While the proper marketing of a property is important, the application and leasing process is where the game is won or lost. This is where many so called “property managers” fail their clients. Nothing is more important than insuring that only the most qualified applicant is approved and is allowed to move in to the client’s property. TJM understands this better than most property management companies, as we are property owners also. A mistake at this point in the process can cost the owner and the property manager a great deal of time and money. TJM takes the following steps when it comes to the application and leasing of a client’s property:
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Detailed Application from all Adult Applicants – Our application process leaves nothing to guesswork. We obtain a full accounting of all of their employment, credit, criminal and residence history. We have them answer and sign to the accuracy of the information given. We gain permission to contact references and to check their credit & criminal history.
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Applicant background checks – Our thorough application process consists of:
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Running a full Credit Report on all adult tenants
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Verifying resident lease history
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Verifying Employment and Income
- Running a full Criminal Background report on all adult tenants
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Secure a large portion of the Security Deposit as an Application Deposit – Our many years of experience has taught us that to insure that the approved applicant shows up on move in day, you collect all of the Security Deposit before you take the property off of the market. We collect 100% of the Security Deposit at the time of the applicant’s approval and call it an Application Deposit. This protects the owner/client from potential income loss if the approved tenant fails to move in as planned.
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Tenant signs a TAA Residential Lease Agreement – As a member of the Austin Apartment Association, TJM utilizes the detailed Lease Agreement available from the Texas Apartment Association. This detailed lease attempts to anticipate any issues that can and will come up during the term of the Lease. It addresses many of these issues in easy to understand language that makes it very clear to the tenant what they can or cannot do with the property. It also very clearly states the consequences of any actions that would be considered a violation of the lease. This protects all the parties and gives TJM and the owner very clear steps they can take to correct any potential problems.
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Tenant must prove they have switched the utilities into their own names – TJM requires that the tenant show written proof that they have paid all of the required utility deposits and have had these same utilities switched into their own names before they are allowed to take possession of the property.
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Tenant fills out a Property Condition Report – In order to avoid any potential disagreements about the condition of the property at the time of the tenant’s move in, the tenant is required to fill out a detailed Property Condition Report. When the tenant moves out, the actual condition of the property is compared to this report in order to fairly and objectively determine what problems are the responsibility of the tenant and may be deducted from their Security Deposit.
