Need help with rental application
Hi! I recently got my RE License in Washington State, currently working as an assistant under an established broker to learn the business. In the meanwhile, I decided to help some friends out with applying for rentals as a long term outlook to prove my value to them and lock them down for future business (I'm 18).
I've been talking to a few Brokers and looking online to really understand specific steps that needs to be taken for someone to rent, but I still haven't got a good grasp of it. What steps are in a rental application/screening process? I understand that every landlord/management company's application and screening is different, but I want to know a general outline of what happens.
I have 3 friends looking to rent one 3 bedroom house. Their parents are able to be cosigners/guarantors. How would 3 people renting one home alter the process? Would you now screen the cosigners in the same manner?
Here is my idea so far, let me know if I'm on the right track:
- Have tenants prep everything in advance: Credit report and score, Bio, Bank statement (if applicable), income, photo ID, etc.
- Help tenants look for a home
- Submit an application (is there a general application form? or is it different for every place?) (at what point do you submit an application?)
- Submit a realistic offer
By the way, I am not taking commission. I am not taking commission or negotiating for the tenants (don't want liability). I'm simply walking them through the process and helping them look for a home.
I know it's a lengthy post, thank you for the help!