
⦁ An incomplete application
⦁ False information and/or omission of a material fact
⦁ Lack of response from an applicant for additional information

Past Residency:
All applicants’ current residence, as well as the past 2 years prior residences are reviewed. The following are example questions that would be asked of a Landlord:

⦁ Do you pay on time? Late payments of rent or NSF checks for rent are an automatic disqualification
⦁ Any 3-Day Notices or Evictions served? These are an automatic disqualification
⦁ Was proper notice given to vacate?
⦁ Any complaints or problems?
⦁ Was the deposit refunded?
⦁ Would they re-rent to the applicant? A NO response is an automatic disqualification
⦁ Any pets? Type and number? Behavior of pets?

Pets:
Carefully review the pet policy in the ad for the property you are interested in.
⦁ All pets are subject to the approval of the individual Property Owner
⦁ Large dogs or more than one (1) pet are on a case by case basis.
⦁ The Pet Deposit is $800 per pet
⦁ Pit bulls and other breed restricted animals are subject to conditions/restrictions set by a Property Owners’ Insurance company and may not be approved


⦁ Renters Insurance is required. Proof of Renters Insurance will be required prior to occupancy of all properties
⦁ We do not accept comprehensive reusable tenant screening reports as defined by and pursuant to RCW 59.18.257
⦁ All properties under management by The Real Estate Lady are NON-SMOKING homes. This includes all forms of tobacco, E-cigarettes and marijuana. Smoking is prohibited inside of all properties, garages, enclosed outbuildings.

 

If you meet ALL the criteria for renting a home, please complete the Property Management Pre-Application For Renting a Home here

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