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Updated over 1 year ago on . Most recent reply

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Clareen Eberly
  • Realtor
  • Virginia
3
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18
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How do I know which paperwork to use for mid-term, furnished, rent by the room?

Clareen Eberly
  • Realtor
  • Virginia
Posted

Do I always need to have a prospective tenant fill out an application to rent? Is that so I can weed out any prospective tenants there if something is a red flag? Then if all looks good though, I send them the residential lease agreement to finalize? Since we are doing mid-term, I wasn't sure how much that would differ in terms of paperwork from the traditional 1 year plus leases. Thanks in advance!

  • Clareen Eberly
  • Most Popular Reply

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    Bonnie Low
    #1 Medium-Term Rentals Contributor
    • Lender
    • Asheville, NC
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    Bonnie Low
    #1 Medium-Term Rentals Contributor
    • Lender
    • Asheville, NC
    Replied

    It's your business so you set it up however works best for you! Personally, I don't use an application for midterms, but many people do. I have an easy 3-step process that works for me. 

    1- background check. I use Keycheck to run a criminal, eviction and credit check. All adults who are going to be staying in the property need to go through the background check. If this all checks out, I proceed to step 2: Note: for traveling healthcare professionals I will accept a fully executed employment contract in lieu of the background check. 

    2 - draft lease agreement. I use Avail's state-specific lease feature and modify it to include specific terms that are relevant to my property. All adults who will be staying in the property must be on the lease agreement. I send it to them to review and have all parties e-sign. 

    3 - collect the deposit(s). Once I have the deposit, I consider it booked and change the calendar availability to reflect that. Because my property is only on FF I don't have any concern that someone will come along and auto-book it while I'm working with the prospective guest to finalize it.

    I know others use applications and some require renter's insurance. I don't do either, but you should feel free to implement whatever strategies you feel most comfortable with.

  • Bonnie Low
  • [email protected]
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