Finding the right tenant is one of the most important steps in successful property management. At Flat Fee Landlord, we use a thorough, practical approach to screening applicants—ensuring peace of mind for you and a fair, transparent process for renters.
Here’s a breakdown of our process, including our “Perfect 10-Ant Analysis” for evaluating prospective tenants.
1. Background Checks: Safety First
We conduct comprehensive background checks on every adult applicant (18+). This includes:
Criminal History: We screen for violent felonies, sex crimes, and recent drug distribution charges. Any history in these categories is an automatic disqualifier.
Eviction Records: No prior evictions are allowed. Even a single eviction in the past will result in denial.
Skipped Leases: Applicants with a history of skipping leases or unpaid rental collections are not eligible.
Open Bankruptcies: Active bankruptcies are a red flag and will disqualify an applicant.
Verification: All documentation must be verifiable and authentic. Falsified or unverifiable documents lead to automatic denial.
This process helps ensure the safety and reliability of everyone in the community.
2. Rental History: Proven Track Record
A strong rental history is a key indicator of a responsible tenant. We look for:
No Prior Skips: Applicants must not have skipped out on previous leases.
Positive References: We may contact previous landlords to verify payment history, property care, and lease compliance.
No Unpaid Collections: Outstanding rental debts or collections are not permitted.
This step helps us identify applicants who respect lease agreements and maintain good relationships with landlords.
3. Financial Screening: Ensuring Stability
Financial stability is crucial for timely rent payments. Our criteria include:
Credit Score: Ideally, applicants should have a credit score of 620 or higher. We may consider lower scores if other requirements are met, but a score below 580 is an automatic disqualifier.
Income Requirement: Gross monthly household income must be at least three times the rent.
Proof of Income: Applicants must provide recent pay stubs or bank statements to verify income.
Application Fee: A non-refundable $75 fee per adult covers the cost of screening.
This ensures tenants can comfortably afford the property and reduces the risk of late or missed payments.
4. The Perfect 10-Ant Analysis
Our “Perfect 10-Ant Analysis” is a holistic approach that considers ten key factors for every applicant:
Credit Score – 620+ preferred, 580 minimum.
Gross Income – At least 3x the monthly rent.
Eviction History – No prior evictions.
Lease Skips – No skipped leases or unpaid rental collections.
Criminal Background – No violent felonies, sex crimes, or recent drug distribution.
Documentation – All documents must be verifiable and authentic.
Application Completeness – All sections must be filled out; incomplete applications are denied.
ID Verification – Valid government-issued photo ID required for each adult.
Open Bankruptcies – None allowed.
Multiple Applicants – If one applicant fully qualifies (credit and income), co-applicants may be considered even if they fall short on income or credit, but any disqualifying factor from any applicant results in denial.
This analysis ensures a fair, consistent, and thorough review of every application, protecting both your property and the community.
A robust screening process is the foundation of a successful rental experience. By following these practical steps and our Perfect 10-Ant Analysis, Flat Fee Landlord ensures that only the most qualified, responsible tenants are approved, giving you confidence and tenants a clear, fair process.
If you have questions about our screening process or want to learn more about how we protect your investment, reach out to our team today!
