What Is Rental Verification and How Long Does It Take?
Going through a rental application often results in all kinds of questions. One part of it that comes with some misinformation is rental verification. What is rental verification exactly? That’s a good question. Knowing what it is and its role in the process is helpful in making sure it is done with clear eyes. It’s also useful to make sure it doesn’t slow down the entire application process.
As one of the premiere apartment management companies in Atlanta, we understand there is sometimes confusion involving the application process for rental units. What is rental verification and how it is used in that application process is a valid question to ask. So let’s dive into the topic so we make sure that you grasp what it is and what you can expect. In this article we will go over the following:
- What is Rental Verification? – Let’s make sure we know what it actually is first.
- What Information is Needed for Rental Verification? – Then we will go over some basics of what is needed for a landlord to conduct a rental verification.
- Tips to Speed Up the Rental Verification Process – We will go over some general tips to give you the best possibility of a speedy process.
- Can Property Management Help Through the Process? – Finally, we will discuss how a property management company may be the best option for you.
What is Rental Verification?
Rental verification is something a landlord or property manager does to inform them about a potential tenant’s past renting experiences. It usually takes about 2-3 days. It is a normal part of the process, so it isn’t anything unusual. Landlords or property managers contact the rental applicant’s previous landlord along with past rental-related references in order to confirm their rental history. It is a normal part of the tenant screening process, but that doesn’t mean you shouldn’t be prepared for it.
This can be beneficial for both landlord and tenant. Landlords and property managers want to verify rental history and look for any red flags. Tenants want to be seen as good candidates, and so if their rental history looks positive, that benefits them as well.
What Information is Needed for Rental Verification?
Typically the first step of verifying rental history is to fill out the rental application form. In that form, there would be a section dedicated to past properties that the applicant has rented. This section asks for the contact information of previous landlords. So the applicant will have to look that up if they do not have that on hand. The application form should state how far back the history should go, i.e. 5 years, 10 years. It is important that landlords and property managers also get consent in the application form from the applicant before contacting these past landlords.
An alternative to getting this information in the application form is that in some cases a landlord or property manager could use special software that looks into a rental history report on their behalf. Consent from the applicant is still required.
When inquiring with past landlords, the questions asked may include topics such as the length of tenancy, rental payments, and whether there were any complaints or problems.
Tips to Speed Up the Rental Verification Process
If you’re concerned not only about what is rental verification but also how speedy it will be as part of the rental application, there are a number of things you can do. Here are some tips to help you go through the process as quickly as possible.
Prepare Documentation
Gather any and all necessary documents. Don’t wait to be asked… each ask for something could just slow things down. Ideally, before you even start the application process, you’ve got everything ready to go. In the case of rental verification, make sure you know the contact information for properties you have rented from. Try to go back at least 10 years. Other documents you will want to have handy are things like bank statements, pay stubs, employment verification letters, and other references. Having these ready to go can significantly reduce delays and show the landlord that you are organized and serious about renting the property.
Be Transparent and Honest
Provide accurate and complete information on your rental application. Any discrepancies or missing details can lead to delays as landlords may need to verify or clarify information. Being upfront about your rental history and any potential issues can help streamline the process.
Communicate Promptly
Respond quickly to any requests for additional documents or information. This can prevent unnecessary hold-ups and demonstrate your reliability. It also generally just shows your eagerness to secure the rental unit, which does not hurt.
Provide Strong References
Choose references who can promptly respond to verification requests. Perhaps that family member who isn’t good at returning phone calls or lives halfway across the globe isn’t necessarily the best option for a reference. Inform your references (including past landlords) in advance that they may be contacted. This can speed up the verification process and leave a good impression on the landlord.
Can Property Management Help Through the Process?
If you’re a tenant, hopefully, the information we provided has given you a clear understanding of what rental verification is and its role in the application process. However, if you are a landlord looking to remove the load of managing your rental properties off your shoulders, we’re here to help.
At Bay Property Management Group, we handle it all. From tenant screening to addressing maintenance issues and collecting monthly rent payments, we are dedicated to making sure your properties are well-managed. If you want more time with your family, reach out to BMG today.
